Net Asset Value(s)

CHELVERTON GROWTH TRUST PLC

The Net Asset Value, based on bid prices, per Ordinary Share of 1p (including
current period revenue to 29 February 2012) at close of business on 30 March
2012 was 33.50p.

PORTFOLIO HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              25.56
                                                              
     2 AI Claims                                         11.47
                                                              
     3 Parmenion                                         10.11
                                                              
     4 Belgravium Technologies                            9.85
                                                              
     5 CEPS                                               8.45
                                                              
     6 Alliance Pharma                                    6.05
                                                              
     7 PSG Solutions                                      4.31
                                                              
     8 Tristel                                            3.56
                                                              
     9 Northbridge Industrial Services                    3.50
                                                              
    10 Titan Europe                                       3.36
                                                              
    11 LPA Group                                          2.84
                                                              
    12 Sanderson Group                                    2.67
                                                              
    13 Transflex Vehicle Rental                           2.54
                                                              
    14 One Horizon Group                                  1.51
                                                              
    15 MTI Wireless Edge                                  1.34
                                                              
    16 Datong                                             1.27
                                                              
    17 Richoux Group                                      0.99
                                                              
    18 Petards                                            0.32
                                                              
    19 Universe Group                                     0.30
                                                              
Balance held in 3 holdings                                0.00
                                                              
                                                        100.00