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 30 November 2011) at close of business on 31 December
2011 was 30.05p.

PORTFOLIO HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              32.46
                                                              
     2 AI Claims                                         12.12
                                                              
     3 Parmenion                                         10.15
                                                              
     4 Belgravium Technologies                            7.34
                                                              
     5 Alliance Pharma                                    6.62
                                                              
     6 CEPS                                               5.10
                                                              
     7 Tristel                                            3.88
                                                              
     8 PSG Solutions                                      3.79
                                                              
     9 Pennant International Group                        3.34
                                                              
    10 LPA Group                                          2.67
                                                              
    11 Northbridge Industrial Services                    2.65
                                                              
    12 Titan Europe                                       2.65
                                                              
    13 Sanderson Group                                    1.99
                                                              
    14 One Horizon Group                                  1.51
                                                              
    15 MTI Wireless Edge                                  1.21
                                                              
    16 Datong                                             1.07
                                                              
    17 Richoux Group                                      0.92
                                                              
    18 Petards                                            0.31
                                                              
    19 Universe Group                                     0.22
                                                              
Balance held in 3 holdings                                0.00
                                                              
                                                        100.00