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 April
2012 was 35.80p.

PORTFOLIO HOLDINGS

       Name of company                          % of portfolio     
                                                              
     1 IDOX                                              26.99
                                                              
     2 AI Claims                                         13.59
                                                              
     3 Parmenion                                          9.58
                                                              
     4 Belgravium Technologies                            9.04
                                                              
     5 CEPS                                               7.17
                                                              
     6 Alliance Pharma                                    6.14
                                                              
     7 PSG Solutions                                      4.83
                                                              
     8 Titan Europe                                       3.34
                                                              
     9 Northbridge Industrial Services                    3.31
                                                              
    10 Tristel                                            2.99
                                                              
    11 Sanderson Group                                    2.75
                                                              
    12 LPA Group                                          2.63
                                                              
    13 Transflex Vehicle Rental                           2.41
                                                              
    14 One Horizon Group                                  1.43
                                                              
    15 MTI Wireless Edge                                  1.18
                                                              
    16 Datong                                             1.16
                                                              
    17 Richoux Group                                      0.87
                                                              
    18 Petards                                            0.30
                                                              
    19 Universe Group                                     0.29
                                                              
Balance held in 3 holdings                                0.00
                                                              
                                                        100.00