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 January
2012 was 32.87p.

PORTFOLIO HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              27.54
                                                              
     2 AI Claims                                         15.54
                                                              
     3 Parmenion                                         10.21
                                                              
     4 Belgravium Technologies                            7.38
                                                              
     5 Alliance Pharma                                    6.32
                                                              
     6 CEPS                                               4.88
                                                              
     7 Tristel                                            3.90
                                                              
     8 PSG Solutions                                      3.70
                                                              
     9 Northbridge Industrial Services                    3.10
                                                              
    10 Titan Europe                                       3.02
                                                              
    11 Sanderson Group                                    3.00
                                                              
    12 LPA Group                                          2.99
                                                              
    13 Transflex Vehicle Rental                           2.57
                                                              
    14 One Horizon Group                                  1.52
                                                              
    15 Datong                                             1.44
                                                              
    16 MTI Wireless Edge                                  1.30
                                                              
    17 Richoux Group                                      0.93
                                                              
    18 Petards                                            0.35
                                                              
    19 Universe Group                                     0.31


                                                              
Balance held in 3 holdings                                0.00
                                                              
                                                        100.00