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 2012) at close of business on 30 November        
2012 was 40.11p.                                                                       
                                                                                       
This is based on 11,784,283 Ordinary Shares, being the issued capital of               
11,884,283 Ordinary Shares less 100,000 Ordinary Shares held in treasury.              
                                                                                       
                                                                                       
                                                                                       
                                                                                       
                                                                                       
                                                                                       
Following a review and revaluation of the unquoted holdings the loan stock of          
Closed Loop has been written back up to £84,020 being 33.3p in the pound. One          
Horizon Group has reversed into Intelligent Communications Inc. and announced          
its intention to seek a listing on NASDAQ, and in light of this and based on           
information available the value has been increased to £265,294. Finally,               
following the continued performance of Parmenion the value has been increased          
to £490,996. the cumulative effect has been to increase the NAV by 2.93p per           
share.                                                                                 
                                                                                       
                                                                                       
                                                                                       
                                                                                       
                                                                                       
                                                                                       
TOP 20 HOLDINGS AS AT 30 NOVEMBER 2012                                                 
                                                                                       
                                                                                       
                                                                                       
                                                                                       
                                                                                       
       Name of company                                                % of portfolio   
                                                                                       
                                                                                       
                                                                                       
   1   IDOX                                                                    28.25   
                                                                                       
   2   Parmenion                                                               10.65   
                                                                                       
   3   One Horizon Group                                                        5.76   
                                                                                       
   4   Alliance Pharmaceutical                                                  5.72   
                                                                                       
   5   CEPS                                                                     5.70   
                                                                                       
   6   Belgravium Technologies                                                  5.15   
                                                                                       
   7   Anaxsys Technology                                                       4.34   
                                                                                       
   8   LPA Group                                                                3.80   
                                                                                       
   9   Security Research                                                        3.47   
                                                                                       
  10   Sanderson Group                                                          3.06   
                                                                                       
  11   Tristel                                                                  2.78   
                                                                                       
  12   Lombard Risk Management                                                  2.64   
                                                                                       
  13   Northbridge Industrial Services                                          2.57   
                                                                                       
  14   Petards Group                                                            2.50   
                                                                                       
  15   Titan Europe                                                             2.46   
                                                                                       
  16   Transflex Vehicle Rental                                                 2.17   
                                                                                       
  17   Metalrax                                                                 2.07   
                                                                                       
  18   Closed Loop Recycling (loan stock)                                       1.82   
                                                                                       
  19   Richoux Group                                                            1.36   
                                                                                       
  20   Datong                                                                   1.30   
                                                                                       
       Balance held in 6 holdings                                               2.43   
                                                                                       
                                                                              100.00