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 31 May 2012
was 35.32p.

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.

PORTFOLIO HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              30.69
                                                              
     2 Parmenion                                         11.95
                                                              
     3 Belgravium Technologies                           10.51
                                                              
     4 CEPS                                               8.41
                                                              
     5 Alliance Pharma                                    7.28
                                                              
     6 PSG Solutions                                      4.32
                                                              
     7 Northbridge Industrial Services                    4.08
                                                              
     8 Titan Europe                                       3.52
                                                              
     9 Sanderson Group                                    3.38
                                                              
    10 Tristel                                            3.36
                                                              
    11 Transflex Vehicle Rental                           3.00
                                                              
    12 LPA Group                                          2.99
                                                              
    13 One Horizon Group                                  1.78
                                                              
    14 Datong                                             1.62
                                                              
    15 Richoux Group                                      1.21
                                                              
    16 MTI Wireless Edge                                  1.16
                                                              
    17 Petards                                            0.38
                                                              
    18 Universe Group                                     0.36
                                                              
Balance held in 3 holdings                                0.00
                                                              
                                                        100.00