Interim Management Statement

CHELVERTON GROWTH TRUST PLC

INTERIM MANAGEMENT STATEMENT

For the period ended 30 November 2011

INVESTMENT OBJECTIVE

The investment objective of the Company is to provide capital growth through
investment in companies listed on the Official List and traded on the
Alternative Investment Market (`AIM') with a market capitalisation at the time
of investment of up to £50 million, which are believed to be at a `point of
change'. Its investment objective is to increase net asset value per share at a
higher rate than other quoted smaller company trusts and the FTSE All-Share
Index.

INVESTMENT POLICY

The Company invests principally in securities of publicly quoted UK companies,
though it may invest in unquoted securities. The concentrated UK portfolio
comprises between 20 to 35 securities. The performance of the Company's
investments is compared to the FTSE All-Share Index. The Company will also
invest in unquoted investments where it is believed that there is a likelihood
of the shares becoming listed or traded on AIM or the investee company being
sold. The Company will not invest in any listed investment companies or listed
investment trusts.

It is intended from time to time, when deemed appropriate, that the Company
will borrow for investment purposes, it currently has no borrowings.

The investment objective and policy stated above are intended to distinguish
the Company from other investment vehicles which have relatively narrow
investment objectives and which are constrained in their decision making and
asset allocation. The objective and policy allow the Company to be constrained
in its investment selection only by valuation and to be pragmatic in portfolio
construction by only investing in securities which the Investment Manager
considers to be undervalued on an absolute basis.

KEY FACTS

Net asset value (NAV) per Ordinary          31.40p 
share*                                             
                                                   
Ordinary share price                        24.00p 
                                                   
Discount                                    23.57%
                                                   

PERFORMANCE - TOTAL RETURN

For the period ended 30 November 2011

NAV*                                         2.61% 
                                                   
Share Price                                  9.09% 
                                                   
FTSE All Share Index                         2.11% 
                                                   
FTSE Small-Cap Index                        (8.12%)
                                                   

*Based on NAV including current period revenue

MATERIAL DEVELOPMENTSANDTRANSACTIONS

On 21 December 2011 Shareholders passed all resolutions at the Company's Annual
General Meeting and accordingly approved the resolution pertaining to the
proposed Tender Offer and Buyback.

As announced on 28 December 2011 and pursuant to the Tender Offer,
1,323,334Ordinary shares and to the buyback offer, 25,727 Ordinaryshares will
be repurchased for cancellation with settlement on 23 January 2012.

As a result of the above, there will be 11,884,283 Ordinary shares of 1p each
in issue. The above figure may be used from 23 January 2012, by Shareholders as
the denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
Company under the FSA's Disclosure and Transparency Rules.

DISTRIBUTION OF ASSETS AND LIABILITIES

                                            30 November 2011    31 August 2011 
                                                                               
                                                       £'000             £'000 
                                                                               
AIM traded investments - Ordinary                      3,660             3,576 
shares                                                                         
                                                                               
Delisted and unquoted                                    457               479 
                                                                               
                                                       4,117             4,055 
                                                                               
Current assets/(liabilities)                              38                (6)
                                                                               
Net assets                                             4,155             4,049 
                                                                               
Net asset value per Ordinary share                     31.40p            30.60p

           Name of company                      % of portfolio
                                                              
     1     IDOX                                          33.47
                                                              
     2     AI Claims Solutions                           13.27
                                                              
     3     Parmenion Capital Partners LLP                 9.66
                                                              
     4     Belgravium Technologies                        7.29
                                                              
     5     Alliance Pharma                                6.63
                                                              
     6     CEPS                                           4.85
                                                              
     7     Tristel                                        3.69
                                                              
     8     PSG Solutions                                  3.67
                                                              
     9     Pennant International Group                    2.94
                                                              
    10     Northbridge Industrial Services                2.71
                                                              
    11     LPA Group                                      2.60
                                                              
    12     Titan Europe                                   2.26
                                                              
    13     Sanderson Group                                1.89
                                                              
    14     One Horizon Group                              1.44
                                                              
    15     Datong Electronics                             1.16
                                                              
    16     MTI Wireless Edge                              1.10
                                                              
    17     Richoux Group                                  0.88
                                                              
    18     Petards Group                                  0.28
                                                              
    19     Universe Group                                 0.21
                                                              
Balance held in 3 holdings                                0.00
                                                              
                                                        100.00

Note: The Directors are not aware of any significant events or transactions
which have occurred between the date of the financial information and the date
of publication, which would have a material impact on the financial position of
the Company.

The net asset value is published on a monthly basis and other useful background
information on the Company including downloads of published documentation such
as previous Annual Reports and Monthly Fact Sheets can be found at 
www.chelvertonam.com .

COMPANY INFORMATION

Launch date: 12 May 1999

Year end: 31 August

Results announced:

Half-year - April

Final - November

AGM - December

Price information is published in the Financial Times under 'Investment
Companies'.

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency rules.
It should not be relied upon by any other party or for any other purposes. In
addition, the views, information and data in this publication should not be
deemed as a financial promotion or recommendation.

Contact:

William van Heesewijk

Chelverton Asset Management Limited

Tel: [phone]