Interim Management Statement

CHELVERTON GROWTH TRUST PLC

INTERIM MANAGEMENT STATEMENT

For the period 1 March 2008 to 30 June 2008

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 30 to 45 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 a £1.5 million overdraft
facility with Lloyds TSB Bank plc. The level of debt is subject to a limit of
25% of the Company's permitted investments. At 30 June 2008 the head room on
the borrowings of £924,810 was £296,545.

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          36.64p 
share                                              
                                                   
Ordinary share price                        30.50p 
                                                   
Discount                                     16.76%
                                                   

PERFORMANCE - TOTAL RETURN

For the period 1 March 2008 to 30 June 2008

NAV*                                        (9.66)%
                                                   
Share Price                                 (5.43)%
                                                   
FTSE All Share Index                        (5.22)%
                                                   
FTSE Small-Cap Index                       (14.20)%
                                                   

*Based on NAV including current period revenue

MATERIAL DEVELOPMENTSANDTRANSACTIONS

There were no significant material developments or transactions during the
period.

DISTRIBUTION OF ASSETS AND LIABILITIES

As at 30 June 2008

                                                        £'000              % 
                                                                             
Listed and AIM traded investments                                            
                                                                             
Ordinary Shares                                         6,394         117.41 
                                                                             
Net liabilities                                          (948)        (17.41)
                                                                             
Net assets                                              5,446         100.00 
                                                                             
Net asset value per Ordinary share                     36.64p                

       TOP 20 HOLDINGS                                        
                                                              
       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              15.48
                                                              
     2 Smallbone                                          7.31
                                                              
     3 AI Claims                                          6.88
                                                              
     4 Closed Loop London                                 5.25
                                                              
     5 Northbridge Industrial Services                    5.12
                                                              
     6 Minorplanet Systems                                4.54
                                                              
     7 Tristel                                            3.78
                                                              
     8 Belgravium Technologies                            3.71
                                                              
     9 CEPS                                               3.62
                                                              
    10 Hartest Holdings                                   3.19
                                                              
    11 Datong                                             3.07
                                                              
    12 AT Communications                                  2.74
                                                              
    13 Newmark Security                                   2.70
                                                              
    14 EBTM                                               2.40
                                                              
    15 Titan Europe                                       2.32
                                                              
    16 Satcom Group Holdings                              2.21
                                                              
    17 MTI Wireless Edge                                  2.19
                                                              
    18 Clipper Ventures                                   1.93
                                                              
    19 Forest Support                                     1.67
                                                              
    20 Mount Engineering                                  1.65
                                                              
Balance held in 20 holdings                              18.24
                                                              
                                                        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 weekly 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

Year end: 31 August

Results announced:

Half year - April 2008

Final - November 2008

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]


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