Interim Management Statement

CHELVERTON GROWTH TRUST PLC

INTERIM MANAGEMENT STATEMENT

For the period ended 31 December 2010

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           26.53p
share*                                             
                                                   
Ordinary share price                         19.00p
                                                   
Discount                                     28.38%
                                                   

PERFORMANCE - TOTAL RETURN

For the period ended 31 December 2010

NAV*                                          7.58%
                                                   
Share Price                                  10.14%
                                                   
FTSE All Share Index                         13.58%
                                                   

*Based on NAV including current period revenue

MATERIAL DEVELOPMENTSANDTRANSACTIONS

The Company announced the result of a Tender Offer on 21 December 2010.
Pursuant to the Tender Offer, 1,486,483 ordinary shares being 10 per cent of
the current issued ordinary shares were repurchased for cancellation on 4
January 2011 with settlement to take place on 17 January 2011.

DISTRIBUTION OF ASSETS AND LIABILITIES

                                        As at 31 December 2010   31 August 2010
                                                                               
                                                        £'000            £'000 
                                                                               
AIM traded and unquoted investments                                            
                                                                               
Ordinary Shares                                          3,399            3,583
                                                                               
Current assets/(liabilities)                               507               47
                                                                               
Net assets                                               3,906            3,630
                                                                               
Net asset value per Ordinary share                       26.53            24.66

           Name of company                      % of portfolio
                                                              
     1     IDOX                                          21.44
                                                              
     2     AI Claims                                     15.04
                                                              
     3     Parmenion                                      8.56
                                                              
     4     Alliance Pharma                                8.37
                                                              
     5     Closed Loop Recycling                          7.42
                                                              
     6     Tristel                                        7.18
                                                              
     7     Belgravium Technologies                        4.41
                                                              
     8     Datong                                         3.53
                                                              
     9     CEPS                                           3.13
                                                              
    10     Northbridge Industrial Services                2.85
                                                              
    11     Pennant International Group                    2.69
                                                              
    12     Richoux Group                                  2.45
                                                              
    13     Titan Europe                                   2.41
                                                              
    14     Sanderson Group                                2.38
                                                              
    15     LPA Group                                      2.29
                                                              
    16     MTI Wireless Edge                              2.06
                                                              
    17     PSG Solutions                                  1.06
                                                              
    18     One Horizon Group                              0.95
                                                              
    19     Petards                                        0.80
                                                              
    20     Universe                                       0.65
                                                              
Balance held in 3 holdings                                0.33
                                                              
                                                        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]