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) at close of business on 31 August 2008 was 33.16p

Fair value of the overdraft is not materially different from the par value.

TOP 20 HOLDINGS

     Name of company                     % of portfolio
                                                       
 1   IDOX                                         16.48
                                                       
 2   A1 Claims                                     8.77
                                                       
 3   Closed Loop London                            5.69
                                                       
 4   Northbridge Industrial Services               5.29
                                                       
 5   Smallbone                                     5.09
                                                       
 6   Belgravium Technologies                       4.24
                                                       
 7   Tristel                                       3.92
                                                       
 8   Minorplanet Systems                           3.90
                                                       
 9   Datong                                        3.39
                                                       
 10  Newmark Security                              3.32
                                                       
 11  CEPS                                          3.18
                                                       
 12  AT Communications                             2.76
                                                       
 13  Hartest Holdings                              2.59
                                                       
 14  Titan Europe                                  2.44
                                                       
 15  PSG Solutions                                 2.20
                                                       
 16  Satcom Group Holdings                         2.04
                                                       
 17  MTI Wireless Edge                             2.02
                                                       
 18  Forest Support                                2.00
                                                       
 19  EBTM                                          1.74
                                                       
 20  Parmenion                                     1.70
                                                       
     Balance held in 20 holdings                  17.24
                                                       
                                                 100.00