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 October 2008 was 21.01p

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

TOP 20 HOLDINGS

     Name of company                     % of portfolio
                                                       
 1   IDOX                                         15.18
                                                       
 2   Closed Loop London                            9.45
                                                       
 3   AI Claims                                     9.31
                                                       
 4   Northbridge Industrial Services               6.71
                                                       
 5   Tristel                                       5.82
                                                       
 6   CEPS                                          4.47
                                                       
 7   Datong                                        3.28
                                                       
 8   Minorplanet Systems                           3.18
                                                       
 9   Newmark Security                              3.04
                                                       
 10  Belgravium Technologies                       2.98
                                                       
 11  Hartest Holdings                              2.70
                                                       
 12  Parmenion                                     2.65
                                                       
 13  Smallbone                                     2.51
                                                       
 14  Axis Intermodal                               2.35
                                                       
 15  Forest Support                                2.27
                                                       
 16  Satcom Group Holdings                         2.07
                                                       
 17  Petards Group                                 2.05
                                                       
 18  MTI Wireless Edge                             1.94
                                                       
 19  LPA Group                                     1.86
                                                       
 20  PSG Solutions                                 1.85
                                                       
     Balance held in 20 holdings                  14.33
                                                       
                                                 100.00