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 January 2009 was 16.50p.

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

TOP 20 HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              14.06
                                                              
     2 Closed Loop London                                12.00
                                                              
     3 AI Claims                                         11.09
                                                              
     4 Tristel                                            6.65
                                                              
     5 Northbridge Industrial Services                    4.70
                                                              
     6 Newmark Security                                   3.67
                                                              
     7 CEPS                                               3.36
                                                              
     8 Parmenion                                          3.36
                                                              
     9 Forest Support                                     3.24
                                                              
    10 Belgravium Technologies                            2.94
                                                              
    11 MTI Wireless Edge                                  2.70
                                                              
    12 Datong                                             2.69
                                                              
    13 AT Communications                                  2.62
                                                              
    14 Smallbone                                          2.30
                                                              
    15 LPA Group                                          2.29
                                                              
    16 Hartest Holdings                                   2.28
                                                              
    17 Satcom Group Holdings                              2.28
                                                              
    18 Minorplanet Systems                                2.18
                                                              
    19 Mount Engineering                                  1.72
                                                              
    20 Locker Holdings                                    1.71
                                                              
Balance held in 16 holdings                              12.16
                                                              
                                                        100.00