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 30 November 2008 was 18.54p.

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

TOP 20 HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              16.34
                                                              
     2 Closed Loop London                                10.46
                                                              
     3 AI Claims                                         10.31
                                                              
     4 Northbridge Industrial Services                    7.14
                                                              
     5 Tristel                                            5.96
                                                              
     6 Datong                                             3.63
                                                              
     7 Newmark Security                                   3.37
                                                              
     8 CEPS                                               2.93
                                                              
     9 Belgravium Technologies                            2.93
                                                              
    10 Parmenion                                          2.93
                                                              
    11 Smallbone                                          2.78
                                                              
    12 Forest Support                                     2.51
                                                              
    13 Minorplanet Systems                                2.49
                                                              
    14 Satcom Group Holdings                              2.30
                                                              
    15 Petards Group                                      2.27
                                                              
    16 MTI Wireless Edge                                  2.05
                                                              
    17 LPA Group                                          1.92
                                                              
    18 AT Communications                                  1.71
                                                              
    19 Hartest Holdings                                   1.69
                                                              
    20 Sanderson Group                                    1.58
                                                              
Balance held in 18 holdings                              12.70
                                                              
                                                        100.00