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 December 2008 was 17.58p.

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

TOP 20 HOLDINGS

       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              16.36
                                                              
     2 Closed Loop London                                11.42
                                                              
     3 AI Claims                                         10.91
                                                              
     4 Tristel                                            6.69
                                                              
     5 Northbridge Industrial Services                    4.16
                                                              
     6 Newmark Security                                   4.05
                                                              
     7 CEPS                                               3.20
                                                              
     8 Parmenion                                          3.20
                                                              
     9 Datong                                             2.81
                                                              
    10 Belgravium Technologies                            2.80
                                                              
    11 Smallbone                                          2.80
                                                              
    12 Forest Support                                     2.74
                                                              
    13 MTI Wireless Edge                                  2.69
                                                              
    14 Satcom Group Holdings                              2.51
                                                              
    15 Minorplanet Systems                                2.24
                                                              
    16 Hartest Holdings                                   2.18
                                                              
    17 AT Communications                                  2.08
                                                              
    18 LPA Group                                          2.02
                                                              
    19 Sanderson Group                                    1.73
                                                              
    20 Mount Engineering                                  1.63
                                                              
Balance held in 16 holdings                              11.78
                                                              
                                                        100.00