Interim Management Statement

CHELVERTON GROWTH TRUST PLC

INTERIM MANAGEMENT STATEMENT

For the period 1 March 2009 to 30 June 2009

INVESTMENT OBJECTIVE

The investment objective of the Company is to provide capital growth through
investment in companies listed on the Official List and traded on the
Alternative Investment Market (`AIM') with a market capitalisation at the time
of investment of up to £50 million, which are believed to be at a `point of
change'. Its investment objective is to increase net asset value per share at a
higher rate than other quoted smaller company trusts and the FTSE All-Share
Index.

INVESTMENT POLICY

The Company invests principally in securities of publicly quoted UK companies,
though it may invest in unquoted securities. The concentrated UK portfolio
comprises between 20 to 30 securities. The performance of the Company's
investments is compared to the FTSE All-Share Index. The Company will also
invest in unquoted investments where it is believed that there is a likelihood
of the shares becoming listed or traded on AIM or the investee company being
sold. The Company will not invest in any listed investment companies or listed
investment trusts.

It is intended from time to time, when deemed appropriate, that the Company
will borrow for investment purposes, it currently has a £130,000 overdraft
facility with Lloyds Banking Group plc.

The investment objective and policy stated above are intended to distinguish
the Company from other investment vehicles which have relatively narrow
investment objectives and which are constrained in their decision making and
asset allocation. The objective and policy allow the Company to be constrained
in its investment selection only by valuation and to be pragmatic in portfolio
construction by only investing in securities which the Investment Manager
considers to be undervalued on an absolute basis.

KEY FACTS

Net asset value (NAV) per Ordinary          19.30p 
share                                              
                                                   
Ordinary share price                        15.50p 
                                                   
Discount                                     19.69%
                                                   

PERFORMANCE - TOTAL RETURN

For the period 1 March 2009 to 30 June 2009

NAV*                                         14.40%
                                                   
Share Price                                 (3.13)%
                                                   
FTSE All Share Index                         14.51%
                                                   
FTSE Small-Cap Index                         32.74%
                                                   

*Based on NAV including current period revenue

MATERIAL DEVELOPMENTSANDTRANSACTIONS

There were no significant material developments or transactions during the
period.

DISTRIBUTION OF ASSETS AND LIABILITIES

As at 30 June 2009

                                                         £'000 
                                                               
Listed and AIM traded investments                              
                                                               
Ordinary Shares                                          2,976 
                                                               
Net liabilities                                           (107)
                                                               
Net assets                                               2,869 
                                                               
Net asset value per Ordinary share                      19.30p 

       TOP 20 HOLDINGS                                        
                                                              
       Name of company                     % of portfolio     
                                                              
     1 IDOX                                              22.27
                                                              
     2 Closed Loop London                                12.00
                                                              
     3 AI Claims                                          9.87
                                                              
     4 Tristel                                            6.35
                                                              
     5 Belgravium Technologies                            5.46
                                                              
     6 Forest Support                                     4.32
                                                              
     7 MTI Wireless Edge                                  4.12
                                                              
     8 CEPS                                               3.59
                                                              
     9 Parmenion                                          3.36
                                                              
    10 Hartest Holdings                                   3.20
                                                              
    11 LPA Group                                          2.94
                                                              
    12 Petards Group                                      2.69
                                                              
    13 Alliance Pharma                                    2.16
                                                              
    14 Satcom                                             2.11
                                                              
    15 Northbridge Industrial Services                    1.93
                                                              
    16 Datong                                             1.75
                                                              
    17 Locker Holdings                                    1.71
                                                              
    18 Richoux                                            1.68
                                                              
    19 PSG Solutions                                      1.55
                                                              
    20 Pennant International Group                        1.32
                                                              
Balance held in 13 holdings                               5.62
                                                              
                                                        100.00

Note: The Directors are not aware of any significant events or transactions
which have occurred between the date of the financial information and the date
of publication, which would have a material impact on the financial position of
the Company.

The net asset value is published on a monthly basis and other useful background
information on the Company including downloads of published documentation such
as previous Annual Reports and Monthly Fact Sheets can be found at
www.chelvertonam.com.

COMPANY INFORMATION

Year end: 31 August

Results announced:

Half year - April 2009

Final - November 2009

Price information is published in the Financial Times under 'Investment
Companies'.

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency rules.
It should not be relied upon by any other party or for any other purposes. In
addition, the views, information and data in this publication should not be
deemed as a financial promotion or recommendation.

Contact:

William van Heesewijk

Chelverton Asset Management Limited

Tel: [phone]