Interim Management Statement

CHELVERTON GROWTH TRUST PLC

INTERIM MANAGEMENT STATEMENT

For the period ended 30 November 2008

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 30 to 45 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 £1.5 million overdraft
facility with Lloyds TSB Bank 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           18.54p
share                                              
                                                   
Ordinary share price                         17.00p
                                                   
(Discount)/Premium                           (8.3%)
                                                   

PERFORMANCE - TOTAL RETURN

For the quarter ended 30 November 2008

NAV*                                        (44.1%)
                                                   
Share Price                                 (20.9%)
                                                   
FTSE All Share Index                        (25.6%)
                                                   

*Based on NAV including current period revenue

MATERIAL DEVELOPMENTSANDTRANSACTIONS

The sell off in equity markets continued as the scale of the global economic
downturn was highlighted by substantial downward revisions to growth
forecasts.  The affect on `Corporate UK' was evidenced by the wide range of
cautious trading statements and earnings downgrades. The continued lack of
liquidity has served to undermine the stock market's role in pricing assets as
investors continue to be reluctant to invest.  A combination of widening
pension deficits and deteriorating trading has continued to put pressure on
corporate cash flows. 

In the last month, Assetco announced a set of in-line results and PSG issued a
statement saying that profits would fall below market expectations. AI Claims
bought back some shares, AT Communications announced some good contract wins
and EBTM raised a small amount of cash through a placing that we did not
participate in.  At the end of the month the price of Axis Intermodal fell
dramatically as it sought shareholder approval to cancel its listing on AIM.

DISTRIBUTION OF ASSETS AND LIABILITIES

                                        As at 30 November 2008   31 August 2008
                                                                               
                                                        £'000            £'000 
                                                                               
Listed and AIM traded investments                   3,414,949        5,900,225 
                                                                               
Ordinary Shares                                                                
                                                                               
Current liabilities                                  (658,660)        (967,432)
                                                                               
Net assets                                          2,756,289        4,932,793 
                                                                               
Net asset value per Ordinary share                      18.54p           33.18p

       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

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 weekly 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

Launch date: 12 May 1999

Year end: 31 August

Results announced:

Half-year - April 2008

Final - November 2008

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]