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Zero Pref Growth Tst (ZPG)

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Friday 14 December, 2007

Zero Pref Growth Tst

Interim Management Statement

The Zero Preference Growth Trust PLC

Interim Management Statement for the Quarter ended 31 October 2007

Investment Objective

The Company seeks to achieve capital growth from a portfolio substantially
invested in zero dividend preference shares (zeros). The Company seeks to
enhance capital returns for shareholders by utilising gearing in the form of a
flexible revolving credit bank facility. The Directors manage the gearing
actively in response to market conditions.

Financial Highlights

                                      31 October         31 July     % change
Zero Dividend Preference share NAV         68.43p         66.43p       3.01 %
Mid price                                  70.50p         68.50p       2.91 %
Growth share NAV                            5.84p          6.22p      (6.11)%
Mid price                                   3.85p          4.50p     (14.44)%
Ordinary unit NAV                          74.27p         72.65p       2.23 %
Mid price                                  74.00p         73.25p       1.02 %
FD/AIC Zero Dividend Preference          173.34         170.29         1.79 %
Share Index                                                                  

Material Events and Transactions

Revolving Credit Bank Facility

On 23 August 2007, the Company decreased the total amount drawn down under the
Bank of Scotland facility by £500,000 to £2,620,000.

On 6 September 2007, the Company decreased the total amount drawn down under
the Bank of Scotland facility by £400,000 to £2,220,000.

On 28 September 2007, the Company increased the total amount drawn down under
the Bank of Scotland facility by £500,000 to £2,720,000.

The Company is currently eligible to draw down a maximum of £4,000,000 under
the loan facility. At 31 October 2007, the total amount of the loan drawn down
was £2,720,000.

Annual General Meeting

At the Annual General Meeting held on 27 November 2007, Ordinary Resolutions
1,2,3,4 and Special Resolutions 7 and 8 were passed. Special Resolutions 5, 6
and 9 (in respect of authority to issue shares under Sections 80 and 95 of the
Companies Act 1985, and the Listing Rules of the United Kingdom Listing
Authority) were withdrawn.

LargestHoldings(% of Gross Assets)

Royal London UK Equity & Income Trust Zero                10.7%
JZ Equity Partners Zero                                   10.3%
New Star Financial Opportunities Trust Zero               10.2%
Real Estate Opportunities Zero                             7.2%
M&G Income Investment Company Zero                         6.7%
Bear Stearns Private Equity (Guernsey) Zero                5.0%
M&G Recovery Investment Company Zero                       4.9%
EPIC Securities Zero                                       4.2%
Jupiter Second Split Trust Zero                            3.7%
Barclays Bank Eurostoxx 50 Ladder Bond                     3.3%
Close European Accelerated Return Fund Participating       3.1%
US Special Opportunities Trust Zero                        3.0%
Premier Absolute Growth & Income Trust Zero                3.0%
Aberdeen Development Capital Units (1 ZDP2010,             2.8%
1 ZDP2012)                                                     
Jupiter Second Enhanced Income Trust Zero                  2.4%
Accelerated Return Fund Ordinary                           2.1%
Investec High Income Securities Zero                       2.1%
Invesco Perpetual Recovery Trust Zero                      2.0%
Aberdeen Development Capital Zero 2012                     1.5%
US Traded Life Interests Fund Part Red Pref                1.5%

The Board is not aware of any significant events or transactions which have
occurred since 31 October 2007 up to the date of the publication of this
statement which would have a material impact on the financial position of the

Further Information

Daily prices, Company announcements, Report and Accounts and monthly fact
sheets are available via