Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

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However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

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We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

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CONTACT

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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
                                             2007                            
                                                            2007             
                                                                             
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
Company.

Further Information

Daily prices, Company announcements, Report and Accounts and monthly fact
sheets are available via www.premierassetmanagement.co.uk.