Portfolio Update

Zero Preference Growth Trust plc

In accordance with UKLA Listing Rule 15.4.11(2), the following list represents
the Company's 10 largest investments as at 31 July 2007 and where appropriate,
any investment with a value greater than 5% of the Company's gross assets:

Name of company                                    Class of share          
                                                                           
Royal London UK Equity and Income                  Zero Dividend Preference
                                                                           
JZ Equity Partners                                 Zero Dividend Preference
                                                                           
NSF Securities                                     Zero Dividend Preference
                                                                           
Real Estate Opportunities                          Zero Dividend Preference
                                                                           
M & G Income Investment                            Zero Dividend Preference
                                                                           
Recovery Trust                                     Zero Dividend Preference
                                                                           
M & G Recovery                                     Zero Dividend Preference
                                                                           
EPIC Securities                                    Zero Dividend Preference
                                                                           
Jupiter Second Split                               Zero Dividend Preference
                                                                           
Close Euro Accumulated Fund                        Ordinary