Zero Preference Growth Trust plc

In accordance with UKLA Listing Rule 15.6.8R (2), the following list represents
the Company's 10 largest investments as at 31 October 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                             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
                                                                           
Bear Stearns Private Equity                        Zero Dividend Preference
                                                                           
M&G Recovery IT                                    Zero Dividend Preference
                                                                           
Epic Securities                                    Zero Dividend Preference
                                                                           
Jupiter Second Split                               Zero Dividend Preference
                                                                           
Barclays Bank Eurostoxx Ladder Bond                Bond