zpg

Net Asset Value(s)

THE ZERO PREFERENCE GROWTH TRUST PLC

The Company announces that the mid price Net Asset Values at 20 December 2005
were:

per Ordinary unit 63.13p

per Growth share 8.22p

per Zero Dividend Preference share 54.91p

Gross assets less current liabilities £14.67m


Fair value of the debt is not materially different from the par value, so no
additional Fair Value NAV is required.