Net Asset Value(s)

The Net Asset Values per share (at bid-market values) of Premier Energy and
Water Trust PLC at close of business on 29 July 2009 are as follows:

  Ordinary Shares - ex income    163.36p 

  Ordinary Shares - cum income   168.09p

Zero Dividend Preference Shares - accrued capital entitlement  147.49p

The valuation of the Company's unlisted investments which make up 4.2% of total
net assets , is considered by the Board at each quarter end. In the event that
there is a significant change in valuation between these quarter end points,
this will be reflected in the normal weekly net asset value calculations.

The above Net Asset Values include the impact of the recovery of £530,660 of
VAT on management fees invoiced since the Company's launch in November 2003.
This recovery has to date not been recognised as an asset by the Company due to
the uncertainty of the recovery. In addition HMRC are expected to pay interest
on the recovery. The amount of interest and timing of receipt remain uncertain
and credit for the interest will be taken at a later date once it has been
agreed. The VAT recovery will be credited to the Company's revenue and capital
accounts in accordance with the Board's policy for allocation of management
fees and finance costs.