Net Asset Value(s) Adjustment to basis of calculation of daily navs

    To:  Stock Exchange                                               For immediate release
                                                                  19 December 2005


                                PREMIUM TRUST plc
          Adjustment to basis of calculation of daily net asset values
                                        
Further to the announcement of 5 October, the Board has received representations
from a number of major shareholders and would like to make the following points
by way of clarification:

*    The Board has received confirmation of the earlier advice that the costs of
     any reconstruction or winding-up of the company should, in terms of the
     Statement of Recommended Practice for Financial Statements of Investment Trust
     Companies issued in January 2003, be charged against revenue;
*    The illustrative cost of �500,000 in the earlier announcement was an
     estimate of the maximum gross cost of any reconstruction. The Board recognises
     that a straightforward winding-up and liquidation would cost significantly less
     than this, and that the costs of a more complicated reorganisation would be
     defrayed, in whole or in part, by any successor vehicle and/or the advisers to
     such vehicle.
  
Therefore, with effect from 20 December 2005, Premium Trust will revert to
releasing on a daily basis:

  *    NAVs calculated on a going concern basis with debt valued at par; and
  *    NAVs calculated on a going concern basis with debt valued at market.


That part of the companys NAV comprised of the revenue reserve will continue to
be excluded from the unit NAV.

                                     -ends-
                                        
For further information, please contact:

Michael Woodward
Martin Currie Investment Management Ltd                0131 229 5252
mwoodward@martincurrie.com

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