PREMIER MITON GLOBAL RENEWABLES TRUST PLC

Quarterly Report • Aug 4, 2022

PREMIER MITON GLOBAL RENEWABLES TRUST PLC

Half Year Report for the six months to 30 June 2022

Shareholder Information

SHARE PRICE AND PERFORMANCE INFORMATION

The Ordinary Shares and ZDP Shares are listed on the London Stock Exchange. Information about the Company and that of the other investment companies managed by Premier Fund Managers Ltd, a subsidiary of Premier Miton Group plc, can be obtained directly via www.premiermiton.com, and in the case of Premier Miton Global Renewables Trust plc, also directly from www.globalrenewablestrust.com.

Contact Premier Miton Investor Services on 0333 456 1122, or by email to investorservices@premiermiton.com.

SHARE DEALING

Shares can be purchased through a stockbroker, or on a variety of retail investor platforms.

SHARE REGISTER ENQUIRIES

The register for the Ordinary Shares and ZDP Shares is maintained by the Company's Registrar, Link Group. In the event of queries regarding your holding, please contact the Registrar on 0371 664 0300 or, if calling from overseas, on +44 (0) 371 664 0391. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. The Registrar is open between 09:00 - 17:30, Monday to Friday excluding public holidays in England and Wales. You can also contact the Registrar by email at shareholderenquiries@linkgroup.co.uk. Changes of name and/or address must be notified in writing to the Registrar.

STATEMENT REGARDING NON-MAINSTREAM INVESTMENT PRODUCTS

The Company currently conducts its affairs so that both the Ordinary Shares issued by the Company and the ZDP Shares issued by the Company's wholly owned subsidiary PMGR Securities 2025 plc can be recommended by IFAs to retail investors, in accordance with the FCA's rules in relation to non-mainstream pooled investment products, and intends to continue to do so for the foreseeable future.

The Ordinary Shares and the ZDP Shares fall outside the restrictions which apply to non-mainstream pooled investment products because they are excluded securities.

Cover photograph: Northland Power, construction of Deutsche Bucht wind farm, used with permission.

Premier Miton Global Renewables Trust PLC is a member of the Association of Investment Companies.

The investment objectives of the Premier Miton Global Renewables Trust PLC are to achieve a high income from, and to realise long-term growth in the capital value of its portfolio. The Company seeks to achieve these objectives by investing principally in the equity and equity-related securities of companies operating primarily in the renewable energy sector, as well as other sustainable infrastructure investments.

In January 2022, the Company received London Stock Exchange's Green Economy Mark, a classification which is awarded to companies and funds that are driving the global green economy. To qualify for the

Green Economy Mark, companies and funds must generate 50% or more of their total annual revenues from products and services that contribute to the global green economy.

The Fund Manager integrates Governance and Social responsibility into its investment process. Premier Miton is a signatory to the Principles for Responsible Investment, an organisation which encourages and supports its signatories to incorporate environmental, social, and governance factors into their investment and ownership decisions.

The Crown Fund Rating is a global quantitative rating that is based on a fund's historical performance relative to an appropriate benchmark. The rating relies on three key measurements - alpha, volatility and consistent performance, to dictate the one-to-five Crown score. The ratings are designed to help investors distinguish funds that have superior performance in terms of stock picking, consistency and risk control.

Contents

Investment Objectives 1
Company Highlights 2-3
Chairman's Statement 4-5
Investment Manager's Report 6-10
Investment Portfolio 11-13
Group Income Statement 14
Consolidated and Company Balance Sheets 15
Consolidated and Company Statement of Changes in Equity 16
Consolidated and Company Cashflow Statements 17
Notes to the Half Year Report 18-21
Interim Management Report 22
Directors and Advisers 23

for the six months to 30 June 2022

	Six months to 30 June 2022	Year ended 31 December 2021
Total Return Performance
Total Assets Total Return1	(1.5%)	19.8%
S&P Global Clean Energy Index (GBP)2	0.4%	(22.5%)
Ongoing charges3	1.71%	1.65%
	Six months to 30 June 2022	Year ended 31 December 2021	% change
Ordinary Share Returns
Net Asset Value per Ordinary Share (cum income)4	200.66p	210.60p	(4.7%)
Mid-market price per Ordinary Share	175.50p	196.50p	(10.7%)
Discount to Net Asset Value	(12.5%)	(6.7%)
Net Asset Value Total Return5	(3.1%)	26.5%
Share Price Total Return2	(8.9%)	30.7%
	Six months to 30 June 2022	Six months to 30 June 2021	% change
Returns and Dividends
Revenue Return per Ordinary Share	3.95p	4.45p	(11.2%)
Net Dividends declared per Ordinary Share	3.50p	3.50p	0.0%
Historic Full Year Dividends
Dividends paid in respect of the year to:	31 December 2021	31 December 2020	% change
Dividend	7.00p	10.20p	(31.4%)

Company Highlights continued

	Six months to 30 June 2022	Year ended 31 December 2021	% change
Zero Dividend Preference Share Returns
Net Asset Value per Zero Dividend Preference Share4	108.02p	105.44p	2.4%
Mid-market price per Zero Dividend Preference Share2	107.50p	107.50p	0.0%
(Discount)/premium to Net Asset Value	(0.5%)	2.0%
	As at 30 June 2022	As at 31 December 2021
Hurdle Rates (Per Annum)
Ordinary Shares Hurdle rate to return the 30 June 2022 share price of 175.50p (December 2021: 196.50p) at 28 November 20256	(0.6%)	0.7%
Zero Dividend Preference Shares Hurdle rate to return the redemption share price for the 2025 ZDPs of 127.6111p at 28 November 20257	(25.6%)	(23.1%)
	Six months to 30 June 2022	Year ended 31 December 2021	% change*
Balance Sheet
Gross Assets less Current Liabilities
(excluding Zero Dividend Preference Shares)	£52.0m	£53.4m	(2.7%)
Zero Dividend Preference Shares	(£15.4m)	(£15.0m)	(2.4%)
Equity Shareholders' Funds	£36.6m	£38.4m	(4.7%)
Gearing on Ordinary Shares8	42.0%	39.0%
Zero Dividend Preference Share Cover (non-cumulative)9	2.68x	2.74x

¹ Source: Premier Fund Managers Ltd ("PFM Ltd"). Based on opening and closing total assets plus dividends marked "ex-dividend" within the period.

² Source: Bloomberg.

• ³ Ongoing charges have been based on the Company's management fees and other operating expenses as a percentage of gross assets less current liabilities over the period (excluding ZDPs' accrued capital entitlement).
• ⁴ Articles of Association Basis.
• ⁵ Source: PFM Ltd. Based on opening and closing NAVs plus dividends marked "ex-dividend".
• ⁶ Source: PFM Ltd. The Ordinary Shares Hurdle Rate is the compound rate of growth of the total assets required each year to meet the Ordinary Share price at 30 June 2022.
• ⁷ Source: PFM Ltd. The ZDP Shares Hurdle Rate is the compound rate that the total assets could decline each year until the predetermined redemption date, for ZDP shareholders still to receive the redemption entitlement.
• ⁸ Source: PFM Ltd. Based on Zero Dividend Preference Shares divided by Ordinary Shareholders' Equity at end of each period.
• ⁹ Source PFM Ltd. Non-cumulative cover = Gross assets at period end divided by final repayment of ZDP Shares plus management fees charged to capital.
• * % change is calculated on actual figures, and may be different from that which could be obtained by using rounded figures shown within this section.

Chairman's Statement

for the six months to 30 June 2022

Introduction

In the Chairman's Statement within the 2021 Annual Report, I noted that the main headwind faced by markets in 2022 would likely be the extent to which inflation would prove to be more entrenched than transitory. In the event, it has become increasingly clear that inflation will have both a higher peak, and will last longer than was anticipated six months ago.

The underlying causes of the current high level of inflation are many, including supply deficiencies resulting from an ill-preparedness for post-Covid economic reopening, the expansion of the money supply, and higher commodity prices, partly resulting from the war in Ukraine. Central banks were caught behind the inflationary curve, and have been forced to react in a sharper way than they perhaps could have, if they had started to tighten monetary conditions at an earlier stage. The risk now is that, in order to maintain credibility, they go too far in raising rates, triggering, or exacerbating, an anticipated recession.

While the investment environment is undoubtedly challenging, I believe that the portfolio is well positioned, having exposures to energy markets and a good level of inflation protection within the underlying revenues of investee companies.

Performance

Equity markets have been weak in the first half of 2022 with both Europe and the US experiencing double-digit negative returns. The UK with its higher weighting to "old economy" energy and resource companies, fared slightly better but was still in negative territory.

The underlying performance of the Company was marginally behind its performance benchmark, the S&P Global Clean Energy Index, which recorded a positive return in sterling of 0.4%. PMGR's capital structure means that market movements are amplified in the Ordinary Share Net Asset Value ("NAV"), and the NAV total return was negative 3.1%.

The Company benefitted from good performances in its UK holdings, an area to which the portfolio has a significant weighting. Offsetting this was weakness in the Chinese positions. In addition, the holding in Finnish generator Fortum was sold in the period at a substantial discount to the level at which it started the year. Fortum's Russian investments, accounting for approximately 20% of profits, caused its shares to fall sharply. Following the sale, the portfolio has no investment exposure to Russia.

Unfortunately, and in common with many other investment trusts, the discount between the Company's NAV per share and its share price increased, and was 12.5% at the end of June. PMGR's share price fell by 10.7%, with a share price total return of negative 8.9% taking dividends into account.

Review of the six months

Russia's war in Ukraine looks likely to continue for some time. Market reaction was at first muted, but the implications for global energy and food prices are now becoming apparent. Russia is responding to sanctions by restricting volumes of natural gas sent to Europe, and the outlook for supplies over the coming winter is uncertain.

Combined with a reduction in French nuclear output caused by technical outages for repairs, and higher prices for carbon emissions, it is unsurprising therefore, that European power prices have remained at exceptionally high levels. This will undoubtedly cause much hardship, and governments can be expected to seek ways to restrict "excess profitability" in the energy sector, including renewables. This may take the form of windfall taxes, or direct intervention in markets.

However, in order to secure a long-term future of energy independence from Russia, Europe has little choice but to accelerate the build out of renewable electricity facilities. We therefore expect that any actions against the renewable generation sector will be modest, so as not to discourage investment.

In this regard, the European commission published proposals to reduce reliance on Russian energy, removing obstacles to the permitting of new renewable energy assets, and to encourage the development of long-term corporate power purchase contracts. In total, it aims to almost triple the EU's wind and solar generation capacities by 2030. In turn, the UK has increased its already ambitious targets for offshore wind.

High inflation is an overriding concern for markets. Here I would note that the majority of operating costs in the renewable energy sector are fixed. Capital costs for new build assets, including for equipment such as solar panels, or logistics such as shipping, which had increased in 2021, are now moderating. In any event, higher capital costs are more than offset by greater increases in electricity prices. Lastly, many revenue streams such as corporate power sales agreements, or government incentive mechanisms, are often inflation linked. Higher inflation can therefore be of benefit to many renewable energy companies.

Despite being relatively insulated against the issues described above, the Chinese market has also fallen, not helped by the government's zero-Covid policy.

Finally, the last remaining holding that was "noncompliant" with the renewable energy investment policy, Indian coal generator OPG Power Ventures, was sold in the period.

Earnings and Dividends

Revenue return per Ordinary Share of 3.95p represented a fall of 11.2% on the 4.45p reported for the first half of 2021. This is mainly a result of the following:

Firstly, the sale of the position in Fortum, which paid a relatively large dividend only once a year in the first half. Reinvestment of the proceeds should mean that the loss of this dividend is recouped in the second half.

Secondly, the first half of 2021 contained the beneficial receipt of historic overseas tax reclaims, which did not occur in 2022.

Despite this, underlying revenue generation has been good. Companies have either increased or held their dividends, with dividend increases from the Trust's larger Chinese investments being particularly encouraging. In addition, the strength of the US dollar, Hong Kong dollar (pegged to the US dollar), and Canadian dollar, has increased the sterling value of dividends received from investments denominated in those currencies.

On 30 June, the Trust paid a first interim dividend of 1.75p per share. The Board has declared a second interim dividend of 1.75p per share, to be paid on 30 September 2022 and will be marked ex-dividend on 1 September 2022. These dividends are consistent with those paid in 2021.

Change of brokership

Following a review of the Company's brokership arrangements, the directors appointed finnCap Capital Markets, replacing Singer Capital Markets, as the Company's stockbroker with effect from 15 March 2022. The directors remain committed to growing the size of the Company.

Outlook

Sadly, I expect the war in Ukraine to drag on for some time. It will take time for the full effects to be felt, and longer still for Europe to wean itself off Russian energy. In this environment, energy prices are likely to stay at elevated levels, and returns on renewable energy assets should therefore remain attractive.

The effect of the war in Ukraine on energy prices and inflation is not limited to Europe; it is having a global impact. In addition, the worldwide effort to lower carbon emissions is a fundamental shift that is driving investment in renewables. Hence, the company's portfolio of a carefully selected number of stocks, diversified by region and technology, is well positioned to benefit from the increased global demand for renewable energy.

Gillian Nott obe Chairman 3 August 2022

for the six months to 30 June 2022

Market review

In the first half of 2022, the renewable energy sector benefitted from some strong tailwinds, offset by a worsening economic environment.

As noted in the Chairman's statement, the high electricity price environment is to the benefit of renewable energy companies, particularly in Europe, which is experiencing unprecedented gas and electricity prices. In addition, with governments more concerned than ever about energy security, domestic sources of energy such as renewables should see enhanced growth and political goodwill. Large energy users are increasingly looking to sign long-term contracts with renewable producers, not only for environmental reasons, but to lock in long term electricity purchases at a reasonable price.

Offsetting this has been the high inflation environment, against which can be attributed much of the poor performance of both equity and bond markets during the period.

PMGR's investment strategy over the past 12 months has been to prioritise European and UK renewables, with a lower weighting to North America. UK and European renewable companies tend to have a higher degree of inflation linkage, and greater exposure to power prices, than their North American counterparts. North American renewables tend to sell power on long-term contracts with predetermined price paths, resulting in a rather "bondlike" income stream. In consequence, their valuations can be expected to have a higher level of sensitivity to movements in interest rates.

This has, in the main, been a correct investment decision for the first half of 2022, and many of the larger European holdings have performed well. UK renewable companies have performed particularly well, rewarding the portfolio's overweight position. By contrast, the US and Canadian holdings have lost value in local currency, although this has been almost exactly offset by the stronger dollar, with their sterling performance being about flat on average.

The biggest contributor to negative performance in the period were the three large Chinese holdings (China Suntien Green Energy, China Everbright Environment, and China Longyuan Power), discussed in more depth below. Harsh lockdown policies have undoubtedly hurt sentiment, and the strong dollar environment has encouraged foreign investors to repatriate capital back to the US. However, we continue to believe these are attractive investments, with positive operational environments and modest valuation metrics. Reflecting this, all three recorded very strong dividend increases in respect of 2021.

The other major negative in the period relates to Finnish nuclear and hydro generator, Fortum, a 4.3% holding at December 2021, sold at a loss in the period. While its core business has performed well, its Russian investments, accounting for approximately 20% of operating profit, left it very exposed on the Russian invasion of Ukraine. The portfolio has no Russian exposure following this sale.

Portfolio review

No major changes were made to the portfolio during the first half of 2022. The weighting to China fell on relative under-performance, while the UK increased on out-performance. Europe was level with the sale of Fortum offset by good performances in other holdings. North America was lower, on net sales of investments.

Listed renewable energy companies can be categorised into two broad groupings. Firstly, the investment companies, often referred to as yield companies or "yieldcos", which usually acquire built, or construction ready, assets paying out the majority of cash-flow to investors, and raising capital through new equity. Secondly, integrated development companies, which develop projects from first inception, retaining some assets but raising capital through a combination of retained earnings and project sales.

Yieldcos & Funds

The increased investment in the UK yieldcos, undertaken in 2021, worked well in the period. Greencoat UK Wind was particularly strong, its shares increasing by 9.5%. Greencoat has a higher exposure to power markets than other UK renewable investment companies, with less hedging or long term power sales within its portfolio.

Likewise NextEnergy Solar Fund and the Foresight Solar Fund, also performed well, with share price gains of 7.3% and 15.2% respectively in the period. Both are diversifying from their core UK solar mandates, expanding into new geographies and related investment areas such as energy storage. We continue to believe that the long-term power price forecasts used (provided by third party consultancies) in the calculation of NAVs in the UK, are overly conservative and that NAVs may prove to be an understatement of eventual value. In addition, the UK renewable investment companies benefit from the inflation linked incentive schemes covering part of their revenues.

A new position in Octopus Renewable Infrastructure ("ORIT") was started in the period. ORIT has a diversified portfolio of European assets, covering Finland, Sweden, Poland as well as the UK and Ireland, many of which are in construction.

The portfolio's holdings in North American yieldcos were less successful, although share price falls were offset by positive currency movements. Atlantica Sustainable Infrastructure, Clearway Energy (A), and Transalta Renewables, saw their share prices fall by 9.8%, 4.5% and 12.3% respectively. We attribute these movements to valuation pressures resulting from increased yields and interest rates. Meanwhile, the companies continue to invest and report solid results.

Investment Manager's Report continued

Renewable Energy Developers

PMGR's two Chinese renewable energy developers, China Suntien Green Energy and China Longyuan Power, following an exceptionally strong 2021, both lost value in the first half of 2022, their shares falling by 34.2% and 16.7%. This was despite reporting 2021 earnings growth of 43.0% and 27.6%, and dividend growth in respect of 2021 of 22.8% and 25.0% respectively.

Europe is host to several excellent renewable energy developers. German listed RWE is a company that is making the transition from a predominantly fossil fuel based generator, to one of the world's largest renewable companies, operating globally with a particular strength in offshore wind. RWE is aiming to invest Euro 50bn in its core renewable and flexible generation business by 2030, while at the same time

PORTFOLIO GEOGRAPHIC ALLOCATION

managing a phase out of its coal, lignite, and nuclear generation assets. RWE reported excellent 2021 financial results, and has raised its 2022 expectations on the back of strong markets and continued growth. Its shares however fell 1.7% over the first half of the year.

In June 2021, Acciona, a Spanish company, spun out its renewables business, Acciona Energias, Acciona retaining an approximate 83% holding. Like RWE, Acciona Energias is a sizable, globally diversified, renewable developer. While the renewables subsidiary is the substantial majority of the business, Acciona also has various other businesses mainly focussed around infrastructure. Acciona has traded at a discount to the value implied by its renewables subsidiary, however, this has fallen over the past year, and we have moved most of the position into the pure-play renewables business. Both shares performed well in the period.

We added to the position in Spanish listed global solar developer Grenergy, which has an extensive solar growth pipeline with a particularly strong position in both Spain and Chile. Its shares reacted well to higher power prices, gaining 16.8%.

Northland Power, a Canada based global renewables business mainly focussed on offshore wind (the construction of its most recent project being featured on the cover of this report), recorded a share price gain of 1.4% in Canadian dollars, although in sterling terms this translated to a gain of 11.5%.

There are an increasing number of quality European listed renewable developers. We have increased or maintained positions in MPC Energy Solutions (which is building a renewables portfolio concentrating on Central American and Caribbean), 7C Solarparken (mainly German solar), Bonheur (Scandinavian and UK wind, plus offshore installation vessels), and Enefit Green (Baltic renewables), together with several others. While not paying high dividends, they exhibit strong growth and benefit from higher energy prices.

Investment Manager's Report continued

Other sectors

Biomass producer and generator, Drax Power, had a solid half, its shares increasing by 6.3%, although had been higher until rumours of the UK government imposing a windfall tax acted to dampen the market's enthusiasm.

Waste to energy company, China Everbright Environment, was weak in common with the other Chinese holdings, falling by 26.0%. This was despite continued solid earnings, up 13.1% in 2021, with full year dividends up 13.3%

UK energy storage funds performed well, as the grid operator faces a difficult task in balancing the UK's energy flows, made more volatile by increased renewable energy on the system. The Trust's largest position, Gresham House Energy Storage, gained 20.3% Harmony Energy and Gore Street Energy Storage also performed well with share price gains of 12.6% and 2.5%.

We continue to like the "hidden value" of the quality renewable businesses within the portfolio's renewable focussed utilities, those utilities with substantial and growing renewable energy businesses. Despite very solid operational and financial results, share price moves were, however, muted on the difficult economic environment. SSE's March 2022 results were strong, with a 22% gain in normalised earnings. We added to the Iberdrola position, which also produced good 2021 financial results, its renewable energy business being particularly strong. Algonquin Power & Utilities' strategy is to consolidate smaller US utility companies while expanding its nationwide renewables business. 2021 results were strong with several new renewable assets commissioned, plus the acquisition of Kentucky Power.

Income

The portfolio has a healthy level of underlying dividend growth. The strong dividend increases seen in the main Chinese investments are discussed above. Also worthy of note among the larger holdings, was the 9.9% increase in Drax's full year 2021 dividend, the 5.9% growth at RWE, plus 10.0% growth for Algonquin Power & Utilities.

We expect strong results for the UK renewable energy investment companies in 2022, which should help drive their dividends higher. For instance, Greencoat UK Wind has recently announced a 7.5% increase in its quarterly payment.

The portfolio aims to achieve a balanced return including a high income together with capital growth over the long-term. In this regard, almost 30% of the portfolio is invested in companies with dividend yields below 2.5%, i.e. they are held primarily for capital appreciation.

Currency

Given the gearing within PMGR's capital structure, with an international currency exposed portfolio, part funded by sterling denominated ZDP shares, currency movements are magnified within the NAV. Therefore, we have adopted a policy of cautious currency hedging, ensuring that ZDP liability is covered by sterling assets, including currency hedging contracts.

Hedging was focussed on the Euro exposure in the period, and sterling fell by 2.3% against the Euro, resulting in hedging losses of £0.3m. With the inflationary environment meaning that the ECB is forced to end its QE programme, we are concerned that the yield spreads between higher credit Euro countries, and those of more indebted Southern European countries will widen, possibly precipitating another Euro crisis. Therefore, we expect to maintain hedges against the Euro covering the majority of Euro exposure until the economic situation is clearer.

The US dollar and Canadian dollars, which gained 10.0% and 8.4% against sterling over the first half of the year, were unhedged so the currency gains were captured in full.

Investment Manager's Report continued

Portfolio activity

Investment activity levels were relatively modest, with purchases of £7.7m and sales of £7.6m. This is a reduction of investment activity levels compared to 2021, reflecting the settled nature of the portfolio.

Outlook

2022 has so far illustrated the many benefits of renewable energy. These include firstly, security of supply versus imported fossil fuels (often imported from unstable regimes). Secondly, renewables have steady and low costs that are not subject to the volatility of international commodity markets. Thirdly, with many governments looking to extend the lives of coal-fired power stations, and the costs of carbon emissions increasing, low carbon energy sources are needed more than ever. As such, we remain optimistic for the sector's prospects.

James Smith

Premier Fund Managers Limited 3 August 2022

Investment Portfolio

at 30 June 2022

Company	Activity	Country	Value £000	% of total invest ments	Ranking June 2022	Ranking December 2021
Greencoat UK Wind	Yieldcos & funds	United Kingdom	3,147	6.1	1	6
Drax Group	Biomass generation and production	United Kingdom	3,022	5.9	2	3
NextEnergy Solar Fund	Yieldcos & funds	United Kingdom	2,987	5.8	3	7
China Everbright Environment	Waste to energy	China	2,926	5.7	4	2
China Suntien Green Energy	Renewable energy developers	China	2,854	5.5	5	1
Atlantica Sustainable Infrastructure	Yieldcos & funds	Global	2,521	4.9	6	10
Gresham House Energy Storage Fund	Energy storage	United Kingdom	2,384	4.6	7	12
Grenergy Renovables	Renewable energy developers	Global	2,182	4.2	8	16
RWE	Renewable energy developers	Europe (ex. UK)	2,114	4.1	9	4
China Longyuan Power	Renewable energy developers	China	1,909	3.7	10	11
Clearway Energy 'A'	Yieldcos & funds	North America	1,840	3.6	11	13
Foresight Solar Fund	Yieldcos & funds	United Kingdom	1,810	3.5	12	18
Iberdrola	Renewable focused utilities	Global	1,704	3.3	13	19
Algonquin Power and Utilities	Renewable focused utilities	North America	1,656	3.2	14	9
SSE	Renewable focused utilities	United Kingdom	1,454	2.8	15	15
Northland Power Income Fund	Renewable energy developers	Global	1,221	2.4	16	20
Octopus Renewable Infrastructure	Yieldcos & funds	United Kingdom	1,188	2.3	17	–
National Grid	Electricity networks	Global	1,157	2.2	18	5
TransAlta Renewables	Yieldcos & funds	North America	1,131	2.2	19	17
Harmony Energy Income Trust	Energy storage	United Kingdom	1,115	2.2	20	21
Corporation Acciona Energias Renovables	Renewable energy developers	Europe (ex. UK)	1,107	2.1	21	–
MPC Energy Solutions	Renewable energy developers	Latin America	795	1.5	22	23

Investment Portfolio continued

at 30 June 2022

Company	Activity	Country	Value £000	% of total invest ments	Ranking June 2022	Ranking December 2021
Acciona	Renewable energy developers	Europe (ex. UK)	755	1.5	23	14
Gore Street Energy Storage Fund	Energy storage	United Kingdom	721	1.4	24	24
New Energy Solar	Yieldcos & funds	North America	674	1.3	25	22
Greencoat Renewable	Yieldcos & funds	Europe (ex. UK)	604	1.2	26	27
Bonheur	Renewable energy developers	Europe (ex. UK)	590	1.1	27	41
7C Solarparken	Renewable energy developers	Europe (ex. UK)	518	1.0	28	30
Omega Geracao	Renewable energy developers	Latin America	472	0.9	29	32
KS Global Carbon Strategy	Carbon markets	Global	446	0.9	30	36
China Everbright Greentech	Biomass generation and production	China	432	0.8	31	28
Eneti	Renewable technology and service	Global	418	0.8	32	29
Fusion Fuel Green (incl. warrants)	Renewable technology and service	Europe (ex. UK)	413	0.8	33	33
Atrato Onsite Energy	Renewable energy developers	United Kingdom	387	0.8	34	39
Enefit Green	Renewable energy developers	Europe (ex. UK)	339	0.7	35	35
Slitevind	Renewable energy developers	Europe (ex. UK)	338	0.7	36	–
NextEra Energy Partners	Yieldcos & funds	North America	306	0.6	37	–
Boralex	Renewable energy developers	Global	273	0.5	38	–
Seaway 7	Renewable technology and service	Global	247	0.5	39	31
Solaria Energía y Medio Ambiente	Renewable energy developers	Europe (ex. UK)	244	0.5	40	38

Investment Portfolio continued

at 30 June 2022

Company	Activity	Country	Value £000	% of total invest ments	Ranking June 2022	Ranking December 2021
Pacifico Renewables	Yieldcos & funds	Europe (ex. UK)	181	0.4	41	42
Ocean Sun	Renewable technology and service	Global	179	0.4	42	37
Innergex Renewable	Renewable energy developers	North America	166	0.3	43	44
GreenVolt	Renewable energy developers	Europe (ex. UK)	130	0.3	44	–
US Solar Fund	Yieldcos & funds	North America	126	0.2	45	–
Cloudberry Clean Energy	Renewable energy developers	Europe (ex. UK)	121	0.2	46	–
Scatec	Renewable energy developers	Global	119	0.2	47	40
			51,423	99.8
PMGR Securities 2025 PLC	ZDP subsidiary	United Kingdom	50	0.1
PGIT Securities 2020 PLC (in liquidation)	ZDP subsidiary	United Kingdom	50	0.1
Total investments			51,523	100.0

Group Income Statement

for the six months to 30 June 2022

			(Unaudited) Six months to 30 June 2022			(Unaudited) Six months to 30 June 2021		31 December 2021		(Audited) Year ended
Notes		Revenue £000	Capital £000	Total £000	Revenue £000	Capital £000	Total £000	Revenue £000	Capital £000	Total £000
(Losses)/gains on investments
held at fair value through
profit or loss		–	(1,185)	(1,185)	–	1,103	1,103	–	7,469	7,469
(Losses)/gains on forward
foreign exchange contracts		–	(301)	(301)	–	170	170	–	405	405
Gains/(losses) on foreign exchange		3	96	99	–	(32)	(32)	(2)	(42)	(44)
Income		1,083	–	1,083	1,073	–	1,073	1,969	–	1,969
Investment management fee	6	(81)	(121)	(202)	(66)	(98)	(164)	(141)	(211)	(352)
Other expenses		(245)	–	(245)	(205)	–	(205)	(456)	–	(456)
Reconstruction costs		–	–	–	–	(45)	(45)	–	(43)	(43)
(Loss)/profit before finance
costs and taxation		760	(1,511)	(751)	802	1,098	1,900	1,370	7,578	8,948
Finance costs		–	(367)	(367)	–	(350)	(350)	–	(714)	(714)
(Loss)/profit before taxation		760	(1,878)	(1,118)	802	748	1,550	1,370	6,864	8,234
Taxation	5	(39)	(18)	(57)	7	–	7	(18)	–	(18)
(Loss)/profit for the period		721	(1,896)	(1,175)	809	748	1,557	1,352	6,864	8,216
(Loss)/return per Ordinary Share
- basic (pence)	3	3.95	(10.39)	(6.44)	4.45	4.12	8.57	7.43	37.71	45.14

The total columns of this statement represent the Group's profit or loss, prepared in accordance with IFRS.

As the parent of the Group, the Company has taken advantage of the exemption not to publish its own separate Income Statement as permitted by Section 408 of the Companies Act 2006. The Company's total comprehensive loss for the half year ended 30 June 2022 was £1,175,000 (30 June 2021: profit of £1,557,000 and 31 December 2021: profit of £8,216,000).

The supplementary revenue and capital columns are prepared under guidance published by the Association of Investment Companies ("AIC"). All items derive from continuing operations; the Group does not have any other recognised gains or losses.

All income is attributable to the equity holders of the Company. There are no minority interests.

Consolidated and Company Balance Sheets

as at 30 June 2022

Notes	(Unaudited) Group 30 June 2022 £000	(Unaudited) Company 30 June 2022 £000	(Unaudited) Group 30 June 2021 £000	(Unaudited) Company 30 June 2021 £000	(Audited) Group 31 December 2021 £000	(Audited) Company 31 December 2021 £000
Non current assets
Investments held at fair value
through profit or loss	51,423	51,523	46,294	46,394	52,694	52,794
Current assets
Debtors	924	924	379	379	189	189
Forward foreign exchange contracts	–	–	47	47	117	117
Cash at bank	191	191	600	600	562	562
	1,115	1,115	1,026	1,026	868	868
Total assets	52,538	52,638	47,320	47,420	53,562	53,662
Current liabilities
Other creditors	(555)	(555)	(305)	(305)	(162)	(162)
Forward foreign exchange contracts	(29)	(29)	–	–	–	–
Intercompany payable	–	(50)	–	(50)	–	(50)
	(584)	(634)	(305)	(355)	(162)	(212)
Total assets less current liabilities	51,954	52,004	47,015	47,065	53,400	53,450
Non-current liabilities
Zero Dividend Preference Shares	(15,357)	–	(14,626)	–	(14,990)	–
Intercompany payable	–	(15,407)	–	(14,676)	–	(15,040)
Net assets	36,597	36,597	32,389	32,389	38,410	38,410
Equity attributable to
Ordinary Shareholders
Share capital	183	183	183	183	183	183
Share premium	8,961	8,961	8,961	8,961	8,961	8,961
Redemption reserve	88	88	88	88	88	88
Capital reserve	18,632	18,632	14,412	14,412	20,528	20,528
Special reserve	7,472	7,472	7,472	7,472	7,472	7,472
Revenue reserve	1,261	1,261	1,273	1,273	1,178	1,178
Total equity attributable
to Ordinary Shareholders	36,597	36,597	32,389	32,389	38,410	38,410
Net asset value per
Ordinary Share (pence) 4	200.66	200.66	177.59	177.59	210.60	210.60

Consolidated and Company Statement of Changes in Equity

For the six months to 30 June 2022 (unaudited)

	Ordinary share capital £000	Share premium reserve £000	Redemption reserve £000	Capital reserve £000	Special reserve* £000	Revenue reserve* £000	Total £000
Balance at
31 December 2021	183	8,961	88	20,528	7,472	1,178	38,410
Loss for the period	–	–	–	(1,896)	–	721	(1,175)
Ordinary dividends paid	–	–	–	–	–	(638)	(638)
Balance at 30 June 2022	183	8,961	88	18,632	7,472	1,261	36,597

For the six months to 30 June 2021 (unaudited)

	Ordinary share capital £000	Share premium reserve £000	Redemption reserve £000	Capital reserve £000	Special reserve* £000	Revenue reserve* £000	Total £000
Balance at
31 December 2020	181	8,701	88	13,664	7,472	1,273	31,379
Issue of Ordinary Shares	2	260	–	–	–	–	262
Profit for the period	–	–	–	748	–	809	1,557
Ordinary dividends paid	–	–	–	–	–	(809)	(809)
Balance at 30 June 2021	183	8,961	88	14,412	7,472	1,273	32,389

For the financial year ended 31 December 2021 (audited)

	Ordinary share capital £000	Share premium reserve £000	Redemption reserve £000	Capital reserve £000	Special reserve* £000	Revenue reserve* £000	Total £000
Balance at
31 December 2020	181	8,701	88	13,664	7,472	1,273	31,379
Issue of Ordinary Shares	2	260	–	–	–	–	262
Profit for the year	–	–	–	6,864	–	1,352	8,216
Ordinary dividends paid	–	–	–	–	–	(1,447)	(1,447)
Balance at 31 December 2021	183	8,961	88	20,528	7,472	1,178	38,410

* Distributable reserves.

Consolidated and Company Cashflow Statements

for the six months ended 30 June 2022

	(Unaudited)		(Unaudited)		(Audited)
	Group £000	Company Six months ended 30 June 2022 £000	Group £000	Company Six months ended 30 June 2021 £000	Group £000	Company Year ended 31 December 2021 £000
(Loss)/profit before taxation	(1,118)	(1,118)	1,550	1,550	8,234	8,234
Adjustments for
Finance costs	367	367	350	350	714	714
Losses/(gains) on investments held
at fair value through profit or loss Losses/(gains) on forward foreign	1,185	1,185	(1,103)	(1,103)	(7,469)	(7,469)
exchange contracts	301	301	(170)	(170)	(405)	(405)
(Gains)/losses on foreign exchange	(99)	(99)	32	32	44	44
Increase in trade and other receivables	(133)	(133)	(177)	(177)	(5)	(5)
Decrease in trade and other payables	(39)	(39)	(98)	(98)	(31)	(31)
Overseas taxation paid	(86)	(86)	(37)	(37)	(61)	(61)
Net cash flow from operating activities	378	378	347	347	1,021	1,021
Investing activities
Purchases of investments	(7,680)	(7,680)	(9,737)	(9,737)	(18,371)	(18,371)
Proceeds from sales of investments	7,625	7,625	9,890	9,890	18,298	18,298
Cash flows from forward foreign
exchange contracts	(155)	(155)	318	318	482	482
Net cash flows from investing activities	(210)	(210)	471	471	409	409
Financing activities
Proceeds from issue of Ordinary Shares	–	–	262	262	262	262
Dividends paid	(638)	(638)	(809)	(809)	(1,447)	(1,447)
Net cash flow from financing activities	(638)	(638)	(547)	(547)	(1,185)	(1,185)
(Decrease)/increase in cash and
cash equivalents	(470)	(470)	271	271	245	245
Gains/(losses) on foreign exchange	99	99	(32)	(32)	(44)	(44)
Cash and cash equivalents,
beginning of period	562	562	361	361	361	361
Cash and cash equivalents at end of period	191	191	600	600	562	562

Notes to the Half Year Report

ACCOUNTING POLICIES

1.1 Basis of preparation

The Half Year Financial Statements have been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting" and in accordance with the Statement of Recommended Practice ("SORP") "Financial Statements of Investment Trust Companies and Venture Capital Trusts" issued by the Association of Investment Companies ("AIC") in November 2014 (and updated in April 2021), where the SORP is not inconsistent with IFRS.

The financial information contained in this Half Year Report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the periods ended 30 June 2022 and 30 June 2021, have not been audited. The financial information for the year ended 31 December 2021 has been extracted from the latest published audited accounts. Those accounts have been filed with the Registrar of Companies and included the Independent Auditor's Report which, in respect of both sets of accounts, was unqualified, did not contain an emphasis of matter reference, and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006. Those statutory accounts were prepared in accordance with IFRS, as adopted by the UK.

The functional currency of the Group is UK pounds sterling as this is the currency of the primary economic environment in which the Company operates. Accordingly, the Financial Statements are presented in UK pounds sterling rounded to the nearest thousand pounds.

The same accounting policies, presentation and methods of computation have been followed in these Financial Statements as were applied in the preparation of the Group's Financial Statements for the previous accounting period.

IFRS 10 Consolidated Financial Statements

The Financial Statements in these accounts reflect the adoption of IFRS 10 (including the Investment Entities amendment) which requires investment companies to value subsidiaries (except for those providing investment related services) at fair value through profit and loss rather than consolidate them. The Directors, having assessed the criteria, believe that the Group meets the criteria to be an investment entity under IFRS 10 and that this accounting treatment better reflects the Company's activities as an investment trust.

PMGR Securities 2025 PLC, which is controlled by the Company, issued the ZDP Shares and loaned the proceeds to the Company. It is considered to provide investment related services to the Group and is therefore required to be consolidated under the IFRS 10 Investment Entities amendment. PMGR Securities 2025 PLC and PGIT Securities 2020 PLC (in members' voluntary liquidation), have been consolidated in these Financial Statements using consistent accounting policies to those applied by the Company.

1.2 Presentation of Statement of Comprehensive Income

In order to better reflect the activities of the Company as an investment trust company, and in accordance with guidance issued by the AIC, supplementary information which analyses the Consolidated Income Statement between items of a revenue and capital nature has been presented alongside the Consolidated Income Statement. In accordance with the Company's Articles of Association, net capital returns can be distributed by way of dividend. Additionally, net revenue is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in Section 1158 of the Corporation Tax Act 2010.

1.3 Use of estimates

The preparation of Financial Statements requires the Company to make estimates and assumptions that affect the items reported in the Balance Sheet and Income Statement and the disclosure of contingent assets and liabilities at the date of the Financial Statements. Although these estimates are based on the Board's best knowledge of current facts, circumstances and, to some extent, future events and actions, the Company's actual results may ultimately differ from those estimates, possibly significantly. Investment in the equity of unquoted companies that the Company may hold are not traded and as such the prices are more uncertain than those of more widely traded securities. Any unquoted investments are valued by reference to valuation techniques approved by the Directors and in accordance with the International Private Equity and Venture Capital Valuation ("IPEV") Guidelines and IFRS 13, although the Company does not currently hold any unquoted investments.

1.4 Segmental reporting

The chief operating decision maker has been identified as the Board of the Company. The Board reviews the Company's internal management accounts in order to analyse performance. The Directors are of the opinion that the Company is engaged in one segment of business, being the investment business. Geographical segmental analysis has not been disclosed because the Directors are of the opinion that as an investment company the geographical sources of revenues received by the Company are incidental to its investment activity. The geographical allocation of the investments from which income is received and to which non-current assets relate is given on page 8.

2. Dividend

On 28 July 2022 the Directors declared a second interim dividend of 1.75p per Ordinary Share for the year ending 31 December 2022 to holders of Ordinary Shares on the register on 2 September 2022. The Ordinary Shares will be marked ex-dividend on 1 September 2022 and the dividend will be paid on 30 September 2022.

3. Total (loss)/return per Ordinary Share

The total loss per Ordinary Share is based on the total comprehensive loss for the half year after taxation of £1,175,000 (six months ended 30 June 2021: return of £1,557,000; year ended 31 December 2021: return of £8,216,000) and on the weighted average number of 18,238,480 Ordinary Shares in issue during the six months ended 30 June 2022 (six months ended 30 June 2021: 18,166,536 Ordinary Shares; year ended 31 December 2021: 18,202,903 Ordinary Shares).

The Company does not have any dilutive securities.

4. Net Asset Value

The net asset value per share and the net assets available to each class of share calculated in accordance with International Financial Reporting Standards, are as follows:

	Net asset value per share 30 June 2022 Pence	Net assets available 30 June 2022 £000	Net asset value per share 30 June 2021 Pence	Net assets available 30 June 2021 £000	Net asset value per share 31 December 2021 Pence	Net assets available 31 December 2021 £000
18,238,480 Ordinary Shares in issue (2021: 18,238,480)	200.66p	36,597	177.59p	32,389	210.60p	38,410
14,217,339 PMGR Securities 2025 PLC Zero Dividend Preference Shares of £0.01 each in issue* (2021: 14,217,339)	108.02p	15,357	102.87p	14,626	105.44p	14,990
24,073,337 PGIT Securities 2020 PLC (in liquidation) Zero Dividend Preference Shares of £0.01 each in issue*	–	–	–	–	–	–

*Classified as a liability.

There were no shares issued during the period. In 2021, the Company issued 150,000 Ordinary Shares at a level above net asset value, generating net proceeds of £262,000.

5. Taxation

The taxation charge of £57,000 relates to £39,000 net irrecoverable overseas withholding taxation (30 June 2021: credit of £7,000 and 31 December 2021: charge of £18,000) and £18,000 overseas capital gains tax (30 June 2021: nil and 31 December 2021: nil).

	(Unaudited) Six months to 30 June 2022 £000	(Unaudited) Six months to 30 June 2021 £000	(Audited) Year ended 31 December 2021 £000
Charged to revenue: Investment management fee (40%)	81	66	141
Charged to capital: Investment management fee (60%)	121	98	211
	202	164	352

6. Investment management fee charged by Premier Fund Managers Limited

7. Fair Value Hierarchy

As at 30 June 2022 all of the Company's assets are classified as Level 1 and are valued at £51,423,000 (30 June 2021: £46,294,000; 31 December 2021: £52,694,000), using quoted prices in active markets for identical assets, save for forward foreign exchange contracts valued at £29,000 net payable (30 June 2021: £47,000 net receivable; 31 December 2021: £117,000 net receivable), which are Level 2, and PMGR Securities 2025 plc and PGIT Securities 2020 plc (in liquidation) valued at £100,000 (30 June 2021: £100,000; 31 December 2021: £100,000) which are Level 3.

Note 21 (g) of the annual financial statements sets out the basis of categorisation.

8. Section 1158 of the Corporation Tax Act 2010

It is the intention of the Directors to conduct the affairs of the Company so that they satisfy the conditions for approval as an Investment Trust Company set out in section 1158 of the Corporation Tax Act 2010.

Interim Management Report

Premier Miton Global Renewables Trust PLC is required to make the following disclosures in its Half Year Report:

PRINCIPAL RISKS AND UNCERTAINTIES

The Board believes that the principal risks and uncertainties faced by the Company continue to fall into the following categories:

• Structure of the Company and gearing
• Repayment of ZDP Shares
• Dividend levels
• Currency risk
• Liquidity risk
• Market price risk
• Discount volatility
• Operational risk
• Accounting, legal and regulatory risk
• Political intervention
• Industry regulation
• Geopolitical risk
• Climate risk
• Covid-19 risks

Information on each of these, save for Repayment of ZDP Shares, is given in the Strategic Report in the Annual Report for the year ended 31 December 2021. Attention is further drawn to the new 2025 ZDP Shares' liability falling due on 28 November 2025, the repayment of which stands in preference to the entitlements of Ordinary Shares. A fall in value of the Company's portfolio around that time could have a material adverse effect on the value of the Ordinary Shares.

RELATED PARTY TRANSACTIONS

The Directors are recognised as a related party under the Listing Rules and during the six months to 30 June 2022 fees paid to Directors of the Company totalled £37,700 (six months ended 30 June 2021: £34,000 and year to 31 December 2021: £69,000).

GOING CONCERN

The Directors believe that, having considered the Company's investment objectives (shown on page 1), risk management policies and procedures, nature of portfolio and income and expense projections, the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for a period of at least 12 months from the date these financial statements were approved. For these reasons, they consider that the use of the going concern basis is appropriate. The risks that the Directors considered most likely to adversely affect the Company's available resources over this period were a significant fall in the valuation or a reduction in the liquidity of the Company's investment portfolio.

DIRECTORS' RESPONSIBILITY STATEMENT

The Directors are responsible for preparing the Half Year Report, in accordance with applicable law and regulations. The Directors confirm that, to the best of their knowledge:

• The condensed set of Financial Statements within the Half Year Report has been prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006 and applicable law; and
• The Interim Management Report includes a fair review of the information required by 4.2.7R (indication of important events during the first six months of the year) and 4.2.8R (disclosure of related party transactions and changes therein) of the FCA's Disclosure and Transparency Rules.

For and on behalf of the Board.

Gillian Nott obe

Chairman 3 August 2022

Directors and Advisers

Directors

Gillian Nott OBE – Chairman

Melville Trimble – Chairman of the Audit Committee

Victoria Muir – Chairman of the Remuneration Committee

Alternative Investment Fund Manager ("AIFM")

Premier Portfolio Managers Limited Eastgate Court High Street Guildford Surrey GU1 3DE

Telephone: 01483 306 090 www.premiermiton.com Authorised and regulated by the Financial Conduct Authority ("FCA")

Investment Manager

Premier Fund Managers Limited Eastgate Court High Street Guildford Surrey GU1 3DE

Telephone: 01483 306 090 www.premiermiton.com Authorised and regulated by the Financial Conduct Authority

Company Secretary and Registered Office

Link Company Matters Limited 6th Floor 65 Gresham Street London EC2V 7NQ

pmgr@linkgroup.co.uk

Registrar

Link Group Central Square 29 Wellington Street Leeds LS1 4DL

Telephone: 0371 664 0300* Overseas: +44 (0) 371 664 0391* E-mail: shareholderenquiries@ linkgroup.co.uk www.signalshares.com

Custodian

The Northern Trust Company 50 Bank Street Canary Wharf London E14 5NT

Depositary

Northern Trust Investor Services Limited† 50 Bank Street Canary Wharf London E14 5NT

Authorised by the Prudential Regulation Authority ("PRA") and regulated by the FCA and PRA.

Auditor KPMG LLP 15 Canada Square London E14 5GL

Tax Advisor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

Stockbroker

finnCap Capital Markets One Bartholomew Close London EC1A 7BL

Telephone: 0207 220 0500

Ordinary Shares SEDOL: 3353790GB LSE: PMGR

Zero Dividend Preference Shares SEDOL: BNG43G3GB LSE: PMGZ

Global Intermediary Identification Number GIIN: W6S9MG.00000.LE.826

† Changed 27 November 2021, previously Northern Trust Global Services SE, UK branch.

*Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. The Registrar is open between 09:00 - 17:30 Monday to Friday excluding public holidays in England and Wales.