Interim Management Statement

PREMIER ENERGY AND WATER TRUST PLC

(Formerly Premier Utilities Trust PLC)

Interim Management Statement for the Quarter ended 30 September 2008

Investment Objective

The Company seeks to provide its shareholders with a high income and long-term
capital growth through investing in equities and equity related securities of
Companies operating in the utilities and infrastructure sectors. Up to 15% of
the Company's gross assets may be invested in unquoted securities.

Financial Highlights

                                     30 September        30 June     % change
                                             2008                            
                                                            2008             
                                                                             
Zero Dividend Preference share NAV        139.46p        137.10p        +1.7%
                                                                             
Mid price                                 138.75p        140.50p        -1.2%
                                                                             
Ordinary share NAV                        180.85p        226.21p       -20.1%
                                                                             
Mid price                                 165.00p        196.50p       -16.0%
                                                                             
Total Assets                              £60.28m        £67.29m       -10.4%
                                                                             
FTSE Global Utilities (£)                 3493.75        3850.00       -9.25%
                                                                             
FTSE Global Telecoms (£)                  2146.12        2317.93       -7.41%
                                                                             
FTSE All World (£)                         160.49         172.60       -7.02%
                                                                             
FTSE 100                                   4902.5         5625.9      -12.86%

Material Events and Transactions

Half Year Report

The half year report to 30 June 2008 was published on 9 August 2008.

Dividends

On 29 July 2008, the Company declared a second interim dividend of 1.5p per
Ordinary share for the year ending 31 December 2008 which was paid on 30
September 2008 to Ordinary shareholders on the register on 29 August 2008.

On 21 October 2008, the Company declared a third interim dividend of 1.5p per
Ordinary share for the year ending 31 December 2008 which is payable on 31
December 2008 to Ordinary shareholders on the register on 28 November 2008. The
Ordinary shares will be marked ex-dividend on 26 November 2008.

LargestHoldings(% of Gross Assets)

Company                                       Country    Valuation
                                                                  
                                                        % of total
                                                                  
E.ON                                          Germany         5.7%
                                                                  
Enel                                            Italy         5.6%
                                                                  
Scottish & Southern Energy                         UK         5.3%
                                                                  
Centrica                                           UK         5.1%
                                                                  
Electricite de France                          France         4.2%
                                                                  
Veolia Environnement                           France         4.0%
                                                                  
Gaz De France                                  France         3.7%
                                                                  
BT Group                                           UK         3.2%
                                                                  
RWE                                           Germany         3.2%
                                                                  
Pennon                                             UK         2.9%
                                                                  
KSK Emerging India Energy Fund                     UK         2.7%
                                                                  
United Utilities Ord                               UK         2.7%
                                                                  
Northeast Utilities                               USA         2.4%
                                                                  
FPL Group                                         USA         2.4%
                                                                  
Bangkok Expressway                           Thailand         2.2%
                                                                  
Telefonica                                      Spain         2.2%

As a consequence of the sharp decline in global stock markets since 30
September 2008, the Ordinary share NAV had fallen to 129.14p at 28 October
2008. The Zero Dividend Preference share NAV at 28 October 2008 was 140.19p.

Apart from the decline in net asset value discussed above, the Board is not
aware of any significant events or transactions which have occurred since 30
September 2008 and the date of the publication of this statement which would
have a material impact on the financial position of the Company.

Further Information

Daily prices, Company announcements, Report and Accounts and monthly fact
sheets are available via www.premierassetmanagement.co.uk.

30 October 2008