Interim Management Statement

PREMIER ENERGY AND WATER TRUST PLC

Interim Management Statement for the Quarter ended 31 March 2010

Investment Objective

The Company's investment objectives are to achieve a high income from its
portfolio and to realise long-term growth in the capital value of the
portfolio. The Company will seek to achieve these objectives by investing
principally in the equity and equity related securities of companies operating
primarily in the energy and water sectors, as well as other infrastructure
investments.

Financial Highlights

                                    31 March 2010    31 December     % change
                                                            2009             
                                                                             
Zero Dividend Preference share NAV        154.12p        151.73p        +1.6%
                                                                             
Mid price                                 161.75p        156.25p        +3.5%
                                                                             
Ordinary share NAV                        209.46p        192.87p        +8.6%
                                                                             
Mid price                                 180.00p        187.25p        -3.9%
                                                                             
Total Assets                              £52.60m        £50.06m        +5.1%
                                                                             
FTSE Global Utilities (£) *               5025.38        4924.78        +2.0%
                                                                             
FTSE All World (£) *                       245.80         223.66        +9.9%
                                                                             
FTSE 100 *                                3821.12        3590.71        +6.4%

* Total return

Material Events and Transactions

Annual Report for the year ended 31 December 2009

On 9 March 2010, the annual report for the year ended 31 December 2009 was
announced on a regulated news service. The annual report was mailed to
shareholders on 18 March 2010.

Dividends

On 3 March 2010, the Company declared a fourth interim dividend of 4.9p per
Ordinary share (which included a special dividend of 1.7p) for the year ended
31 December 2009 which was paid on 31 March 2010.

On 21 April 2010, the Company declared a first interim dividend of 1.5p per
Ordinary share for the year ending 31 December 2010 which is payable on 30 June
2010 to Ordinary shareholders on the register on 28 May 2010. The Ordinary
shares will be marked ex-dividend on 26 May 2010.

Annual General Meeting

At the Annual General Meeting held on 21 April 2010, all the Ordinary and
Special Resolutions were passed.

The resolutions approved included resolutions to authorise the Directors to
allot new shares, allow the Directors to allot Ordinary shares for cash at a
discount to net asset value, allow the disapplication of pre-emption rights on
the allotment of new Ordinary shares and to allow the Company to make market
purchases of its own shares.

Ten LargestHoldings at 31 March 2010(% of Gross Assets)

Company                             Country        Valuation %  
                                                   of total     
                                                                
E.ON                                Germany        4.9%         
China Power New Energy              Hong Kong      4.0%         
Entergy                             USA            3.8%         
Epure International                 Singapore      3.7%         
UIL Holdings                        USA            3.6%         
Gaz de France                       France         3.4%         
Snam Rete Gas                       Italy          3.2%         
Aqua America                        USA            3.1%         
Calpine Corp                        USA            3.0%         
Public Power Corp                   Greece         2.9%         

The Board is not aware of any significant events or transactions which have
occurred since 31 March 2010 to the date of the publication of this statement
which would have a material impact on the financial position of the Company.

At 21 April 2010 the Zero Dividend Preference share NAV was 154.68p and the
Ordinary share NAV was 204.95p.

Further Information

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

27 April 2010