Interim Management Statement

PREMIER ENERGY AND WATER TRUST PLC

Interim Management Statement for the Quarter ended 30 September 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

                                   30 September20        30 June     % change
                                               10                            
                                                            2010             
                                                                             
Zero Dividend Preference share NAV        159.08p        156.57p        +1.6%
                                                                             
Mid price                                 167.75p        159.75p        +5.0%
                                                                             
Ordinary share NAV                        183.35p        167.70p        +9.3%
                                                                             
Mid price                                 160.00p        157.25p        +1.7%
                                                                             
Total Assets                              £50.01m        £47.55m        +5.2%
                                                                             
FTSE Global Utilities (£)                 4888.10        4568.62        +7.0%
                                                                             
FTSE All World (£)                         238.75         219.49        +8.8%
                                                                             
FTSE 100                                  3605.52        3169.44       +13.8%

Material Events and Transactions

Half Year Report

The half year report to 30 June 2010 was published on 11 August 2010.

Dividend

On 4 August 2010, the Company declared a second interim dividend of 1.6p per
Ordinary share for the year ending 31 December 2010 which was paid on 30
September 2010 to Ordinary shareholders on the register on 27 August 2010.

LargestHoldings(% of Gross Assets)

Company                                       Country    Valuation
                                                                  
                                                        % of total
                                                                  
Aqua America                                      USA         4.7%
                                                                  
China Power New Energy                          China         3.8%
                                                                  
Entergy Corp                                      USA         3.6%
                                                                  
Snam Rete Gas                                   Italy         3.2%
                                                                  
GDF Suez                                       France         3.2%
                                                                  
Calpine Corp                                      USA         3.2%
                                                                  
Sound Global                                Singapore         3.1%
                                                                  
Thai Tap Water                               Thailand         3.0%
                                                                  
Huaneng Power                                   China         2.7%
                                                                  
Guangdong Investment                            China         2.7%

At 17 November 2010 the Zero Dividend Preference share NAV was 160.41p and the
Ordinary share NAV was 181.11p.

Significant Events or Transactions Which Have Occurred Since 30 September 2010

The Board of Directors of Premier Energy and Water Trust PLC has today
announced (the "Announcement") that it has reached agreement in principle with
the board of directors of Premier Renewable Energy Fund Limited ("PREF")
regarding proposals for a scheme of reconstruction and voluntary winding-up of
PREF. Further details are contained in the Announcement.

Further Information

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

18 November 2010