Interim Management Statement

PREMIER ENERGY AND WATER TRUST PLC

Interim Management Statement for the Quarter ended 31 March 2011

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

Share price and NAV returns

                                    31 March 2011 31 December 20     % change
                                                              10             
                                                                   In quarter
                                                                             
Zero Dividend Preference share NAV        164.18p        161.64p        +1.6%
*                                                                            
                                                                             
Mid price                                 166.25p        173.50p        -4.2%
                                                                             
Ordinary share NAV*                       182.48p        190.81p        -4.4%
                                                                             
Mid price                                 150.25p        155.75p        -3.5%
                                                                             

* Calculated in accordance with the Articles of Association

Total return performance

                                                          % change           
                                                                             
                                                          Quarter ended      
                                                                             
                                                          31 March 2011      
                                                                             
Total Assets *                                            -0.7%              
                                                                             
Bloomberg World Utilities Index (£)#                      -0.8%              
                                                                             
FTSE All World Index (£)                                  +2.4%              
                                                                             
FTSE 100 Index                                            +1.1%              

* Total return performance, adjusted for any dividends distributed and
declared.

# The performance of the FTSE Global Utilities Index has previously been
provided as one of the indices against which the Company's performance may be
assessed. This index however, has been withdrawn and the performance of the
Bloomberg World Utilities Index has been provided in its place

Material Events and Transactions

Annual Report for the year ended 31 December 2010

On 17 March 2011, the annual report for the year ended 31 December 2010 was
announced on a regulated news service. The annual report was mailed to
shareholders on 23 March 2011.

Dividends

On 15 March 2011, the Company declared a first interim dividend of 1.6p per
Ordinary share for the year ending 31 December 2011 which is payable on 28
April 2011 to Ordinary shareholders on the register on 25 March 2011. The
Ordinary shares were marked ex-dividend on 23 March 2011.

Annual General Meeting

At the Annual General Meeting held on 27 April 2011, 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, to allow the Company to make market
purchases of its own shares, amend the investment management arrangements with
Premier Fund Managers Limited and changes to the Articles of Association.

Ten LargestHoldingsat 31 March 2011(% of Gross Assets)

Company                             Country        Valuation %  
                                                   of total     
                                                                
Snam Rete Gas                       Italy          3.9%         
                                                                
Fortum                              Finland        3.1%         
                                                                
Calpine                             USA            3.0%         
                                                                
Gaz De France                       France         2.7%         
                                                                
Sound Global                        Singapore      2.6%         
                                                                
China Power New Energy              Hong Kong      2.5%         
                                                                
Huaneng Power International         Hong Kong      2.4%         
                                                                
China Resources Power               Hong Kong      2.4%         
                                                                
Entergy                             USA            2.3%         
                                                                
Williams                            USA            2.2%         

The Board is not aware of any significant events or transactions which have
occurred since 31 March 2011 to the date of the publication of this statement
which would have a material impact on the financial position of the Company.

At 28 April 2011 the Zero Dividend Preference share NAV was 165.04p and the
Ordinary share NAV was 180.91p.

Further Information

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

4 May 2011