Interim Management Statement

PREMIER ENERGY AND WATER TRUST PLC

Interim Management Statement for the Quarter ended 30 September 2012


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

                                     30 September        30 June     % change
                                             2012           2012 
                                                                             
Zero Dividend Preference share NAV*       180.48p        177.66p        +1.6%                                                                                                                                           
Mid price                                 182.00p        175.75p        +3.6%
                                                                             
Ordinary share NAV*                       111.77p        118.37p        -5.6%
                                                                             
Mid price                                  96.50p         96.00p        +0.5%
                                                                             
* Calculated in accordance with the Articles of Association



Total return performance

                                                        % change           
                                                   Quarter ended      
                                               30 September 2012  
                                                                             
Total Assets *                                            -0.34%             
                                                                             
Bloomberg World Utilities Index (£)                       -1.44%             
                                                                             
FTSE All Share                                            +4.80%              

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



Material Events and Transactions

Half Year Report

The half year report to 30 June 2012 was published on 06 August 2012.

Dividends

On 23 July 2012, the Company declared a second interim dividend of 1.7p per
Ordinary share for the year ending 31 December 2012 which represents an
increase of 6.3% over the interim dividend paid for the equivalent period in
2011, which was paid on 28 September 2012 to Ordinary shareholders on the
register on 31 August 2012. The Ordinary shares were marked ex-dividend on 29
August 2012.

On 16 October 2012, the Company declared a third quarterly dividend for the
year ending 31 December 2012 of 1.7p per ordinary share which will be paid on
31 December 2012 to members on the register at the close of business on 30
November 2012. The ordinary shares will be marked ex-dividend on 28 November
2012.

LargestHoldings(% of Gross Assets)

Company                                       Country    Valuation
                                                        % of total
                                                                  
GDF Suez                                       France         5.9%
                                                                  
Ecofin Water & Power#                              UK         4.5%
                                                                  
National Grid                                      UK         4.3%
                                                                  
China Everbright International                  China         4.2%
                                                                  
Centrica                                           UK         3.6%
                                                                  
China Suntien Green Energy                      China         3.5%
                                                                  
E.ON                                          Germany         3.4%
                                                                  
SSE                                                UK         3.2%
                                                                  
Qatar Electricity & Water                       Qatar         2.9%
                                                                  
Electricity Generating                       Thailand         2.9%

# Convertible bonds


The Board is not aware of any significant events or transactions which have
occurred since 30 September 2012 to the date of the publication of this
statement which would have a material impact on the financial position of the
Company.

At 31 October 2012 the Zero Dividend Preference share NAV was 181.52p and the
Ordinary share NAV was 116.14p.



Further Information

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

5 November 2012