Interim Management Statement

PREMIER ENERGY AND WATER TRUST PLC

Interim Management Statement for the Quarter ended 30 September 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

                                     30 September        30 June     % change
                                             2011           2011             
                                                                             
Zero Dividend Preference share NAV        169.47p        166.79p        +1.6%
Mid price                                 172.25p        177.75p        -3.1%
                                                                             
Ordinary share NAV                        125.90p        175.84p       -28.4%
Mid price                                 120.50p        138.75p       -13.2%
                                                                             
Total Assets                              £57.38m        £65.34m       -12.2%
                                                                             
Bloomberg World Utilities (£) TR           122.01         136.70       -10.7%
FTSE 100 TR                               3446.56        3958.58       -12.9%

Material Events and Transactions

Half Year Report

The half year report to 30 June 2011 was published on 19 August 2011.

The directors are not aware of any other significant events or transactions up
to the date of this report which would have a material impact on the financial
position of the Company.

LargestHoldings(% of Gross Assets)

Company                                       Country    Valuation
                                                        % of total
                                                                  
GDF Suez                                       France         6.7%
E.ON                                          Germany         4.3%
Energias de Portugal                         Portugal         4.2%
Fortum                                        Finland         4.0%
Veolia                                         France         3.3%
SUEZ                                           France         2.7%
Terna Rete                                      Italy         2.7%
DUET Group                                  Australia         2.6%
UIL Holdings                                      USA         2.6%
PPL Corp                                          USA         2.6%

At 12 October 2011 the Zero Dividend Preference share NAV was 169.82p and the
Ordinary share NAV was 136.27p.

Further Information

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

13 October 2011