Interim Management Statement

PREMIER ENERGY AND WATER TRUST PLC

Interim Management Statement for the Quarter ended 31 March 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

                                    31 March 2012 31 December 20     % change
                                                              11             
                                                                   In quarter
                                                                             
Zero Dividend Preference share NAV        174.88p        172.16p        +1.6%
*                                                                            
                                                                             
Mid price                                 181.25p        168.25p        +7.7%
                                                                             
Ordinary share NAV*                       139.50p        126.50p      +10.39%
                                                                             
Mid price                                 107.50p        104.50p        +2.9%
                                                                             

* Calculated in accordance with the Articles of Association

Total return performance

                                                          % change           
                                                                             
                                                          Quarter ended      
                                                                             
                                                          31 March 2012      
                                                                             
Total Assets *                                            +6.1%              
                                                                             
Bloomberg World Utilities Index (£)                       +0.9%              
                                                                             
FTSE All World Index (£)                                  +9.0%              
                                                                             
FTSE 100 Index                                            +4.6%              

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

Material Events and Transactions

Annual Report for the year ended 31 December 2011

On 14 March 2012, the annual report for the year ended 31 December 2011 was
announced on a regulated news service. The annual report was mailed to
shareholders on 19 March 2012.

Dividends

On 17 February 2012, the Company declared a fourth and final interim dividend
of 4.0p per Ordinary share for the year ending 31 December 2011 which was paid
on 30 March 2012 to Ordinary shareholders on the register on 2 March 2012. The
Ordinary shares were marked ex-dividend on 29 February 2012.

On 26 April 2012, the Company declared a first quarterly dividend for the year
ending 31 December 2012 of 1.7p per ordinary share, which represents an
increase of 6.3% over the interim dividend paid for the equivalent period in
2011, and will be paid on 29 June 2012 to members on the register at the close
of business on 1 June 2012. The ordinary shares will be marked ex-dividend on
30 May 2012.

Annual General Meeting

At the Annual General Meeting held on 25 April 2012, 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.

Investment Manager

On 1 May 2012 the Company announced that it had been informed by the Investment
Manager, Premier Fund Managers Limited (Premier), that it has recruited James
Smith to replace Kevin Scutt, whose resignation from Premier was reported on 14
March 2012. James joins Premier from Utilico where for 13 years he has been
part of the team responsible for the successful management of Utilico
Investments Limited and Utilico Emerging Markets Limited which together have
over £800m under management. Prior to joining Utilico, James worked for Fleming
Asset Management and Coopers & Lybrand. James will work within Premier's Global
equity team and his prime responsibility will be the management of Premier
Energy and Water Trust PLC.

Ten Largest Holdings at 31 March 2012 (% of Gross Assets)

Company                             Country        Valuation %  
                                                   of total     
                                                                
GDF Suez                            France         5.3%         
                                                                
ENAGAS                              Spain          4.3%         
                                                                
Veolia Environnement                France         3.7%         
                                                                
E.ON                                Germany        3.3%         
                                                                
RWE                                 Germany        3.2%         
                                                                
Suez                                France         3.1%         
                                                                
EDP                                 Portugal       3.0%         
                                                                
Duet Group                          Australia      2.9%         
                                                                
Snam Rete Gas                       Italy          2.8%         
                                                                
National Grid                       UK             2.8%         

The Board is not aware of any significant events or transactions which have
occurred since 31 March 2012 to the date of the publication of this statement
which would have a material impact on the financial position of the Company.

At 9 May 2012 the Zero Dividend Preference share NAV was 176.10p and the
Ordinary share NAV was 117.96p.

Further Information

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

15 May 2012