Portfolio Update

Premier Energy & Water Trust PLC announces that as at 30 September 2008 its ten
largest investments were as follows :

                               % of total assets

E.ON                                 5.73

ENEL                                 5.61

Scottish & Southern Energy           5.28

Centrica                             5.11

EDF                                  4.22

Veolia                               4.01

Gaz de France                        3.68

BT Group                             3.18

RWE                                  3.16

Pennon                               2.94

At 30 September 2008 the total net assets of Premier Energy & Water Trust PLC
amounted to £59.5 million.The sector breakdown and geographical breakdown were
as follows :

Sector Breakdown :

Electricity                         48.1 %
Water                               15.3 %
Gas                                 10.2 %
Infrastructure                       9.3 %
Telecoms                             9.3 %
Cash & Net Assets                    7.8 %
Total                              100.0 %


Geographical Allocation :

United Kingdom                      33.9 %
France                              12.4 %
Germany                              8.9 %
USA                                  7.9 %
Italy                                6.6 %
Spain                                4.6 %
Thailand                             4.5 %
China / Hong Kong                    4.1 %
Malaysia                             3.0 %
Australia                            1.8 %
India                                1.7 %
Singapore                            1.4 %
Japan                                1.4 %
Cash & Net Assets                    7.8 %
Total                              100.0 %