Final Results

PREMIER UTILITIES TRUST PLC

Preliminary unaudited announcement in respect of the period ended 31
December 2004



Statement of total return for the period from 12 September 2003 to
31 December 2004


                                           Revenue   Capital   Total




                                              £000      £000      £000

 Gains on investments: realised                  0     2,681     2,681
                       unrealised                0     7,043     7,043
 Losses on foreign exchange                      0      (121)     (121)

 Income                                      2,720         0     2,720
 Management fee                               (529)   (1,124)   (1,653)
 Other expenses                               (486)        0      (486)

 Return before interest payable &            1,705     8,479    10,184
 taxation

 Interest payable                               (5)        0        (5)

 Return on ordinary activities               1,700     8,479    10,179
 before taxation

 Taxation on ordinary                         (163)     (17)      (180)
 activities

 Return on ordinary activities               1,537     8,462     9,999
 after taxation

 Appropriations in respect of
 non-equity shares:
 Zero Dividend Preference                        0    (1,576)   (1,576)

 Return attributable to                      1,537     6,886     8,423
 equity shares

 Dividend in respect of                    (1,429)        0    (1,429)
 equity shares

 Transfer to reserves                         108      6,886     6,994

                                          Revenue    Capital     Total

 Return per zero dividend                       0      8.23      8.23
 preference share (pence):

 Return per ordinary share                   8.42     37.75     46.17
 (pence):


The revenue column of this statement is the profit and loss account of the
Company.

All revenue and capital items in the above statement derive from continuing
operations.  No operations were acquired or discontinued during the period.




PREMIER UTILITIES TRUST PLC

Preliminary unaudited announcement in respect of the period ended
31 December 2004 (Cont'd)

Balance sheet as  at 31 December 2004

                                                       £000

Fixed assets
Investments                                           45,196


Current assets
Debtors                                                1,483
Cash  at bank                                            453
                                                       1,936

Current liabilities
Creditors  - amounts falling due
within one year                                       (1,754)

Net  current assets                                      182


Total assets less current
liabilities                                           45,378


Capital and reserves
Share capital                                            372
Share premium                                              0
Redemption Reserve                                     1,586
Capital reserve - realised                              (157)
Capital reserve - unrealised                           7,043
Special reserve                                       36,426
Revenue reserve                                          108


Total shareholders'  funds                            45,378


Analysis between equity and non-equity
interests:
Zero dividend preference shares-
non-equity                                            20,719
Ordinary shares - equity                              24,659


                                                      45,378


NAV per share - ZDP Shares (pence)                    108.23

              - Ordinary Shares (pence)               135.91












PREMIER UTILITIES TRUST PLC

Preliminary unaudited announcement in respect of the period ended
31 December 2004 (Cont'd)


Cash Flow Statement for the period from 12 September 2003 to 31
December 2004



                                                    £000

Operating activities
Income received from investments                   2,144
Interest received                                    125
Other income received                                 16
Investment management fees paid                     (442)
Other cash payments                                 (449)

Net cash inflow from operating                     1,394
activities

Servicing of Finance
Interest Paid                                         (5)

Taxation
Overseas tax paid                                   (187)

Financial investments
Purchases of investments                         (88,371)
Sales of investments                              73,684
Liquidation of futures and options                  (854)
Net cash inflow from financial
investments                                      (15,541)

Equity dividends paid                             (1,021)
Net cash outflow before
 financing                                       (15,360)

Financing
Issue of share capital                            17,341
Redemption of preference shares                      (50)
Buyback of ordinary shares                          (906)
Formation costs                                     (572)

Net cash inflow from financing                    15,813


Increase in cash for the period                      453










PREMIER UTILITIES TRUST PLC

Preliminary unaudited announcement in respect of the period ended
31 December 2004 (cont'd)



NOTES

  1.   This  preliminary announcement was approved by the Board on  25  February
       2005.

  2.   The Company was incorporated in England and Wales under the Companies Act
       1985, as amended, and registered as a public limited company on 12 September
       2003. Premier Utilities Trust PLC is a new investment trust with a fixed life of
       approximately seven years to 31 December 2010.  The Company was established as
       the successor company to LeggMason Investors International Utilities Trust PLC.

  3.   These  accounts  are  prepared under the historical  cost  convention  as
       modified by the revaluation of fixed asset investments and in accordance with
       applicable accounting standards and with the Statement of Recommended Practice
       2003 regarding the Financial Statements of Investment Trust Companies ("SORP").
       These accounts are unaudited and do not constitute statutory accounts.

  4.   The  Directors  have declared a fifth interim dividend of 2.25p  net  per
       Ordinary share payable on 31 March 2005 to holders of Ordinary Shares on the
       register at 25 February 2005.

  5.   The revenue return per Ordinary share is based on earnings of
       £1,537,000 and on a weighted average of 18,242,490 Ordinary shares in issue
       during the period.

  6.   The  capital return per Ordinary share is based on net capital  gains  of
       £6,886,000 and on a weighted average of 18,242,490 Ordinary shares in
       issue during the period.

  7.   The  net asset value per Zero Dividend Preference share of 108.23p at  31
       December  2004  has been calculated in accordance with  the  Articles  of
       Association.

  8.   At 31 December 2004 there were 18,143,433 Ordinary shares of 1p each and
       19,143,433 Zero Dividend Preference shares of 1p each in issue.

  9.   The annual report will be sent to shareholders on 15 March, 2005.  It will
       not be advertised in newspapers, but copies will be available from that date at
       the Company's Registered Office at Eastgate Court, High Street, Guildford,
       Surrey GU1 3DE.

  10.  The financial information contained in this preliminary announcement does
       not constitute the Company's statutory accounts as defined in Section 240 of the
       Companies Act 1985.  The statutory accounts for the period ended 31 December
       2004 will be finalised on the basis of financial information presented by the
       Directors in this preliminary announcement.  The Annual General Meeting will be
       held at Eastgate Court, High Street, Guildford, Surrey GU1 3DE on Tuesday 26
       April 2005 at 2.30pm.




PREMIER UTILITIES TRUST PLC

Preliminary unaudited announcement in respect of the period ended
31 December 2004 (cont'd)



CHAIRMAN'S STATEMENT




Over the period under review most world equity markets failed to make meaningful
progress and only the habitual year-end rally pushed indices into positive
territory. By contrast the global utility sector performed well most notably in
the UK where a number of positive regulatory reviews underpinned share prices at
appreciably higher levels.

Notwithstanding the generally steady performance of your Company's assets, the
ordinary shares, which are geared by the Company's zero dividend preference
shares, proved volatile. They initially fell to a substantial discount soon
after the Company was listed and only began their recovery as the assets
increased meaningfully in value. Meanwhile the zero dividend preference shares,
which have a predetermined capital growth rate of 7% but are entitled to no
income, had a more orderly advance as capital of 8p per share accrued over the
period. The price of the Ordinary shares rose from 100p to 117.25p. This
represented a discount of 17% to the period-end net asset value. In addition
dividends paid or declared over the period totalled 7.875p per Ordinary share
thus providing a total return to ordinary shareholders over the period of 25%.
Crucially the terminal value attributable to the ordinary shares (that is
allowing for the final accrual value of the zero dividend preference shares)
rose from £6.7m to £14.3m reducing the hurdle rate required to
maintain the Ordinary shares initial 100p capital value, from 4.1% per annum to
1.5% per annum.

The Company's zero dividend preference share price increased from 100p at launch to
114.75p, a premium of 6% to their accrued net asset value as at the period end
of 108.23p. Critically the zero dividend preference shares asset cover, despite
a buyback of 1 million ordinary shares by the Company, rose from an adjusted
115% at launch to 147% at the period end whilst the hurdle rate improved from
minus 2.7% to minus 6.2%.

Dividends

During the course of the period your Company declared and paid dividends
totalling 5.625p per Ordinary share. These were distributed in March, June,
September and December 2004. Your Board has now declared a fifth interim
dividend of 2.25p per share in-line with the launch prospectus. This dividend
will be paid on 31 March 2005 to shareholders on the register at the close of
business on 25 February 2005. Following payment of this dividend your Company
will retain an undistributed revenue reserve of £108,000. This will be
carried forward to next year.






PREMIER UTILITIES TRUST PLC

Preliminary unaudited announcement in respect of the period ended
31 December 2004 (cont'd)



Shareholder relations


The Board and the Investment manager welcome contact not only with the Company's
existing investors but also potential investors. The Investment Manager has met
all of the Company's major investors over the period as well as a number of
potential investors. This has resulted in a broadening of the share register for
both classes of share and with the increase in asset value has helped to
maintain the discount of the shares at a reasonable level.

Outlook

Whilst corporate earnings growth remains relatively robust there is little
imminent chance of a correction downwards to equity markets. However, interest
rates are expected to rise in the UK, albeit gradually, to more normal levels
and to do this without impacting asset prices will be difficult. Similarly in
Europe, interest rates will need to rise as inflation becomes a bigger threat.
However the European Central Bank is hampered, unlike the US Federal Reserve, by
problematic economic growth and the balancing act will be more difficult. This
would appear to be a gloomy outlook but equities are relatively cheap especially
in the Euro zone, UK and Far East and this provides a positive aspect to the
current investment environment, which many appear to overlook. The
undervaluation of equities is especially pronounced in the context of current
bond yields and a re-rating in the equity market precipitated by this inequality
could be very positive news indeed for the utility sector, one of the highest
yielding sectors of the global market.

I will be stepping down from the board at the Company's Annual General Meeting
on the 26 April 2005 in accordance with my stated intentions detailed in the
prospectus. I am pleased to announce Mr Geoffrey Burns will take over as
Chairman at that date. The recruitment of a new non-executive director of your
Company is underway with an announcement to be made in due course.

It has been a very pleasing start for your Company and I would like to thank the
remaining Board members, the Investment Manager and all involved in making this
a successful period. May I wish everyone a prosperous and pleasant future.



William Syson
Chairman
25 February 2005

Premier Utilities Trust PLC
Eastgate Court
High Street
Guildford
Surrey GU1 3DE

Enquiries: Andrew Whalley (telephone [phone])