Interim Results

29 July 2004



PREMIER UTILITIES TRUST PLC

Unaudited interim report for the period ended 30 June 2004



Statement of total return for the period from 12 September 2003
to 30 June 2004



                                          Revenue  Capital  Total

                       £000   £000     £000


 Gains on investments: realised               0    1,289    1,289
                       unrealised             0    2,219    2,219


 Income                                   1,529        0    1,529
 Management fee                            (303)       0     (303)
 Other expenses                            (281)        0    (281)

 Return  before  interest                   945    3,508    4,453
 payable  &  taxation

 Interest payable                             0        0        0

 Return on ordinary activities              945    3,508    4,453
 before taxation

 Taxation on ordinary                      (112)       0     (112)
 activities

 Return on ordinary activities              833    3,508    4,341
 after taxation

 Appropriations in respect of
 non-equity shares:
 Zero Dividend Preference                    0      (879)    (879)

 Return attributable to                     833    2,629    3,462
 equity shares

 Dividend in respect of                   (748)        0    (748)
 equity shares

 Transfer to reserves                        85    2,629    2,714

                                          Revenue  Capital  Total

 Return per ordinary share                 4.55    14.35    18.90
 (pence):

 Return per zero dividend                     0     4.59     4.59
 preference share (pence):







PREMIER UTILITIES TRUST PLC

Unaudited interim report for the period ended 30 June 2004
(cont'd)

Balance sheet as  at 30 June 2004

                                                        £000
Fixed assets

Investments                                           36,372


Current assets
Debtors                                                  316
Cash at bank                                           4,108
                                                       4,424

Creditors - amounts falling due
within one year
Creditors                                               (394)

Net current assets                                     4,030


Total assets less current
liabilities                                           40,402


Capital and reserves

Share capital                                            372
Share premium                                              0
Redemption Reserve                                       889
Capital reserve - realised                               411
Capital reserve - unrealised                           2,219
Special reserve                                       36,426
Revenue reserve                                           85


Equity and non-equity  shareholders'
funds                                                 40,402

Analysis between equity and non-equity
interests:
Ordinary shares - equity                              20,380

Zero dividend preference shares- non-                 20,022
equity

                                                      40,402


NAV  per share - Ordinary Shares (pence)              112.33

               - ZDP Shares (pence)                   104.59












PREMIER UTILITIES TRUST PLC

Unaudited interim report for the period ended 30 June 2004
(cont'd)


Cash Flow Statement for the period from 12 September 2003 to 30
June 2004



                                                   £000
Operating activities

Income received from                              1,257
investments
Interest received                                    53
Investment management fees                         (264)
paid
Other cash payments                                (218)

Net cash inflow from operating                      828
activities

Taxation
Overseas tax paid                                   (110)

Financial investments
Purchases of investments                         (49,636)
Sales of investments                              37,749
Net cash outflow from financial investments      (11,887)


Equity dividends paid                               (476)
Net cash outflow before financing                (11,645)


Financing
Issue of share capital                            17,281
Redemption of preference shares                      (50)
Buyback of ordinary shares                          (906)
Formation costs                                     (572)

Net cash inflow from financing                    15,753


Increase in cash                                   4,108













PREMIER UTILITIES TRUST PLC

Unaudited interim report for the period ended 30 June 2004
(cont'd)



NOTES

  1.   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.

2.     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.

  3.   The  Directors  have declared a third interim dividend of  1.5p  net  per
       Ordinary share payable on 30 September 2004 to holders of Ordinary Shares on the
       register at 27 August 2004.

  4.   The revenue return per Ordinary share is based on earnings of £833,000 and
       on a weighed average of 18,318,433 Ordinary shares in issue during the period.

  5.   The capital return per Ordinary share is based on net capital gains of
       £2,629,000 and on a weighted average of 18,318,433 Ordinary shares in issue
       during the period.

  6.   The  net asset value per Zero Dividend Preference share of 104.59p at  30
       June 2004 has been calculated in accordance with the Articles of Association.

  7.   At  30  June  2004 there were 18,143,433 Ordinary shares of 1p  each  and
       19,143,433 Zero Dividend Preference shares of 1p each in issue.

  8.   The  interim report will be sent to shareholders on 13 August, 2004.   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.




PREMIER UTILITIES TRUST PLC

Unaudited interim report for the period ended 30 June 2004
(cont'd)



CHAIRMAN'S STATEMENT



Although  global  equity  markets have made some headway  since  November  2003,
concerns continue to weigh both over the sustainability of the economic recovery
in  the  US and the extent to which interest rates will have to rise in response
to  the  build up of inflationary pressures.  Despite this, utility shares  have
performed well and this has been reflected in the increased asset value of  your
Company.

Performance

Your  Board  has  not  adopted  a  single  benchmark  index  against  which  the
performance  of  your  Company is measured. This is  because  our  portfolio  is
specialised  in  nature and is internationally diversified  across  a  range  of
different infrastructure industries. However, your Board has provided, and  will
continue  to  do so in all reports and accounts, a range of stock market  indices
against  which  the Manager's performance will be assessed.  The performance  of
these  indices and of the Company's assets is shown below:


                             31      30      %      %
                           October  June   Change Change
                            2003    2004   local    £

   FTSE Utilities Index*  1878.40 2232.82  +18.87% +18.87%

   FTSE World Index  *     159.41  178.24  +11.81% +4.48%

   FTSE Global Utilities  3691.52 4429.71  +20.00% +11.80%
   Index  *
   FTSE 100 Index  *      2167.40 2309.50  +6.56%  +6.56%

   Company's Total       £36.80m  £41.07m  +11.60% +11.60%
   Assets *
   Net Asset Value per    97.32p  112.33p  +15.42% +15.42%
   Ordinary share
   Net Assets Value per   100.00p 104.59p   +4.59%  +4.59%
   ZDP share
   £/$ Exchange            1.6957  1.8203  +7.35%  +7.35%
   £/€ Exchange            1.4618  1.4918  +2.05%  +2.05%

  * Total Return

                         Hurdle Rate*    Terminal
                                         Cover

    Ordinary Shares           2%            --

    ZDP Shares               -4%           1.3X

    * Amount required to return the current share price for the Ordinary Shares
      and the terminal asset value of the Zero Dividend Preference Shares.

Your Company's portfolio is very underweight in US utilities. Whilst the Manager
believes  that  value  does  exist  in the US utility  sector,  there  are  more
opportunities  for growth of capital and income in European and emerging  market
utilities and infrastructure investments.









PREMIER UTILITIES TRUST PLC

Unaudited interim report for the period ended 30 June 2004
(cont'd)



Share repurchase and discount

Your  Company repurchased one million of its Ordinary shares on the 18  November
2003 at a 10% discount to net asset value. This marginally enhanced the net asset
value of those remaining Ordinary shares, although it also served to reduce  the
cover  for ZDP shareholders. However, the subsequent increase in asset  value
has  more  than compensated for this diminution in cover and at the end  of  the
period,  terminal cover for the ZDP shareholders had increase from 1.2 times  at
launch to 1.3 times.

Despite  the  improvement in asset value, the Ordinary shares have  fallen  from
their  issue  price to a significant discount. However, the package discount  at
the  end  of  the period was 12.2%, which is not markedly out of line  with  the
discount  on conventional trusts (11.6%) and other split capital trusts (14.2%).
Your Board  continues  to  monitor the discount in order to ensure  that  it  is
not unacceptably high in the context of other trusts.

Dividends

In  the prospectus issued at the time of the Company's launch, your Board stated
that  forecast dividends would amount to 7.875p per Ordinary share in the fourteen-
month period to the 31 December 2004. This equates to an annualised dividend  on
the  Ordinary  shares of 6.75p.  I am pleased to say that we have  declared  and
paid  two interim dividends. The first dividend amounting to 1.125p per Ordinary
share  was paid on the 31 March 2004 and the second, amounting to 1.5p was  paid
on the 30 June 2004. A third interim dividend of 1.5p has been declared and will
be  paid  on the 30 September 2004 to holders of Ordinary shares on the register
on 27 August 2004. The Board expects to be able to meet the remaining
quarterly dividends for 2004 as set out in the Company's prospectus of 1.5p per
Ordinary Share for the quarter ending 30 September 2004 and 2.25p per Ordinary
Share for the quarter ending 31 December 2004.

Outlook

The  outlook for global equity markets is uncertain. Interest rates  in  the  US
and, to a lesser degree, the UK will have to rise further and this will have  an
impact  on  consumers who are heavily indebted. The US Federal Reserve  and  the
Bank  of  England will have to tread very carefully to ensure that any  slowdown
does  not turn into recession. This has seldom been achieved before. The  global
utility  sector  is  relatively economically insensitive  and  therefore  should
continue  to attract those investors who are seeking an attractive total  return
from a stable area of the economy.


William Syson
Chairman
29 July 2004


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


Enquiries - Andrew Whalley (telephone [phone])