Interim Management Statement

PREMIER ENERGY AND WATER TRUST PLC

Interim Management Statement for the Quarter ended 31 March 2009

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. In seeking to achieve its investment objectives, the Company may
invest up to 15% in other investment companies provided they themselves invest
in the same sectors, and up to 15% of its gross assets in unquoted securities.

Financial Highlights

                                    31 March 2009    31 December     % change
                                                            2008             
                                                                             
Zero Dividend Preference share NAV        144.25p        141.86p        +1.7%
                                                                             
Mid price                                 148.00p        142.25p        +4.0%
                                                                             
Ordinary share NAV                        142.97p        180.78p       -20.9%
                                                                             
Mid price                                 122.25p        126.00p        -3.0%
                                                                             
Total Assets                              £53.52m        £59.95m       -10.7%
                                                                             
FTSE Global Utilities ($) *               5979.20        7312.54       -18.2%
                                                                             
FTSE Global Utilities (£) *               4174.54        5010.99       -16.7%
                                                                             
FTSE All World (£) *                       165.67         184.48       -10.2%
                                                                             
FTSE 100 *                                2411.45        2687.91       -10.3%

* Total return

Material Events and Transactions

Annual Report for the year ended 31 December 2008

On 11 March 2009, the annual report for the year ended 31 December 2008 was
announced on a regulated news service. The annual report was mailed to
shareholders on 18 March 2009.

Dividends

On 3 March 2009, the Company declared a fourth interim dividend of 2.85p per
Ordinary share for the year ended 31 December 2008 which was paid on 31 March
2009.

On 22 April 2009, the Company declared a first interim dividend of 1.5p per
Ordinary share for the year ending 31 December 2009 which is payable on 30 June
2009 to Ordinary shareholders on the register on 5 June 2009. The Ordinary
shares will be marked ex-dividend on 3 June 2009.

Annual General Meeting

At the Annual General Meeting held on 22 April 2009, all the Ordinary and
Special Resolutions were passed.

The resolutions approved included resolutions to authorise the Company to issue
shares for cash, including shares held in treasury, to make market purchases of
the Company's own shares and to adopt New Articles of Association.

Ten LargestHoldings(% of Gross Assets)

Florida Power and Light Group            5.0%    
                                                 
Scottish & Southern Energy               4.5%    
                                                 
Enel                                     4.5%    
                                                 
Electricity de France                    3.5%    
                                                 
E.ON                                     3.5%    
                                                 
Pennon                                   3.4%    
                                                 
First Energy                             3.0%    
                                                 
Guangdong Investment                     2.9%    
                                                 
Veolia                                   2.9%    
                                                 
Northeast Utilities                      2.8%    

The Board is not aware of any significant events or transactions which have
occurred since 31 March 2009 and the date of the publication of this statement
which would have a material impact on the financial position of the Company.

At 6 May 2009 the Zero Dividend Preference share NAV was 145.21p and the
Ordinary share NAV was 159.02p.

Further Information

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

8 May 2009