Half-year Results

In accordance with DTR6.3 the Company releases the full text of its Interim Report for the six months ended 30 June 2009 (unaudited). The interim report will be available shortly on the website www.premierassetmanagement.co.uk PREMIER ENERGY AND WATER TRUST PLC INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2009 Investment objectives and policy 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. The Company's accounts will be maintained in sterling. Whilst many of the Company's investments are likely to be denominated in currencies other than sterling, the Investment Manager does not intend to deploy active hedging against exchange rate fluctuations. Derivative instruments may be used for the purpose of efficient portfolio management. WINNER OF THE BEST HIGH INCOME SECURITY AWARD IN THE MONEY OBSERVER INVESTMENT TRUST AWARDS 2009 CONTENTS Company objectives and policy Company highlights 1 Company summary 2 Chairman's statement 3 Investment manager's report 5 Investment portfolio 7 Financial summary 8 Income statement 10 Balance sheet 12 Reconciliation of movements in 13 shareholders' funds Cash flow statement 14 Notes to the financial statements 15 Interim management report 17 Shareholder information 18 Directors and advisers 19 Registered in England No. 4897881 A member of the Association of Investment Companies COMPANY HIGHLIGHTS Capital 30 June 31 December 2009 2008 % change Total assets (£000) 56,635 59,955 -5.5% (i) Total return performance Six months to 30 June 2009 % change Total assets(ii) -3.9% FTSE Global Utilities Total Return -16.4% Index (£)(iii) FTSE All World Total Return Index (£) -3.9% (iv) FTSE 100 Total Return Index(iv) -1.6% Share price and NAV(v) returns 30 June 31 December 2009 2008 % change Zero Dividend NAV 146.70p 141.86p +3.4% Preference share Mid price 152.75p 142.25p +7.4% Ordinary share NAV 157.37p 180.78p -12.9% Mid price 139.25p 126.00p +10.5% Net revenue per 5.27p 8.46p Ordinary share Net dividend 3.00p 7.35p per Ordinary share Zero Dividend Preference shares(vi) From 30 June 2004 to 30 June 2009 [GRAPH] Ordinary shares(vii) From 30 June 2004 to 30 June 2009 [GRAPH] Further information can be found in the Financial Summary on pages 8 and 9. (i) Total assets less current liabilities. (ii) Total return performance, adjusted for any dividends distributed. (iii) Source: FTSE. (iv) Source: Bloomberg. (v) Calculated in accordance with FRS21. (vi) Source: Fundamental Data Ltd (all rights reserved). (vii) Source: DataStream. COMPANY SUMMARY Launch Date 4 November 2003 Domiciled UK Year-end 31 December Shareholders' Funds £56.6 million Market Capitalisation £54.5 million Bank Loan Nil Zero Dividend Preference 19,143,433: to be redeemed shares at 162.41p on 31 December 2010 Ordinary shares 18,143,433 Dividends Paid on Ordinary shares Dividend History In respect of year ended 31 December Total dividends declared 2008 7.35p 2007 7.00p 2006 6.90p 2005 6.75p 2004 7.875p* Investment Manager Premier Fund Managers Limited Management Fee 1.0% per annum, charged 100% to revenue, plus performance fee, allocated between capital and revenue based on the out performance attributable to capital and revenue respectively AIC Member of the Association of Investment Companies * This dividend was for the 14 month period from launch, representing an annualised dividend of 6.75p. FINANCIAL CALENDAR Company's year-end 31 December Annual results announced early March Annual General Meeting late April Company's half-year end 30 June Half-year results announced early August Dividend payments quarterly 31 March, 30 June, 30 September and 31 December CHAIRMAN'S STATEMENT Overview of Period The aftershocks of the seismic upheaval in financial markets will resonate throughout the economic and business landscape over the next few years. The market has rebounded strongly after the rescue attempts of governments around the world have largely stabilised the financial system. However, the huge liabilities that have shifted from the balance sheets of institutions to their respective governments following the collapse of firms such as General Motors, AIG, Royal Bank of Scotland, HBOS and several Continental banks will have to be funded by taxpayers for many years to come. At the same time the risk of sovereign default is rising, evidenced by a recent warning on the UK national debt by rating agencies. It is possible that the UK and US debt obligations will reach almost 100% of GDP in the next few years, which is unsustainable unless revenues are raised via higher taxes. This reduced revenue available to take up slack demand in the global economy means a conventional "V shaped" recovery is unlikely, any improvement in demand being prolonged and volatile. Indeed the UK and US housing markets may take many years to recover, mirroring the protracted recovery in asset prices during the 1990's. Whilst the general stockmarket has recovered at least a little of its severe losses of the last two years, the utility sector has not fared so well. It appears fund managers have been focussed on the more speculative areas of the market such as banks in the belief that they will be left behind if the markets do experience a sharp recovery. By contrast the global utility sector has not "bounced back" despite being well capitalised and still able to grow both earnings and dividends. We believe that this period of underperformance may be coming to an end as fund managers realise that the global recovery will be slower than expected. Performance This report deals with the performance of the Company from 1 January 2009 to 30 June 2009. Over the period the total assets of your Company have decreased by 3.9% on a total return basis. The Company's Ordinary shares are geared through the Zero Dividend Preference ("ZDP") shares which have a predetermined entitlement to capital. The accrual rate on the ZDP shares is 7% per annum and the return to the Ordinary shareholders is magnified by this prior charge. As a consequence and after allowing for the accrual to the ZDP share during the period of £927,000, the net asset value per Ordinary share decreased from 180.78p to 157.37p, a decrease of 12.9%. The Ordinary share price rose from 126.00p to 139.25p over the period whilst the price of the ZDP shares increased from 142.25p to 152.75p. The discount on the package of Ordinary and ZDP shares narrowed from 16.4% to 3.8%. The Company does not have any formal investment benchmarks but rather considers performance against a range of stock market indices. As explained above, total or gross assets declined by 3.9% during the period on a total return basis whilst the FTSE 100 Index declined by 1.6%, the FTSE All World Index by 3.9% and FTSE Global Utilities Index by 16.4%, all in total return terms. Dividends Income generation continues to be a key feature of your Company. Over the period revenue accrued totalled £1.62m. After costs and tax net revenue is £ 1.0m. On 31 March 2009 the Company paid a first interim dividend to Ordinary shareholders in respect of the year ending 31 December 2009 of 1.5p per share. A second interim dividend of 1.5p per share will be paid on 30 September 2009 to holders on the share register on 4 September 2009. The Ordinary shares will be marked ex-dividend on 2 September 2009. 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 the Company's major investors over the period as well as a number of potential new investors. VAT On Management Fees Subsequent to the half year end the Investment Manager received a repayment from HM Revenue & Customs of £530,660 in respect of VAT on past management fees invoiced to the Company. This amount, which had not previously been recognised as an asset by the Company due to the uncertainty of the recovery, was included in the net asset value from 29 July 2009. In addition HM Revenue & Customs will pay interest on the recovery. The amount of interest and timing of receipt remain uncertain and credit for the interest will be taken at a later date once it has been agreed. The VAT recovery will be credited to the Company's revenue and capital accounts in accordance with the Board's policy for allocation of management fees and finance costs. Outlook Your Company has adopted a cautious stance over the last twelve months by retaining a significant cash reserve which has helped counter the worst of the falls in equity markets in general. Despite this, the energy and water sectors have not been immune from the market falls and we now believe that many stocks offer significant long term value both in terms of their current low stockmarket rating allied to attractive and growing dividend yields. Any recovery is likely to be punctuated by periods of volatility as the global economy digests further bad news, particularly over levels of personal, corporate and sovereign debt. However, we believe the energy and water sectors are well placed to benefit as governments around the world attempt to promote economic growth through stimulating infrastructure spend. In this regard, and given the increasingly attractive long term valuations of many companies in these sectors, we are more optimistic than for some time. In line with this view, the Investment Manager has been gradually reducing the cash balances held by selectively acquiring stocks at good yields. Geoffrey Burns Chairman 3 August 2009 INVESTMENT MANAGER'S REPORT for the period 1 January to 30 June 2009 Overview During the first half of 2009 global equity markets rebounded from their lows as selective economic indicators stabilised, although state, corporate and consumer debt burdens will continue to hold back global GDP growth for some time. The sharp decline in economic growth has had an impact on the power market but utilities as a whole will continue to benefit from long term growth in demand for electricity, gas, water and waste treatment. Many markets have liberalised over the last decade but it will be government policies that will drive technological choices, as authorities attempt to balance economic competitiveness with security of resources, environmental concerns and the need to stimulate local economies through infrastructure investment. Premier Energy and Water Trust plc Sector Breakdown 30 June 2009 [PIE CHART] Portfolio Activity The emphasis of the Company has continued to shift away from telecoms towards power and water, with the result that the Company now holds no telecoms stocks. Electricity currently constitutes almost two-thirds of the overall portfolio, through increased positions in the United States and Europe in particular. As a result of their exposure to rising power prices, European share prices had fallen sharply over the last 12 months, to levels where the underlying stocks were offering very good value. The Company's weighting in Europe has been increased from a quarter to a third of the Company, as we believe yields there to be generally sustainable, stocks near their earnings trough and balance sheets in reasonable shape. This is reflected in increased holdings in GDF Suez and Snam Rete Gas, for example, and in the addition of new stocks such as Public Power Corporation (Greece) and A2A (Italy). The United States saw a similar mismatch in company earnings forecasts and underlying business performance, providing the opportunity to add to a number of existing holdings. Enlarged holdings in ITC and Northeast Utilities and a new holding in UIL (a Connecticut based regulated electric utility) should enable the Company to benefit from low risk investments in transmission and distribution. Having met several American water companies recently, it is clear that the region or state(s) in which a company operates is very important. Some state regulators are more forward thinking than others with respect to infrastructure investment. Pennsylvania, for instance, encourages investment for the long term benefit of customers, whilst others appear merely to be focused on minimising water bills. The Company now holds Aqua America - which stands to benefit both from a favourable regulatory environment and a stabilising US housing market - and Sabesp, which operates water supply and waste water treatment facilities in the Sao Paulo region of Brazil. Many of the portfolio's Asian stocks have performed well, with the result that positions in Datang International Power and Anhui Expressway, for example, have been sold, although the Company's holding in China Power New Energy has been maintained because of the exposure it brings to the Chinese renewable energy investment. Despite this decision to take profits in a number of cases, we remain positive on the outlook for the region as a whole, and within it for China in particular, and will continue to look for further investment opportunities there. Premier Energy and Water Trust plc Geographical Allocation at 30 June 2009 [PIE CHART] Outlook With a cash position at the end of the period of 3.5%, the Company is now more fully invested than at any point over the past twelve months, reflecting our view that markets are now more accurately reflecting the drop in corporate earnings that is the consequence of the global economic downturn. Whilst budget deficits will hold back government spending in many major economies, we expect a focus on infrastructure investment to aid the industries in which the Company invests for several years. We welcome contact with existing and potential new investors and further details of the Company may be found at www.premierassetmanagement.co.uk Premier Fund Managers Limited 3 August 2009 INVESTMENT PORTFOLIO at 30 June 2009 Holdings in descending order as at 30 June 2009 2009 Valuation Company Activity Country £000 % of total Scottish & Southern Electricity UK 3,189 5.9% Energy generation & supply FPL Group Electricity USA 2,589 4.8% generation & supply E.ON Electricity Germany 2,576 4.8% generation & supply Snam Rete Gas Gas production & Italy 2,339 4.3% transmission Gaz de France Gas production & France 2,259 4.2% transmission Pennon Group Water & waste UK 2,172 4.0% services EDF Electricity France 2,022 3.7% generation & supply Veolia Water & waste France 1,877 3.5% Environnement services Public Power Electricity Greece 1,868 3.5% generation & supply Aqua America Water & waste USA 1,847 3.4% services UIL Electricity USA 1,795 3.3% distribution National Grid Electricity & gas UK 1,778 3.3% distribution China Power New Electricity Hong Kong 1,680 3.1% Energy generation Northeast Utilities Electricity & gas USA 1,626 3.0% distribution Guangdong Water supply Hong Kong 1,599 3.0% Investment Iberdrola Electricity Spain 1,476 2.7% generation & supply Entergy Electricity USA 1,412 2.6% generation & supply First Energy Corp Electricity USA 1,412 2.6% generation & supply Enel Electricity Italy 1,219 2.3% generation & supply Jiangsu Expressway Toll roads China 1,115 2.1% Indian Energy* Renewable India 1,000 1.9% electricity generation Epure International Water treatment Singapore 989 1.8% ITC Holdings Electricity USA 964 1.8% Corporation distribution EDP Energias Electricity Portugal 950 1.8% Portugal generation & supply Kyushu Electric Electricity Japan 914 1.7% Power generation & supply Independent Gas storage UK 880 1.6% Resources Bangkok Expressway Toll roads Thailand 861 1.6% Greenko Group Renewable UK 825 1.5% electricity generation Aveva Group Engineering software UK 788 1.5% for the power and marine industries Novera Energy Renewable UK 747 1.4% electricity generation Electricty Electricity Thailand 694 1.3% Generating generation & supply Energybuild Group Coal production UK 644 1.2% Wisconsin Energy Gas and electricity USA 618 1.1% supply A2A Electricity & gas Italy 553 1.0% distribution Suez Water & waste France 551 1.0% services and electricity generation Sabesp Water supply & water Brazil 546 1.0% treatment facilities Puncak Niaga Water infrastructure Malaysia 542 1.0% ITI Energy* Renewable UK 504 0.9% electricity generation Iberdrola Renovable Renewable Spain 498 0.9% electricity generation KSK Emerging India Electricity UK 480 0.9% Energy Fund* generation & supply Freepower Plc* Renewable UK 420 0.8% electricity generation Premier Renewable Renewable UK 321 0.6% electricity generation Renewable Energy Renewable UK 300 0.6% Generation electricity generation Thai Tap Water Water treatment Thailand 294 0.5% Hydrodec Transformer oil UK 270 0.5% recycling Total Portfolio 54,003 100.0% * Unquoted investment. FINANCIAL SUMMARY CAPITAL Premium/ (discount) % 30 June 31 December % 30 June 2009 2008 change 2009 Net Asset Value 146.70p 141.86p +3.4% - per Zero Dividend Preference share * Mid-market price 152.75p 142.25p +7.4% 4.1% per Zero Dividend Preference share Net Asset Value 157.37p 180.78p -12.9% - per Ordinary share* Mid-market price 139.25p 126.00p +10.5% (11.5%) per Ordinary share * Net asset values calculated in accordance with Articles of Association. REVENUE 30 June 30 June % 2009 2008 change Net revenue per 5.27p 4.80p +9.8 Ordinary share Net dividend per 3.00p 3.00p - Ordinary share HURDLE RATES† 30 June 2009 Zero Dividend Preference shares: Hurdle rate to redemption -33.8% price of 162.41p on 31 December 2010 Ordinary shares: Hurdle rate return to +1.5% current share price of 139.25p † The compound rate of growth of the total assets required each year until the wind-up date for shareholders to receive either a predetermined redemption price, or in some cases, a return of the amount originally invested. Source: Fundamental Data Limited (all rights reserved). TOTAL RETURN PERFORMANCE Six months to Year to 30 June 31 December 2009 2008 Total return on gross -3.9% -19.6% assets* FTSE Global Utilities -16.4% -6.2% Total Return Index (£)** FTSE All World Total -3.9% -19.4% Return Index (£)*** FTSE 100 Total Return -1.6% -28.3% Index*** At At 30 June 31 December 2009 2008 £/$ exchange rate 1.6469 1.4378 £/€ exchange rate 1.1741 1.0343 * Total return performance calculated, adjusted for any dividends distributed. ** Source: FTSE. *** Source: Bloomberg. INCOME STATEMENT for the six months ended 30 June 2009 (Unaudited) (Unaudited) (Unaudited) Six months Six months Six months ended ended ended 30 June 2009 30 June 2009 30 June 2009 Revenue Capital Total Notes £000 £000 £000 Losses on - (3,588) (3,588) investments - held at fair value through profit or loss Income: Dividends 1,602 - 1,602 Interest 15 - 15 Investment (276) - (276) management and performance fee Other expenses (135) - (135) Return before 1,206 (3,588) (2,382) finance costs and taxation Finance costs - (927) (927) Return on 1,206 (4,515) (3,309) ordinary activities before taxation Taxation on (249) 100 (149) ordinary activities Return on 957 (4,415) (3,458) ordinary activities after taxation attributable to equity shares Total Return per 4 (19.06) Ordinary share (pence) (Unaudited) (Unaudited) (Unaudited) Six months Six months Six months ended ended ended 30 June 2008 30 June 2008 30 June 2008 Revenue Capital Total Notes £000 £000 £000 Losses on - (8,224) (8,224) investments - held at fair value through profit or loss Income: Dividends 1,383 - 1,383 Interest 129 - 129 Investment (341) (15) (356) management and performance fee Other expenses (162) - (162) Return before 1,009 (8,239) (7,230) finance costs and taxation Finance costs - (868) (868) Return on 1,009 (9,107) (8,098) ordinary activities before taxation Taxation on (139) - (139) ordinary activities Return on 870 (9,107) (8,237) ordinary activities after taxation attributable to equity shares Total Return per 4 (45.39) Ordinary share (pence) (Audited) (Audited) (Audited) Year ended Year ended Year ended 31 December 31 December 31 December 2008 2008 2008 Revenue Capital Total Notes £000 £000 £000 Losses on - (15,828) (15,828) investments - held at fair value through profit or loss Income: Dividends 2,549 - 2,549 Interest 249 - 249 Investment (636) (15) (651) management and performance fee Other expenses (296) - (296) Return before 1,866 (15,843) (13,977) finance costs and taxation Finance costs (1) (1,777) (1,778) Return on 1,865 (17,620) (15,755) ordinary activities before taxation Taxation on (330) 150 (180) ordinary activities Return on 1,535 (17,470) (15,935) ordinary activities after taxation attributable to equity shares Total Return per 4 (87.83) Ordinary share (pence) The total 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. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies. A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement. BALANCE SHEET as at 30 June 2009 (Unaudited) (Unaudited) (Audited) 30 June 30 June 31 December 2009 2008 2008 £000 £000 £000 Non current assets Investments held at 54,003 58,569 53,868 fair value through profit or loss Current assets Debtors 1,255 286 328 Cash and cash 2,394 8,544 5,880 equivalents 3,649 8,830 6,208 Current liabilities Creditors - amounts (1,017) (111) (121) falling due within one year Net current assets 2,632 8,719 6,087 Total assets less 56,635 67,288 59,955 current liabilities Creditors - amounts falling due after more than one year Zero Dividend (28,083) (26,247) (27,156) Preference shares Total net assets 28,552 41,041 32,799 Capital and reserves Equity share capital 181 181 181 Redemption reserve 10 10 10 Capital reserve 9,722 22,500 14,137 Special reserve 17,474 17,474 17,474 Revenue reserve 1,165 876 997 Total equity 28,552 41,041 32,799 shareholders' funds NAV per share - 157.37 226.21 180.78 Ordinary shares (pence) - ZDP shares (pence)† 146.70 137.10 141.86 † Zero Dividend Preference shares are classified as financial liabilities. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS for the six months ended 30 June 2009 (Unaudited) Share Redemption Capital Special Revenue capital reserve reserve reserve reserve Total £000 £000 £000 £000 £000 £000 For the six months ended30 June 2009 Balance at 1 181 10 14,137 17,474 997 32,799 January 2009 Return on - - (4,415) - 957 (3,458) ordinary activities after taxation Dividends - - - - (789) (789) paid Balance at 181 10 9,722 17,474 1,165 28,552 30 June 2009 (Unaudited) Share Redemption Capital Special Revenue capital reserve reserve reserve reserve Total £000 £000 £000 £000 £000 £000 For the six months ended30 June 2008 Balance at 1 181 10 31,607 17,474 732 50,004 January 2008 Return on - - (9,107) - 870 (8,237) ordinary activities after taxation Dividends - - - - (726) (726) paid Balance at 181 10 22,500 17,474 876 41,041 30 June 2008 (Audited) Share Redemption Capital Special Revenue capital reserve reserve reserve reserve Total £000 £000 £000 £000 £000 £000 For the year ended 31 December 2008 Balance at 1 181 10 31,607 17,474 732 50,004 January 2008 Return on - - (17,470) - 1,535 (15,935) ordinary activities after taxation Dividends - - - - (1,270) (1,270) paid Balance at 181 10 14,137 17,474 997 32,799 31 December 2008 CASH FLOW STATEMENT for the six months ended 30 June 2009 (Unaudited) (Unaudited) Six months Six months (Audited) ended ended Year ended 30 June 30 June 31 December 2009 2008 2008 £000 £000 £000 Operating activities Income received from 1,603 1,469 2,634 investments Interest received 15 165 286 Investment management fees (277) (2,179) (2,448) paid Other cash payments (156) (130) (302) Net cash inflow/(outflow) 1,185 (675) 170 from operating activities Servicing of finance Interest paid - - (1) Taxation Overseas tax paid (196) (154) (215) Financial investments Purchases of investments (20,921) (25,203) (46,219) Sales of investments 17,235 29,163 47,276 Net cash (outflow)/inflow (3,686) 3,960 1,057 from financial investments Equity dividends paid (789) (726) (1,270) (Decrease)/increase in (3,486) 2,405 (259) cash NOTES TO THE FINANCIAL STATEMENTS 1. These financial statements 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, revised in December 2005 regarding the Financial Statements of Investment Trust Companies ("SORP"). The accounting policies applied to these interim accounts are consistent with those applied in the accounts for the year ended 31 December 2008. 2. The figures and financial information for the year ended 31 December 2008 are an extract from the latest published accounts and do not constitute statutory accounts. Full accounts for that period have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified. The accounts for the six months ended 30 June 2009 and for the six months ended 30 June 2008 are unaudited and do not constitute statutory accounts. 3. On 28 July 2009 the Directors declared a second interim dividend of 1.5p per Ordinary share for the year ending 31 December 2009 to holders of Ordinary shares on the Register on 4 September 2009. The Ordinary shares will be marked ex-dividend on 2 September 2009 and the dividend will be paid on 30 September 2009. 4. The total return per Ordinary share is based on the return on ordinary activities after taxation of £(3,458,000) (six months ended 30 June 2008: £ (8,237,000); year ended 31 December 2008 £(15,935,000)) and on 18,143,433 Ordinary shares in issue during the six months ended 30 June 2009 (six months ended 30 June 2008: 18,143,433 shares; year ended 31 December 2008: 18,143,433 shares). 5. At 30 June 2009 there were 18,143,433 Ordinary shares of 1p each and 19,143,433 Zero Dividend Preference shares of 1p each in issue. 6. The net asset value per Zero Dividend Preference share of 146.70p at 30 June 2009 (137.10p at 30 June 2008; 141.86p at 31 December 2008) has been calculated in accordance with the Articles of Association. 7. The taxation charge of £149,000 (30 June 2008: £139,000 and 31 December 2008: £180,000) relates to irrecoverable overseas taxation. 8. Reconciliation of total return on ordinary activities before finance costs and taxation to net cash inflow/(outflow) from operating activities: (Unaudited) (Unaudited) Six months Six months (Audited) ended ended Year ended 30 June 30 June 31 December 2009 2008 2008 £000 £000 £000 Total return on ordinary (2,382) (7,230) (13,977) activities before finance costs and taxation Capital return before 3,588 8,239 15,843 finance costs and taxation Other debtors 10 20 (2) Accrued income and 1 122 122 prepayments Other creditors (32) (36) (1,801) Performance fee - (1,790) (15) capitalised Net cash inflow/(outflow) 1,185 (675) 170 from operating activities 9. Investment management fee for the six months to 30 June 2009. £000 Basic fee (charged to revenue) 276 276 10. It is the intention of the Directors to conduct the affairs of the Company so that they satisfy the conditions for approval as an investment trust company set out in section 842 of the Income and Corporation Tax Act 1988. 11. Posting of the interim report The interim report will be posted to shareholders on or around 10 August 2009. It will not be advertised in newspapers, but copies will be available from that date at the Company's Registered Office at Premier Asset Management Limited, Eastgate Court, High Street, Guildford, Surrey GU1 3DE. INTERIM MANAGEMENT REPORT Premier Energy and Water Trust plc is required to make the following disclosures in its half year report: PRINCIPAL RISKS AND UNCERTAINTIES The Board believes that the principal risks and uncertainties faced by the Company continue to fall into the following categories: • Structure of the Company and gearing. • Dividend levels. • Currency risk. • Liquidity risk. • Market price risk. • Discount volatility. • Operational. • Accounting, legal and regulatory. Information of each of these is given in the Report of the Directors in the Annual Report for the year ended 31 December 2008. RELATED PARTY TRANSACTIONS The Investment Manager is regarded as a related party and details of the management fee payable during the six months ended 30 June 2009 are set out in note 9 to the financial statements. There have been no other related party transactions during the six months ended 30 June 2009. DIRECTORS' RESPONSIBILITY STATEMENT The Directors are responsible for preparing the half-yearly financial report, in accordance with applicable law and regulations. The Directors confirm that, to the best of their knowledge: • The condensed set of financial statements within the half-yearly financial report has been prepared in accordance with the Accounting Standards Board's statement "Half-Yearly Financial Reports"; and • The Interim Management Report includes a fair review of the information required by 4.2.7R (indication of important events during the first six months of the year) and 4.2.8R (disclosure of related party transactions and changes therein) of the FSA's Disclosure and Transparency Rules. For and on behalf of the Board Geoffrey Burns Chairman 3 August 2009 SHAREHOLDER INFORMATION SHARE PRICE AND PERFORMANCE INFORMATION The Ordinary shares and Zero Dividend Preference shares are listed on the London Stock Exchange. The mid-market prices are quoted daily in the Financial Times and The Daily Telegraph. Information about the Company can be obtained directly via www.premierassetmanagement.co.uk. Any enquiries can also be e-mailed to premier@premierfunds.co.uk. SHARE DEALING Shares can be purchased through your usual stockbroker. Information on the Premier ISA can be obtained by contacting Premier on 01483 400400. SHARE REGISTER ENQUIRIES The register for the Ordinary shares and Zero Dividend Preference shares is maintained by Capita Registrars. In the event of queries regarding your holding, please contact the Registrar on 0871 664 0300 (calls cost 10p per minute plus network extras) overseas: +44 208 639 3399 or visit www.shareholder.services@capitaregistrars.com. Changes of name and/or address must be notified in writing to the Registrar. PREMIER FUND MANAGERS LIMITED Other investment companies managed by Premier are: Acorn Income Fund Limited Premier Renewable Energy Fund Limited Global Special Opportunities Trust PLC Further details of these funds can be obtained from Premier on 01483 400400. E-mail premier@premierfunds.co.uk www.premierassetmanagement.co.uk DIRECTORS AND ADVISERS Directors Geoffrey Burns (Chairman) Adam Cooke Ian Graham Michael Wigley Investment Manager Premier Fund Managers Limited Eastgate Court High Street Guildford Surrey GU1 3DE Telephone: 01483 306 090 www.premierassetmanagement.co.uk Authorised and regulated by the Financial Services Authority Secretary and Premier Asset Management Limited Registered Office Eastgate Court High Street Guildford Surrey GU1 3DE Telephone: Mike Nokes 020 7982 1260 Company Number 4897881 Website www.premierassetmanagement.co.uk Registrars Capita Registrars Northern House Woodsome Park Fenay Bridge Huddersfield HD8 0LA Telephone: 0871 664 0300 (calls cost 10p per minute plus network extras) Overseas: +44 208 639 3399 Email: shareholder.services@capitaregistrars.com Auditors Ernst & Young LLP 1 More London Place London SE1 2AF Stockbroker JPMorgan Cazenove Limited 20 Moorgate London EC2R 6DA Telephone: 020 7155 5000 www.cazenove.com

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