Interim Management Statement

PREMIER ENERGY AND WATER TRUST PLC

Interim Management Statement for the Quarter ended 31 March 2014

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.

Financial Highlights

Share price and NAV returns

                                    31 March 2014    31 December     % change
                                                            2013             
                                                                   In quarter
                                                                             
Zero Dividend Preference share NAV        198.50p        195.42p        +1.6%
*                                                                            
                                                                             
Mid price                                 207.12p        206.00p        +0.5%
                                                                             
Ordinary share NAV*                       190.83p        167.55p       +13.9%
                                                                             
Mid price                                 179.00p        157.25p       +13.8%
                                                                             

* Calculated in accordance with the Articles of Association

Total return performance

                                                          % change           
                                                                             
                                                          Quarter ended      
                                                                             
                                                          31 March 2014      
                                                                             
Total Assets *                                            +7.0%              
                                                                             
FTSE All-World Utilities Index (£)                        +8.2%              
                                                                             
FTSE All-World Index (£)                                  +0.3%              
                                                                             
FTSE All-Share Index                                      +1.5%              

* Total return performance, adjusted for any dividends distributed and
declared.

Material Events and Transactions

Annual Report for the year ended 31 December 2013

On 11 March 2014, the annual report for the year ended 31 December 2013 was
announced on a regulated news service. The annual report was mailed to
shareholders on 20 March 2014.

Dividends

On 11 March 2014, the Company declared a fourth interim dividend for the year
ended 31 December 2013 of 5.25p per ordinary share which comprised a base
dividend of 4.5p plus a further 0.75p additional dividend paid in accordance
with the policy announced in August 2013 to run down the Company's accumulated
revenue reserve. Excluding the additional dividends, the total base dividend in
respect of the year was therefore 10.00p per ordinary share, an increase of
7.5% over the 9.30p per ordinary share in respect of the year ended 31 December
2012. The fourth interim dividend was paid on 31 March 2014 to members on the
register at the close of business on 7 March 2014. The Ordinary shares were
marked ex-dividend on 5 March 2014.

On 8 May 2014 the Company declared a first quarterly dividend for the year
ending 31 December 2014 of 2.65p per ordinary share comprising a base dividend
of 1.9p (compared to the 1.7p per ordinary share paid in the equivalent period
in 2013) and an additional dividend of 0.75p per ordinary share in accordance
with the policy announced in August 2013 to run down the Company's revenue
reserve will be paid on 30 June 2014. The dividend will be paid to members on
the register at the close of business on 30 May 2014. The Ordinary shares will
be marked ex-dividend on 28 May 2014.

Annual General Meeting

At the Annual General Meeting held on 8 May 2014, all the Ordinary and Special
Resolutions were passed. The resolutions approved included resolutions to
authorise the Directors to allot new shares, allow the Directors to allot
Ordinary shares for cash at a discount to net asset value, allow the
disapplication of pre-emption rights on the allotment of new Ordinary shares
and to allow the Company to make market purchases of its own shares.

The Alternative Investment Fund Managers Directive (AIFMD)

The AIFMD (a European regulatory directive) was written into UK legislation
with effect from 22 July 2013. The Company will be considered an Alternative
Investment Fund ("AIF"), and fall within the scope of the Directive. It must
therefore be managed by an Alternative Investment Fund Manager ("AIFM") who
will be required to comply with the provisions of the Directive as relevant. In
the case of investment trusts, this may be an external AIFM, such as the
investment trust's investment manager or it may be the company itself as an
internally managed AIF. An internally managed AIF which is leveraged and has
assets under management of €100m or less is able to take advantage of a lighter
touch regulatory regime. As the Company's assets fall below the €100m threshold
it will able to take advantage of the lighter touch and less costly regulatory
regime if the Company acts as its own AIFM. Accordingly the Board will be
applying for the Company to be an internally managed AIF by requesting the
Financial Conduct Authority (FCA) to enter the Company on the Register of Small
Registered UK AIFs. The Board will submit the application to the FCA prior to
the expiry of the transitional period which ends on 21 July 2014. Adopting this
approach will mean that a number of the Directive's requirements will not apply
in relation to the Company which the Board anticipates will result in cost
savings for the Company including the avoidance of the cost of appointing a
depositary as well as the additional costs that might be involved in complying
with the reporting requirements under the full scope of the Directive. The
Board intends to monitor the level of the Company's assets under management in
relation to the €100m threshold in accordance with the requirements of the
Directive.

Ten Largest Holdings at 31 March 2014 (% of Gross Assets)

Company                              Country       Valuation %  
                                                   of total     
                                                                
OPG Power Ventures                   India         8.5%         
                                                                
Renewable Energy Generation          UK            7.5%         
                                                                
Fortune Oil                          China         4.4%         
                                                                
GDF Suez                             India         3.8%         
                                                                
Ecofin Water & Power*                France        3.4%         
                                                                
SSE                                  UK            3.3%         
                                                                
Tauron Polska Energia                Poland        3.2%         
                                                                
China Everbright Intl                China         3.1%         
                                                                
Tenaga Nasional Berhad               Malaysia      3.1%         
                                                                
China Power International            China         3.1%         
Development                                                     

* Holding in convertible bonds

The Board is not aware of any significant events or transactions which have
occurred since 31 March 2014 to the date of the publication of this statement
which would have a material impact on the financial position of the Company.

At 7 May 2014 the Zero Dividend Preference share NAV was 199.78p and the
Ordinary share NAV was 185.17p.

Further Information

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

14 May 2014