Portfolio Update

Premier Energy and Water Trust PLC announces that as at 28 November 2008 its
ten largest investments were as follows :

                             % of total assets

ENEL                               5.53

EDF                                4.91

Scottish & Southern Energy         4.61

FPL Group                          4.52

First Energy                       4.35

E.ON                               4.16

Centrica                           4.12

Veolia                             3.23

BT Group                           3.02

Northeast Utilities                2.88

At 28 November 2008 the total net assets of Premier Energy and Water Trust PLC
amounted to £52.6 million.The sector breakdown and geographical allocation were
as follows :

Sector Breakdown :

Electricity                        48.3 %
Water                              18.0 %
Gas                                 9.6 %
Telecoms                            7.5 %
Infrastructure                      5.5 %
Cash & Net Assets                  11.1 %
Total                             100.0 %

Geographical Allocation :

United Kingdom                     28.1 %
USA                                15.0 %
France                             10.6 %
Italy                               8.1 %
China / Hong Kong                   5.2 %
Spain                               5.1 %
Thailand                            4.9 %
Germany                             4.2 %
Malaysia                            2.5 %
Japan                               2.0 %
India                               1.9 %
Singapore                           1.3 %
Cash & Net Assets                  11.1 %
Total                             100.0 %