Portfolio Update

Premier Energy and Water Trust PLC announces that as at 31 December 2008 its
ten largest investments were as follows :

                                   % of total assets

ENEL                                     5.23
Centrica                                 5.05
EDF                                      4.63
Scottish & Southern Energy               4.50
FPL Group                                4.45
E.ON                                     4.38
United Utilities                         4.27
Veolia                                   3.81
First Energy                             3.43
Bangkok Expressway                       2.97

At 31 December 2008 the total net assets of Premier Energy and Water Trust PLC
amounted to £59.0 million.The sector breakdown and geographical allocation were
as follows :

Sector Breakdown :

Electricity                           48.6 %
Water                                 18.8 %
Gas                                   10.8 %
Telecoms                               6.6 %
Infrastructure                         6.5 %
Cash & Net Assets                      8.7 %
Total                                100.0 %

Geographical Allocation :

United Kingdom                        26.5 %
USA                                   15.5 %
France                                11.1 %
Italy                                  7.8 %
Thailand                               6.2 %
China / Hong Kong                      6.0 %
Spain                                  5.6 %
Germany                                4.4 %
Malaysia                               2.6 %
Japan                                  2.2 %
India                                  1.7 %
Singapore                              1.7 %
Cash & Net Assets                      8.7 %
Total                                100.0 %