Portfolio Update

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

                                  % of total assets

Centrica                                6.21

ENEL                                    5.60

Scottish & Southern Energy              5.09

EDF                                     4.80

E.ON                                    4.28

FPL Group                               4.18

Gaz de France                           3.95

First Energy                            3.69

RWE                                     3.42

United Utilities                        3.08


At 31 October 2008 the total net assets of Premier Energy and Water Trust PLC
amounted to £52.5 million.The sector breakdown and geographical breakdown
were as follows :

Sector Breakdown :

Electricity                             51.2 %
Water                                   15.5 %
Gas                                     14.0 %
Telecoms                                 8.2 %
Infrastructure                           7.7 %
Cash & Net Assets                        3.4 %
Total                                  100.0 %

Geographical Allocation :

United Kingdom                          33.3 %
USA                                     13.5 %
France                                  12.2 %
Italy                                    9.8 %
Germany                                  7.7 %
Thailand                                 4.8 %
Spain                                    4.2 %
China / Hong Kong                        4.0 %
Malaysia                                 2.0 %
India                                    1.9 %
Japan                                    1.9 %
Singapore                                1.3 %
Cash & Net Assets                        3.4 %
Total                                  100.0 %