Portfolio Update

Premier Energy and Water Trust PLC announces that at close of business on 30
November 2011 its ten largest investments were as follows :

               % of total assets

GDF Suez             6.1

Enagas               4.6

Energias de Portugal 4.2

Fortum               3.8

DUET Group           3.0

National Grid        2.9

China Power          2.8

VEOLIA               2.8

UIL Holdings         2.7

PPL                  2.7

At close of business on 30 November 2011 the total net assets of Premier Energy
and Water Trust PLC amounted to £57.4 million. The sector breakdown and
geographical allocation were as follows :

Sector Breakdown :

Electricity          49.7 %

Water                23.0 %

Gas                  16.0 %

Infrastructure        7.8 %

Cash & Net Assets     3.5 %

Total               100.0 %

Geographical Allocation :

China / Hong Kong    13.3 %

USA                  14.7 %

France               11.1 %

United Kingdom        8.2 %

Australia             6.3 %

Thailand              5.7 %

Finland               3.7 %

Portugal              4.1 %

Germany               2.5 %

Singapore             2.5 %

Spain                 4.4 %

Canada                1.9 %

Czech Rep             2.2 %

Italy                 4.3 %

Korea                 1.2 %

Malaysia              1.5 %

Qatar                 0.9 %

Brazil                0.9 %

Austria               0.7 %

Cash & Net Assets    10.8 %

Total               100.0 %