Net Asset Value(s)

19 Dec 2006 15:56

EUROPEAN UTILITIES TRUST PLC

The net asset value per Ordinary Income share of European Utilities Trust plc as at the close of business on 15 December 2006 was 284.33p.

The net asset value per Zero Dividend Preference share of European Utilities Trust plc was 295.30p

Funds under management were ‚£38,886,656.

The portfolio has been valued using bid prices.

Movements in the fair value of the Company's derivative financial instrument is recognised in the net asset value. This comprises of an interest rate swap associated with the Company's borrowings.

The analysis of the gross assets less current liabilities at 15 December 2006 by geographical area is as follows:

Czech Republic 5% France 14% Germany 16% Italy 9% Portugal 4% Spain 13% United Kingdom 26% Cash 13% 100%