Portfolio Update

2 Feb 2007 15:38

EUROPEAN UTILITIES TRUST PLC

In accordance with UKLA Listing Rule 15.4.11 (2), the following list represents the Company's 10 largest investments as at 31 January 2007 and where appropriate, any investment with a value greater than 5% of the Company's gross assets:

Name of company Class of share

RWE AG * ORDINARY E.ON AG * ORDINARY SUEZ* ORDINARY CEZ ORDINARY AGUAS DE BARCELONA ORDINARY ENEL ORDINARY IBERDROLA* ORDINARY GAZ DE FRANCE ORDINARY AUTOST TO-MI SPA ORDINARY VEOLIA ENVIRONNEMENT ORDINARY

*Holding greater than 5% of the company's gross assets.