Portfolio Update

2 Nov 2007 17:11

EUROPEAN UTILITIES TRUST PLC

In accordance with UKLA Listing Rule 15.6.8(2), the following list represents the Company's 10 largest investments as at 31 October 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* ORDINARY E.ON* ORDINARY CEZ* ORDINARY SUEZ* ORDINARY CENTRICA* ORDINARY IBERDROLA* ORDINARY TELEFONICA * ORDINARY GAZ DE FRANCE ORDINARY NATIONAL GRID ORDINARY ENEL ORDINARY

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