Portfolio Update

2 May 2007 14:08

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 30th April 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 IBERDROLA* ORDINARY E.ON* ORDINARY SUEZ* ORDINARY CEZ* ORDINARY VEOLIA ENVIRONNEMENT ORDINARY GAZ DE FRANCE ORDINARY ENEL ORDINARY NATIONAL GRID ORDINARY AUTOST TORINO-MILANO ORDINARY

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