Portfolio Update

3 May 2006 16:49

EUROPEAN UTILITIES TRUST PLCIn accordance with UKLA Listing Rule 15.4.11 (2), the following list representsthe Company's 10 largest investments as at 30th April 2006 and whereappropriate, any investment with a value greater than 5% of the Company's grossassets:Name of company Class of shareRWE AG* ORDINARY E.ON AG* ORDINARY SEVERN TRENT PLC* ORDINARY BAA PLC* ORDINARY SCOTTISH POWER PLC ORDINARY NATIONAL GRID PLC ORDINARY ENEL SPA ORDINARY AGUAS DE BARCELONA-CLASS A ORDINARY IBERDROLA SA ORDINARY TELEKOM AUSTRIA AG ORDINARY *Holding greater than 5% of the company's gross assets.ENDEUROPEAN UTILITIES TRUST PLC