EUROPEAN UTILITIES TRUST PLC

The net asset value per Ordinary Income share of European Utilities Trust plc
as at the close of business on 23 January 2004 was 120.21p.

The analysis of the net assets at 23 January 2004 by geographical area is as
follows:

France                          3%
                                  
Germany                         8%
                                  
Greece                          9%
                                  
Italy                          18%
                                  
Portugal                       11%
                                  
Spain                          16%
                                  
United Kingdom                 34%
                                  
United Kingdom (bonds)          0%
                                  
Cash                            1%
                                  
                              100%
                                  


27.01.04



END