0001047469-04-005699 Sample Contracts

Reaves Utility Income Fund (a Delaware statutory trust) Common Shares of Beneficial Interest $20.00 per Share (No Par Value) PURCHASE AGREEMENT

Purchase Agreement • February 26th, 2004 • Reaves Utility Income Fund • New York

• Contract Type
  Purchase Agreement
• Filed
  February 26th, 2004
• Company
  Reaves Utility Income Fund
• Jurisdiction
  New York

Merrill Lynch & Co. Merrill Lynch, Pierce, Fenner & Smith Incorporated A. G. Edwards & Sons, Inc. RBC Capital Markets Corporation Wachovia Capital Markets, LLC Advest, Inc. BB&T Capital Markets, a division of Scott & Stringfellow, Inc. Robert W. Baird & Co. Incorporated J.J.B. Hilliard, W.L. Lyons, Inc. Janney Montgomery Scott LLC McDonald Investments Inc., a KeyCorp Company Morgan Keegan & Company, Inc. BNY Capital Markets, Inc. c/o Merrill Lynch, Pierce, Fenner & Smith Incorporated 4 World Financial Center New York, New York 10080

ADDITIONAL COMPENSATION AGREEMENT

Additional Compensation Agreement • February 26th, 2004 • Reaves Utility Income Fund • New York

• Contract Type
  Additional Compensation Agreement
• Filed
  February 26th, 2004
• Company
  Reaves Utility Income Fund
• Jurisdiction
  New York

ADDITIONAL COMPENSATION AGREEMENT (the "Agreement"), dated as of February 27, 2004, between Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") and W.H. Reaves & Co., Inc. ("Reaves").