0001047469-04-021754 Sample Contracts

Reaves Utility Income Fund (a Delaware statutory trust) 9,600 Auction Market Preferred Shares ("AMPS") 3,200 Shares [ ]%, Series M7 3,200 Shares [ ]%, Series F7 3,200 Shares [ ]%, Series W28 Liquidation Preference $25,000 per share PURCHASE AGREEMENT

Reaves Utility Income Fund • June 25th, 2004 • New York

• Company
  Reaves Utility Income Fund
• Filed
  June 25th, 2004
• Jurisdiction
  New York

Merrill Lynch & Co. Merrill Lynch, Pierce, Fenner & Smith Incorporated A.G. Edwards & Sons, Inc. BNY Capital Markets, Inc. c/o Merrill Lynch, Pierce, Fenner & Smith Incorporated 4 World Financial Center New York, New York 10080