2003

Generators well positioned in Europe

The EIC Energy Utility Fund closed the month virtually unchanged at 26.82 EUR, outperforming the benchmark by 1%. Main contributors to performance were E.ON, Verbund and Fortum, while the U.S. gas utlities continued to perform well on the back of strong gas prices. Please refer to the PDF document below to view the full activity report.

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Excellent 1H results of BKW

Please refer to the below report to view the monthly report of the EIC Energy Utility Fund of September.

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German Power Prices continue to rise

The excellent second quarter results from E.ON and Verbund reflected the rising power prices during the first half-year. So far this trend continues with baseload power averaging 33.5 EUR/MWh during the third quarter. Please refer to the below PDF document for the full August activity report of the EIC Energy Utility Fund.

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Strong Performance of Swiss Utilities

In July the EIC Energy Utility fund benefited from the strong performance of its European utility holdings and from the performance of Swiss utilities CVE and BKW in particular. Please refer to the PDF document for the full July activity report for the EIC Energy Utility Fund.

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Handelszeitung: Höchste Rendite aller MSCI-Sektoren

Utility stocks continuesly outperform the markets. Interview with Portfolio Manager Stephan Truffer. [DE]

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Dividend Tax-Relief boosts US Utilities

On May 23, 2003 the US Senate and House passed legislation enacting significantly lower taxes on dividend income. This drove US Utilities up by 10% (in USD) during the month. Please refer to the PDF document below to view the full May monthly report for EIC Electricity SA

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Fortum EBIT up 45%

Fortum reported better than expected results: Higher volumes due to cold weather an high power prices due to low hydro production lead to an increase in operating profit by 45% to EUR 475 million. Please refer to the PDF document below to view the full April monthly report for EIC Electricity SA.

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Gas Natural bidding for Iberdrola

Gas Natural launched a bid for Iberdrola ("IBE"), offering IBE shareholders EUR 17/share in a combination of cash (40%) and Gas Natural shares (60%). Please refer to the PDF document to view the full March monthly report for EIC Electricity SA.

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Strong Results from EIC Portfolio Companies

Centrica reported excellent full-year results with EPS up by 26% due to the favorable market situation in the U.K. Scottish Power continued its recovery with 9 months profit increasing by 67%. Please refer to the PDF document to view the full February monthly report for EIC Electricity SA.

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Fortum gains Access to Norwegian Market

E.ON succeeded in saving its Ruhrgas acquisition after months of legal upheaval. One of the beneficiaries from the settlement is Fortum, which negotiated a favorable asset swap, giving the company access to strategicall important assets in Norway. Please refer to the PDF document to view the entire January monthly report for EIC Electricity SA.

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Strong Nordic Market Fundamentals

Power prices in the Nordic system exploded and reached all-time highs of over 100 EUR/MWh. The situation will remain critical wich low hydro reserves and continuing cold weather. Please refer to the PDF document to view the full December monthly report for EIC Electricity SA.

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