LEGGMASON INVESTORS EUROPEAN UTILITIES TRUST PLC

Change to management arrangements

Legg Mason Investments (Europe) Ltd has informed the Board that it wishes to
withdraw from the investment trust market in the UK. As part of this process
Andrew Whalley, the fund manager with day-to-day responsibility for overseeing
the Trust's investment portfolio will be leaving Legg Mason and will be joining
Premier Asset Management PLC ("PAM"). This move will become effective on 1
November 2003. Given the relatively short time remaining to the end of the
Trust's currently authorised life, the Board believes that continuity of
manager and investment approach will be very much in the interests of all
shareholders. Thus, after due deliberation, your Board has decided that the
Trust's management contract should be transferred to PAM PLC. The contract will
be transferred on the same terms as it is currently managed by Legg Mason
Investments with Andrew Whalley retaining responsibility for the day-to-day
management of the portfolio. No additional costs will be borne by the Trust.

PAM is traded on the London stock exchange and as at 31 August 2003 had funds
under management of �420 million, �74 million of which was in 3 investment
trusts.

29 September 2003.



END