The Reaves Utility Income Fund Announces Regular Monthly Dividend of $0.17 Per Share

The Reaves Utility Income Fund (NYSE MKT: UTG) announced today the next
three monthly dividends at a rate of $0.17 per common share per month,
unchanged from the per share rate paid for the previous quarter. As of
July 6, 2018, the Fund’s market price was $29.46 per share and its net
asset value was $32.42 per share.

Ronald J. Sorenson, the Fund’s portfolio manager and Chief Investment
Officer of Reaves Asset Management, the Fund’s investment adviser,
commented on the outlook for the portfolio’s holdings in 2018. “After
the first quarter decline in the Fund’s net asset value and stock price,
possibly in response to the expectation of continuing interest rate
increases by the Federal Reserve, the NAV and the stock price have
traded in a narrow range. Overall the portfolio’s company earnings, cash
flows and dividends continue to meet our expectations. The failure of
the 10-year U.S. Treasury to sustain a 3% or greater yield gives
investors reason to reflect on the valuation of the Fund and annual
yield.”

The Fund has formally implemented the 19b-1 exemption received from the
Securities and Exchange Commission in 2009. A portion of each
distribution may be treated as paid from sources other than net income,
including but not limited to short-term capital gain, long-term capital
gain and return of capital. The final determination of the source of
these distributions, including the percentage of qualified dividend
income, will be made after the Fund’s year end.

Not less than eighty percent of the Fund’s assets will continue to be
invested in the securities of domestic and foreign companies involved to
a significant extent in providing products, services or equipment for
(i) the generation or distribution of electricity, gas or water,
(ii) telecommunications activities or (iii) infrastructure operations,
such as airports, toll roads and municipal services (“Utilities” or the
“Utility Industry”). As a policy, the Fund continues to strive to
provide a high level of after-tax income and total return consisting
primarily of tax-advantaged distributions and capital appreciation.

The following dates apply to the upcoming dividends that have been
declared:

Ex-Distribution Date: July 19, 2018Record Date: July 20, 2018Payable
Date: July 31, 2018

Ex-Distribution Date: August 20, 2018Record Date: August 21, 2018Payable
Date: August 31, 2018

Ex-Distribution Date: September 19, 2018Record Date: September 20,
2018Payable Date: September 28, 2018

The Reaves Utility Income Fund

The investment objective of the Fund is to provide a high level of
income and total return consisting primarily of tax-advantaged
distributions and capital appreciation. There were approximately $2.0
billion of total assets under management and 48.7 million common shares
outstanding as of July 6, 2018.

An investor should consider investment objectives, risks, charges and
expenses carefully before investing. To obtain an annual report or
semi-annual report which contains this and other information visit www.utilityincomefund.com
or call 1-800-644-5571. Read them carefully before investing.

ALPS Portfolio Solutions Distributor, Inc., FINRA Member Firm.

The Reaves Utility Income Fund is a closed-end fund and closed-end
funds do not continuously issue shares for sale as open-end mutual funds
do. Since the initial public offering, the Fund now trades in the
secondary market. Investors wishing to buy or sell shares need to
place orders through an intermediary or broker. The share price
of a closed-end fund is based on the market’s value.

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