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Reaves Utility Income Fund Announces Investor Conference Call For July 19, 2012

W. H. Reaves and Co., Inc. (“Reaves Asset Management”) and ALPS Fund Services, Inc. announces on behalf of the Fund (NYSE MKT: UTG) a conference call scheduled for Thursday, July 19, 2012 at 3:00 PM EDT to discuss the Fund’s rights offering to shareholders and interested parties (the “Rights Offering”). We encourage those who would like to participate in this conference call to dial-in 5-10 minutes prior to the start time. The telephone number to access the conference call is 800-852-8156. The conference call code for the call is 99066965.

Ronald J. Sorenson, Chairman and Chief Investment Officer of Reaves Asset Management and the Fund’s Portfolio Manager; Louis F. Cimino, Chief Operating Officer, Portfolio Manager of Reaves Asset Management in conjunction with Kevin McNally, Director of Closed-End Funds for ALPS Fund Services, Inc. will be present on the Conference Call and be available for questions. During the Conference Call, the Fund’s management will discuss the terms of the Rights Offering and the Fund’s current investment strategies.

As more fully described in the prospectus, each shareholder of the Fund on July 9, 2012 (“Record Date”) will be issued transferable subscription rights (“Rights”) (NYSE MKT: UTG RT) and such Record Date shareholders will be allowed to subscribe for new shares of the Fund (the “Primary Subscription”). Record Date shareholders will receive one Right for each share of the Fund held as of the Record Date. For every three Rights held, a holder of such Rights may buy one new share of the Fund.

Record Date shareholders who fully exercise all Rights initially issued to them in the Primary Subscription will be entitled to buy those shares that are not purchased by other Record Date shareholders. In addition, the Fund, in its sole discretion, may elect to issue additional shares in an amount of up to 25% of the shares issued in the Primary Subscription.

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