C Share Conversion

Utilico Emerging Markets Limited
11 March 2008

For release at 7.00am on 11 March 2008

                        Utilico Emerging Markets Limited
                 Conversion of C Shares and Subscription Shares
                    Net Asset Values as at 29 February 2008

Further to its announcement dated 20 February 2008, the Board of Utilico
Emerging Markets Limited (the 'Company') announces the following information in
relation to the Net Asset Value of its Ordinary Shares and C Shares as at 29
February 2008 (the 'Calculation Date') and the Conversion of C Shares and
Subscription Shares, including the Conversion Ratio and the S Share Conversion
Ratio.

Net Asset Value as at 29 February 2008

The Net Asset Values of the Ordinary Shares and the C Shares as at the
Calculation Date, being 29 February 2008, were as follows:

                                                pence
Ordinary Shares
Net Asset Value - undiluted                     180.02p*
Net Asset Value - diluted                       166.93p

C Shares
Net Asset Value                                 99.84p*
(there is no dilution for C Shares)

Conversion Date

The Directors have determined that the Conversion Date will be the close of
business on 13 March 2008. Entitlements on Conversion will be calculated on the
basis of holdings of C Shares and Subscription Shares as at the close of
business on the Conversion Date.

Conversion Ratio for C Shares

On the basis of the above Net Asset Values (marked *), the Conversion Ratio for
Conversion of the C Shares is 0.5546 Ordinary Shares for every one C Share.

For example, a holder of 1,000 C Shares will receive 554 new Ordinary Shares
upon Conversion.

Conversion of Subscription Shares

Under the terms of the Issue, on Conversion, the Subscription Shares will
undergo a conversion process and will convert into S Shares and Deferred
Subscription Shares so as to ensure that the total number of S Shares in issue
following the Conversion Date will be at a ratio to the number of Ordinary
Shares arising on Conversion of the C Shares that is equal to the ratio of
Warrants to the Ordinary Shares in issue immediately prior to the Conversion
Date.

As at the Conversion Date, there are 32,537,259 Warrants and 166,367,303
Ordinary Shares in issue, meaning that there are 0.1955 Warrants for every one
Ordinary Share in issue. A holder of 1,000 Subscription Shares will therefore
receive 542 S Shares on the Conversion Date, rounded down to the nearest whole
number. Fractions will be rounded down to the nearest whole share. Any
fractional entitlements will be aggregated and sold in the market for the
benefit of the Company.

With effect from the Conversion Date, the rights attaching to the S Shares will,
for all material purposes, be similar to those of the Warrants (including the
subscription price of 100 pence per Ordinary Share).

Dealings, CREST and share certificates

Dealings in the Ordinary Shares and S Shares arising from Conversion are
expected to commence at 8.00 a.m. on 14 March 2008.

CREST accounts will be credited in respect of Ordinary Shares and S Shares
arising from Conversion of the C Shares and Subscription Shares respectively, on
14 March 2008. Share certificates will be despatched, as appropriate, during the
week commencing 17 March 2008.

Shares in issue

Following Conversion, as at 8.00 a.m. on 14 March 2008 the Company's issued
capital will consist of 213,508,303 Ordinary Shares (ISIN BMG931151069) and
9,219,100 S Shares (ISIN BMG931071291).

The following security identification codes for the C Shares and the
Subscription Shares will be cancelled at that time:

                    AIM                  CISX                 BSX
C Share             BMG931071119         BMG931071119         G93107 111
Subscription Share  BMG931071036         BMG931071036         G93107 103

Other matters

Further details of the conversion and rights attaching to the C Shares, Ordinary
Shares, Subscription Shares and S Shares are set out in the Company's prospectus
published in relation to the issue of the C Shares and Subscription Shares dated
23 November 2007 (the 'Prospectus'). A copy of the Prospectus is available for
download from www.uem.bm.

Terms defined in the Prospectus shall have the same meaning in this announcement
unless otherwise defined.

For further information, please contact:

Utilico Emerging Markets Limited     Arbuthnot Securities Limited
Charles Jillings                     Alastair Moreton
01372 271 486                        Richard Tulloch
                                     020 7012 2000




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