Director/PDMR Shareholding

Utilico Emerging Markets Limited
13 October 2006



UTILICO EMERGING MARKETS LIMITED ('the Company')



Directors' dealings



The Company announces the following purchases of ordinary shares of 10p each in
the Company by its Directors at 116.5p per share today.  These purchases were
made to satisfy their fee entitlements, as detailed in the Company's Admission
Document dated 14 July 2005, for the quarter ended 30 September 2006:


Director                   Fee shares purchased       Resultant shareholding     Percentage of issued shares
A Zagoreos                 6,055                      230,133                    0.14
J M Collier                5,311                      172,066                    0.10
C D O Jillings             4,249                      256,191                    0.16
G P D Milne                4,249                      444,861                    0.27
K J O'Connor               4,429                      394,563                    0.24







For F&C Management Limited

Secretary

13 October 2006



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