Director/PDMR Shareholding

Utilico Emerging Mkts Utilities Ltd
20 July 2006




UTILICO EMERGING MARKET UTILITIES LIMITED

Following conversion of the Company's C Shares and cancellation of New Warrants,
as detailed in the Company's announcement dated 13 July 2006, the interests of
the Directors in the Company's issued shares and warrants are as follows:


Director     Ordinary Shares              %        Warrants            %

G Milne              439,479          0.27%          86,239         0.26%
A Zagoreos           217,428          0.13%          40,020         0.12%
K O'Connor           385,467          0.23%          74,668         0.23%
C Jillings           249,962          0.15%          48,335         0.15%
J M Collier          159,055          0.10%          29,384         0.09%


20 July 2006



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