Holding(s) in Company

Utilico Emerging Markets Limited
19 March 2007



                   NOTIFICATION OF MAJOR INTERESTS IN SHARES



1.   Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached:



Utilico Emerging Markets Limited



2. Reason for the notification:



Initial disclosure



3. Full name of person(s) subject to the notification obligation:



Rensburg Sheppards Investment Management Limited



4. Full name of shareholder(s) (if different from 3.):



N/A



5. Date of the transaction (and date on which the threshold is crossed or
reached if different):



28 February 2007



6. Date on which issuer notified:



16 March 2007



7. Threshold(s) that is/are crossed or reached:



8%



8. Notified details:



Nominee holdings



A: Voting rights attached to shares


Class/type of shares if possible              Situation previous to the Triggering transaction
using the ISIN CODE
                                  Number of shares                   Number of voting Rights






Resulting situation after the triggering transaction


Class/type of shares Number of shares   Number of voting rights          % of voting rights
if possible using
the ISIN CODE
                     Direct             Direct         Indirect          Direct     Indirect


BMG931151069                                                  12,601,079            7.64%



B: Financial Instruments

Resulting situation after the triggering transaction


Type of         Expiration Date      Exercise/Conversion       Number of voting rights     % of voting rights
financial                            Period/ Date              that may be acquired if the
instrument                                                     instrument is exercised/
                                                               converted.

BMG931151143    31/07/2010           31 January and 31 July    1,391,395                   0.84%
                                     from 2006 to 2010
                                     inclusive





Total (A+B)
Number of voting rights        % of voting rights


13,992,474                     8.48%



9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:



Client holdings registered in the name of Nominee companies 100% owned by
Rensburg Sheppards Investment Management Limited



Proxy Voting:



10. Name of the proxy holder:



N/A



11. Number of voting rights proxy holder will cease to hold:



N/A



12. Date on which proxy holder will cease to hold voting rights:



N/A



13. Additional information:



This is the initial disclosure made by Rensburg Sheppards Investment Management
Limited based on the Nominee holdings in accordance with DTR 5.2.1(F).  On an
ongoing basis additional disclosures will be made as and when a notifiable
threshold is crossed.



14. Contact name:



Juliet Dearlove



15. Contact telephone number:



020 7011 5089




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