Net Asset Value(s)

Utilico Emerging Mkts Utilities Ltd
05 April 2006


                                                                                                 05-Apr-06


Below is shown the net asset value per share for
Utilico Emerging Markets Utilities Ltd at                                  31-Mar-06

NAV per share (at bid market values) in £ sterling with prior charges at nominal value:

                                                                                                     pence

Net Asset Value - ex income                                                                         117.95

Net asset Value - cum income                                                                        119.28

Net Asset Value - diluted ex income                                                                 114.96

Net Asset Value - diluted cum income                                                                116.07





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