Net Asset Value(s)

Utilico Emerging Markets Limited
18 August 2006


                                                                                                17-Aug-06


Below is shown the net asset value per share for
Utilico Emerging Markets Limited at                                       15-Aug-06

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

Ordinary shares                                                                                     pence

Net Asset Value - ex income                                                                        110.29

Net asset Value - cum income                                                                       112.04

Net Asset Value - diluted ex income                                                                108.58

Net Asset Value - diluted cum income                                                               110.03





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