Net Asset Value(s)

Utilico Emerging Markets Limited
01 September 2006


                                                                                                 01-Sep-06


Below is shown the net asset value per share for
Utilico Emerging Markets Limited at                                        29-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                                                                         112.37

Net asset Value - cum income                                                                        114.34

Net Asset Value - diluted ex income                                                                 110.31

Net Asset Value - diluted cum income                                                                111.95






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