Net Asset Value(s)

Utilico Emerging Markets Limited
08 January 2007


                                                                                                05/01/2007

Below is shown the net asset value per share for
Utilico Emerging Markets Limited at                                        31-Dec-06

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

Ordinary shares                                                                                      pence

Net Asset Value - ex income                                                                         133.73

Net asset Value - cum income                                                                        133.71

Net Asset Value - diluted ex income                                                                 128.11

Net Asset Value - diluted cum income                                                                128.09





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