Net Asset Value(s)

Utilico Emerging Markets Limited
06 July 2007


Below is shown the net asset value per share for
Utilico Emerging Markets Limited at                                        30-Jun-07

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

Ordinary shares                                                                                      pence

Net Asset Value - ex income                                                                         169.01

Net asset Value - cum income                                                                        170.87

Net Asset Value - diluted ex income                                                                 157.65

Net Asset Value - diluted cum income                                                                159.20





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