Net Asset Value(s)

Utilico Emerging Mkts Utilities Ltd
06 January 2006



                                                                                                 06-Jan-06


Below is shown the net asset value per share for
Utilico Emerging Markets Utilities Ltd at                                  31-Dec-05

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

                                                                                                     pence

Net Asset Value - ex income                                                                         106.76

Net asset Value - cum income                                                                        107.40

Net Asset Value - diluted ex income                                                                 105.63

Net Asset Value - diluted cum income                                                                106.17





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