Net Asset Value(s)

Utilico Emerging Mkts Utilities Ltd
22 September 2005


                                                                                                 22-Sep-05


Below is shown the net asset value per share for
Utilico Emerging Markets Utilities Limited at                              20-Sep-05

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

                                                                                                     pence

Net Asset Value - ex income                                                                         100.12

Net asset Value - cum income                                                                        100.51

Net Asset Value - diluted ex income                                                                 100.10

Net Asset Value - diluted cum income                                                                100.43





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