Net Asset Value(s)

Utilico Emerging Markets Limited
22 September 2006



                                                                                               22-Sep-06


Below is shown the net asset value per share for
Utilico Emerging Markets Limited at                                         19-Sep-06

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

Ordinary shares                                                                                    pence

Net Asset Value - ex income                                                                       115.94

Net asset Value - cum income                                                                      117.78

Net Asset Value - diluted ex income                                                               113.28

Net Asset Value - diluted cum income                                                              114.82





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