Net Asset Value(s)

Utilico Emerging Mkts Utilities Ltd
20 January 2006



                                                                                               20-Jan-06


Below is shown the net asset value per share for
Utilico Emerging Markets Utilities Limited at                               17-Jan-06

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

                                                                                                   pence

Net Asset Value - ex income                                                                       110.60

Net asset Value - cum income                                                                      111.25

Net Asset Value - diluted ex income                                                               108.83

Net Asset Value - diluted cum income                                                              109.37





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