Net Asset Value(s)

Utilico Emerging Mkts Utilities Ltd
03 February 2006


                                                                                                03-Feb-06


Below is shown the net asset value per share for
Utilico Emerging Markets Utilities Ltd at                                 31-Jan-06

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

                                                                                                    pence

Net Asset Value - ex income                                                                        114.53

Net asset Value - cum income                                                                       115.55

Net Asset Value - diluted ex income                                                                112.11

Net Asset Value - diluted cum income                                                               112.96





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