Net Asset Value(s)

Utilico Emerging Mkts Utilities Ltd
12 May 2006


                                                                                                12-May-06


Below is shown the net asset value per share for
Utilico Emerging Markets Utilities Limited at                             09-May-06

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

                                                                                                    pence

Net Asset Value - ex income                                                                        119.42

Net asset Value - cum income                                                                       121.77

Net Asset Value - diluted ex income                                                                116.19

Net Asset Value - diluted cum income                                                               118.14





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