Net Asset Value(s)

Utilico Emerging Markets Limited
27 October 2006


                                                                                                26-Oct-06


Below is shown the net asset value per share for
Utilico Emerging Markets Limited at                                       24-Oct-06

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

Ordinary shares                                                                                     pence

Net Asset Value - ex income                                                                        124.03

Net asset Value - cum income                                                                       126.00

Net Asset Value - diluted ex income                                                                120.03

Net Asset Value - diluted cum income                                                               121.67





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