Net Asset Value(s)

Utilico Emerging Markets Limited
06 November 2006


                                                                                                06/11/2006

Below is shown the net asset value per share for
Utilico Emerging Markets Limited at                                        31-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                                                                         121.94

Net asset Value - cum income                                                                        123.86

Net Asset Value - diluted ex income                                                                 118.29

Net Asset Value - diluted cum income                                                                119.89






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