Net Asset Value(s)

Utilico Emerging Markets Limited
25 January 2008


Below is shown the net asset value per share for                                               London time
Utilico Emerging Markets Limited at                                        22-Jan-08                 17.30

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

Ordinary shares                                                                                      pence

Net Asset Value - ex income                                                                         170.44

Net asset Value - cum income                                                                        171.34

Net Asset Value - diluted ex income                                                                 158.91

Net Asset Value - diluted cum income                                                                159.67

C shares

Net Asset Value - ex income                                                                          95.92

Net asset Value - cum income                                                                         96.33





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