Net Asset Value(s)

Utilico Emerging Markets Limited
18 May 2007


                                                                                                 18-May-07


Below is shown the net asset value per share for
Utilico Emerging Markets Limited at                                        15-May-07

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

Ordinary shares                                                                                      pence

Net Asset Value - ex income                                                                         158.64

Net asset Value - cum income                                                                        160.61

Net Asset Value - diluted ex income                                                                 148.98

Net Asset Value - diluted cum income                                                                150.62






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