Net Asset Value(s)

Utilico Emerging Mkts Utilities Ltd
04 November 2005


                                                                                                04-Nov-05


Below is shown the net asset value per share for
Utilico Emerging Markets Utilities Ltd at                                 31-Oct-05

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

                                                                                                    pence

Net Asset Value - ex income                                                                         98.31

Net asset Value - cum income                                                                        98.96

Net Asset Value - diluted ex income                                                                 98.31

Net Asset Value - diluted cum income                                                                98.96





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