Net Asset Value(s)

Utilico Emerging Mkts Utilities Ltd
21 July 2006


                                                                                                 20-Jul-06


Below is shown the net asset value per share for
Utilico Emerging Markets Utilities Limited at                              18-Jul-06

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

Ordinary shares                                                                                      pence

Net Asset Value - ex income                                                                         106.41

Net asset Value - cum income                                                                        107.82

Net Asset Value - diluted ex income                                                                 105.35

Net Asset Value - diluted cum income                                                                106.51






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