Net Asset Value(s)

Utilico Emerging Markets Limited
01 December 2006



                                                                                                 01-Dec-06


Below is shown the net asset value per share for
Utilico Emerging Markets Limited at                                        28-Nov-06

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

Ordinary shares                                                                                      pence

Net Asset Value - ex income                                                                         123.94

Net asset Value - cum income                                                                        126.09

Net Asset Value - diluted ex income                                                                 119.95

Net Asset Value - diluted cum income                                                                121.74





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