Net Asset Value(s)

Utilico Emerging Markets Limited
05 December 2006


                                                                                                05/12/2006

Below is shown the net asset value per share for
Utilico Emerging Markets Limited at                                        30-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                                                                         125.08

Net asset Value - cum income                                                                        127.19

Net Asset Value - diluted ex income                                                                 120.90

Net Asset Value - diluted cum income                                                                122.66





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