Net Asset Value(s)

Utilico Emerging Mkts Utilities Ltd
28 July 2006


                                                                                                 28-Jul-06


Below is shown the net asset value per share for
Utilico Emerging Markets Utilities Limited at                              25-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                                                                         108.35

Net asset Value - cum income                                                                        109.74

Net Asset Value - diluted ex income                                                                 106.96

Net Asset Value - diluted cum income                                                                108.11






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