Net Asset Value(s)

Utilico Emerging Mkts Utilities Ltd
29 July 2005


                                                                                                 28-Jul-05


Below is shown the net asset value per share for
Utilico Emerging Markets Utilities Ltd at                                  26-Jul-05

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

                                                                                                     cents

Net Asset Value - ex income                                                                          98.78

Net asset Value - cum income                                                                         98.78






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