Net Asset Value(s)

Utilico Emerging Markets Limited
07 August 2006


                                                                                                04/08/2006

Below is shown the net asset value per share for
Utilico Emerging Markets Limited at                                        31-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                                                                         109.50

Net asset Value - cum income                                                                        110.87

Net Asset Value - diluted ex income                                                                 107.92

Net Asset Value - diluted cum income                                                                109.06






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