Director/PDMR Shareholding

Utilico Emerging Markets Limited
10 January 2007



UTILICO EMERGING MARKETS LIMITED ('the Company')



Directors' dealings



The Company announces the following purchases of ordinary shares of 10p each in
the Company by its Directors at 124.25p per share today.  These purchases were
made to satisfy their fee entitlements, as detailed in the Company's Admission
Document dated 14 July 2005, for the quarter ended 31 December 2006:


Director                   Fee shares purchased       Resultant shareholding     Percentage of issued shares
A Zagoreos                 5,677                      235,810                    0.14
J M Collier                4,980                      177,046                    0.11
C D O Jillings             3,984                      260,175                    0.16
G P D Milne                3,984                      448,845                    0.27
K J O'Connor               3,984                      398,547                    0.24







For F&C Management Limited

Secretary

10 January 2007






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