Director/PDMR Shareholding

Utilico Emerging Markets Limited
09 April 2008


For release at 10 a.m. on 9 April 2008

                        UTILICO EMERGING MARKETS LIMITED

                              Directors' Dealings

Utilico Emerging Markets Limited (the 'Company') announces the following
purchases of ordinary shares of 10p each in the Company by its Directors at 155p
per share. The transaction took place on 8 April 2008 and was notified to the
Company on the same day. These purchases were made to satisfy the Directors'
fees for the quarter ended 31 March 2008, as detailed in the Company's Admission
Document dated 14 July 2005. The Directors' holdings have also been updated to
take account of the conversion of C shares and Subscription shares into ordinary
shares and S shares respectively which took place during March 2008.

                             Ordinary                                                 S
               Ordinary        shares                                            shares
                 shares       arising                             % of          arising      % of
              purchased          on C             Total         issued               on    issued
                in lieu         share          ordinary       ordinary     Subscription         S
Director       of fees     conversion      shareholding         shares            share    shares
                                                                             conversion

A Zagoreos       5,055         29,480           329,456           0.15            5,423      0.06
C D O Jillings   3,530         55,460           740,061           0.35           10,846      0.12
G A Madeiros     4,413         41,595            54,463           0.03            8,134      0.09
G P D Milne      3,530              -           465,726           0.22                -         -
K O'Connor       3,530         27,730           442,978           0.21            5,423      0.06


For further information please contact:

Rhonda Nicoll
F&C Management Limited
0131 718 1074


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