Final Results

Utilico Emerging Mkts Utilities Ltd
05 June 2006

               
Date:          5 June 2006

Contact:       Charles Jillings
               Utilico Emerging Markets Utilities Limited
               01372 271 486


                   Utilico Emerging Markets Utilities Limited
                         Unaudited Statement of Results
                       for the period ended 31 March 2006


Highlights of results
     
•    Raised £51.3m net of expenses
•    Acquired seed portfolio of 9 holdings for £22.5m
•    Fully invested in 41 positions by December
•    Established a £25.0m bank facility
•    Net asset value increased by 21.5%
•    Earnings per ordinary share of 1.62p on the revenue account
•    Dividend per ordinary share of 1.50p proposed


The Chairman, Mr Alex Zagoreos, commented, 'The inaugural eight month period has
seen a pleasing performance resulting in the net asset value per ordinary share
increasing from 98.4p to 119.5p. The emerging markets have experienced a
significant loss of investor confidence resulting in sharp declines in most
markets. Since the period end the undiluted net asset value per ordinary share
has declined to 107.70p at 31 May 2006. UEM has successfully raised £100.0m
through an open offer and placing of 100.0m C shares and 20.0m new warrants.'



SUMMARY OF UNAUDITED RESULTS FOR THE PERIOD 9 JUNE 2005(1) TO 31 MARCH 2006


                                                                  31 March 2006          20 July 2005(2)         Change

Undiluted net asset value per ordinary share                            119.48p                   98.36p         +21.5%
Diluted net asset value per ordinary share                              116.23p                  *98.36p         +18.2%

Ordinary share price                                                    126.00p                  100.00p         +26.0%

Premium - (based on diluted NAV)                                           8.4%                     1.7%

Earnings per share (basic)
- Capital                                                                19.50p                      n/a
- Revenue                                                                 1.62p                      n/a
- Total                                                                  21.12p                      n/a

Dividend per share (proposed)                                             1.50p                      n/a

Equity holders' funds (£'m)                                                89.7                     73.8         +21.5%

Debt (£'m)                                                                 17.5                        -

Gearing on gross assets                                                   15.8%                        -

*There is no dilution

(1) Date of incorporation of the Company

(2) Date of admission to trading on Alternative Investment Market (AIM)



UNAUDITED INCOME STATEMENT

                                                                            for the period 9 June 2005 to 31 March 2006
                                                                                 Revenue         Capital          Total
                                                                                  £'000s          £'000s         £'000s

Gains and losses on investments                                                        -          17,057         17,057
Gains and losses on derivative instruments                                             -            (18)           (18)
Exchange gains/(losses)                                                                1           (234)          (233)
Investment income                                                                  1,677               -          1,677
Other income                                                                         396               -            396

                                                                                   2,074          16,805         18,879

Management and administration fees                                                 (431)         (2,141)        (2,572)
Other expenses                                                                     (290)            (30)          (320)

Profit before finance costs and taxation                                           1,353          14,634         15,987
Finance costs                                                                       (81)               -           (81)

Profit before taxation                                                             1,272          14,634         15,906
Taxation                                                                            (57)               -           (57)

Profit for the period                                                              1,215          14,634         15,849

Earnings per share (basic) - pence                                                  1.62           19.50          21.12

Earnings per share (diluted) - pence                                                1.59           19.15          20.74



The total column of this statement represents the Company's Income Statement,
prepared in accordance with IFRS.

The supplementary revenue and capital return columns are both prepared under
guidance published by the Association of Investment Trust Companies in the UK.
All items in the above statement derive from continuing operations.

All income is attributable to the equity holders of the Company.

The Company was incorporated on 9 June 2005 and commenced trading on 20 July
2005.


UNAUDITED STATEMENT OF CHANGES IN EQUITY


                                                                            for the period 9 June 2005 to 31 March 2006

                                        Ordinary       Share                     Non-       Retained earnings
                                           share     premium   Warrant  distributable     Capital     Revenue
                                         capital     account   reserve        reserve    reserves     reserve     Total
                                          £'000s      £'000s    £'000s         £'000s      £'000s      £'000s    £'000s

Issue of ordinary shares and warrants      7,507      63,514     4,050              1           -           -    75,072
Issue costs of ordinary share capital          -     (1,230)         -              -           -           -   (1,230)
Profit for the period                          -           -         -              -      14,634       1,215    15,849

Balance at 31 March 2006                   7,507      62,284     4,050              1      14,634       1,215    89,691




UNAUDITED BALANCE SHEET

                                                                                                       at 31 March 2006
                                                                                                                 £'000s
Non-current assets
Investments                                                                                                     108,056

Current assets
Other receivables                                                                                                   780
Derivative instruments                                                                                              883
Cash and cash equivalents                                                                                         1,238

                                                                                                                  2,901
Current liabilities
Bank loans                                                                                                     (17,528)
Purchases for future settlement                                                                                 (1,166)
Other payables                                                                                                  (2,409)
Derivative instruments                                                                                            (163)

                                                                                                               (21,266)

Net current liabilities                                                                                        (18,365)

Net assets                                                                                                       89,691

Equity attributable to equity holders
Ordinary share capital                                                                                            7,507
Share premium account                                                                                            62,284
Warrant reserve                                                                                                   4,050
Non-distributable reserve                                                                                             1
Capital reserves                                                                                                 14,634
Revenue reserve                                                                                                   1,215

Total attributable to equity holders                                                                             89,691

Net asset value per ordinary share
Basic - pence                                                                                                    119.48

Diluted - pence                                                                                                  116.23



 UNAUDITED CASH FLOW STATEMENT

                                                                       for the period from 9 June 2005 to 31 March 2006

                                                                                                                 £'000s
Cash flows from operating activities                                                                           (67,324)
Cash flows from investing activities                                                                                  -

Cash flows before financing activities                                                                         (67,324)
Cash flows from financing activities                                                                             68,696
Effect of foreign exchange changes                                                                                (134)

Cash and cash equivalents at the end of the period                                                                1,238


The Directors propose to pay a final dividend in respect of the period ended 31
March 2006 of 1.50p per ordinary share payable on 7 August 2006 to shareholders
on the register at close of business on 16 June 2006.

This preliminary statement is not the Company's statutory accounts. The
statutory accounts for the period ended 31 March 2006 have not yet been approved
or audited. Those accounts will be finalised on the basis of the results shown
in this preliminary statement.

The Report & Accounts will be posted to shareholders towards the end of June
2006. Copies may be obtained during normal business hours from Exchange House,
Primrose Street, London EC2A 2NY.


By order of the Board
F&C Management Limited, Secretary
5 June 2006






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