First Day Dealings

Utilico Emerging Mkts Utilities Ltd
20 July 2005


                   Utilico Emerging Markets Utilities Limited

                                Admission to AIM

                    Placing by Arbuthnot Securities Limited

Utilico Emerging Markets Utilities Limited (the 'Company'), a new exempted,
closed-end Bermuda incorporated investment company is pleased to announce that
dealings in its shares on the AIM market of the London Stock Exchange have
commenced following the successful £52.5 million share placing by Arbuthnot
Securities Limited. The Company has been established to invest predominantly in
utilities based in emerging markets. Its capital will consist of a single class
of ordinary shares, with associated warrants issued to Shareholders on Admission
on the basis of one warrant for every five ordinary shares issued.

In addition to the share placing, Utilico Investment Trust plc has transferred a
portfolio of nine emerging market investments to the Company upon Admission, for
a consideration of 22,522,239 ordinary shares with warrants attached on a one
for five basis. Such consideration represents the aggregate of the mid-market
prices of the transfer portfolio's constituent investments at the close of
business in the relevant markets on 6 July 2005, with the ordinary shares valued
at the issue price. Accordingly, the market capitalisation of the Company at the
issue price is £75.0 million.

Key Information:

•   the Company's investment objective is to provide long-term capital
    appreciation by investing in utilities and related companies in emerging
    markets. The Company's investment policy permits it to make investments
    predominantly in emerging markets and in existing utilities and related
    sectors, including water and sewerage companies, electricity, gas,
    telecommunications, ports, airports, service companies, rail road and any
    business with essential service or monopolistic characteristics. The Company
    may also invest in businesses, which supply services to, or support, the
    utilities and related sectors.

•   the Company will focus on the undeveloped and developing markets of Asia,
    Latin America, Emerging Europe and Africa, but will have the flexibility
    to invest in markets world-wide. The Company will generally seek to invest
    in emerging market countries where the Directors believe that there are
    attributes such as political stability, economic development, confidence in
    the legal framework and a positive attitude to foreign investment.

•   the Company has an experienced board of directors led by Alexander
    Zagoreos, the non-executive Chairman. He is a managing director of Lazard
    Asset Management, where he is responsible for emerging markets products and
    closed-end investment companies. The other directors include Michael
    Collier, who is currently Chairman of Belco Holdings Limited, as well as a
    director of a number of US and Bermuda companies, Garth Milne, who has been
    involved in investment funds in London for over 30 years and is a director
    of several investment companies, Kevin O'Connor, who was until recently the
    Chairman of Infratil Limited, a New Zealand based specialist investor in
    international infrastructure and utility assets and Charles Jillings, who
    has been a director of a number of listed companies. His current
    directorships include Hemscott plc and Utilico Investment Trust plc.

•   Ingot Capital Management Pty Ltd is acting as investment manager to the
    Company and has overall responsibility for the company's day-to-day
    activities. Ingot is an Australian investment manager, regulated by the
    Australian Securities and Investments Commission. Ingot will manage the
    Company's portfolio, subject to the overriding supervision of the Directors.

•   Arbuthnot Securities Limited is acting as nominated adviser and broker
    to the Company.

•   The Placing

    Placing price                                                 100 pence

    Number of Ordinary Shares in issue and fully paid
    following the issue                                           75,022,239

    Market capitalisation at the issue price                      £75.0 million

    Gross proceeds of the issue                                   £52.5 million

    Net proceeds of the Placing to be received by the Company     £51.3 million

•   Ordinary shares and warrants acquired by US persons will be subject to
    significant transfer restrictions.

For further information please contact:

Utilico Emerging Markets Utilities Limited     001 212 632 6000 / 0137 227 1486
Alexander Zagoreos / Charles Jillings

Arbuthnot Securities                           020 7012 2000
Alastair Moreton

THESE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US
SECURITIES ACT OF 1933, AS AMENDED (THE 'SECURITIES ACT'), OR WITH ANY
SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED
STATES. THE OFFER, SALE, PLEDGE OR TRANSFER OF THESE SECURITIES IS SUBJECT TO
CERTAIN CONDITIONS AND RESTRICTIONS. THE HOLDER HEREOF, BY PURCHASING OR
OTHERWISE ACQUIRING THESE SECURITIES, ACKNOWLEDGES THAT THESE SECURITIES HAVE
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND THAT THE ISSUER
HAS NOT REGISTERED AND WILL NOT REGISTER UNDER THE US INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE 'INVESTMENT COMPANY ACT'). THE HOLDER AGREES FOR THE
BENEFIT OF THE ISSUER, ANY DISTRIBUTORS OR DEALERS AND ANY SUCH PERSONS'
AFFILIATES THAT THESE SECURITIES MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT, THE INVESTMENT COMPANY
ACT AND ANY APPLICABLE STATE SECURITIES LAWS AND ONLY (1) IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT TO A NON-US
PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT, 'US PERSON') OR (2)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (PROVIDED
THAT, IF SUCH TRANSFER PURSUANT TO THIS CLAUSE (2) IS TO A US PERSON, THE
PURCHASER IS A QUALIFIED PURCHASER WITHIN THE MEANING OF THE INVESTMENT COMPANY
ACT), AND IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF THE
STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. THE HOLDER ACKNOWLEDGES
THAT THE PURPOSE OF THE FOREGOING LIMITATION IS, IN PART, TO ENSURE THAT THE
ISSUER IS NOT REQUIRED TO REGISTER UNDER THE INVESTMENT COMPANY ACT.

Arbuthnot Securities Limited, which is authorised and regulated by the Financial
Services Authority, is acting for the Company only and will not be responsible
to any other person for providing the protections afforded to customers of
Arbuthnot Securities Limited or for advising such person on the matters referred
to in this announcement.
                                    - Ends -



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