Holding(s) in Company

Utilico Emerging Markets Limited
29 May 2007



                   NOTIFICATION OF MAJOR INTERESTS IN SHARES




1.   Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached:



Utilico Emerging Markets Limited



2. Reason for the notification:



An acquisition or disposal of voting rights



3. Full name of person(s) subject to the notification obligation:



Smith & Williamson Holdings Limited



4. Full name of shareholder(s) (if different from 3.):



Nominee companies and third party custodians used by Smith & Williamson
Investment Management Limited as detailed in Section 9.



5. Date of the transaction (and date on which the threshold is crossed or
reached if different):



23 May 2007



6. Date on which issuer notified:



25 May 2007



7. Threshold(s) that is/are crossed or reached:



5%



8. Notified details:





A: Voting rights attached to shares


Class/type of shares if possible              Situation previous to the Triggering transaction
using the ISIN CODE
                                  Number of shares                   Number of voting Rights


BMG931151069                      8,252,529                          8,252,529



Resulting situation after the triggering transaction


Class/type of shares Number of shares   Number of voting rights          % of voting rights
if possible using
the ISIN CODE
                     Direct             Direct         Indirect          Direct     Indirect


BMG931151069                                            8,211,029                   4.98%



B: Financial Instruments

Resulting situation after the triggering transaction


Type of         Expiration Date      Exercise/Conversion       Number of voting rights     % of voting rights
financial                            Period/ Date              that may be acquired if the
instrument                                                     instrument is exercised/
                                                               converted.







Total (A+B)
Number of voting rights        % of voting rights


8,211,029                      4.98%



9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:



Harrier Holdings agent for Smith & Williamson Investment Management Limited,
subsidiary of Smith & Williamson Holdings Limited: 95,000 shares.



Royal Bank of Scotland as custodian for Smith and Williamson Fund Administration
Limited, a subsidiary of Smith and Williamson Investment Management Limited,
subsidiary of Smith & Williamson Holdings Limited: 1,860,128 shares.



Smith & Williamson Nominees Limited, a subsidiary of Smith & Williamson
Investment Management Limited, subsidiary of Smith & Williamson Holdings
Limited: 5,857,639 shares



Citco Bank Amsterdam as custodian to discretionary clients of Smith & Williamson
Investment Management Limited, subsidiary of Smith & Williamson Holdings
Limited: 50,000 shares.



Royal Bank of Scotland as custodian for Smith & Williamson Fund Administration
Limited, a subsidiary of Smith & Williamson Investment Management Limited,
subsidiary of Smith & Williamson Holdings Limited: 348,262 shares.





Proxy Voting:



10. Name of the proxy holder:



N/A



11. Number of voting rights proxy holder will cease to hold:



N/A



12. Date on which proxy holder will cease to hold voting rights:



N/A



13. Additional information:



N/A



14. Contact name:



Juliet Dearlove



15. Contact telephone number:



020 7011 5089




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