Issue of Equity

Utilico Emerging Markets Limited
05 February 2007

UTILICO EMERGING MARKETS LIMITED







Utilico Emerging Markets Limited announces the allotment of 359,834 ordinary
shares of 10p each.  These shares, which rank pari passu with the existing
shares in issue, have been allotted following the exercise of 359,834 warrants
on 31 January 2007.  Application has been made for the new ordinary shares to be
admitted to trading on AIM and dealings are expected to commence on 14 February
2007.  Application has also been made for listing on the Bermuda Stock Exchange.



As a result of this exercise, the total number of ordinary shares in issue now
stands at 164,983,407 and the total number of warrants in issue stands at
32,543,308.











5 February 2007


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