Net Asset Value(s)

Utilico Emerging Mkts Utilities Ltd
13 January 2006



                                                                                                 13-Jan-06


Below is shown the net asset value per share for
Utilico Emerging Markets Utilities Limited at                              10-Jan-06

NAV per share (at bid market values) in £ sterling with prior charges at nominal value:

                                                                                                     pence

Net Asset Value - ex income                                                                         109.31

Net asset Value - cum income                                                                        109.98

Net Asset Value - diluted ex income                                                                 107.76

Net Asset Value - diluted cum income                                                                108.32





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