Interim Results

Utilico Emerging Mkts Utilities Ltd
07 December 2005

               
Date:       6 December 2005

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

            Lisa Stanley
            Lansons Communications                         020 7294 3692


                   UTILICO EMERGING MARKETS UTILITIES LIMITED
                          Unaudited Interim Statement
                     for the period ended 30 September 2005


Highlights of results


  • Increase in shareholders' funds of 5.6% to £77.9 million

  • Net asset value per ordinary share increased  by 5.6%

  • Earnings per ordinary share of 5.51p


The Chairman, Mr Alex Zagoreos, commented, 'Utilico Emerging Markets Utilities
Limited (UEM) has performed steadily since the admission of the Company trading
on AIM on 20 July 2005, with shareholders' funds up by 5.6% to £77.9 million.
The process of investing the proceeds from the Company's launch is progressing
well with the Company's investments at 30 September 2005 comprising 69% of the
net assets.'

Current financial information can be found on the Company's website, at
www.utilicoemergingmarkets.com


Summary of unaudited results for the period from 9 June 2005(1) to
30 September 2005

                                                            30 September          20 July           
                                                                    2005          2005(2)           Change
Undiluted net asset value per
   ordinary share                                                103.87p           98.36p             5.6%
Diluted net asset value per
   ordinary share                                                103.22p          98.36p*             4.9%
Ordinary share price                                             106.50p          100.00p             6.5%
Premium (based on diluted NAV)                                      3.2%             1.7%
Earnings per share (basic)                                         5.51p
Equity shareholders' funds (£'m)                                   77.93            73.79             5.6%

*There is no dilution

(1) Date of incorporation of the Company
(2) Date of admission to trading on AIM and Bermuda Stock Exchange



Unaudited Statement of Total Return
for the period 9 June 2005 to 30 September 2005
                                                                  Revenue         Capital              Total
                                                                   £'000s          £'000s             £'000s

Gains on investments held at fair value                                 -           3,886              3,886
Exchange gains/(losses)                                                 1           (111)              (110)
Other income                                                          611               -                611
Management and administration fees                                  (135)               -              (135)
Other expenses                                                       (94)             (1)               (95)
Profit before finance costs and taxation                              383           3,774              4,157
Finance costs                                                        (11)               -               (11)
Profit before taxation                                                372           3,774              4,146
Taxation                                                             (14)               -               (14)
Profit for the period                                                 358           3,774              4,132

Earnings per share (basic) - pence                                                                      5.51
Earnings per share (diluted) - pence                                                                    5.44

The Total column of this statement represents the Company's Income Statement,
prepared in accordance with IFRS. The supplementary Revenue Return 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 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 from 9 June 2005 to 30 September 2005


                                                               Share
                                                             Premium       Warrant     Retained
                                          Share Capital      Account       Reserve     Earnings        Total
                                                 £'000s       £'000s        £'000s       £'000s       £'000s

Issue of ordinary shares and warrants             7,502       63,469         4,051            -       75,022
Issue costs of ordinary share capital                 -      (1,229)             -            -      (1,229)
Profit for the period                                 -            -             -        4,132        4,132
Balance at 30 September 2005                      7,502       62,240         4,051        4,132       77,925


Unaudited Balance Sheet

                                                                                               30 September
                                                                                                       2005
                                                                                                     £'000s
Non current assets
Investments held at fair value                                                                       54,029

Current assets
Receivables                                                                                             226
Cash and cash equivalents                                                                            24,350
                                                                                                     24,576
Current liabilities
Payables                                                                                              (680)

Net current assets                                                                                   23,896

Net assets                                                                                           77,925


Equity attributable to equity holders
Ordinary share capital                                                                                7,502
Share premium account                                                                                62,240
Warrant reserve                                                                                       4,051
Retained earnings                                                                                     4,132
Total equity shareholders' funds                                                                     77,925


Net asset value per ordinary share
Basic - pence                                                                                        103.87
Diluted - pence                                                                                      103.22


Unaudited Summarised Cash Flow Statement
for the period ended 30 September 2005
                                                                                                     £'000s

Cash flows from operating activities                                                                    335
Interest paid                                                                                          (11)
Total tax paid                                                                                         (12)
Cash flows from investing activities                                                               (27,145)
Cash flows before financing activities                                                             (26,833)
Cash flows from financing activities                                                                 51,294
Net increase in cash and cash equivalents                                                            24,461
Effect of foreign exchange changes                                                                    (111)
Cash and cash equivalents at the end of the period                                                   24,350



No interim dividend will be paid on the ordinary shares.

The Interim Report and Accounts will be posted to shareholders in late December
2005. Copies shall be available during normal business hours from the Company
Secretary, at Exchange House, Primrose Street, London EC2A 2NY.


By order of the Board
F&C Management Limited - Secretary
6 December 2005



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