Net Asset Value(s)

Utilico Emerging Markets Limited
29 September 2006



                                                                                                    29-Sep-06


           Below is shown the net asset value per share for
           Utilico Emerging Markets Limited at                                 26-Sep-06

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

Ordinary shares                                                                                      pence

Net Asset Value - ex income                                                                         114.78

Net asset Value - cum income                                                                        116.73

Net Asset Value - diluted ex income                                                                 112.32

Net Asset Value - diluted cum income                                                                113.94








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