Net Asset Value(s)

Utilico Emerging Markets Limited
06 February 2007


                                                                                               05/02/2007

Below is shown the net asset value per share for
Utilico Emerging Markets Limited at                                       31-Jan-07

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

Ordinary shares                                                                                     pence

Net Asset Value - ex income                                                                        136.84

Net asset Value - cum income                                                                       136.59

Net Asset Value - diluted ex income                                                                130.71

Net Asset Value - diluted cum income                                                               130.49





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