Net Asset Value(s)

Utilico Emerging Markets Limited
05 October 2006


                                                                                               04/10/2006

Below is shown the net asset value per share for
Utilico Emerging Markets Limited at                                       30-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                                                                        118.44

Net asset Value - cum income                                                                       120.44

Net Asset Value - diluted ex income                                                                115.37

Net Asset Value - diluted cum income                                                               117.04




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