Net Asset Value(s)

Utilico Emerging Markets Limited
06 February 2008


Below is shown the net asset value per share for                                               London time
Utilico Emerging Markets Limited at                                        31-Jan-08                 16.00

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

Ordinary shares                                                                                      pence

Net Asset Value - ex income                                                                         174.86

Net asset Value - cum income                                                                        175.76

Net Asset Value - diluted ex income                                                                 162.62

Net Asset Value - diluted cum income                                                                163.37

C shares

Net Asset Value - ex income                                                                          96.66

Net asset Value - cum income                                                                         97.10





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