Net Asset Value(s)

Utilico Emerging Markets Limited
23 February 2007


                                                                                                 23-Feb-07


Below is shown the net asset value per share for
Utilico Emerging Markets Limited at                                        20-Feb-07

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

Ordinary shares                                                                                      pence

Net Asset Value - ex income                                                                         145.81

Net asset Value - cum income                                                                        145.83

Net Asset Value - diluted ex income                                                                 138.27

Net Asset Value - diluted cum income                                                                138.28






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