Performance Fee

Utilico Emerging Markets Limited
24 April 2008


For immediate release on 24 April 2008

                        Utilico Emerging Markets Limited

                                Performance Fee


Utilico Emerging Markets Limited ('UEM') has today settled the performance fee
for the year ended 31 March 2008 payable to Ingot Capital Management Pty Ltd
('ICM'), UEM's investment manager, amounting to £2.7m. Half the performance fee
is payable in cash and half is payable in UEM ordinary shares. The share portion
amounted to 879,912 UEM shares ('Performance Fee Shares'), calculated on UEM's
diluted cum income NAV as at 31 March 2008 of 157.05p.

Under the terms of the investment management agreement dated 14 July 2005, ICM
is required to buy the Performance Fee Shares on market where possible, if it
can buy them at a discount to the last published NAV. UEM is required to
reimburse ICM the cost of buying such Performance Fee Shares on the market. If
ICM is unable to buy the Performance Fee Shares at a discount then UEM is
obliged to issue new ordinary shares to ICM. ICM has today purchased 879,912 UEM
ordinary shares at a price of 154.0p per share, a discount to the last published
diluted cum income NAV per share of 161.55p. UEM will reimburse ICM to meet the
consideration paid by ICM for these shares.

At the same time ICM has today sold 2,301,994 ordinary shares in UEM at a price
of 154.0p per share, of which 879,912 were repurchased (as above) to settle the
Performance Fee Shares obligation. The purpose of the sale is to enable ICM to
subscribe for new Utilico Limited ('Utilico') ordinary shares arising from the
exercise of the Utilico 2008 warrant issue that expires later this month
(Utilico currently holds 24.5% of UEM's issued share capital)..

In addition, ICM has today transferred 145,000 Performance Fee Shares to Charles
Jillings, executive Director of UEM, by reference to a share price 154.0p per
share for services provided to ICM in respect of the management of UEM. Mr
Jillings' resultant interest in UEM now amounts to 885,061 ordinary shares,
293,093 warrants and 10,846 S shares representing 0.4%, 0.9% and 0.1% of each
class of issued securities respectively.

ICM remains interested in 734,912 UEM ordinary shares representing 0.3% of the
ordinary shares in issue

For further information, please contact:

Utilico Emerging Markets Limited           Arbuthnot Securities Limited
Charles Jillings                           Alastair Moreton
01372 271 486                              Hannah Pearce
                                           020 7012 2000




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