Re C Share Conversion

Utilico Emerging Markets Limited
20 February 2008

For release on 20 February 2008

                        Utilico Emerging Markets Limited

                 Conversion of C Shares and Subscription Shares

Utilico Emerging Markets Limited (the 'Company') is pleased to announce that
following the recent placing and offer for subscription (the 'Issue'), the
Company's investment manager, Ingot Capital Management Pty Limited, notified the
Directors on 19 February 2008 that in excess of 80 per cent. of the net proceeds
of the Issue have been invested in accordance with the Company's investment
policy. Therefore, and in accordance with the terms of the C Shares and the
Subscription Shares, the Directors have determined that the Calculation Date for
the conversion of the C Shares into Ordinary Shares and the Subscription Shares
into S Shares will be 29 February 2008. The conversions will be made on the
basis of, inter alia, the respective net asset values of the C Shares and
Ordinary Shares as at the Calculation Date.

A further announcement will be made in due course setting out details of the
conversions, including the Conversion Date (which will be no later than 14 March
2008), the respective Net Asset Values of the C Shares and the Ordinary Shares
as at 29 February 2008, the C Share Conversion Ratio, the S Share Conversion
Ratio and the numbers of Ordinary Shares and S Shares which holders of C Shares
and Subscription Shares will be entitled on their conversion. Following the
regular announcement of Net Asset Values as at 26 February 2008, no further
announcement of Net Asset Values will be made before the announcement setting
out details of the conversions.

Further details of the conversions and rights attaching to the C Shares, the
Ordinary Shares, the Subscription Shares and the S Shares are set out in the
Company's prospectus in relation to the Issue dated 23 November 2007 (the
'Prospectus'). Terms defined in the Prospectus shall have the same meaning in
this announcement unless otherwise defined.

For further information, please contact:

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




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