Result Offer for Subscription

Utilico Emerging Markets Limited
18 December 2007

For immediate release on 18 December 2007

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN THE UNITED STATES,
CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA OR
JAPAN

                        Utilico Emerging Markets Limited

                  Result of Placing and Offer for Subscription

The Board of Directors of Utilico Emerging Markets Limited (the 'Company') are
pleased to announce the results of the Placing and Offer for Subscription of C
Shares (with Subscription Shares attached on a 1 for 5 basis) at a price of
£1.00 per C Share.

A total of 85 million C Shares (with 17 million Subscription Shares attached)
have been allotted in aggregate of which approximately 78 million C Shares were
allotted pursuant to the Placing and approximately 7 million C Shares were
allotted under the Offer raising net proceeds of approximately £83.7 million.
The Placing and Offer are conditional, inter alia, on the admission of the C
Shares and Subscription Shares to trading on AIM. It is expected that Admission
will become effective and dealings in the C Shares and Subscription Shares will
commence on AIM, the Bermuda Stock Exchange and the Channel Islands Stock
Exchange on 19 December 2007.

For further information please contact:

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


Terms used in this announcement shall, unless the context otherwise requires,
bear the meanings given to them in the Prospectus dated 23 November 2007.

Arbuthnot Securities Limited, which is regulated by the Financial Services 
Authority, is acting as nominated adviser and broker to the Company in relation
to the Placing and will not be responsible to any person other than the Company 
for providing the protections afforded to its customers or for advising any 
other person on the contents of this announcement or any transaction or 
arrangement referred to herein.





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