Utilico Emerging Markets Limited Result of Placing and Offer for Subscription

Hamilton, Bermuda, December 18, 2007 - 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:

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.