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Utilico Emerging Markets Limited ("the Company") Exercise of Warrants

12 February 2008

Hamilton, Bermuda: February 12, 2008 - In an announcement made to the Bermuda Stock Exchange (BSX) Utilico Emerging Markets Limited advised of the allotment of 5,259 ordinary shares of 10p each. These shares, which rank pari passu with the existing shares in issue, have been allotted following the exercise of 5,259 warrants on 31 January 2008. Application has been made for the new ordinary shares to be admitted to trading on AIM and dealings are expected to commence on 18 February 2008. Application has also been made for listing on the Bermuda Stock Exchange and Channel Island Stock Exchange.

As a result of this exercise the total number of ordinary shares is issue now stands at 166,367,303 and the total number of warrants in issue stands at 32,537,259. The Company also has 85,000,000 C shares and 17,000,000 subscription shares.