Utilico Emerging Markets Limited Conversion of C Shares and Subscription Shares

Hamilton, Bermuda, February 20, 2008 - 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.

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