Utilico Emerging Markets Limited Conversion Of C Shares And Subscription Shares Net Asset Values As At 29 February 2008

Hamilton, Bermuda: March 11, 2008 - Further to its announcement dated 20 February 2008, the Board of Utilico Emerging Markets Limited (the "Company") announces the following information in relation to the Net Asset Value of its Ordinary Shares and C Shares as at 29 February 2008 (the "Calculation Date") and the Conversion of C Shares and Subscription Shares, including the Conversion Ratio and the S Share Conversion Ratio.

Net Asset Value as at 29 February 2008

The Net Asset Values of the Ordinary Shares and the C Shares as at the Calculation Date, being 29 February 2008, were as follows:

Conversion Date

The Directors have determined that the Conversion Date will be the close of business on 13 March 2008.  Entitlements on Conversion will be calculated on the basis of holdings of C Shares and Subscription Shares as at the close of business on the Conversion Date.

Conversion Ratio for C Shares

On the basis of the above Net Asset Values (marked *), the Conversion Ratio for Conversion of the C Shares is 0.5546 Ordinary Shares for every one C Share.

For example, a holder of 1,000 C Shares will receive 554 new Ordinary Shares upon Conversion. 

Conversion of Subscription Shares

Under the terms of the Issue, on Conversion, the Subscription Shares will undergo a conversion process and will convert into S Shares and Deferred Subscription Shares so as to ensure that the total number of S Shares in issue following the Conversion Date will be at a ratio to the number of Ordinary Shares arising on Conversion of the C Shares that is equal to the ratio of Warrants to the Ordinary Shares in issue immediately prior to the Conversion Date. 

As at the Conversion Date, there are 32,537,259 Warrants and 166,367,303 Ordinary Shares in issue, meaning that there are 0.1955 Warrants for every one Ordinary Share in issue.  A holder of 1,000 Subscription Shares will therefore receive 542 S Shares on the Conversion Date, rounded down to the nearest whole number. Fractions will be rounded down to the nearest whole share.  Any fractional entitlements will be aggregated and sold in the market for the benefit of the Company. 

With effect from the Conversion Date, the rights attaching to the S Shares will, for all material purposes, be similar to those of the Warrants (including the subscription price of 100 pence per Ordinary Share).   

Dealings, CREST and share certificates

Dealings in the Ordinary Shares and S Shares arising from Conversion are expected to commence at 8.00 a.m. on 14 March 2008.

CREST accounts will be credited in respect of Ordinary Shares and S Shares arising from Conversion of the C Shares and Subscription Shares respectively, on 14 March 2008. Share certificates will be despatched, as appropriate, during the week commencing 17 March 2008.

Shares in issue

Following Conversion, as at 8.00 a.m. on 14 March 2008 the Company's issued capital will consist of 213,508,303 Ordinary Shares (ISIN BMG931151069) and 9,219,100 S Shares (ISIN BMG931071291).

The following security identification codes for the C Shares and the Subscription Shares will be cancelled at that time:

Other matters

Further details of the conversion and rights attaching to the C Shares, Ordinary Shares, Subscription Shares and S Shares are set out in the Company's prospectus published in relation to the issue of the C Shares and Subscription Shares dated 23 November 2007 (the "Prospectus"). A copy of the Prospectus is available for download from www.uem.bm.

Terms defined in the Prospectus shall have the same meaning in this announcement unless otherwise defined.

For further information, please contact: