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Utilico Emerging Markets Limited, Directors' Dealings

10 July 2008

Hamilton, Bermuda: 10 July, 2008 -- Utilico Emerging Markets Limited (the "Company") announces the following purchases of ordinary shares of 10p each in the Company by its Directors at 142.5p per share on 9 July 2008. These purchases were made to satisfy the Directors' fee for the quarter ended 30 June 2008, as detailed in the Company's Admission Document dated 14 July 2005.

Director	Ordinary shares purchased in lieu of fees	Total ordinary shareholding	% of issued ordinary shares	Warrants	% of issued warrants	S shares	% of issued S shares
A Zagoreos	5,615	335,071	0.16	-	-	5,423	0.06
C D O Jillings	4,012	889,073	0.42	293,093	0.90	10,846	0.12
G A Madeiros	5,217	59,680	0.03	-	-	8,134	0.09
G P D Milne	4,012	469,738	0.22	86,239	0.27	-	-
K O'Connor	4,012	446,990	0.21	74,668	0.23	5,423	0.06

For further information please contact:

Rhonda Nicoll

F&C Management Limited

0131 718 1074