24 March 2023

UTILICO EMERGING MARKETS TRUST PLC

(LEI Number: 2138005TJMCWR2394O39)

Portfolio update

The Board of Utilico Emerging Markets Trust plc (the "Company") announces that, after consultation with the Investment Managers, the carrying value of investee company Petalite Limited ("Petalite"), in which the Company is a 28.6% shareholder, will be increased to the valuation at the last fundraise which was effected in June 2022. This increase results in an additional £9.9m to NAV (4.90p per share) which is reflected in the Company's NAV for Thursday 23 March 2023.

The Board is pleased to note the continued strategic developments and operational progress at Petalite subsequent to the last fundraise and will update the market on material developments as appropriate.

Name of contact and telephone number for enquiries:

ICM Investment Management Limited                                 +44(0)1372 271486

Charles Jillings / Alastair Moreton

Montfort Communications

Gay Collins, Pippa Bailey                                                       +44(0)20 3770 7913

[email protected]