Utilico Emerging Market Limited is a closed-ended investment company. The Company’s objective is to provide capital appreciation by investing predominantly in infrastructure, utility and related sectors mainly in emerging markets. The Company focuses on the underdeveloped and developing markets of Asia, Latin America, Emerging Europe and Africa. The Company may invest in businesses, which supply services to, or otherwise support, the infrastructure, utilities and related sectors. As of March 31, 2009, the Company’s 10 largest holdings were Malaysia Airport Holdings Berhad, Puncak Niaga Holdings Berhad, Comanche Clean Energy Corporation, Ocean Wilsons Holdings Limited, POS Malaysia Services Berhad, Companhia de Saneamento de Minas Gerais, AES Tiete S.A, Companhia de Gas de Sao Paulo S.A, International Container Terminal Services, Inc. and Eastern Water Resources PCL.