Further re Realisation Shares

Genesis Emerging Markets Fund Ld
5 September 2000


                     GENESIS EMERGING MARKETS FUND LIMITED 
                                 (THE 'FUND')

After the second distribution to Realisation Shareholders, approximately 8% of
the initial Realisation Portfolio remained to be sold comprising primarily
illiquid and unlisted investments.  The Directors of the Fund have resolved to
transfer the remaining assets in the Realisation Portfolio to a specialist
liquidation vehicle, Emerging Markets Value Realisation Limited ('EMVR'), in
exchange for an issue of EMVR shares.  The EMVR shares will be distributed pro
rata to the holders of Realisation Shares on the record date as at September 13,
2000.  As a specialist vehicle, EMVR will seek to manage and realise the assets
over the long term with an aim to returning the proceeds to its shareholders. 
Realisation Shareholders will thereby retain their exposure to these remaining
underlying assets.  EMVR shares will not be listed on an exchange and EMVR will
be managed by Genesis Fund Managers Limited.

To accommodate those Realisation Shareholders who wish to obtain immediate cash,
the Fund will at the same time make a cash offer for the EMVR shares.  It is
expected that this offer will reflect the unquoted and illiquid nature of the
underlying assets and be at a price that reflects a discount to current net
asset value in the order of 50%.  The Directors intend to issue the formal
documentation to complete this transaction in the near future.

Enquiries:  Marguerite Mills
            Genesis Investment Management Limited
            Tel: [phone]