Offer by Genesis Emer Mkt Fnd

Genesis Emerging Markets Fund Ld
21 September 2000


                     Genesis Emerging Markets Fund Limited
                                (the 'Fund')

As noted in our previous press release dated 5 September 2000, the Directors of
the Fund have resolved to transfer the remaining assets in the Realisation
Portfolio comprising (primarily illiquid and unlisted investments) to a
specialist liquidation vehicle, Emerging Markets Value Realisation Limited
('EMVR), in exchange for an issue of EMVR Shares. The EMVR shares are being
distributed pro-rata to the holders of Realisation Shares on the record date  as
at September 13, 2000.

Formal documentation pertaining to the pro-rata distribution of shares, the
final redemption of the Realisation Shares of the Fund and the cash offer for 
the Class A Shares in EMVR by the Fund has been distributed to the holders of 
Realisation Shares as at September 13, 2000. The cash offer by the Fund is for
US$9.30 per Class A EMVR Share reflecting a 50% discount to the net asset value
of the Fund's Realisation Shares as at September 15, 2000. Those wishing to
accept the cash offer are encouraged to complete and return the Form of
Acceptance as distributed in accordance with the instructions set forth therein
no later than October 3, 2000.


Enquiries:

Marguerite Mills
Genesis Investment Management Limited

Tel: [phone]