Reclassification of Participating Shares

Genesis Emerging Markets Fund Ld
6 March 2000


                                                         

  GENESIS EMERGING MARKETS FUND LIMITED (the 'Company')
                            
        RECLASSIFICATION OF PARTICIPATING SHARES
                            
Further   to   the  recent  issue  of  Rights   entitling
shareholders to reclassify up to 50% of their  investment
in  the  Company,  13,376,997 Participating  Shares  were
today reclassified as 13,376,997 Realisation Shares.

The  Realisation  Shares are listed on the  London  Stock
Exchange.  The  Realisation  Share  Portfolio   will   be
realised   and  the  proceeds  used,  after  paying   the
liabilities attributable to that portfolio, to fund  cash
payments  to Realisation Shareholders. The exact  timing,
form  and  size  of payments to Realisation  Shareholders
depends  on the speed and prices at which assets  in  the
portfolio  can  be sold, however, the intention  is  that
substantially  all  of  the  assets  allocated   to   the
Realisation  Share  Portfolio  will  have  been  realised
within approximately 12 weeks.





ENQUIRIES
    
Richard Carss
Genesis Emerging Markets Fund Limited                       020 7201 7200

Howard Myles
Warburg Dillon Read                                         020 7568 2140