Redemption Payments

Genesis Emerging Markets Fund Ld
20 April 2000


     Genesis Emerging Markets Fund Limited ('GEMF')
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On 6 March 2000, just under 50% of the GEMF's
Participating Shares were reclassified into Realisation
Shares pursuant to the reverse rights issue announced
earlier in the year, and the Company's assets were
accordingly divided into a Participating Share portfolio
and a Realisation Share portfolio.

At 14 April 2000, some two thirds of the assets
attributable to the Realisation Shares consisted of cash,
and the value of the remaining assets in the Realisation
Share portfolio was approximately US$83 million.

The Board of GEMF intends to make a cash payment to
Realisation Shareholders totalling approximately US$ 160
million. Approximately two thirds of each holding of
Realisation Shares recorded in the Register on 8 May 2000
will be redeemed.

Consequently, each Realisation Shareholder will hold,
with effect from that date, approximately one third of
the number of Realisation Shares held prior to the
redemption. Fractional entitlements will not be redeemed.

Payments of redemption proceeds are expected to be made
on or before 12 May 2000 and each Realisation Shareholder
will receive a confirmation of the reduced number of
Realisation Shares held following the redemption. The
payment is equivalent to US$ 12.00 per Realisation Share
held prior to the redemption.

GEMF continues to dispose of the Realisation Share
portfolio and the Board expects to make a further
redemption payment on or about 30 June 2000.

Enquiries:

Jeremy Paulson-Ellis                         020 7201 7200
Chairman

Howard Myles                                 020 7568 2140
Warburg Dillon Read