RNS Number:2071Q
Metage Special Emerging Markets Fnd
25 September 2003


                  METAGE SPECIAL EMERGING MARKETS FUND LIMITED

Registered Office: Bank of Bermuda (Cayman) Ltd., British American Tower, PO Box
   513 GT, Dr. Roy's Drive, Georgetown, Grand Cayman, Cayman Islands, B.W.I.

  Preliminary announcement of audited results for the years ended December 31,
                           2002 and December 31, 2001

Capital                                                                         December 31,       December 31,
                                                                                        2002               2001
                                                                                    US$000's           US$000's
Investments at market value:
                                                                                    
             Long positions                                                           63,796             62,866

             Short positions                                                         (3,773)            (3,496)


Net Current Liabilities                                                             (16,263)           (22,945)

Net Asset Value                                                                      43,760             36,425
                                                                                   
      Number of shares outstanding                                                 1,631,890          1,631,650

      Net Asset Value per Share ($US) (Per IAS 39)                                     26.82              22.32

      Net Asset Value per Share ($US) based on last
      traded or midprice                                                               27.80              22.8


Profit And Loss                                                                 December 31,       December 31,
                                                                                        2002               2001
                                                                                    US$000's           US$000's

      Dividends (net of withholding tax)                                               2,075              1,254
                                                                                        
      Interest income                                                                    151                107

      Investment, management and administrative expenses                              (3,912)            (3,270)
                                                                                     
      Interest expense                                                                (1,231)            (1,172)

Net realised gain (loss) on sale of investments and
foreign currencies                                                                    11,729            (5,011)

Net change in unrealised gains (losses) in forward
currency contracts                                                                       742              (576)

Net change in unrealised losses in future
commodity contracts                                                                    (222)               (69)

Change in unrealised (depreciation)/ appreciation
of investments                                                                       (2,000)             16,201

Recovery of uncollectible sales proceeds                                                  -                 219
                                                                              ______________      _____________

    Earnings on ordinary activities attributable to shareholders                       7,332              7,683
                                                                              ______________      _____________
                                                                            
                                                                                        
    Basic earnings per share ($US)* (Per IAS 39)                                        4.49               4.71


    Basic earnings per share based on last traded

or mid price ($US)                                                                      4.93               4.68


*      The earnings per share has been based on the weighted average number of 
       shares in issue throughout the year ended December 31, 2002 of 1,631,830 
       (December 31, 2001 - 1,631,650)


The Net Asset Value of the Fund increased by 20.16% over the year (21.56% on
last traded or mid price basis), as compared with a decrease of 6.00% (on a
gross return basis) on the benchmark. The benchmark used to measure the
performance of the Fund is Morgan Stanley Capital International Emerging Markets
Free Index (MSCI INDICES US$ EM Free).

The directors have not declared a dividend for the year ended December 31, 2002
(2001: nil)

The report and accounts for the year ended December 31, 2002 will be sent to
shareholders by the end of May 2003 and additional copies are available to
shareholders from the office of the Company Secretary, 6 Front Street, P.O. Box
HM 1020, Hamilton HM DX, Bermuda.

BY ORDER OF THE BOARD







LINDA M. SUTHERLAND

SECRETARY


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