RNS Number:2565Q
Metage Special Emerging Markets Fnd
26 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 six months ended June 30,
        2003 and June 30, 2002 and for the year ended December 31, 2002

Capital                                                                     June 30,          June 30,      December 31,
                                                                                2003              2002              2002
                                                                            US$000's          US$000's          US$000's
     Investments at market value:
          Long positions                                                      82,823            78,857            63,796
          Short positions                                                    (2,728)           (9,393)           (3,773)

     Net Current Liabilities                                                (26,648)          (24,022)          (16,263)
                                                                       _____________     _____________     _____________
                                                                                         
     Net Asset Value                                                          53,447            45,442            43,760
                                                                           
    Number of shares outstanding                                           1,631,890         1,631,890         1,631,890

Net Asset Value per Share ($US) (Per IAS 39)                                   32.75             27.85             26.82

     Net Asset Value per Share ($US) based on last traded or                   33.62             28.46             27.80
mid price


Profit And Loss                                                             June 30,          June 30,      December 31,
                                                                                2003              2002              2002
                                                                            US$000's          US$000's          US$000's

     Dividends (net of withholding tax)                                          197             1,559             2,075

     Interest income                                                              58               110               151

     Investment, management and administrative expenses                      (1,479)           (2,881)           (3,912)

     Interest expense                                                          (329)             (864)           (1,231)

Net realised gain (loss) on sale of investments and
Foreign currencies                                                               949            12,037            11,729

Net change in unrealised gains (losses) in forward
Currency contracts                                                              (91)               502               742

Net change in unrealised losses in future
Commodity contracts                                                              741             (169)             (222)

Change in unrealised (depreciation)/ appreciation
of investments                                                                 9,641           (1,281)           (2,000)
                                                                      ______________     _____________     _____________

     Earnings on ordinary activities attributable to                           9,687             9,013             7,332
shareholders
                                                                      ______________    ______________    ______________

     Basic earnings per share ($US)* (Per IAS 39)                               5.94              5.52              4.49

Basic earnings per share based on last traded
or mid price ($US)                                                              6.19              5.59              4.93


                *      The earnings per share has been based on the weighted
                average number of shares in issue throughout the period ended
                June 30, 2003 of 1,631,890 (June 30, 2002 - 1,631,890;December
                31, 2002 1,631,830)


The Net Asset Value of the Fund increased by 22.11% over the six month period
(20.94% on last traded or mid price basis), as compared with a increase of 16.1%
(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 any of the above periods.

The report and accounts for the period ended June 30, 2003 will be sent to
shareholders by the end of September 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


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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