The BSX Approves Listing of Emerging Market Debt Fund

Hamilton, BERMUDA (February 2, 1998) -- The Listing Committee of The Bermuda Stock Exchange ("The BSX") today announced that it has approved the listing of up to 50,000,000 shares of The Emerging Market Debt Fund Limited. The issue is being introduced for listing under the restricted marketing provisions of The BSX, meaning that shares may be distributed to Qualified Investors only and may not be traded in lots with an initial value of less than U.S. $100,000.

The Emerging Market Debt Fund Limited is a closed-end investment company incorporated in Bermuda on January 13, 1998. The Fund is managed by Jupiter Asset Management Limited. The Fund seeks to provide Qualified Investors with capital appreciation through investment opportunities in a globally diversified range of debt instruments issued within any of the world's emerging markets. The Fund seeks to invest in any of those countries which are believed to be adopting the appropriate reforms that will ultimately lead to an improvement in their economic performance.

"The BSX welcomes this listing, which brings the total number of funds listed on the Exchange to 108," said Chief Executive Officer of The BSX Mr. William A. Woods. "The listing of this Fund fits into The BSX strategy of offering increased visibility to issuers developing innovative investment products for institutional investors."

The listing of the Funds was sponsored by Bermuda International Securities Limited, a subsidiary of The Bank of Bermuda in Hamilton, Bermuda.

For further information on any of The Emerging Market Debt Fund Limited shares, please contact Mr. Thomas P. MacNeil at Jupiter Asset Management (Bermuda) Limited, Tel: 1-441- 292-2760, Fax: 1-441-295-8690.

For additional information on The BSX, please call Robin H. McPhee, 441-292-7212 or e-mail info@bsx.com, or visit The BSX Web site at www.bsx.com.