Buchanan Special - Re Portfolio Management

RNS No 8600j
BUCHANAN SPECIAL EMERGING MARKETS FUND LIMITED
10th February 1998

LETTER TO:  SHAREHOLDERS

On 20th January, 1998, we advised you that the core of the investment team at
Buchanan Capital Management Limited ("Buchanan") responsible for managing the
portfolio of The Buchanan Special Emerging Markets Fund Limited (the "Company")
will be resigning from Buchanan.  The team will be moving to Credit Suisse First
Boston (Europe) Limited ("CSFB").  Buchanan has suggested to the directors that
it is in the best interests of the Company to have the team continue to manage
the portfolio of the Company.

The directors, having considered the various options available to the Company,
have determined that it is in the shareholders' best interests to terminate the
investment management agreement with Buchanan and enter into an investment
management agreement with CSFB.  A new investment management agreement with CSFB
has been prepared, the terms of which, including the fee structure, are similar
to the agreement with Buchanan.  It is intended the new agreement be entered
into effective as of 11th February, 1998.

It has been proposed that Peregrine Moncreiffe, the Chief Executive Officer of
Buchanan become a director of the Company.  It is understood that it is CSFB's
intention to appoint Buchanan as a sub-adviser to manage certain assets of the
Company.

If you have any questions with respect to the above, please do not hesitate to
contact the undersigned at 1 441 299 5205.

FROM:  DAVID T. SMITH
       CHAIRMAN

END

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