Change of Custodian

Stock Exchange Announcement


For immediate release                                  12 April 2005

               GENESIS EMERGING MARKETS FUND LIMITED (the "Fund")

                             Re: Change of Custodian

The  Board  of  Directors of the Fund (the "Board") wish to announce  that  with
effect from 11th April 2005 HSBC Custody Services (Guernsey) Limited ("HCSGL" or
the  "Custodian") has been appointed as the new Custodian of the Fund  replacing
Bank  of  Bermuda (Guernsey) Limited ("BOBGL").   This change is as a result  of
the take over by HSBC Holdings Plc of Bank of Bermuda Limited.

Accordingly   a  Novation  Agreement  dated  11th  April  2005  (the   "Novation
Agreement") has been entered into by the Fund, Genesis Fund Managers,  LLP  (the
"Manager") BOBGL and HCSGL. The change in Custodian has not resulted in a change
of  parent  company  and  the  terms and conditions of  the  original  Custodian
Agreement  are  not affected following the novation.  All of the assets  of  the
Fund will be held by HCSGL.

The  Custodian  was  incorporated with limited liability in  Guernsey,  on  25th
August  1992 and has its registered office at Arnold House, St Julian's  Avenue,
St  Peter  Port, Guernsey, GY1 3NF.  A wholly owned subsidiary of HSBC  Holdings
Plc, the Custodian has an authorised and issued share capital of £4,000,000  all
of  which  is  fully paid.  The Custodian is licensed by the Guernsey  Financial
Services  Commission under the Protection of Investors (Bailiwick  of  Guernsey)
Law 1987 to carry on the business of custodian to Collective Investment Schemes.
The  Custodian's principal business activity is acting as trustee and  custodian
of collective investment schemes.

HSBC  Holdings  Plc, a public company incorporated in England, had  consolidated
gross assets of approximately US$1,277 billion as at 31st December 2004.

As  at  31st  March  2005, HCSGL have no assets under custody,  however  on  the
effective date of change of the Custodian all the assets under custody of BOBGL,
being approximately US$8 billion as at 31st March 2005, will be transferred over
to HCSGL.


Enquiries:

HSBC   Securities   Services      Ms Kate Stallard
(Guernsey) Limited                Phone: [phone]