Holding(s) in Company TEN LARGEST INVESTMENTS

COMPANY ANNOUNCEMENT

                      Genesis Emerging Markets Fund Limited

                             Ten Largest Investments


3rd October 2006

The Directors of the Genesis Emerging Markets Fund Limited announce that the
following were the ten largest holdings of the Fund as at 31st September 2006:

  1. PT Telekomunikasi Indonesia
  2. Samsung Electronics
  3. Taiwan Semiconductor Co
  4. Anglo American
  5. Mobile Telesystems
  6. Bank Rakyat Indonesia
  7. Orascom Construction
  8. Korea Electric Power
  9. Standard Bank
 10. Lukoil

There were no holdings of more than 5% of the portfolio

Enquiries:

Genesis Investment Management LLP                      Charles Zorab
                                                       Phone [phone]