Holding(s) in Company

COMPANY ANNOUNCEMENT

                      Genesis Emerging Markets Fund Limited

                             Ten Largest Investments


4th January, 2005

The  Directors of the Genesis Emerging Markets Fund Limited announce that the
following were the ten largest holdings as at 31st December, 2004:

Genesis Chile Fund
New Century Holdings
PT Telekomunikasi Indonesia
Samsung Electronics
MTN Group
Sasol
Standard Bank Group
Femsa
America Movil
KT&G Corporation

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


Enquiries :


Genesis Investment Management LLP       Charles Zorab
                                        Phone + 44 (0) 20 7201 7200