Miscellaneous Ten Largest Investments

COMPANY ANNOUNCEMENT

                      Genesis Emerging Markets Fund Limited

                             Ten Largest Investments


1st April, 2004

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

Genesis Chile Fund
New Century Holdings
Samsung Electronics
Antofagasta
Taiwan Semiconductor Co
Anglo American
PT Telekomunikasi Indonesia
American Movil
MTN Group
Femsa

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


Enquiries :


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