Net Asset Value(s)

Genesis Emerging Markets Fund Ld
23 January 2003



                              COMPANY ANNOUNCEMENT

                     Genesis Emerging Markets Fund Limited


23rd January, 2003

The Directors of Genesis Emerging Markets Fund Limited would like to announce
that the Company's Net Asset Value per share was $15.57 as at the 21st January,
2003.

Enquiries :

Genesis Investment Management Limited          Martyn Ryan
                                               Phone + 44 (0) 20 7201 7200


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