Net Asset Value(s)

Genesis Emerging Markets Fund Ld
20 December 2002


                              COMPANY ANNOUNCEMENT


                     Genesis Emerging Markets Fund Limited



20th December, 2002


The Directors of Genesis Emerging Markets Fund Limited would like to announce
that the Company's Net Asset Value per share was $15.64 as at the 13th December,
2002.


Enquiries :

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


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