Net Asset Value(s)

COMPANY ANNOUNCEMENT

                  Genesis Emerging Markets Fund Limited



12th February, 2004

The  Directors  of Genesis Emerging Markets Fund Limited would  like  to
announce that the Company's Net Asset Value per share was $26.84  as  at
the 10th February 2004.


Enquiries :


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