Net Asset Value(s)

COMPANY ANNOUNCEMENT

Genesis Emerging Markets Fund Limited

18th July 2006

The Directors of Genesis Emerging Markets Fund Limited would like to announce that the Company's Net Asset Value per
share was $46.70 as at the 14th July 2006.

Enquiries :

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