Net Asset Value(s) AMENDMENT

COMPANY ANNOUNCEMENT

                      Genesis Emerging Markets Fund Limited


                                    AMENDMENT

18th May, 2005

The  Directors of Genesis Emerging Markets Fund Limited would like  to  announce
that  the  Company's Net Asset Value per share was $34.68 as at  the  13th  May,
2005.

Enquiries :


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