Statement re Ten Largest Investments

COMPANY ANNOUNCEMENT

                      Genesis Emerging Markets Fund Limited

                             Ten Largest Investments


4th April, 2005


The Directors of the Genesis Emerging Markets Fund Limited announce that the
following were the ten largest holdings as at 31st March 2005:

Genesis Chile Fund
New Century Holdings
Orascom Construction
PT Telkomunikasi
Samsung Electronics
Sasol
MTN Group
KT&G
Femsa
MOL

There were no other holdings of more than 5% of the portfolio.

Enquiries:

Genesis Investment Management LLP     Charles Zorab
                                      Phone [phone]