Ten Largest Investments

COMPANY ANNOUNCEMENT

                      Genesis Emerging Markets Fund Limited

                             Ten Largest Investments


9th  January, 2006


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

1. Samsung Electronics
2. Taiwan Semiconductor Co
3. New Century Holdings
4. Kookmin Bank
5. Anglo American
6. PT Telekomunikasi Indonesia
7. Standard Bank
8. Femsa
9. Orascom Construction Inds
10. Samsung Securities

There were no holdings, other than certain holdings included in the list above,
of more than 5% of the portfolio

Enquiries:

Genesis Investment Management LLP             Charles Zorab
                                              Phone [phone]