COMPANY ANNOUNCEMENT
                                    
                  Genesis Emerging Markets Fund Limited
                                    
                         Ten Largest Investments
                                    
2nd January, 2004

The Directors of the Genesis Emerging Markets Fund Limited announce that
the  following were the Fund's ten largest holdings, as at 31st December
2003:

Genesis Chile Fund
Genesis Indian Investment Company
Genesis Smaller Companies SICAV
New Century Holdings
Antofagasta
Taiwan Semiconductor Co
PT Telekomunikasi Indonesia
Anglo American
Kookmin Bank
Samsung Electronics

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

Enquiries :

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