Holding(s) in Company

COMPANY ANNOUNCEMENT

                      Genesis Emerging Markets Fund Limited

                             Ten Largest Investments


2nd July, 2004

The  Directors of the Genesis Emerging Markets Fund Limited announce that the
following were the ten largest holdings as at 30th June, 2004:

Genesis Chile Fund
New Century Holdings
Femsa
Samsung Electronics
Taiwan Semiconductor Co.
PT Telekomunikasi Indonesia
Antofagasta
America Movil
Anglo American
Standard Bank Group

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


Enquiries :


Genesis Investment Management LLP       Charles Zorab
                                        Phone + 44 (0) 20 7201 7200