Holding(s) in Company

For immediate release

28th January 2007

COMPANY ANNOUNCEMENT

GENESIS EMERGING MARKETS FUND LIMITED


TR-1: NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting
    rights are attached: GENESIS EMERGING MARKETS FUND LIMITED

2. Reason for the notification (yes/no)

   An acquisition or disposal of voting rights                                  YES

   An acquisition or disposal of financial instruments which may result in the
   acquisition of shares already issued to which voting rights are attached     NO

   An event changing the breakdown of voting rights                             NO

   Other (please specify):                                                      NO

3. Full name of person(s) subject to the notification obligation:
     City of London Investment Management Company Limited

4. Full name of shareholder(s) (if different from 3.):

5. Date of the transaction (and date on which the threshold is crossed
   or reached if different):  24th January 2008

6. Date on which issuer notified:  28th January 2008

7. Threshold(s) that is/are crossed or reached:  10%

8. Notified details:


A. Voting rights attached to shares

Class/type of shares: (if possible using the ISIN CODE):
GB0003678025

Situation previous to the Triggering transaction
Number of Shares:  1,358,355
Number of Voting Rights:  1,358,355

Resulting situation after the triggering transaction
Number of shares:
Number of voting rights - Direct:  0
Number of voting rights - Indirect :  1,278,355
% of Voting rights - Direct:  0%
% of Voting rights - Indirect:  9.47%

B. Financial Instruments

Resulting situation after the triggering transaction
Type of financial instrument:
Expiration date:
Exercise / Conversion Period / Date:
Number of voting rights that may be acquired if the instrument is exercised / converted:
Percentage of voting rights:

Total (A + B)
Number of voting rights:  1,278,355
% of voting rights:  9.47%

9. Chain of controlled undertakings through which the voting rights and / or the
financial instruments are effectively held, if applicable:

All Voting Rights on all Shares are controlled by City of London Investment Management Limited.

Proxy Voting:

10. Name of the proxy holder:  Held through City of London Investment Management Limited.

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional Information:

14. Contact name:  Jay McKenna

15. Contact telephone name:  [e-mail] on 001-610-380-0121

                             [e-mail] on 0207-860-8332


END