Holding(s) in Company

26th January, 2005

Genesis Emerging Markets Fund Limited ("GEMF")

The Directors of GEMF announce that they have been informed of the following
positions in the outstanding share capital of the Company, being 13,496,306
Participating Preference Shares.

  1.   Current interests of 3% or more, together with the date on which the
     Company became aware of such holding:

    Notifying       Interested Party   No. of      Percentage    Date
    Party                              Shares      holding

    Nortrust        Strathclyde        1,901,311   14.1%         31/10/2000
    Nominees        Pension Fund

    Co-Operative    Co-Operative       992,060     7.4%          31/10/2000
    Insurance       Insurance Society
    Society

    Derbyshire      Derbyshire County  518,426     3.8%          31/10/2000
    County Council  Council

    HSBC Nominees   Skandinaviska      685,997     5.1%          05/11/2001
                    Enskilda Banken

    HSBC Nominees   Banque de Groof    670,000     5.0%          15/11/2001

    State Street    Devon County       616,949     4.6%          15/11/2001
    Nominees        Council

    Nortrust        British Aerospace  679,000     5.0%          30/11/2001
    Nominees        Pensions

    State Street    Lazard Freres      586,000     4.3%          08/05/2002
    Nominees

    HSBC Nominees   Sarasin            1,125,567   8.3%          02/01/2003
                    Investment
                    Management

  2.   Notified interests of 3% or more that have since been reduced to below 3%,
     together with the dates of the original notification as well as the date that
     the interest was no longer notifiable:

Notifying     Interested    Date of        Date no
Party         Party         original       longer
                            notification   notifiable

HSBC          UBS Zurich    18/11/01       30/09/2002
Nominees

Morgan        Halifax       10/06/2002     01/05/2003
Nominees      Pensions


There are no interests in GEMF held by any Genesis Group advised clients.
A subsidiary of the Company, Genemar Limited, owns 90,000 Participating
Preference Shares, making a total issued share capital of 13,586,306.

Enquiries:     Martyn Ryan
Telephone:     + 44 (0)20 7201 7200