Ten Largest Holdings

COMPANY ANNOUNCEMENT

                      Genesis Emerging Markets Fund Limited

                              Ten Largest Holdings


2nd January 2007

The Directors of Genesis Emerging Markets Fund Limited announce that the
following were the ten largest holdings of the Fund as at 29th December 2006:

  1. PT Telekomunikasi Indonesia
  2. Anglo American
  3. Samsung Electronics
  4. Mobile Telesystems
  5. Standard Bank
  6. Cemex
  7. Bank Rakyat Indonesia
  8. Lukoil
  9. Korea Electric Power
 10. China Shenhua Energy

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