COMPANY ANNOUNCEMENT
                                    
Genesis Emerging Markets Fund Limited
                                    
15th January, 2004

The  Directors  of Genesis Emerging Markets Fund Limited would  like  to
announce that the Company's Net Asset Value per share was $26.19  as  at
the 13th January 2004.

Enquiries :

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