Interim Management Statement

Interim Management Statement

Genesis Emerging Markets Fund Ld

Genesis Emerging Markets Fund Limited

Interim Management Statement (unaudited) for the period to 30^th September, 2011

18^th November, 2011

This statement has been prepared to provide additional information to Shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any party for any purpose other than as stated above.

Genesis Emerging Markets Fund Limited was incorporated with limited liability in Guernsey under the Companies Laws on 19 September 1989 with registered number 20790 as a closed-ended investment company which has the ability to issue additional shares. The Fund's shares are listed on the London Stock Exchange.

On 1st October, 2011, the Board announced the appointment of Mr. Saffet Karpat to the Board. A Turkish national, Mr. Karpat is currently General Manager of Procter & Gamble’s business in Turkey, the Caucuses and Central Asia, and in previous roles in his career has taken responsibility for Proctor & Gamble’s business in Egypt and the Arabian Peninsula.

Investment Objective

The investment objective of the Fund is to provide shareholders with a broadly diversified means of investing in developing countries and immature stock markets, and thus to provide access to superior returns offered by high rates of economic and corporate growth, whilst limiting individual country risk.

The Fund has appointed Genesis Asset Managers, LLP to act as Manager with responsibility for providing advice on the Fund's investment portfolio, in accordance with the Fund's investment objective and policy, subject to the overall supervision of the directors.

Performance Summary

A small loss of 2.8% in emerging markets in July (as measured by the MSCI EM Index in GBP) was overshadowed by the large negative returns posted in August (7.8%) and September (11.1%). This resulted in a loss for this index of 20.3% during the quarter, the first double-digit quarterly decline since the fourth quarter of 2008.

In this volatile environment the Company’s Net Asset Value per share fell from 572.83p at the end of June 2011 to 469.24p on the 30^th September 2011; a loss of 18.1% over the three-month period.

Market Update

Shredded investor nerves in August and September led to some panic selling in equity markets and some panic buying of the US dollar. Risk aversion is the imperative, and many see downside risk to global growth forecasts, so “growth assets” including emerging market equities, were not the flavour of the quarter. The US debt downgrade in August broke the dam of pent-up concern about the global economy. We recognise that these events in the US and Europe are bad for EM export demand, but may take off some inflationary pressure and allow monetary easing before otherwise expected.

Emerging market growth is slowing, but we do still expect it to remain at attractively elevated levels. Positive illustrations of this are for example in India, where GDP growth for the quarter ended June 2011 came in at 7.7% year-on-year, slower (in fact the slowest pace of economic expansion in the past six quarters) but still enough to provide abundant opportunities for Indian (and global) businesses. Positive sentiment was also found in Brazil where we met with Vale who said they are currently sold out for every tonne they can produce, and have seen “no delays, no cuts, nothing”.

Enquiries

John Mayne/ William Simmonds – 020 7588 2828
J.P. Morgan Cazenove
Coen Teulings (Chairman) – 020 7201 7200

Genesis Emerging Markets Fund Limited
Jonathan Snow – 020 7201 7200
Genesis