Interim Management Statement

Interim Management Statement

Genesis Emerging Markets Fund Ld

Genesis Emerging Markets Fund Limited

Interim Management Statement (unaudited) for the period to 31^st March, 2011

18^th May 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 5^th February, 2011, the Board announced the appointment of Dr Geng Xiao as a Director. The necessary regulatory approvals have now been satisfied for this appointment. Dr Xiao is director of Columbia Global Centers (East Asia - Beijing), Columbia University. He is also an honorary professor at the University of Hong Kong and an Independent Director of HSBC Bank (China). Previously Dr Xiao was the founding director of the Brookings-Tsinghua Center for Public Policy, senior fellow at the Brookings Institution, tenured professor of economics at the University of Hong Kong, head of research and advisor to the chairman at the Securities and Futures Commission of Hong Kong, vice president of the Chinese Economists Society (USA), a member of the board of supervisors at the Shenzhen Development Bank, faculty associate at Harvard University, and a consultant at the World Bank. Geng obtained his BSc in Management Sciences from the University of Science and Technology of China and his MA & PhD in Economics from UCLA.

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

The start of 2011 has been momentous in terms of human tragedy and conflict. Equity markets provide a welcome escape in such a context, and the MSCI EM Index rose sharply towards the end of March to post a pleasing 7.3% gain for the month, leaving a small loss for the first quarter of 0.7% in Sterling terms.

In this environment the Company’s Net Asset Value per share decreased from £5.84 at the end of December 2010 to £5.71 on the 31^st March 2011; a loss of 2.2% over the three-month period.

Market Update

The impact of the various traumatic events on the companies we analyse seems so far quite limited. The Japanese earthquake has affected the supply chain for various electronic components and has resulted in the temporary closure of some semiconductor manufacturing capacity, with short-term repercussions for customers and competitors in East Asia. In Egypt, we have revised down forecasts for the economy and company earnings in the short term, but are more positive on the longer-term outlook for that country now. The violent conflicts in Libya and the Cote d’Ivoire have no direct impact on companies in our client portfolios, although the latter example has caused investor nervousness about other African countries with elections imminent, Nigeria in particular. Elsewhere, higher inflation remains a key risk in many Asian countries, and recent poor data from India, China and South Korea have led to forecasts of the peak being pushed back.

Enquiries

John Mayne/ William Simmonds – 020 7588 2828
J.P. Morgan CazenoveJ.P. Morgan Cazenove

Coen Teulings (Chairman) – 020 7201 7200
Genesis Emerging Markets Fund Limited Genesis Emerging Markets Fund Limited

Jonathan Snow – 020 7201 7200
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