Interim Management Statement

Interim Management Statement

Genesis Emerging Markets Fund Ld

Genesis Emerging Markets Fund Limited (“the Fund”)

Interim Management Statement (unaudited)

for the three-month period ended 30^th September, 2012

This Interim Management Statement relates to the period 1^st July 2012 to 30^th September 2012 and is the Fund’s first interim management statement for the financial year ending 30^th June 2013, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

INVESTMENT OBJECTIVE

Genesis Emerging Markets Fund Limited was incorporated with limited liability in Guernsey under the Companies Laws on 19^th 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.

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.

FINANCIAL POSITION

GBP	Â	As at 30th September 2012 (unaudited)	Â	As at 30th June 2012 (audited)
		Â
Total Assets (mil)		728		693
Net Asset Value per share		539.5p		513.6p
Share Price Discount		-4.5%		-8.0%

FINANCIAL PERFORMANCE

Performance to 30th September 2012 in GBP	Â	3 Months	Â	1 Year	Â	3 Years*	Â	5 Years*	Â	10 Years*
		%		%		%		%		%
Â		Â
Share Price		9.1		16.6		10.1		9.0		21.3
Net Asset Value		5.1		15.0		8.6		7.7		19.5
MSCI EM (TR)		5.0		13.8		5.7		3.8		17.1

* Annualised rate of return

Fund performance – Genesis’ own records. NAV to NAV. Net of all expenses, including management fees and tax suffered. Net income reinvested. Index performance – calculated by Genesis based upon index values supplied by MSCI.

INVESTMENT ENVIRONMENT AND OUTLOOK

Buoyed by equities rallying almost everywhere in September, the MSCI EM Index (in sterling terms) rose 5.0% in the three month period.

Against this backdrop, the Company’s Net Asset Value per share rose from 513.56p on 29^th June 2012 to 539.51p on 28^th September 2012; a gain of 5.1% over the three-month period.

Despite gaining in the quarter, developing countries are feeling a chill wind from weaker global demand. Economic data, although backward looking, are doing little to inspire investor confidence: the UN Industrial Development Organisation says that in the second quarter the growth of manufacturing output in developing countries fell to its lowest level since the start of 2011. This makes an interesting contrast with the resilience of manufacturing production in 2008-9; the more prolonged uncertainty since 2010 seems to have damaged confidence and affected domestic demand. Manufacturing production in the developing world is expected to grow a respectable 4.5% in 2012 – over twice the US rate – but expectations have moderated, not least in China, where the contrast with 2008-9 is perhaps greatest.

Looking forward, the IMF has reported its World Economic Output and talks of a slow and bumpy growth trajectory, fuelled by new setbacks to the global economy and continued uncertainty. It is important to note that this forecast is based on relatively sanguine assumptions; the IMF assume that there will be no fiscal cliff in the US and Europe will get its act together in the sense that measures agreed in June and September of ECB bond buying and common banking regulations will work out.

MATERIAL EVENTS AND COMPANY NEWS

On 18^th September, 2012, the Directors announced the appointment of Hélène Ploix to the Board. Mrs Ploix is currently Chairman of Paris-based private equity investment firm Pechel Industries, a role which she has held since 1997, and of Pechel Industries Partenaires, a private equity management company, since 2004. She is currently a member of the Advisory Board of Publicis, a Non-Executive Director of BNP Paribas, Lafarge and Belgian investment company Sofina, and was previously a member of a number of company Boards including The Boots Company PLC.

There are no other material events to report from the period 1^st July 2012 to the date of this statement.

In addition to the Annual Report which was sent to investors in September, the Fund has continued its efforts to keep shareholders informed about their investment. On a monthly basis, a factsheet is posted to the Investment Advisor’s website – www.giml.co.uk – and is emailed to shareholders.

AGM

At the Company's AGM held on 2^nd November 2012, all the resolutions were passed.

This Interim Management Statement has been produced solely to provide additional information to shareholders of the Fund to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purposes other than as stated above. In addition, the views, information and data in this publication should not be deemed as a financial promotion or recommendation.

Other than described above, the Board is not aware of any events during the period from 1^st July 2012 to the date of this statement which would have had a material impact on the financial position of the Company.

Issued on behalf of the Board

HSBC Securities Services Ltd, Guernsey

Secretary

Date: 19^th November, 2012

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