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 March, 2012

18^th May, 2012

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.

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 (returns in GBP)

After rocketing up in January and February, the MSCI Emerging Markets Index fell by 3.6% in March, to leave the quarterly return at a still-impressive 11.1%.

In this environment the Fund’s Net Asset Value per share rose from 490.68p at the end of December 2011 to 540.93p on the 30^th March 2011; a gain of 10.2% over the three-month period.

Market Update

The economic backdrop has been mixed in recent months: in a number of emerging markets, investors were presented with disappointing, but still positive data; the US produced more positive surprises than negative ones; and in Europe, the second Greek bail-out, and travails of the various peripheral countries were anaesthetised by the ECB’s injections of long-term liquidity. The oil price remained worryingly high.

EM central banks, though, have been trying to lighten the gloom during April. In Brazil, the policy interest rate was cut by 75 basis points to 9% and the Reserve Bank of India (RBI) surprised many by lowering its benchmark interest rate to 8% from 8.5%. Yet stockmarkets, and the currency, in both Brazil and India have been weak in recent weeks. The RBI was responding less to a drop in inflation and more to concerns on growth. The closely-followed wholesale price inflation figure in India had been above 7% since the end of 2009 but settled only a touch lower at 6.9% in February and March. Yet with credit growth having slowed (to 17% year-on-year, according to the latest release) in the high interest rate environment, economic growth has suffered. Indian GDP expansion of 6.1% year-on-year in the quarter ended December 2011, was, aside from in the very depths of the global financial crisis, the weakest pace of growth since 2004.

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