Annual Financial Report

GENESIS EMERGING MARKETS FUND LIMITED
                           STOCK EXCHANGE ANNOUNCEMENT

The Directors of Genesis Emerging Markets Fund Limited announce the following
results for the year ended 30th June, 2009:-

                                               30th June 2009  30th June 2008
                                                      US$            US$

Total net assets                                  734,260,089    994,204,936

Net assets per Participating Share                   54.39          73.65

Total income perParticipating Share                 (19.26)          3.37

Commenting on the results the Chairman has made the following statement:

Performance

Extreme moves in all financial markets have dominated the investment environment
over  the  Fund's  financial year. Following the dramatic market  falls  in  the
second  half of 2008 which took the Fund's net asset value (NAV) per share  from
US$74.03 at the end of June 2009 to US$39.67 at the end of December - a  decline
of  over  46% - markets have rebounded sharply in 2008, with the Fund's NAV  per
share  rising  38%  over  the six-month period to close the  financial  year  at
US$54.66.

The  decline  in  NAV  per share over the full twelve month  period  was  26.2%,
putting  the Fund slightly ahead of the performance of the MSCI Emerging Markets
Free Index, which fell 27.8% over the same period.

The  Report  of  the  Manager  on  the following pages  describes  the  economic
environment more fully and comments on the activity seen in the portfolio during
the year.

Reflecting the volatile market environment, the Fund's discount to NAV has  seen
significant variation, especially towards the end of 2008. Over the  year  under
review the discount has averaged 9.6%, closing the financial year at 10.1%.

The  Fund's short-term returns are of course an important consideration for  the
Board of Directors when assessing the success of the Fund and the performance of
the  Manager. That said it should not be forgotten, amidst the volatile economic
and stock market environment that we have seen over the financial year, that the
key  aim  of the Fund is to generate performance for its shareholders  over  the
long  term. In this context it is pleasing to note that over the last five years
the Fund has generated an annualised return of nearly 16%. To look back further,
those  shareholders  who  invested in the Fund at its inception  have  now  seen
returns of over 12.5% per annum for the last twenty years.

As Directors, we remain satisfied that the Manager's approach and personnel will
allow  it  to  continue generating long-term performance. Our  opinion  is  that
shareholders'  interests remain best served by the ongoing  appointment  of  the
Manager.

Restructuring of the Fund

In recent years the Directors and Manager have received a number of comments and
questions from shareholders relating to the sometimes low liquidity exhibited by
the  Fund's shares in the marketplace. In response to this, the Board has  taken
the  decision to propose certain changes to the structure of the Fund, in  order
to broaden and deepen the market in the Fund's shares.  These proposals are to:-

  1.   Redenominate the Fund's share capital as nil par value from US Dollars to
       permit the Fund's shares to be quoted in Sterling on the London Stock
       Exchange and therefore for the Fund to become eligible for inclusion in the
       FTSE 250 Index; and

  2.   Reduce the market price of each share by dividing each existing share into
       ten redenominated shares.

It  is  believed  that  this  will have the effect of  making  the  shares  more
attractive  to a broader range of investors and so improve the marketability  of
the Fund's shares.  Shareholders will be asked to vote on these proposals at  an
Extraordinary  General  Meeting to be held following the Fund's  Annual  General
Meeting in October.

The  proposals  will  require  amendments to the  Fund's  existing  Articles  of
Association  in  order  to  redenominate and split  the  share  capital.   These
amendments  require approval by the Fund's shareholders.    This  is  the  first
occasion since the introduction of a new Companies Law in Guernsey in 2008  that
it  has  been  necessary  to  seek approval to alter the  Fund's  constitutional
documents  and  so  the  Board  is taking this opportunity  to  adopt  a  modern
constitution to reflect developments in Guernsey company law since the  original
Articles were adopted at formation in 1989.

Further  detail  on  these proposals is given in the Circular  accompanying  the
Annual  Report and Financial Statements. The Board of Directors, in  conjunction
with its advisers J.P. Morgan Cazenove Limited, recommend that shareholders vote
in favour of the proposals.

The Board

The  Directors  are sad to announce the retirement of Jeremy Paulson-Ellis  from
the  Board  of the Fund, effective from the forthcoming Annual General  Meeting.
Mr.  Paulson-Ellis  has  served the Fund with the utmost distinction  since  its
formation, for much of that time as Chairman, and his involvement has been a key
factor  behind  the  Fund's strong reputation and continued success.  It  is  no
exaggeration  to say that Mr. Paulson-Ellis is one of the earliest  pioneers  in
the  field of emerging markets investing, and his extensive knowledge of  -  and
long experience in - developing countries has enabled him to act as a source  of
invaluable advice and guidance to the Fund. On behalf of the Board, I would like
to express my gratitude to Mr. Paulson-Ellis for his contribution to the success
of the Fund; he will be sorely missed.

In accordance with the Articles of Association and with regulatory requirements,
the  Hon.  John  Train offers himself for re-election at the forthcoming  Annual
General  Meeting  (as  detailed in the Notice of Meeting  that  accompanies  the
Annual  Report  and  Financial  Statements).  Mr.  Train's  long  experience  in
investment  matters  and  his  deep knowledge  of  the  politics  of  developing
countries is greatly valued by his fellow Directors and I have no hesitation  in
endorsing his re-election to the Board.

The  notice convening the Annual General Meeting to be held on 30th October 2009
is given at the end of the Annual Report and Financial Statements. We will again
be  holding  an  Information Meeting in London on  the  same  day  to  which  an
invitation  is  enclosed;  we look forward to meeting as  many  shareholders  as
possible at this event.

Outlook

In  the short-term it seems unlikely that emerging stock markets can continue to
rise  at the pace of the last few months, and indeed it seems prudent to  expect
further market volatility over the near term as the global economy works its way
towards  some kind of recovery. Clearly developing countries will not be  immune
from these effects.

Looking  past  the  current environment, however, the  outlook  for  the  Fund's
investments  is very attractive. Over the longer-term, emerging countries  ought
to  continue  to grow faster than their developed counterparts,  with  the  main
factors  behind this being favourable demographic trends and the  deployment  of
ever-cheaper technology, communications and transport infrastructure to  improve
productivity, as well as increasingly competent management not only of companies
but also - by governments - of economies in general.

Notwithstanding the recent rally in markets, the Manager (as noted in the Report
that  follows) remains able to identify many attractively-priced entrepreneurial
companies who are ready to take advantage of growth opportunities.

Our expectations for the asset class therefore remain extremely positive, and I,
in  common  with the rest of the Board of Directors, believe that the Fund  will
continue to generate the highly attractive returns for its shareholders that  it
has produced over the last twenty years.


Coen Teulings
Chairman
September 2009.



Commenting on the results the Manager has made the following statement:

Review

The Fund's net asset value declined by 26.2% over the twelve months to 30th June
2009,  but there were of course two distinct components to this movement. A  55%
fall in the Fund's NAV from 30th June 2008 to 28th February 2009 was followed by
a rise of some 63% over the next four months.

At  the end of 2008, and into 2009, emerging stock markets were caught up in the
outpouring of global economic gloom, even though many developing countries  were
seeing  significantly better data than the advanced economies. However in recent
months,  this extreme pessimism has given way to a more optimistic view  of  the
world.  Improved sentiment through incrementally positive economic data releases
has  been compounded by companies generally beating (low) expectations in  their
first  half  profits releases.  Commonly we have seen recently that while  sales
volumes have been predictably weak, pricing has been, generally speaking,  above
expectations  and  cost  savings  a significant  positive  surprise  (through  a
combination  of  lower  commodity  prices and reductions  in  wages  and  travel
expenses).  This means that, in many cases, corporate profit margins  this  year
have been above expectations.

Recent  visits  to the two largest markets in the emerging market  indices  have
supported  this  view. Brazil is experiencing a sharp recovery in  consumer  and
business  confidence,  for  which the rapid and comprehensive  response  to  the
crisis by the government and central bank must be credited in large part.  China
is  the key cog in the global economic machine, and its economic recovery  seems
on  track,  as  seen in the robust second quarter GDP growth of 7.9%  (following
6.1%  growth  in the first). The pick-up in the economy here - again  driven  by
government  stimulus  - has been remarkable considering  it  has  been  achieved
without  a  meaningful recovery in exports and in the property sector. Naturally
the  risks  in  both  markets  have to be recognised  too:  Brazil's  return  to
normality has come at the cost of a much higher fiscal deficit, although Chinese
banks are probably now lending too aggressively, which while beneficial for  the
economy may not be ideal for their shareholders further down the line.

Turnover for the twelve-month period was, at over 30%, higher than usual for the
Fund,  as  volatile  price movements presented us with a  number  of  investment
opportunities.  Towards  the  end of 2008 the more challenging  environment  for
companies  led us to lower our earnings and cashflow expectations  for  many  of
those  that we follow, reducing our estimates of the companies' intrinsic value.
Share prices, however, generally fell by an even greater extent, allowing us  to
both  add to existing positions and instigate new holdings in certain attractive
opportunities that had previously been - in our view - too expensive.

This  resulted  in  additional exposure to China through the purchase  of  China
Mobile, an increase in the weighting of China Shenhua. Exposure to South Africa-
based  companies also increased as we added to the Fund's largest holding  Anglo
American;  we  also  added  exposure in Russia in the  final  quarter  of  2008,
establishing new positions in Novatek and Sberbank, in particular. Over the year
under review, the Fund sold out of holdings in ICBC (of China), KB Financial (of
South Korea), and the Turkish retailer Migros.

Throughout the market volatility over the last twelve months, we have focused on
applying   our  investment  process  in  a  consistent  manner,  using  detailed
fundamental analysis to identify quality companies that appear to be undervalued
by  the market. Even though stock markets have risen very rapidly over the  past
few months, the emerging markets universe continues to offer a very large number
of investment opportunities that are attractively priced.

Genesis Asset Managers,LLP
2009


                          GENESIS EMERGING MARKETS FUND LIMITED
                          STOCK EXCHANGE ANNOUNCEMENT (continued)

                             CONSOLIDATED BALANCE SHEET
                                as at 30th June 2009


                                            30th June 2009       30th June 2008
                                                   $                   $
      ASSETS
      Current assets
      Financial assets at fair value through
      profit or loss                           721,944,912          997,994,926
      Amounts due from brokers                       -                  280,281
      Dividends and interest receivable          1,957,186            2,527,774
      Other receivables and prepayments            165,392              161,422
      Cash and cash equivalents                 12,291,308            3,800,435

      TOTAL ASSETS                             736,358,798        1,004,744,838

      LIABILITIES
      Current liabilities
      Amounts due to brokers                       850,498            1,744,050
      Payables and accrued expenses              1,248,086            1,576,299
      Bank overdraft                                   125            7,219,553

      TOTAL LIABILITIES                          2,098,709           10,539,902

      TOTAL NET ASSETS                         734,260,089          994,204,936

      EQUITY
      Called-up share capital                      270,633              270,633
      Share premium                            135,238,840          135,238,840
      Capital reserve                          559,694,846          821,937,433
      Revenue account                           40,216,270           37,918,530
      Purchase of own shares                    (1,160,500)          (1,160,500)

      TOTAL EQUITY                             734,260,089          994,204,936

      EQUITY PER PARTICIPATING PREFERENCE SHARE     $54.39               $73.65


                          GENESIS EMERGING MARKETS FUND LIMITED
                          STOCK EXCHANGE ANNOUNCEMENT (continued)

                              CONSOLIDATED INCOME STATEMENT
                            for the year ended 30th June 2009

                                            30th June 2009       30th June 2008
                                                   $                    $
    INCOME
    Net change in financial assets at fair
    value through profit or loss              (261,097,614)          28,751,404
    Net exchange losses                         (1,144,973)          (6,059,954)
    Dividend income                             16,964,626           45,184,609
    Deposit interest                                32,908              239,258
    Miscellaneous income                             7,725              151,577
                                              (245,237,328)          68,266,894

    TOTAL OPERATING EXPENSES                   (12,488,501)         (20,114,143)

    OPERATING (LOSS)/PROFIT                   (257,725,829)          48,152,751


    FINANCE COSTS
    Bank charges                                    (3,543)              (2,628)
    Interest expense                               (69,942)            (581,449)

    TOTAL FINANCE COSTS                            (73,485)            (584,077)
    Taxation                                    (2,145,533)          (2,062,299)

    (LOSS)/PROFIT FOR THE YEAR                (259,944,847)          45,506,375


    (DEFICIT)/RETURN PER
    PARTICIPATING PREFERENCE SHARE *               $(19.26)              $3.372



    * Calculated on a weighted average number of participating preference shares
      in issue of 13,496,306(2008 - 13,496,306)



                            GENESIS EMERGING MARKETS FUND LIMITED
                            STOCK EXCHANGE ANNOUNCEMENT (continued)

                         CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                             For the year ended 30th June 2009

                   Share      Share      Capital      Revenue     Purchase     Total
                  Capital    Premium     Reserve      Account      of Own
                                                                   Shares
                     $          $           $            $            $          $

Net assets at the
beginning of the
year              270,633  135,238,840  821,937,433  37,918,530  (1,160,500)  994,204,936

Movement in the
year                    -            - (262,242,587)  2,297,740           -  (259,944,847)

Net assets at the
end of the year   270,633  135,238,840  559,694,846  40,216,270  (1,160,500)  734,260,089


                           For the year ended 30th June 2008

                   Share       Share      Capital       Revenue    Purchase    Total
                  Capital     Premium     Reserve       Account     of Own
                                                                  Shares
                     $           $           $             $           $         $

Net assets at the
beginning of the
year               270,633  135,238,840  799,245,983  15,103,605 (1,160,500) 948,698,561

Movement in the
year                     -            -   22,691,450  22,814,925          -   45,506,375

Net assets at the
end of the year    270,633  135,238,840  821,937,433  37,918,530  (1,160,500) 994,204,936



                            GENESIS EMERGING MARKETS FUND LIMITED
                            STOCK EXCHANGE ANNOUNCEMENT (continued)

                             CONSOLIDATED STATEMENT OF CASH FLOWS
                              for the year ended 30th June 2009

                                            30th June 2009       30th June 2008
                                                    $                  $
    OPERATING ACTIVITIES
    Investment income received                  17,538,992           45,700,263
    Taxation paid                               (2,145,533)          (2,452,986)
    Interest received                               37,256              241,496
    Operating expenses paid                    (12,894,570)         (20,862,060)
    Purchase of investments                   (206,073,332)        (378,087,593)
    Proceeds from sale of investments          220,392,461          348,075,787
    Foreign exchange loss                           (4,214)             (47,472)

    NET CASH INFLOW/(OUTFLOW)
    FROM OPERATING ACTIVITIES                   16,851,060           (7,432,565)


    NET INCREASE/(DECREASE)IN
    CASH AND CASH EQUIVALENTS                   16,851,060           (7,432,565)

    Effect of exchange rate fluctuations
    on cash and cash equivalents                (1,140,759)          (6,012,482)
                                                15,710,301          (13,445,047)

    Net cash and cash equivalents at
    the beginning of the year                   (3,419,118)          10,025,929


    NET CASH AND CASH EQUIVALENTS
    AT THE END OF THE YEAR                      12,291,183           (3,419,118)


    Comprising of:
    Cash and cash equivalents                   12,291,308            3,800,435
    Bank overdraft                                    (125)          (7,219,553)

    NET CASH AND CASH  EQUIVALENTS
    AT THE END OF THE YEAR                      12,291,183           (3,419,118)


                            GENESIS EMERGING MARKETS FUND LIMITED
                            STOCK EXCHANGE ANNOUNCEMENT (continued)


           RECONCILIATION OF PUBLISHED NET ASSET VALUE ATTRIBUTABLE TO EQUITY SHAREHOLDERS
                                       TO THE IFRS EQUIVALENT

                                             30th June 2009          Per Participating
                                                  Total              Preference Share
                                                    $                       $

Published Net Asset Value                      737,694,747                 54.66
Change from mid market pricing
to bid pricing for investments                  (3,569,428)                (0.27)

Net Asset Value under IFRS                     734,125,319                 54.39

Equity share capital                               134,770
Equity Shareholders' Funds                     734,260,089


                                              30th June 2008         Per Participating
                                                  Total               Preference Share
                                                    $                        $

Published Net Asset Value                      999,154,562                 74.03
Change from mid market pricing
to bid pricing for investments                  (5,084,396)                (0.38)

Net Asset Value under IFRS                     994,070,166                 73.65

Equity share capital                               134,770

Equity Shareholders' Funds                     994,204,936





                                 GENESIS EMERGING MARKETS FUND LIMITED
                                STOCK EXCHANGE ANNOUNCEMENT (continued)

Notes

1. Accounting policies

The   Fund's  financial  statements  have  been  prepared  in  accordance   with
International  Financial Reporting Standards as adopted by  the  European  Union
(EU),   and   interpretations   by   the   International   Financial   Reporting
Interpretations Committee of the IASB.

2. Status of stock exchange announcement

The  financial  information set out in this preliminary  announcement  does  not
constitute  the Fund's statutory financial statements for the years  ended  30th
June  2009 or 2008.  The financial information for the year ended 30th June 2009
is  derived from the statutory financial statements for that year. The  auditors
reported  on  those  financial  statements; their report  was  unqualified.  The
statutory  financial  statements  for the  year  ended  30thJune  2009  will  be
finalised  on  the basis of the information presented by the Directors  in  this
preliminary  announcement following the approval of the financial statements  by
the  Board  of  Directors.  Whilst the financial information  included  in  this
preliminary  announcement  has  been computed in accordance  with  International
Financial  Reporting  Standards (IFRS) as adopted by the EU,  this  announcement
does not in itself contain sufficient information to comply with IFRS as adopted
by  the  EU.  The Fund expects to publish full financial statements that  comply
with  IFRS  as  adopted  by  the  EU following the  approval  of  the  financial
statements by the Board of Directors.

3. Events after the Balance Sheet Date

The  Chairman's Statement describes a proposal to restructure the  Fund's  share
capital,  change  the  Fund's quotation on the London  Stock  Exchange  from  US
Dollars  to  Sterling and to adopt a new constitution. Other than these  events,
there have been no material events requiring disclosure in or amendment to these
financial statements subsequent to the year end.



For Genesis Emerging Markets Fund Limited
HSBC Securities Services (Guernsey) Limited, Secretary
18th September 2009

END