Final Results

GENESIS EMERGING MARKETS FUND LIMITED
4 October 1999


                           PRELIMINARY ANNOUNCEMENT

The Directors of Genesis Emerging Markets Fund Limited announce results for the
year ended 30th June 1999 as follows:

                                                     1999               1998

Net assets                                 US$416,515,420     US$410,129,999

Dividend and bond interest                      9,498,222         10,334,278

Deposit interest                                  412,868            289,615
Sundry income                                         nil            132,456

Gross revenue                                   9,911,090         10,756,349

Revenue return                                  4,047,633          2,746,569
Net assets per Participating Share                  15.45              15.21

Revenue return per Participating Share              0.150              0.102

Comment

As at 30th June 1999, the net asset value per Share of the Fund was $15.45.
This compares with $12.96 at the interim stage at 31st December 1989, and $15.21
at 30th June 1998.  From inception in July 1989, the Fund has achieved an
annualised return, excluding dividends but after all expenses, of 12%.

Total revenue fell by 8% over 1998, the product mainly of a decline in dividends
and bond interest.  Overall expenses fell by 27% resulting from the fall in
management and custodian fees which are linked to net asset value.  Revenue per
Participating Share was $0.150 (1998 $0.102).  The Directors do not recommend
payment of a dividend.

                             By Order of the Board

                  MANAGEMENT INTERNATIONAL (GUERNSEY) LIMITED)