Final Results

Genesis Emerging Markets Fund Ld
18 September 2001

 
                    GENESIS EMERGING MARKETS FUND LIMITED 
 
                          PRELIMINARY ANNOUNCEMENT 


The Directors of Genesis Emerging Markets Fund Limited announce results for
the year ended 30th June, 2001 as follows:
                                                                             
                                         2001              2000
 
  Total net assets                  US$209,244,372    US$321,745,999

  Capital (Deficit) Return            (30,096,207)        64,088,942

  Revenue Return                         1,689,797         1,561,226

  Net asset value per 
  Participating Preference                   15.50             17.64
  Share                                                            
  Total (Deficit) Return per                (2.28)              2.04            
  Participating Preference Share                                              


Comment - 

As at 30th June 2001, the net asset value per Participating Share of the Fund
was $15.50. This compares with $14.73 at the interim stage at 31st December
2000, and $17.64 at 30th June 2000. 

At the beginning of 2001 emerging market valuations relative to the MSCI World 
Index were back at levels not seen since early 1987, and individual company 
valuations were at levels comparable to those of the early 1990s.  While clearly
there was value available in the emerging markets, it was more difficult to 
predict catalyst(s) which might cause this latent value to be realised. In the 
event, the first six months of 2001 produced a small positive return in US$, 
which was very welcome at a time when major market indices continued to 
deteriorate despite aggressive interest rate cutting by the U.S. Federal 
Reserve, and given that throughout the period the strength of the US$ continued 
to erode US$ denominated returns. 

We believe that a diversified portfolio of emerging markets stocks with strong 
future cash flow characteristics, such as that held by the Fund, ought to be 
capable of making headway even in a discouraging environment. 

The Directors do not recommend payment of a dividend. 

                           By Order of the Board 

                    MANAGEMENT INTERNATIONAL (GUERNSEY) LIMITED 

Dated: 18th September 2001


 
                       GENESIS EMERGING MARKETS FUND LIMITED 
                      
                        PRELIMINARY ANNOUNCEMENT (continued) 


                                                                    APPENDIX
 
                                              30 June 2001     30 June 2000   
                                                  US$              US$

  FINANCIAL HIGHLIGHTS                                                        

  Total net assets                            209,244,372      321,745,999

  Dividends and Bond interest                   5,474,688       10,059,496

  Deposit interest                                342,872        1,955,119 

  Gross income                                  5,817,560       12,014,615

  Revenue return for the year                   1,689,797        1,561,226

  Capital return for the year                 (30,096,207)      64,088,942

  Net assets per Participating Share                15.50            17.64 

  Total (deficit) return per Participating          (2.28)            2.04
  Share                                                                       


  STATEMENT OF CASH FLOWS                                                     

  Investment income received                    5,749,750        9,731,707

  Withholding tax                                (630,189)        (971,627)     

  Interest received                               176,173        1,919,291 

  Management fees paid                         (2,995,816)      (5,884,571)

  Other expense payments                       (1,261,567)      (3,099,615)

  Exchange gain                                   412,554          191,946

  Purchase of investments                     (71,335,942)    (116,914,050)

  Sale of investments                          69,589,973      337,098,817

  Net Cash Inflow (Outflow)                      (295,064)     222,071,898
  from Investment Activities                                                    
             
  Redemption of shares                        (61,738,238)    (160,507,250)

  Purchase of own shares                       (1,160,500)          - 

  Net cash (outflow) inflow                  $(63,193,802)     $61,564,648