Half-yearly report INTERIM REPORT

GENESIS EMERGING MARKETS FUND LIMITED

                              INTERIM ANNOUNCEMENT

The Board of Directors of Genesis Emerging Markets Fund Limited announces
unaudited results for the six months to 31st December, 2006:

                          2006                2005
Net asset value per
Participating            $59.15             $45.87
Preference Share

Total Return per
Participating            $11.24              $8.93
Preference Share


The  six months to 31st December 2006 was marked by a further advance in the Net
Asset  Value per share, based on mid market prices, to US$59.15, an increase  of
23.2%.   Thus  the  increase for the full calendar  year  2006  was  29.0%.   By
comparison, the MSCI Emerging Market Free Index rose 23.5% in the six months and
32.6% for the year as a whole.  With the continuing satisfactory performance  by
Emerging Markets, 2006 was the sixth year in a row when they outperformed  world
equities as represented by the MSCI World Index.

The  rise  in  the share prices of most Emerging Market stocks has  reduced  the
valuation  differential with developed markets but both the  level  of  economic
growth  in  the Developing Countries and the broadening and deepening of  equity
markets should continue to provide opportunities for the Fund in the future.

The  Board  is  also  pleased at the appointment of Mr Christian  Baillet  as  a
Director.   Mr Baillet is Chief Executive Officer of the Paris based  investment
organisation Quilvest which, through various affiliates, is responsible for some
US$6,000 million of investments.



                              By Order of the Board
                                       and
                   HSBC SECURITIES SERVICES (GUERNSEY) LIMITED


Coen Teulings
Chairman
30 March, 2007


                      GENESIS EMERGING MARKETS FUND LIMITED

                        INTERIM ANNOUNCEMENT (continued)

                                    APPENDIX

                                31st  December,   31st  December,
                                      2006              2005
                                      US$               US$

FINANCIAL HIGHLIGHTS
(using bid basis valuations)

Total net assets                  796,955,963       616,461,244

Dividend income                     6,190,454         4,573,665

Deposit interest                    1,375,445            30,086

Gross income                        7,565,899         4,603,751

Revenue    deficit     after       (1,201,949)       (2,028,382)
taxation

Capital gain                      152,949,336       122,630,337

Net assets per Participating
Preference Share                           59.04             45.67

Total       income       per
Participating     Preference               11.244             8.936
Share

STATEMENT OF CASH FLOWS
FROM OPERATING ACTIVITIES

Net     investment    income
received                            7,047,358         3,790,131

Interest received                   1,366,092            27,354

Management fees paid               (5,150,420)       (4,248,171)

Other expenses paid                (2,076,325)       (2,085,099)

Purchase of investments          (100,017,434)     (161,837,239)

Sales of investments              128,122,284       131,314,073

Exchange loss                            (465)             (114)
                                 ________________  _________________


NET CASH INFLOW (OUTFLOW)
FROM OPERATING ACTIVITIES          29,291,090       (33,039,065)

Exchange loss                         (36,594)         (301,913)

Net   liquid  funds  at  the
beginning of period               (26,567,370)      (13,099,842)
                                 ________________  _________________

Net liquid funds at the end        $2,687,126      $(46,440,820)
of period