Half-yearly report Interim

GENESIS EMERGING MARKETS FUND LIMITED

                     UNAUDITED HALF YEARLY FINANCIAL REPORT
                         6 MONTHS TO 31st DECEMBER 2007

To the Members of Genesis Emerging Markets Fund Limited (the "Company")

This unaudited half yearly financial report has been produced by the Company  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 other party or for any other purpose.  This
unaudited half yearly financial report relates to the period from 1st July  2007
to  31st December 2007, and contains information that covers this period, and up
to  the  date  of  publication  of  this half yearly  financial  report,  unless
otherwise specified.

Investment Objective
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.

Benchmark
MSCI Emerging Markets Free Index.

Material Events
The  six months to 31st December 2007 was marked by a further advance in the Net
Asset  Value per share, based on mid market prices, to US$79.57, an increase  of
12.9%.   Thus  the  increase for the full calendar year  2007  was  34.5%.   (By
comparison, the MSCI Emerging Market Free Index rose 18.7% in the six months and
39.8% for the year as a whole.) With the continuing satisfactory performance  by
the  emerging markets asset class, 2007 was the seventh year in a  row  when  it
outperformed world equities as represented by the MSCI World Index.

                                     31st December  2007  31st December 2006

Net Asset Value
per Participating Preference Share      $79.57            $59.15


Total Return over previous six months
per Participating Preference Share      $8.94            $11.24

Outlook for the Company
After  the  advances  in  markets over the last five years,  and  given  current
uncertainty  in markets generally, it seems unlikely that the returns  over  the
short  term  from the emerging markets asset class will match recent experience.
However,  the  Directors and the Manager share the view that the  high  economic
growth  potential  in developing countries, combined with the expansion  of  the
investment universe, will continue to provide attractive opportunities  for  the
Company's shareholders.

For  latest  NAV  and  share price information please refer  to  the  Investment
Adviser's website www.giml.co.uk.

Portfolio Profile
As at 31st December 2007
Ten Largest Holdings              %         By Country (Top 15) %      By Sector      %

Taiwan Semiconductor(Taiwan)      3.2       Russia              11.0   Financials             30.1
Orascom Construction(Egypt)       2.9       South Korea         10.2   Information Technology 11.0
Samsung Electronics(South Korea)  2.7       India                9.1   Consumer Staples       10.9
Standard Bank (South Africa)      2.5       South Africa         8.3   Materials              10.4
PT Telekom (Indonesia)            2.5       Brazil               7.0   Industrials             8.4
Sasol (South Africa)              2.5       China                6.0   Energy                  7.9
VTB (Russia)                      2.2       Taiwan               5.3   Telecoms                5.8
Bank Rakyat (Indonesia)           2.1       Indonesia            5.0   Consumer Discretionary  4.8
Anglo American (South Africa)     2.0       Mexico               4.4   Utilities               4.4
Commercial Asset Holdings(Malaysia)2.0      Turkey               4.2   Other                   3.5
                                            Egypt                3.9   Health Care             2.8
Total 24.7% of Portfolio                    Malaysia             2.6
                                            Israel               2.5
Number of holdings: 100                     Thailand             2.2
                                            Nigeria              2.1


Geographical Diversification
As at 31st December 2007
                 %                            %                              %
Latin America   15.0      Malaysia           2.6     Europe & Central Asia  20.5
Brazil          7.0       Thailand           2.2     Russia                 11.0
Mexico          4.4       Philippines        0.8     Turkey                  4.2
Chile           1.5       Vietnam            0.2     Hungary                 1.7
Peru            1.3                                  Romania                 1.4
Colombia        0.6       Middle East/Africa 21.1    Croatia                 0.8
Argentina       0.2       South Africa       8.3     Ukraine                 0.5
South Asia      9.4       Egypt              3.9     Estonia                 0.4
India           9.3       Israel             2.5     Greece                  0.3
Sri Lanka       0.1       Nigeria            2.1     Kazakhstan              0.2
                          Mauritius          1.6     Czech Republic          0.1
South Asia      9.3       Zambia             1.2
India           9.1       Senegal            0.4
Sri Lanka       0.2       Kenya              0.3     Other*                   1.4
                          Iran               0.3
East Asia      32.3       Lebanon            0.2     Total                   100.0
South Korea    10.2       Congo, DR          0.2
China           6.0       Zimbabwe           0.1    * `Other' consists of UK.
Taiwan          5.3       Ghana              0.1
Indonesia       5.0

Performance
To 31st December 2007
                                             Annualised (%p.a)
% Returns - US$          December  1Year    3Year       5Year   Since Inception
GEMF(net of annual fees)   2.0     34.5     33.1         38.8     16.1
MSCI EM (TR)               0.4     39.8     35.6         37.5     14.3
MSCI World (TR)           (1.3)     9.6     13.3         17.5      8.7

Statistical Sources:
Fund Performance - Genesis' own records. NAV to NAV.  Net of all expenses,
including management fees and tax suffered. Net income reinvested.
Index Performance - Calculated by Genesis based upon index values supplied by
MSCI.

Past  performance  should not be relied upon as a guide to  future  performance,
which is not guaranteed. The value of investments can go down as well as up  and
there  is  no  guarantee that you will get back the amount originally  invested.
Genesis  invests  in emerging markets which tend to be more volatile  than  more
established stock markets and therefore your investment is at greater risk.

         UNAUDITED CONSOLIDATED BALANCE SHEET
               as at 31st December 2007

                        31st December        30th June
                                 2007             2007
                                    $                $
ASSETS
Financial assets at     1,066,299,755      943,670,957
fair value through
profit or loss
Amounts due from            3,218,148        2,176,880
brokers
Dividends and interest      1,016,905        2,891,851
receivable
Other debtors                 145,594        3,766,168
Cash and cash               4,460,145       20,418,085
equivalents

TOTAL ASSETS            1,075,140,547      972,923,941

LIABILITIES
Amounts due to brokers      3,626,717       11,716,433
Bank overdraft                      -       10,392,156
Creditors and accrued       2,142,405        2,116,791
expenses

TOTAL LIABILITIES           5,769,122       24,225,380

TOTAL NET ASSETS        1,069,371,425      948,698,561

EQUITY
Called-up share               270,633          270,633
capital
Share premium             135,238,840      135,238,840
Capital reserve           919,057,361      799,245,983
Revenue account            15,965,091       15,103,605
Purchase of own shares    (1,160,500)      (1,160,500)

TOTAL EQUITY            1,069,371,425      948,698,561

EQUITY PER
PARTICIPATING
PREFERENCE SHARE               $79.22           $70.28


                 UNAUDITED CONSOLIDATED
                    INCOME STATEMENT
       for the six months ended 31st December 2007

                                    2007             2006
                                       $                $
INCOME
Net gains realised on        111,135,792       55,298,749
investments sold
Net unrealised gains on       14,191,470       97,687,646
investments
Net exchange losses           (5,515,884)       (37,059)
Dividend income               12,438,043        6,190,454
Deposit interest                 156,165        1,375,445
                             132,405,586      160,515,235

EXPENSES
Management  fees              (7,582,156)      (5,350,220)
Administration fees             (83,388)       (67,632)
Custodian fees                (1,043,817)      (565,008)

Transaction costs             (1,200,169)      (685,660)
Directors' fees and            (152,931)       (70,584)
expenses
Other expenses                  (83,013)       (247,520)

TOTAL OPERATING EXPENSES    (10,145,474)       (6,986,624)
OPERATING PROFIT             122,260,112      153,528,611

FINANCE COSTS
Bank charges                     (1,231)            (805)
Interest expense               (423,995)        (931,796)
TOTAL FINANCE COSTS            (425,226)        (932,601)
Withholding taxes             (1,162,022)       (848,623)

PROFIT FOR THE PERIOD        120,672,864      151,747,387

RETURN PER PARTICIPATING           $8.94           $11.24
PREFERENCE SHARE *
* Calculated on an average number of 13,496,306
Participating Preference Shares
outstanding (2006 - 13,496,306)


               UNAUDITED CONSOLIDATED STATEMENT
                        OF CASH FLOWS
         for the six months ended 31st December 2007

                                         2007             2006
                                            $                $
OPERATING ACTIVITIES
Investment income received         14,312,989        7,895,729
Withholding taxes paid            (1,160,776)        (848,371)
Interest received                     157,651        1,366,092
Operating expenses paid          (10,543,787)      (7,226,745)
Purchase of investments         (185,872,123)    (100,017,434)
Proceeds from sale of             183,056,146      128,122,284
investments
Exchange loss                     (5,483,284)            (465)

NET CASH (OUTFLOW)/INFLOW         (5,533,184)       29,291,090
FROM OPERATING ACTIVITIES

NET (DECREASE)/INCREASE IN        (5,533,184)       29,291,090
CASH AND CASH EQUIVALENTS
Exchange loss                        (32,600)         (36,594)


                                   (5,565,784)       29,254,496
Cash and cash equivalents at       10,025,929     (26,567,370)
the beginning of the period

CASH AND CASH EQUIVALENTS AT        4,460,145        2,687,126
THE END OF THE PERIOD


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

                                    31st December, 2007
                                       Total              Per
                                           $    Participating
                                                   Preference
                                                        Share
                                                            $
Published Net Asset Value      1,073,927,016            79.57

Change from mid market
pricing to bid pricing for
investments                      (4,690,361)           (0.35)


Net Asset Value under IFRS   $1,069,236,655            79.22

Equity Share Capital                 134,770
Equity Shareholders' Funds   $1,069,371,425




                                      30th June, 2007
                                       Total              Per
                                           $    Participating
                                                   Preference
                                                      Share $
Published Net Asset Value        951,666,480            70.51

Change from mid market           (3,102,689)           (0.23)
pricing to bid pricing for
investments

Net Asset Value under IFRS      $948,563,791           70.28

Equity Share Capital                 134,770
Equity Shareholders' Funds      $948,698,561

For Genesis Emerging Markets Fund Limited
HSBC Securities Services (Guernsey) Limited, Secretary
27 February 2008

END