Half-yearly report

GENESIS EMERGING MARKETS FUND LIMITED
(the "Company"; the "Fund")

STOCK EXCHANGE ANNOUNCEMENT

These unaudited Half Year Results have 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.  These unaudited Half Year Results relate to the period from
1st June 2008 to 31st December 2008, and contain information that covers this period and up to the date of publication
of these Half Year Results, unless otherwise specified.

The full Half Yearly Report is available at www.giml.co.uk under the relevant fund links.

Investment Objective
To achieve long-term capital growth, primarily through investment in equity markets of developing countries.

Benchmark
MSCI Emerging Markets Investible Markets Index (Total Return).

Material Events

                              31st December 2008       31st December 2007
                              US$                      US$


Total net assets              529,520,554              1,069,371,425


Net assets per                39.67                    79.57
Participating Share


Total (deficit)/return per    (34.43)                  8.94
Participating Share

Commenting on the results the Chairman has made the following statement:
The last six months have been a very difficult period for most equity investors. As you will see from the Manager's
Review that follows, shareholders of the Fund have seen a fall in the net asset value per share from US$74.03 at the end
of June 2008 to US$39.67 at the end of December - a decline of over 46% - as investors experienced a period of unusual
volatility during September and October as the economic crisis developed. Indeed, the decline for the full calendar year
2008 was only slightly more, at 50%.

It should be noted that, even during this volatile period including a major downward movement, the approach being
followed by the Manager of investing in higher-quality companies has provided an element of protection. This is
reflected in the fact that the Fund's net asset value per share fell less than the MSCI Emerging Markets Free Index over
the six and twelve month periods to the end of 2008.

The Fund held its annual Information Meeting in London in October, enabling shareholders to hear presentations from -
and ask questions of - representatives of the Manager. The discussion covered the Fund's current strategy, details on
performance, and the Manager's outlook for the asset class.

The Manager's Review outlines the current environment for investors in emerging markets, and details some of the changes
that the Manager has been making in response to the changing economic and investment climate. The Board is mindful that
the current economic environment means that risks remain for emerging market stocks, but also concurs with the Manager's
view that current valuations appear as attractively low now as they have been for some years.

Despite the dramatic market declines of the last six months, it is worth noting that the Fund's shareholders have still
seen an annualised increase in NAV of more than 9% over the last five years (and more over the longer term). The
Directors take the view that structural growth trends in developing countries - when combined with a prudent
stock-specific investment approach - will continue to provide a number of longer-term investment opportunities. Current
valuation levels seem likely only to enhance the potential returns available to investors once the economic environment
returns to more normal conditions.

Coen Teulings
Chairman
February 2009

Manager's Review
The portfolio ended the six months to 31st December, 2008 down 46.4%. The rate and magnitude of share price declines
eclipsed even those during the 1997-8 current account crisis, but this time the origins lay in excesses and imbalances
in the developed world.  Deleveraging at home means less money to spend abroad so capital flows into developing markets
have abruptly reversed (and at the time of writing show little sign of reviving).

The IMF forecasts overall global growth to fall to 0.5% in 2009, a significant downward revision from the 3.9% growth
estimate they made in the middle of 2008. This is the lowest growth rate since World War II and the global economy is
projected to experience only a gradual recovery in 2010. Growth in developing economies is expected to slow sharply from
6.2% in 2008 to 3.2% in 2009.  Stronger economic frameworks in many emerging economies will help to cushion the impact
of this unprecedented external shock but many developing countries are being hurt by falling export demand, lower
commodity prices, and much tighter external financing constraints.

The economic down cycle may be deep and prolonged but it seems most emerging market damage is "only" cyclical.  Central
banks have the capacity, in an environment of lower global food and fuel prices, to provide stimulative monetary policy
and many governments have the budget flexibility to mitigate the local impact of a downturn in global demand and to
reduce the effects of the sudden reduction in international capital flows.

The difficult and more challenging environment for companies has led us to lower our expectations of earnings and
cashflow generation for many of the Fund's holdings which has reduced our estimate for what these businesses are worth.
In most cases however share price falls have more than offset these reductions which appear to have over-discounted
downside risks on many companies, an effect that presents buying opportunities for long-term investors.

Over the past six months, major portfolio activity has included the addition of new stocks, notably Sberbank (Russia)
and China Mobile (China), and an increase in weightings of existing holdings such as Anglo American, Samsung Electronics
and China Shenhua. The Fund's weight in China has continued to rise (now constituting some 11% of the portfolio),
whereas the weight in Brazil and India declined with the sales of Eletrobras and GAIL and reductions in holdings of Tele
Norte Leste and Infosys.

Outlook for the Company
We remain positive on the long-term case for emerging markets and believe the favourable demographic profile and
continuing urbanisation will drive growth, supported by investment in infrastructure and human capital. Most of the
companies held by the Fund are conservatively funded, often having learned the hard way in the 1990s, and many are
stronger both operationally and financially than most of their peers - and hence should come out of this downturn with
their competitive positioning enhanced.
For latest NAV and share price information please refer to the Investment Adviser's website www.giml.co.uk.


Interim Management Report

The Company is required to make the following disclosures in its half year report.

Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company fall into five broad categories: investment and strategy;
accounting, legal and regulatory; corporate governance and shareholder relations; operational and financial. Information
on each of these areas is given in the Directors' Report within the Annual Report and Audited Financial Statements for
the year ended 30th June 2008.

Related Party Transactions
During the first six months of the current financial year, no transactions with related parties have taken place which
has materially affected the financial position or the performance of the Company during the period.

Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:

(i) the condensed set of financial statements contained within the half yearly report has been prepared in accordance
with the Accounting Standards Board's Statement 'Half-Yearly Financial Reports'; and

(ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK
Listing Authority Disclosure and Transparency Rules.

Portfolio Profile
As at 31st December 2008

Ten Largest Holdings                %       By Sector                  %
Anglo American (South Africa)      4.0      Financials               24.1
Taiwan Semiconductor (Taiwan)      3.7      Consumer Staples         12.0
Samsung Electronics (South Korea)  3.2      Energy                   11.9
Sasol (South Africa)               3.1      Materials                10.6
PT Telekom (Indonesia)             3.0      Information Technology    9.3
Standard Bank (South Africa)       2.6      Telecom Services          8.0
China Shenhua Energy (China)       2.5      Industrials               7.7
Tullow Oil (United Kingdom)        2.3      Consumer Discretionary    5.8
Bank Rakyat (Indonesia)            2.2      Health Care               3.7
America Movil (Mexico)             2.0      Investment Companies      2.9
                                            Utilities                 2.7
                                            Cash                      1.3



Performance
To 31st December 2008

                                              Annualised (% p.a.)

% Returns - US$             December  1 Year    3 Years  5 Years  Since Inception
GEMF (net of annual fees)   5.9       (50.1)    (4.7)    9.4      11.2
MSCI EM IMI (TR)*           8.4       (53.2)    (4.7)    8.0       9.2
MSCI World (TR)             3.3       (40.3)    (7.6)    0.0       5.4


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. MSCI EM (TR) until 30th May 2008
(MSCI EM IMI (TR) from 1st June 2008).

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.

Genesis Asset Managers, LLP
February 2009


GENESIS EMERGING MARKETS FUND LIMITED
STOCK EXCHANGE ANNOUNCEMENT (continued)

UNAUDITED CONSOLIDATED BALANCE SHEET
as at 31st December, 2008

                                                             (Audited)
                                     31st December, 2008     30th June, 2008
                                     $                       $
ASSETS
Financial assets at fair value
through profit or loss               526,340,895             997,974,926
Amounts due from brokers               1,032,542                 280,281
Dividends and interest receivable      1,444,471               2,527,774
Other receivables and prepayments        156,109                 161,422
Cash and cash equivalents              2,577,180               3,800,435
TOTAL ASSETS                         531,551,197           1,004,744,838

LIABILITIES
Amounts due to brokers                   990,853                1,744,050
Payables and accrued expenses          1,039,790                1,576,299
Bank overdraft                             -                    7,219,553
TOTAL LIABILITIES                      2,030,643               10,539,902
TOTAL NET ASSETS                     529,520,554              994,204,936

EQUITY
Called-up share capital                  270,633                 270,633
Share premium                        135,238,840             135,238,840
Capital reserve                      355,532,459             821,937,433
Revenue account                       39,639,122              37,918,530
Purchase of own shares                (1,160,500)             (1,160,500)
TOTAL EQUITY                         529,520,554             994,204,936

EQUITY PER PARTICIPATING
PREFERENCE SHARE                          $39.22                  $73.65


GENESIS EMERGING MARKETS FUND LIMITED
STOCK EXCHANGE ANNOUNCEMENT (continued)

UNAUDITED CONSOLIDATED INCOME STATEMENT
for the six months ended 31st December, 2008

                                           2008               2007
                                           $                  $
INCOME
Net change in financial assets at fair
value through profit or loss              (465,534,583)       125,327,262
Net exchange losses                           (870,391)        (5,515,884)
Dividend income                              9,932,434         12,436,089
Deposit interest                                21,520            156,165
Miscellaneous income                              -                 1,954
                                          (456,451,020)       132,405,586

TOTAL OPERATING EXPENSES                    (7,024,239)       (10,145,474)
OPERATING (LOSS)/PROFIT                   (463,475,259)       122,260,112

FINANCE COSTS
Bank charges                                   (1,938)             (1,231)
Interest expense                              (49,484)           (423,995)
TOTAL FINANCE COSTS                           (51,422)           (425,226)
Taxation                                   (1,157,701)         (1,162,022)
(LOSS)/PROFIT FOR THE PERIOD             (464,684,382)        120,672,864

(DEFICIT)/RETURN PER
PARTICIPATING PREFERENCE SHARE *             $(34.43)               $8.94


*  Calculated on a weighted average number of participating preference shares
              in issue of  13,496,306 (2007 - 13,496,306)


GENESIS EMERGING MARKETS FUND LIMITED
STOCK EXCHANGE ANNOUNCEMENT (continued)

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31st December, 2008

                                     2008

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

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

Movement in
the period             -        -           ( 466,404,974)   1,720,592   -            (464,684,382)

Net assets at the
end of the period     270,633    135,238,840  355,532,459   39,639,122   (1,160,500)   529,520,554


                                       2007

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

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

Movement in
the period             -        -             119,811,378   861,486      -            120,672,864

Net assets at the
end of the period     270,633    135,238,840  919,057,361   15,965,091  (1,160,500) 1,069,371,425


GENESIS EMERGING MARKETS FUND LIMITED
STOCK EXCHANGE ANNOUNCEMENT (continued)

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 31st December, 2008

                                                2008            2007
                                                $               $
OPERATING ACTIVITIES
Investment income received                      11,018,212      14,312,989
Taxation paid                                   (1,157,701)     (1,160,776)
Interest received                                   19,446         157,651
Operating expenses paid                         (7,607,258)    (10,543,787)
Purchase of investments                       (115,768,965)   (185,872,123)
Proceeds from sale of investments              120,362,955     183,056,146
Foreign exchange loss                               (6,011)        (32,600)

NET CASH INFLOW/(OUTFLOW)                        6,860,678         (82,500)
FROM OPERATING ACTIVITIES

NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS                        6,860,678         (82,500)
Effect of exchange rate
fluctuations on cash and cash
equivalents                                       (864,380)     (5,483,284)
                                                 5,996,298      (5,565,784)


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


NET CASH AND CASH EQUIVALENTS
AT THE END OF THE PERIOD                         2,577,180       4,460,145


Comprising of:
Cash and cash equivalents                        2,577,180       4,460,145


NET CASH AND CASH EQUIVALENTS
AT THE END OF THE PERIOD                         2,577,180       4,460,145



GENESIS EMERGING MARKETS FUND LIMITED
STOCK EXCHANGE ANNOUNCEMENT (continued)

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


                                 31st December, 2008            Per Participating
                                               Total            Preference Share
                                                   $                           $



Published Net Asset Value                535,335,740                       39.67

Change from mid market pricing
to bid pricing for investments           (5,949,956)                       (0.45)

Net Asset Value under IFRS               529,385,784                        39.22

Equity share capital                         134,770

Equity Shareholders' Funds           529,520,554



                                      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



For Genesis Emerging Markets Fund Limited
HSBC Securities Services (Guernsey) Limited, Secretary
27th February, 2009

END