Interim Management Statement

Interim Management Statement

GENESIS EMERGING MARKETS FUND LIMITED (the "Company")

Interim Management Statement - 1st July 2008 to 17th November 2008 (unaudited)

17th November 2008

This statement has been prepared 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 party
for any purpose other than as stated above.

Genesis Emerging Markets Fund Limited was incorporated with limited liability in Guernsey under the Companies Laws on 19
September 1989 with registered number 20790 as a closed-ended investment company which has the ability to issue
additional shares. The Fund's shares are listed on the London Stock Exchange.

Investment Objective

The investment objective of the Company is 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.

The Company has appointed Genesis Asset Managers, LLP to act as Investment Manager with responsibility for providing
advice on the Company's investment portfolio, in accordance with the Company's investment objective and policy, subject
to the overall supervision of the directors.

Performance Summary

Emerging markets returns were sharply negative in the third quarter of 2008, as the asset class suffered the largest
quarterly fall (-26.9%) since the inception of the MSCI benchmark twenty years ago. Panic in the Russian stockmarket in
particular resulted in a 45% decline for that market over the quarter. Market falls in October were even more drastic,
with the MSCI benchmark falling a further 27.7% in the month despite concerted easing of monetary policy and the IMF
offering standby guarantees to developing economies. The return in USD was affected by steep falls in local currencies
against the dollar. Manufacturing and primary resources companies were generally the hardest hit as evidence emerged of
the impact of the financial system crisis on the real economy.

In this environment the Fund's Net Asset Value per Share fell from US$74.03 at the beginning of the financial year on
1st July to US$40.89 at the 31st October; a decline of 44.8% over the four-month period.

Market Update

Emerging markets are undoubtedly better placed and more resilient to a downturn in developed economies but the global
financial crisis will impact export growth, capital flows and credit availability. By October, companies were
increasingly speaking of production cutbacks and project deferrals, partly reflecting the ongoing scarcity of bank
credit, both to fund the projects themselves and funding customers' demand for the products. Much is due to confidence,
or lack thereof, and only time will tell how temporary a phenomenon this is; whether the demand trend is V or U shaped.
We have lowered our 2008 profit forecasts for a number of holdings and have been in touch with many companies,
especially those that may require funds for expansion, such as the African mining companies.

The magnitude of these effects is still unclear and depends in part on the severity of the downturn in developed
countries and policy responses. In fact, the deceleration in growth in developing economies started in the first half of
the year as a result of the sharp escalation of food and energy prices and tighter monetary conditions and it is the
easing of these pressures that may now enable more accommodative monetary policies to cushion the effects of the
financial crisis. In addition, an important common theme is that the favourable reserve positions of a number of key
developing countries is enabling governments to use their balance sheets to mitigate the effects of the sudden reduction
in capital flows. We are confident the medium-term outlook for companies in portfolios is positive and recent share
price weakness has made us more optimistic about future expected returns.

For further information contact:

HSBC Securities Services (Guernsey) Limited
as Company Secretary

Miss Alison Bilham
Direct Tel: [phone]
Fax: [phone]
Email: [e-mail]