Interim Management Statement

GENESIS EMERGING MARKETS FUND LIMITED (the "Company")

Interim Management Statement (unaudited)

19th May 2009

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

In the first quarter of 2009, the emerging markets equity asset class achieved its first positive quarterly return for
more than a year, as a 14% gain for the MSCI index in March countered weakness in the first two months of 2009. March
was followed by an even better April, with emerging markets achieving the largest monthly gain for 20 years, a rise of
some 17%. This left the asset class up more than 40% in under two months.

In this environment the Fund's Net Asset Value per share rose from US$39.67 at the end of December 2008 to US$45.46 on
the 30th April; a gain of 14.6% over the four-month period.



Market Update

How closely does the equity market recovery reflect an improvement in the real economy? Many sectors are reporting
better demand, but then some rebound is inevitable from an exceptionally low base. It is difficult for companies to
distinguish between end demand and re-stocking, as customers rebuild inventory positions that were depleted after
September 2008 when bank credit was scarce and confidence very low.

It would be heroic to hope for a sharp v-shaped recovery. The International Monetary Fund (IMF), in its recent World
Economic Outlook, cut its global growth forecasts for 2009 to -1.3% from the 0.5% projected in January (2.2% last
November). The IMF says most advanced economies are suffering their deepest recession since World War II, and most
emerging and developing economies are experiencing a serious slowdown. It is possible that a recovery from such a shock
may be anaemic for a while - but it does seem a recovery of some sort is underway. We believe many of the companies held
by the Fund are positioned to be able to take advantage of this environment and, even taking into account the rise in
markets in recent weeks, there are still attractively-priced opportunities across the emerging markets investment
universe.
For further information contact:

HSBC Securities Services (Guernsey) Limited
as Company Secretary

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


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