Interim Results

Genesis Emerging Markets Fund Ld
28 March 2002




                    GENESIS EMERGING MARKETS FUND LIMITED 
                         
                           INTERIM ANNOUNCEMENT

The Board of Directors of Genesis Emerging Markets Fund Limited announce 
unaudited results for the six months to 31st December, 2001:

                                                       2001               2000
Total net assets                             US$211,315,695     US$198,946,773

Capital Return (Deficit)                          1,808,407        (38,882,546)

Revenue Return                                      262,916            178,537

Net asset value per Participating Share               15.65              14.73

Total Return(Deficit) per Participating Share         0.153             (2.364)

Comment - Net Asset Value per Participating Share at 31st December 2001 was
US$15.65, up 1.0% compared to US$15.50 at 30th June 2001, and 6.2% above the
figure of US$14.73 recorded at 31st December 2000.

The second half of 2001 was dominated by the terrorist attacks of 11th
September, and the subsequent political and military response. World equity
markets were already weak on suggestions of a drawn-out slowdown, so the sell-
off of late September had an exaggerated impact. Emerging Markets at this stage
did significantly worse than the MSCI World Index, but for the fourth quarter,
as the recovery took root, it was a different story. Spurred on by any hint of
improvement (or slowing deterioration) in the technology area, equity markets
staged a very sharp rally.

Emerging Market companies are in the early stages of a cyclical recovery. Such
companies represent a highly competitive proposition in terms of valuation,
growth, and enormously improved corporate quality; notwithstanding, the quiet
outperformance of the Emerging Markets over the major markets now for the past
three years.

By Order of the Board

MANAGEMENT INTERNATIONAL (GUERNSEY) LIMITED 

Dated: 28th March 2002
 

                 GENESIS EMERGING MARKETS FUND LIMITED 

                              APPENDIX

                                         31 December 2001    31 December 2000
                                                 US$                  US$
FINANCIAL HIGHLIGHTS          

Total net assets                              211,315,695         198,946,773

Dividends and Bond interest                     2,097,225           1,745,719

Deposit interest                                   17,288             322,547

Gross income                                    2,114,153           2,068,266

Revenue return for the year                       262,916             178,537

Capital return (deficit) for the year           1,808,407         (38,882,546)

Net assets per Participating Share                  15.65               14.73

Total return (deficit) per Participating Share      0.153               2.364

STATEMENT OF CASH FLOWS          

OPERATING ACTIVITIES          

Investment income received                      1,841,749           2,161,873

Interest received                                  19,015             372,485

Management fees paid                           (1,263,774)         (1,662,109)

Other expense payments                           (469,481)           (383,224)

Purchase of investments                       (32,395,317)        (47,160,701)

Sales of investments                           29,234,746          46,233,936

Expenses paid out of capital reserve                    -                (568)

Exchange loss                                     (43,472)           (115,822)

NET CASH OUTFLOW FROM INVESTING ACTIVITIES     (3,076,534)           (554,130)

FINANCING ACTIVITIES 
Redemption of Realisation shares                        -         (61,738,238)

2 (i), 6 Purchase of own shares                         -          (1,160,500)

3 (c) NET CASH OUTFLOW                        $(3,076,534)       $(63,452,868)


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