Interim Results

Genesis Emerging Markets Fund Ld
27 March 2003

                     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, 2002:

                                                   2002                               2001

Total net assets                              US$208,606,728                     US$211,315,695

Capital (Deficit) Return                       (9,854,881)                         1,808,407

Revenue Return                                   605,800                            262,916

Net asset value per
Participating Preference
Share                                             15.45                              15.65

Total (Deficit) Return per
Participating Preference                         
Share                                            (0.685)                             0.153




Comment - Net Asset Value per Participating Preference Share as at 31st
December, 2002 was US$15.45 compared to US$16.13 at 30th June, 2002 and US$15.65
at 31st December, 2001. The beginning and end of the year were reasonably
buoyant but the middle two quarters, especially the third, were very weak for
equities generally, and emerging markets were not immune. The outcome was
eventually a decline in Net Asset Value per share of 4.2% in the second half of
2002, and of 1.3% for the calendar year.


Growth in the developed world has been in the low single digits and looks likely
to remain so, however many emerging economies have grown significantly faster,
particularly in Asia which has expanded at over 6% on average for the last four
years. It is reasonable to expect Asian growth to slow over the coming year in
response to weaker overseas markets, but domestic demand there and in many
emerging economies remains strong, supported by the consumer rather than fiscal
spending. The modest fiscal balances in these countries represents a further
cushion should export growth start to falter. This fortunate background should
continue to support corporate earnings growth, and emerging market equities and
the Fund's portfolio stands to enjoy another good year in 2003 - not only
relative to global indices but also, hopefully, in terms of positive absolute
returns.


                             By Order of the Board

                                      and

                  MANAGEMENT INTERNATIONAL (GUERNSEY) LIMITED

Dated:     26th March, 2003







                     GENESIS EMERGING MARKETS FUND LIMITED

                        INTERIM ANNOUNCEMENT (continued)

                                    APPENDIX

                                                           31st December, 2002             31st December, 2001
                                                                   US$                             US$
FINANCIAL HIGHLIGHTS

Total net assets                                               208,606,728                     211,315,695

Dividends and Bond interest                                     2,861,541                       2,097,225

Deposit interest                                                  1,360                          17,288

Gross income                                                    2,862,901                       2,114,153

Revenue return for the year                                      605,800                         262,916

Capital (deficit) return for the year                          (9,854,881)                      1,808,407

Net assets per Participating Preference Share                     15.45                           15.65

Total (deficit) return per Participating Preference              (0.685)                          0.153
Share



STATEMENT OF CASH FLOWS
OPERATING ACTIVITIES

Investment income received                                      2,713,292                       1,841,749

Interest received                                               (118,946)                        19,015

Management fees paid                                           (1,620,576)                     (1,263,774)

Other expense payments                                          (618,421)                       (469,481)

Purchase of investments                                       (34,606,187)                    (32,395,317)

Sales of investments                                           33,503,423                      29,234,746

Exchange loss                                                    335,618                        (43,472)
                                                              _____________                   _____________

NET CASH OUTFLOW                                                                               
FROM OPERATING ACTIVITIES                                       (411,797)                      (3,076,534)

Exchange gain (loss)                                               234                           (2,228)

Net liquid funds at the beginning of period                    (8,593,147)                      1,269,442
                                                              _____________                   _____________

Net liquid funds at the end of period                         $(9,004,710)                    $(1,809,380)





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