Interim Results

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, 2003:

                          2003                2002

Total net assets     US$341,431,535      US$208,606,728

Capital (Deficit)      92,305,345         (9,854,881)
Return

Revenue Return          731,975             605,800

Net asset value
per
Participating
Preference Share          25.29               15.45

Total (Deficit)
Return per
Participating
Preference Share          6.893              (0.685)

Comment  -  Net  Asset  Value  per Participating Preference  Share  as  at  31st
December, 2003 was US$25.29 compared to US$18.39 at 30th June, 2003 and US$15.45
at 31st December, 2002.

Emerging   market  equities  handsomely  outperformed  the  major  markets,   as
represented by the MSCI World Index (TR), by around 2,300 basis points  for  the
full  calendar  year.  This  extends the period of  outperformance  by  emerging
markets to five years from 31st December 1998.

The global enthusiasm for equities resulting from abundant liquidity was one  of
the most notable features of emerging markets in 2003. In the second half of the
year  the extra themes of China and commodities were added to the mix, resulting
in  a strong investment performance after a good showing in the first half.  Not
only  did  this  performance  produce a virtuous circle  of  strong  returns  to
investors and rising inflows, but it also encouraged new stock issues to appear,
helping economies to develop in the longer term.

Your  Manager expects superior long-term economic and corporate growth rates  to
continue  in  the  emerging markets compared with the developed world.  Domestic
demand  in  most  places  is strong, fiscal deficits are  shrinking  and  export
performance should continue to contribute positively. Dynamic growth is  notable
not  only in China, but also India, Russia and pockets of Southeast Asia,  while
Brazil and Argentina continue to recover strongly, Chile and South Africa expand
more  moderately and South Korea and Taiwan to rise from their position  towards
the back of the pack. While the high returns achieved in 2003 are unlikely to be
repeated in 2004, the attractive valuation differential between emerging markets
and developed markets still remains.


                              By Order of the Board
                                       and
                   MANAGEMENT INTERNATIONAL (GUERNSEY) LIMITED

Dated:    30th March, 2004

                      GENESIS EMERGING MARKETS FUND LIMITED

                        INTERIM ANNOUNCEMENT (continued)

                                    APPENDIX

                             31st  December,    31st December,
                                   2003              2002
                                   US$               US$

FINANCIAL HIGHLIGHTS

Total net assets               341,431,535       208,606,728

Dividends and Bond interest     3,056,972         2,861,541

Deposit interest                 13,768            1,360

Gross income                    3,520,740         2,862,901

Revenue return for the year      731,975           605,800

Capital (deficit) return for    92,305,345       (9,854,881)
the year

Net assets per Participating      25.29             15.45
Preference Share

Total  (deficit) return  per
Participating     Preference
Share                             6.893            (0.685)

STATEMENT OF CASH FLOWS
OPERATING ACTIVITIES

Investment income received      3,243,693         2,713,292

Interest received                 13,856          (118,946)

Management fees paid           (1,893,250)       (1,620,576)

Other expense payments          (547,610)         (618,421)

Purchase of investments        (29,364,958)      (34,606,187)

Sales of investments            25,232,608        33,503,423

Exchange loss                      (14)            335,618
                              _____________     _____________
NET CASH OUTFLOW
FROM OPERATING ACTIVITIES      (3,315,675)        (411,797)

Exchange gain (loss)             (49,597)            234

Net   liquid  funds  at  the    (628,189)        (8,593,147)
beginning of period           _____________     _____________

Net  liquid funds at the end  $(3,993,461)       $(9,004,710)
of period