Annual report & accounts Preliminary Announ...

GENESIS EMERGING MARKETS FUND LIMITED

                            PRELIMINARY ANNOUNCEMENT


The  Directors of Genesis Emerging Markets Fund Limited announce results for the
year ended 30th June, 2007 as follows:

                                                       2007             2006
                                                        US$              US$
Total net assets                                    951,666,480      647,801,722
(at mid-market prices)
Net asset value per Participating Preference Share           70.51            48.00
(at mid-market prices)
Total Return per Participating                               22.49            11.07
Preference Share

Comment -

As  at  30th June, 2007, the net asset value per Participating Preference  Share
was  US$70.51.  This compares with US$59.15 at 31st December, 2006 and  US$48.00
at  30th June, 2006 (all figures based on mid-market prices).  The Directors  do
not recommend a dividend.

The  year has again been a satisfying one for your Fund.  Over the year its  net
asset  value, measured on mid-prices in US dollars, rose 46.9% to US$ 70.51  per
share,  compared to an increase of 45.5% in the MSCI Emerging Market Free Index.
The  net asset value of your Fund has now increased for six years in a row.   At
year  end  the  total  assets measured on midprices, in the Fund  were  US$951.7
million,  up  from US$647.8 million a year earlier.  The discount to  net  asset
value ranged between 7.8% and 11.0% during this year.

It  is  clear  that the trend to increased corporate profitability  in  emerging
markets  is  being  maintained.  It is also exciting  to  see  the  considerable
development  of  many  local  stock  markets,  which  continue  to  increase  in
importance as a financing mechanism for companies in developing countries.  This
is demonstrated by the volume of new investment opportunities becoming available
in the Fund's investment markets.

Emerging markets indices have seen increases of 30% plus every year for the last
four,  a  level  of performance from the asset class that seems unlikely  to  be
sustained.   That said our view is that the outlook for growth and profitability
remains positive, and believe that emerging markets continue to offer attractive
potential returns to investors.  We therefore remain optimistic about the Fund's
prospects over the coming year.


                              By Order of the Board

                      Genesis Emerging Markets Fund Limited

                          Dated:    11th October, 2007


                      GENESIS EMERGING MARKETS FUND LIMITED
                      PRELIMINARY ANNOUNCEMENT (continued)

                              Financial Highlights
                                            2007                           2006
                                       US$           Per              US$           Per
                                                 Participating                 Participating
                                                  Preference                     Preference
                                                    Share                          Share
CONSOLIDATED BALANCE SHEET:
Fixed assets                      943,670,957                     669,221,437
investments at valuation

Current assets                     29,252,984                      21,620,697

Current liabilities               (24,225,380)                    (45,633,558)


Net current assets(liabilities)     5,027,604                     (24,012,861)


Total net assets                 $948,698,561                    $645,208,576


CAPITAL AND RESERVES:

Called-up share capital               270,633                         270,633

Share premium                     135,238,840                     135,238,840

Capital reserve                   799,245,983                     495,919,799

Revenue account                    15,103,605                      14,939,804

Purchase of own shares             (1,160,500)                     (1,160,500)


Equity shareholders' funds       $948,698,561                    $645,208,576


Equity per Participating                            $70.28                        $47.80
Preference Share


RECONCILIATION OF PUBLISHED NET ASSET VALUE ATTRIBUTABLE TO PARTICIPATING PREFERENCE
SHAREHOLDERS TO THE UK GAAP EQUIVALENT:

Published net asset value         951,666,480       70.51        647,801,722       48.00

Change from mid-market to bid      (3,102,689)      (0.23)        (2,727,916)      (0.20)
pricing for investments

Net asset value under UK GAAP    $948,563,791      $70.28       $645,073,806      $47.80

Equity share capital                  134,770                        134,770

Equity shareholders' funds       $948,698,561                   $645,208,576


                      GENESIS EMERGING MARKETS FUND LIMITED
                      PRELIMINARY ANNOUNCEMENT (continued)


                                           2007                           2006
                                            US$                            US$
CONSOLIDATED INCOME:

Gains realised on investments sold     115,617,470                     143,963,631

Unrealised gains on investments        187,789,395                       6,621,761

Net exchange losses                        (80,681)                       (436,835)

Dividend income                         17,779,472                      15,050,187

Deposit interest                         1,457,957                         109,572

Expenses                               (16,528,748)                    (14,054,033)

Taxation                                (2,544,879)                     (1,904,996)

Total return attributable to          $303,489,985                    $149,349,287
Participating Preference Shares

Total return per Participating                 $22.49                          $11.07
Preference Share

STATEMENT OF CASH FLOWS:

Investment income received              15,463,380                      10,521,564
(net of withholding taxes)

Interest received                        1,482,664                          83,720

Management fees paid                   (11,365,671)                     (9,192,896)

Other expense payments                  (4,573,136)                     (4,867,474)

Purchase of investments               (220,218,452)                   (270,658,438)

Sale of investments                    255,885,195                     261,082,831

Exchange loss                               (1,160)                         (5,613)

Net Cash Inflow (Outflow)              $36,672,820                    $(13,036,306)
from operating activities

RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN NET FUNDS:

Net cash inflow (outflow)               36,672,820                     (13,036,306)

Exchange loss                              (79,521)                       (431,222)

                                        36,593,299                     (13,467,528)


Net liquid funds at beginning of       (26,567,370)                    (13,099,842)
year

Net liquid funds at end of year        $10,025,929                    $(26,567,370)