Final Results PRELIMINARY ANNOUNCEMENT

GENESIS EMERGING MARKETS FUND LIMITED

                            PRELIMINARY ANNOUNCEMENT

The  Directors of Genesis Emerging Markets Fund Limited announce results for the
year ended 30th June, 2006 as follows:

                                                    2006            2005
                                                     US$             US$

Total net assets                                 645,208,576     495,859,289

Net asset value per
Participating Preference Share                        47.80           36.73

Total Return per
Participating Preference Share                        11.07           10.61


Comment -

As  at  30th June, 2006, the net asset value per Participating Preference  Share
was US$47.80. This compares with US$45.67 at 31st December, 2005 and US$36.73 at
30th June, 2005. The Directors do not recommend a dividend.

The strong performance of the portfolio continued into 2006 although some of the
gains  were  given  back in the final months of the financial year  as  emerging
markets  fell on concerns over slowing global growth and higher interest  rates.
Strong growth, however, has boosted export values and current account surpluses,
permitting  a reduction in external debt burdens and a significant  build-up  of
foreign currency reserves.  These positive developments have been reinforced  by
structural  economic  reforms  undertaken to  raise  productivity  and  increase
attractiveness  of investing and accumulating capital in emerging  countries.  A
growing  number of developing countries have made considerable efforts  to  meet
international  standards  of transparency, corporate  governance  and  financial
regulation.

The  companies  in  the  portfolio remain highly  profitable  with  good  growth
prospects.  We continue to identify globally competitive companies  in  emerging
markets that trade at prices below their intrinsic value and the opportunity set
for  investors is increasing as many more companies are listing their shares  on
equity markets. We remain optimistic about medium-term prospects but feel it  is
unlikely  that  the stellar share price returns of the past few  years  will  be
repeated in the near term.

                              By Order of the Board

                      Genesis Emerging Markets Fund Limited

Dated:    1st September, 2006



                      GENESIS EMERGING MARKETS FUND LIMITED

                       PRELIMINARY ANNOUNCEMENT (continued)

                                                        APPENDIX


                                                   2006           2005
                                                    US$            US$
FINANCIAL HIGHLIGHTS

Total net assets                             645,208,576      495,859,289

Realised gains on investments                143,963,631       36,161,171

Unrealised gains on investments                6,621,761      105,519,758

Dividends                                     15,050,187       11,314,819

Net exchange losses                             (436,835)        (261,606)

Bond and deposit interest                        109,572           41,384

Expenses                                     (14,054,033)      (7,696,885)

Taxation                                      (1,904,996)      (1,907,787)


Total return for the year                    149,349,287      143,170,854


Net assets per Participating Share                 47.80            36.73


Total return per Participating Share               11.07            10.61


STATEMENT OF CASH FLOWS

Investment income received                    10,521,564         9,963,332

Interest received                                 83,720            16,541

Management fees paid                          (9,192,896)       (5,167,740)

Other expense payments                        (4,867,474)       (1,658,948)

Exchange loss                                     (5,613)             (157)

Purchase of investments                     (270,658,438)      (74,479,922)

Sale of investments                          261,082,831        67,718,000


Net Cash Outflow                            $(13,036,306)      $(3,608,894)