Final Results

GENESIS EMERGING MARKETS FUND LIMITED

                            PRELIMINARY ANNOUNCEMENT

The  Directors of Genesis Emerging Markets Fund Limited announce results for the
year ended 30th June, 2005 as follows:

                                                     2005               2004
                                                      US$                US$

Total net assets                                  495,859,289        352,688,435

Net asset value per
Participating Preference Share                        36.73            26.12

Total Return per Participating Preference Share       10.61             7.73



Comment -

As  at  30th June, 2005, the net asset value for Participating Preference Shares
was US$36.73. This compares with US$33.77 at 31st December, 2004 and US$26.12 at
30th June, 2004. The Directors do not recommend a dividend.

Share prices in emerging markets performed strongly over the past 12 months with
some  of  the  smaller  markets,  such as Egypt and  Colombia,  among  the  best
performers.  Markets have benefited from a combination of strong global  growth,
improved corporate profitability and low interest rates. The exceptional pace of
global economic growth seen in 2004 has continued into 2005, with little if  any
slow  down  being recorded in key developing economies such as China and  India.
Global  conditions have been unusually favourable for exports and capital  flows
and  the  ensuing growth in emerging markets reflected a better balance  between
external and domestic demand. There has, however, been a notable contraction  of
current  account  surpluses in recent months. This is  partly  explained  by  an
upswing  in  domestic  investment, which tends to  suck  in  imports,  but  also
reflects  a  high  oil  price, which is altogether a less positive  factor.  The
countries  surrounding Europe are also feeling the effects of  faltering  demand
from  the  EU (particularly Germany). In Latin America, improved terms of  trade
have  strengthened  the external position of many countries and  record  current
account surpluses have been recorded.

The Manager believes the advantages of improved corporate profitability, reduced
macroeconomic  risks  and  superior demographic profiles  for  emerging  markets
remain  soundly  intact.  Countries such as India and China,  Russia  and  South
Africa,  for example, have been fundamentally transformed over the last  fifteen
years.  The  development  process,  involving  political  as  well  as  economic
transformation,  has given rise to a structural improvement in investability  in
the  emerging  markets and has helped to create a growing universe  of  globally
confident and competitive companies. More importantly, many people within  these
countries  have  experienced  the  benefit of this  transformation  and  want  a
continuation of the same.

                              By Order of the Board

                   HSBC Securities Services (Guernsey) Limited

Dated:    9th September, 2005

                      GENESIS EMERGING MARKETS FUND LIMITED

                      PRELIMINARY ANNOUNCEMENT (continued)

                                                                        APPENDIX


                                                                2005                2004
                                                                 US$                 US$
FINANCIAL HIGHLIGHTS

Total net assets                                             495,859,289         352,688,435

Dividends and Bond interest                                  11,338,698           8,088,112

Deposit interest                                               17,505               21,862
                                                             ___________         __________
Gross income                                                 11,356,203           8,109,974

Revenue return for the year                                   1,751,531           2,057,999

Capital return for the year                                  141,419,323         102,236,221

Net assets per Participating Share                              36.73             26.12
                                                              ________             ____

Total return per Participating Share                            10.61              7.73
                                                              ________             ____
STATEMENT OF CASH FLOWS

Investment income received                                    9,963,332           7,589,593

Interest received                                              16,541              21,420

Management fees paid                                         (5,167,740)         (4,291,215)

Other expense payments                                       (1,658,948)         (1,135,806)

Exchange loss                                                   (157)               (235)

Purchases of investments                                    (74,479,922)         (61,750,918)

Sales of investments                                         67,718,000           51,159,718
                                                            ___________
Net Cash Outflow                                            $(3,608,894)         $(8,407,443)