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, 2004 as follows:

                                2004            2003
                                US$             US$

Total net assets            352,688,435     248,394,215

Net asset value per
Participating Preference       26.12           18.39
Share

Total Return per
Participating Preference        7.73            2.26
Share



Comment -

As  at  30th June, 2004, the net asset value for Participating Preference  Share
was US$26.12. This compares with US$25.29 at 31st December, 2003 and US$18.39 at
30th June, 2003. The Directors do not recommend a dividend.

The  first quarter continued the trend that lifted emerging markets so  strongly
last  year,  and the Fund's net asset value per share rose nearly 10  per  cent,
while  in  the  second quarter prices dropped back by almost  the  same  amount.
Various factors emerged around the end of the first quarter to prompt the  shift
in  sentiment. First, fears of a hard landing began to build in China.  After  a
strong  performance  in 2003, when the economy grew by  over  9  per  cent,  the
Central  Bank  raised  the  reserve requirements  for  small  banks  and  issued
directives  to limit lending to certain industries identified as suffering  from
over-investment.  Another issue in the first half was the strength  of  the  oil
price, and although certain countries (notably Russia, Venezuela and Mexico) are
net  exporters,  for  the  majority  of emerging  economies  that  import  their
petroleum  requirements,  a higher oil price is not good  news.  Neither  is  it
positive  for  global growth if higher prices are sustained for  any  length  of
time. The final significant event of the period occurred at the end of June when
the  Federal  Reserve tightened US interest rates. If this heralds a  period  of
synchronised  global  monetary  tightening, it  would  mean  a  less  supportive
environment for equity prices, particularly emerging markets equities which  are
considered to be at the riskier end of the spectrum.

Some  of  the exuberance that marked 2003 as a notable year for emerging markets
evaporated in the first half of 2004. The valuations that are on offer, now that
prices  have paused for a while, are, however, pretty attractive and in  such  a
vibrant  universe  of  companies, there is no shortage of ideas  with  which  to
construct an attractive portfolio, and we feel our companies should continue  to
deliver strong returns in the future.

                              By Order of the Board

                   MANAGEMENT INTERNATIONAL (GUERNSEY) LIMITED

Dated:    22nd October, 2004

                      GENESIS EMERGING MARKETS FUND LIMITED

                      PRELIMINARY ANNOUNCEMENT (continued)

                                                                        APPENDIX


                              2004          2003
                               US$          US$
FINANCIAL HIGHLIGHTS

Total net assets            352,688,435   248,394,215
                            _________________________

Dividends and Bond interest   8,088,112     7,122,996

Deposit interest                 21,862         1,697
                            _________________________
Gross income                  8,109,974     7,124,693

Revenue return for the year   2,057,999     2,289,893


Capital return for the year 102,236,221    28,248,513


Net assets  per                   26.12        18.39
Participating Share          _________________________

Total return per                   7.73         2.26
Participating Share          _________________________

STATEMENT OF CASH FLOWS

Investment income received    7,589,593    5,864,575


Interest received (paid)         21,420      (2,762)

Management fees paid         (4,291,215)  (3,042,693)


Other expense payments       (1,135,806)  (1,211,903)


Exchange (loss) gain               (235)         154

Purchases of investments    (61,750,918) (49,899,801)


Sales of investments         51,159,718    56,037,815
                             ________________________

Net Cash (Outflow) Inflow   $(8,407,443)   $7,745,385
                             ________________________