Interim Management Statement

GENESIS EMERGING MARKETS FUND LIMITED

                     UNAUDITED INTERIM MANAGEMENT STATEMENT
                          3 MONTHS TO 30 SEPTEMBER 2007

To the Members of Genesis Emerging Markets Fund Limited

This  unaudited interim management statement has been produced solely to provide
additional  information  to  shareholders  as  a  body  to  meet  the   relevant
requirements of the UK Listing Authority's Disclosure and Transparency Rules. It
should  not  be  relied upon by any other party or for any other purpose.   This
interim  management  statement relates to the period from  1  July  2007  to  30
September 2007, and contains information that covers this period, and up to  the
date  of  publication  of  this interim management statement,  unless  otherwise
specified.

Investment Objective
To  provide  shareholders  with  a broadly diversified  means  of  investing  in
developing countries and immature stock markets, and thus to provide  access  to
superior returns offered by high rates of economic and corporate growth,  whilst
limiting individual country risk.

Benchmark
MSCI Emerging Markets Free Index.

Material Events
The  MSCI Emerging Markets Index closed a volatile quarter with a gain of  14.5%
in  US dollars. Most of the gains came in September, which returned 11.1%  in  a
spectacular  recovery from the v-shaped dip in August. The upward pressure  came
mainly  from the largest markets, Brazil, China and India, which each rose  more
than 16%. It was also a very strong month for share prices in the materials  and
energy sectors, which rose by a similar amount as commodity prices rebounded. An
eye-popping  month indeed, with the oil price reaching record  levels  and  gold
soaring to a 28-year high after the Fed funds rate cut.

The strain of fast growth is starting to show in China, as inflation rose to  an
eleven-year high of 6.5% in August. The central bank raised interest  rates  for
the  fifth  time  this year - although it was careful to leave savings  deposits
unchanged  for  fear of attracting more capital inflows. However,  it  would  be
wrong  to  overstate the inflation risk, as it seems the emerging markets  as  a
whole are managing to sustain a fast, but relatively stable, pace of growth.  In
the  current  global  environment  it seems  this  combination  is  particularly
attractive.  Indeed, given the turmoil elsewhere, emerging markets have  been  a
haven  of  stability.  This may explain why, by the end of  September,  trailing
valuations  as measured by the MSCI EM Index were at a 10% premium to  the  MSCI
World Index. Of course China - now the largest market in the MSCI EM Index -  is
a good part of that.

For  latest NAV and share price information please refer to the trust's website,
www.giml.co.uk.

Portfolio Profile
As at 28th September 2007

Ten Largest Holdings               %   By Country(Top 15)%     By Sector                %
Taiwan Semiconductor (Taiwan)     3.4  South Korea  11.8       Financials             26.5
Sasol (South Africa)              3.0  India         9.3       Materials              12.1
PT Telekom (Indonesia)            3.0  South Africa  9.2       Information Technology 11.7
Samsung Electronics(South Korea)  2.9  Russia        9.1       Energy                 10.4
Vale Rio Doce (Brazil)            2.7  Brazil        9.0       Consumer Staples       10.2
Standard Bank (South Africa)      2.6  Taiwan        5.7       Industrials             8.6
Orascom Construction(Egypt)       2.5  Indonesia     5.4       Telecoms                7.4
Kookmin Bank (SouthKorea)         2.3  Mexico        5.2       Utilities               5.0
Korea Electric Power(South Korea) 2.3  Turkey        3.8       Other                   3.3
Anglo American (South Africa)     2.2  Egypt         3.4       Consumer Discretionary  2.6
                                       Israel        2.8       Health Care             2.3
Total 26.9% of Portfolio               China         2.5
Number of holdings: 94                 Thailand      2.3
                                       Malaysia      2.3
                                       Hungary       2.2


Geographical Diversification
As at 28th September 2007
                 %                            %                            %
Latin America 17.8        Malaysia            2.3   Europe & Central Asia 18.5
Brazil         9.0        Philippines         0.7   Russia                 9.1
Mexico         5.2        Vietnam             0.2   Turkey                 3.8
Chile          1.6                                  Hungary                2.2
Peru           1.1        Middle East/Africa 21.3   Romania                1.5
Colombia       0.7        South Africa        9.2   Croatia                0.8
Argentina      0.3        Egypt               3.4   Ukraine                0.4
                          Israel              2.8   Estonia                0.4
South Asia     9.4        Nigeria             1.6   Kazakhstan             0.2
India          9.3        Zambia              1.6   Czech Republic         0.1
Sri Lanka      0.1        Mauritius           1.3   Greece                 0.1
                          Senegal             0.3
East Asia     31.0        Kenya               0.3   Other
South Korea   11.8        Iran                0.3   UK                     1.7
Taiwan         5.7        Congo, DR           0.2
Indonesia      5.4        Lebanon             0.1   Total                100.0
China          2.5        Zimbabwe            0.1
Thailand       2.3        Ghana               0.1

Performance
To 28th September 2007
                                                  Annualised (%p.a)
% Returns - US$             September   1 Year     3 Years      5 Years    Since Inception

GEMF (net of annual fees)    8.0        47.7        38.3         39.7         16.1
MSCI EM (TR)                11.1        58.6        41.3         39.1         14.3
MSCI World (TR)              4.8        21.7        18.6         19.9          9.0

Statistical Sources:
Fund Performance - Genesis' own records. NAV to NAV.  Net of all expenses,
including management fees and tax suffered. Net income reinvested.
Index Performance - Calculated by Genesis based upon index values supplied by
MSCI.


General description of Company's financial position and performance as at 30 September 2007
                            $m
Net Assets               $1,025.7

Please  note that past performance is not necessarily a guide to the future  and
that the value of investments and the income from them may fall as well as rise.
Investors may not get back the amount they originally invested.

For Genesis Emerging Markets Fund Limited
HSBC Securities Services (Guernsey) Limited, Secretary
15 November 2007