Interim Results

GENESIS EMERGING MARKETS FUND LIMITED

                              INTERIM ANNOUNCEMENT

The  Board  of  Directors  of  Genesis Emerging Markets  Fund  Limited  announce
unaudited results for the six months to 31st December, 2004:

                             2004                     2003
Total net assets        US$455,962,779           US$341,431,535

Capital Return            102,784,278               92,305,345

Revenue Return              490,066                   731,975

Net asset value per
Participating
Preference Share             33.77                     25.29

Total Return per
Participating
Preference Share             7.652                     6.893

Comment  -  Net  Asset  Value  per Participating Preference  Share  as  at  31st
December, 2004 was US$33.77 compared to US$26.12 at 30th June, 2004 and US$25.29
at 31st December, 2003.

Emerging   market  equities  handsomely  outperformed  the  major  markets,   as
represented by the MSCI World Index (TR), by around 1,100 basis points  for  the
full  calendar  year.  This  extends the period of  outperformance  by  emerging
markets to six years from 31st December 1998.

Among  the  various regions where your fund is invested, Latin America  was  the
strongest with Brazil's rise of 56% some way ahead of the other larger  regional
markets. In the EMEA region, Egypt was the standout performer up 84% and was  in
fact  the strongest country over the period. The largest EMEA constituent, South
Africa,  rose  by  41%  whilst Russia and Israel were  the  laggards  and  worst
performing  markets  for  the  period. Asia's  return  was  notably  behind  its
counterparts, although India and Indonesia both rose over 45%; China and  Taiwan
were  the  weakest larger countries in the region. The Financials sector  had  a
strong  fourth  quarter finishing the second half of 2004 as the top  performing
sector, up 37% whilst IT was the worst performing sector.

Within  a  slowing  world  economy,  emerging  economics  are  generally  better
positioned  to  handle more challenging global conditions, reaping  the  rewards
from  structural economic reforms which have resulted in higher potential growth
rates  and  improvements  in creditworthiness. Continued  growth  and  stability
provide a positive backdrop for businesses to flourish.



                              By Order of the Board
                                       and
                   HSBC SECURITIES SERVICES (GUERNSEY) LIMITED

Dated:    17th March, 2005

                      GENESIS EMERGING MARKETS FUND LIMITED

                        INTERIM ANNOUNCEMENT (continued)

                                    APPENDIX

                         31st  December, 2004  31st December, 2003
                                  US$                 US$


FINANCIAL HIGHLIGHTS

Total net assets               455,962,779       341,431,535

Dividends and Bond interest     4,179,914         3,506,972

Deposit interest                  7,770             13,768

Gross income                    4,187,684         3,520,740

Revenue return                   490,066           731,975

Capital return                 102,784,278       92,305,345

Net assets per Participating
Preference Share                  33.77             25.29

Total return per Participating
Preference Share                   7.652            6.893

STATEMENT OF CASH FLOWS
FROM OPERATING ACTIVITIES

Investment income received      4,198,076         3,243,693

Interest received                 5,260             13,856

Management fees paid           (2,547,834)       (1,893,250)

Other expenses paid             (757,431)         (547,610)

Purchase of investments        (38,577,429)      (29,364,958)

Sales of investments            35,632,508        25,232,608

Exchange loss                     (807)              (14)
                              _____________     _____________
NET CASH OUTFLOW
FROM OPERATING ACTIVITIES

Exchange Loss                  (2,047,657)       (3,315,675)

Net liquid funds at the
beginning of period             (177,235)          (49,597)

Net liquid funds at the end
of period                      (9,229,499)        (628,189)

                              _____________     _____________

                              $(11,454,391)      $(3,993,461)