Notice of Results

GENESIS EMERGING MARKETS FUND LIMITED

PRELIMINARY ANNOUNCEMENT

The  Directors of Genesis Emerging Markets Fund Limited announce results for the
year ended 30th June, 2003 as follows:

                                                               2003          2002
                                                               US$           US$
                                                                               
Total net assets                                           248,394,215   217,855,809
                                                                         
Net asset value per                                                            
Participating Preference Share                                18.39         16.13
                                                                               
Total Return (Deficit) per Participating Preference Share                      
                                                               2.26          0.64


Comment -

As  at 30th June, 2003, the net asset value per Participating Share of the  Fund
was  US$18.39.   This  compares  with US$15.45 at  the  interim  stage  at  31st
December, 2002, and US$16.13 at 30th June, 2002.  The Directors do not recommend
payment of a dividend.

Much of the latter part of 2002 and the first quarter of 2003 were dominated  by
the  steadily  increasing probability that there would be a war in  Iraq,  which
depressed both major and emerging markets in the lead-up to hostilities in  mid-
March.  The emergence of the SARS virus from China in late 2002 and for a  while
its  rapid spread in Hong Kong and elsewhere in Asia provoked a disproportionate
reaction  in  the  markets, concentrated heavily on service industries  such  as
airlines,  hotels, and retail in both affected and neighbouring  countries.   As
evidence gathered in April that military success in Iraq would come more quickly
than expected and as the SARS outbreak came under control, the markets rebounded
strongly, and this carried through the second quarter of 2003, which turned into
one of the strongest in the life of the Fund.

The  momentum of markets has been maintained since the year end and we look with
reasonable confidence to the remainder of 2003, although it would be unrealistic
to anticipate returns to continue at the pace of the second quarter.

                              By Order of the Board

                   MANAGEMENT INTERNATIONAL (GUERNSEY) LIMITED

Dated:    22nd September, 2003
                      GENESIS EMERGING MARKETS FUND LIMITED
                                        
                      PRELIMINARY ANNOUNCEMENT (continued)

                                                                        APPENDIX
                                        
                                        
                                2003              2002
                                 US$               US$
FINANCIAL HIGHLIGHTS                                
                                                    
Total net assets             248,394,215       217,855,809
                             __________        __________
Dividends and Bond interest   7,122,996         5,127,079
                                                    
Deposit interest                1,697            15,718
                            __________         ___________
Gross income                  7,124,693         5,142,797
                                                    
Revenue return for the year   2,289,893          895,411
                                                    
Capital return for the year  28,248,513         7,716,026
                                                    
Net        assets       per     18.39             16.13
Participating Share          __________        __________
                                                    
Total      return       per     2.26              0.64
Participating Share          __________        __________
                                                    
STATEMENT OF CASH FLOWS                             
                                                    
Investment income received    5,864,575         4,629,020
                                                    
Interest (paid) received       (2,762)           17,521
                                                    
Management fees paid         (3,042,693)       (2,495,453)
                                                    
Other expense payments       (1,211,903)       (1,023,717)
                                                    
Exchange gain (loss)             154              (122)
                                                    
Purchases of investments    (49,899,801)      (68,221,216)
                                                    
Sales of investments         56,037,815        57,257,488
                             __________        __________
Net Cash Inflow (Outflow)    $7,745,385        $(9,836,479)
                             __________        _________