Stock Exchange Announcement

GENESIS EMERGING MARKETS FUND LIMITED
                           STOCK EXCHANGE ANNOUNCEMENT
The Directors of Genesis Emerging Markets Fund Limited announce the following
results for the year ended 30th June, 2008:-
                               30th June,     30th June,
                                  2008           2007
                                  US$            US$D

Total net assets              994,204,936    948,698,561

Net assets per Participating        73.65          70.28
Share

Total income per                     3.37          22.49
Participating Share

Commenting on the results the Chairman has made the following statement:
Year Under Review

I  have  pleasure in presenting to shareholders the nineteenth Annual Report  of
the Genesis Emerging Markets Fund Limited for the year ended 30th June, 2008.

Performance

Volatile equity markets have made the first half of 2008 an uncomfortable period
for  investors, with the MSCI Emerging Markets Free Index falling 11.6% over the
six  month  period.  The Manager's Report on the following pages  describes  the
environment  in  more detail and highlights some of the changes that  have  been
made to the Fund's portfolio as a result.

The  Fund's net asset value (NAV) per share fell by 7.0% over the half  year  to
30th  June,  2008 but when combined with the upward movement seen in  the  first
half  of the financial year this still left the net asset value per share up  by
5.0%  over  the  full year.  This compares with the 4.6% increase  in  the  MSCI
Emerging Market Investable Markets Index over the same period.

The Fund's discount to NAV has declined steadily through the last six months  as
markets have fallen, reaching around 8.1% at the end of June.

Notwithstanding the negative stock market sentiment over the last eight  months,
the  Fund has still delivered an annualised return for shareholders of over  32%
over the last five years.

The  Board  of  Directors  remains  satisfied that  the  Manager's  approach  to
investing  in  emerging markets is appropriate for the generation  of  long-term
performance.  In our opinion, therefore, the Manager's ongoing appointment is in
the best interest of shareholders.

The Board

There were no changes to the Board during the year under review.

Aloysius  Colayco has announced his intention to retire from the  Board  at  the
forthcoming  Annual General Meeting, and it is with regret that  this  has  been
accepted  by the Directors. Over the many years that Mr. Colayco has  served  on
the  Board his knowledge of emerging markets in general, and his perspective  on
Asia in particular, have provided invaluable insight to his fellow Directors and
to the Manager. On behalf of the Board, I would like to express my thanks to Mr.
Colayco for his exemplary contribution, which will be sorely missed.

In accordance with the Articles of Association and with regulatory requirements,
Michael Hamson and Jeremy Paulson-Ellis offer themselves for re-election at  the
forthcoming  Annual General Meeting (as detailed in the Notice of  Meeting  that
accompanies this Report). I have no hesitation in endorsing their re-election to
the Board.

Outlook

Risk  does remain present for investors in emerging markets, especially that  of
an acceleration in inflation as a result of rising food and energy prices, along
with  the potential for policy errors in the monetary responses to this  threat.
That  said,  a number of factors (for example rising productivity and increasing
trade  between  developing countries, as well as a high level of  infrastructure
development  expenditure)  are  all  helping  to  ensure  that  economic  growth
continues  to  be  strongly positive in many of the markets in  which  the  Fund
invests  even  if  growth rates have declined somewhat.   The  Manager's  Report
comments  further  on  some  of these points, and  notes  that  more  attractive
opportunities have become available as company valuations have fallen during the
past few months.

Most  importantly, the longer-term arguments in favour of investing in  emerging
markets  remain in place, including a growing and more urbanised workforce,  the
potential  for further increases in consumer expenditure, increasingly efficient
banking  systems and capital markets, and a steady realisation on  the  part  of
governments  that  their  role should be to `enable'  investment  and  corporate
activity rather than `direct' it.



We  believe that this supports continued optimism on the outlook for  the  asset
class,  and  we are confident that the Fund will continue to generate attractive
returns for its shareholders over a reasonable timeframe.

Annual General Meeting

This  year's  Annual General Meeting will be held at Arnold House, St.  Julian's
Avenue, St. Peter Port, Guernsey at 10.00 am on 23rd October, 2008.

Coen Teulings
Chairman
September 2008.

Commenting on the results the Manager has made the following statement:

Review

The  portfolio ended the 12 months to 30th June, 2008 up 5.0% even after a sharp
8.0%  fall  in  the  final month of the financial year largely  unwound  earlier
gains.   June  was  a  bad  month in most big Asian markets,  with  double-digit
declines  the  norm,  generally  reflecting  investor  concern  about  stretched
finances in energy-importing economies, as the oil price rose to ever increasing
highs.  Those governments that have been subsidising domestic energy prices  are
buckling  under the financial strain, with the resulting sudden jumps in  prices
adding to the existing inflation pressures.

The  slowdown  in  global  growth, which started last  summer,  is  expected  to
continue  through the second half of 2008, with only a gradual  recovery  during
2009.   The IMF forecasts overall global growth to moderate from 5% in  2007  to
4.1%  percent  in  2008  and 3.9% in 2009 and it expects expansion  in  emerging
economies  to lose steam with growth in these economies easing to around  7%  in
2008, from 8% in 2007.  In China, growth is now projected to moderate from  near
12%  in  2007  to  around 10% in 2008 and 2009.  Despite  the  global  slowdown,
inflationary pressures are mounting across the emerging market world  driven  by
the   significant  increases  in  commodity  prices,  above-trend  growth,   and
accommodative macroeconomic policies.  Monetary and exchange rate  policies  are
generally loose despite accelerating headline price growth and some commentators
expect  that the underlying inflationary pressures could persist over  the  next
few years.

Although  largely  insulated from the direct effects of the credit  crunch,  and
with, seemingly, few banks in emerging markets holding direct asset exposure  to
the  US  sub-prime  borrowers, the current environment is challenging  for  many
developing  countries.   Countries  with current  account  deficits  are  facing
currency  pressure  and/or  higher interest rates with resulting  macro-economic
instability  while  their export sectors are seeing lower  demand  from  US  and
European customers.  After a half-decade of both high growth and low and falling
inflation  in  emerging  markets, we are now in a less  benign  environment  and
individual countries with weaker fundamentals may see more stress.
The  Portfolio's turnover for the twelve-month period ending 30th June, 2008 was
31%,  marginally higher than in the previous financial year.  By far the largest
net increase in exposure was in China, with a rise from 2% to nearly 8% over the
period.   New  positions  were initiated in a number of  stocks,  notably  China
Resources  Enterprise  and Industrial and Commercial  Bank  of  China  ("ICBC").
Exposure was also increased in Mexico and South Africa through a combination  of
new  positions and additions to existing holdings. On the sell side, the largest
reductions were seen in Brazil and South Korea. In the former, the large holding
in Vale was sold from the portfolio whilst in South Korea, a number of positions
were cut back and SK Telecom was eliminated from the portfolio.

From  a  sector perspective, the Consumer Discretionary and Staples sectors  saw
significant  additions, a substantial portion of which was  in  Chinese  retail,
whilst  the largest number of changes on both the purchase and sales  sides  was
seen  in the Financials sector. New positions were initiated in ICBC and Garanti
Bank  (Turkey) while Samsung Securities (South Korea) and Credicorp (Peru)  were
reduced and Continental Re (Nigeria) was sold.  There were some large reductions
in  the Materials sector, namely Raspadskaya (Russia) and the sale of Vale,  and
exposure  was also reduced in the Energy sector, largely through a reduction  in
MOL (Hungary).

In  recent months share prices in emerging markets have been much more  volatile
reflecting the more uncertain near-term environment and recent falls have  begun
to  unwind some of the pockets of overvaluation in the emerging equity  universe
on which we have commented in the past.  Against this, economic growth, although
slower  in  a  number of key countries, remains strongly positive and  certainly
above the likely levels in the more developed world.  In addition most companies
we  meet  comment that they are generally still seeing robust demand  for  their
goods  and  services.  Policy at Genesis remains unchanged and  we  continue  to
invest in underpriced companies identified through fundamental analysis.  We are
convinced  the  medium-term outlook for those companies included in  the  Fund's
portfolio remains positive.
Genesis Asset Managers, LLP
September 2008
                 GENESIS EMERGING MARKETS FUND LIMITED
                STOCK EXCHANGE ANNOUNCEMENT (continued)

                      CONSOLIDATED BALANCE SHEET
                         as at 30th June, 2008
                                        30th June,    As restated
                                              2008     at 30th June, 2007


                             $             $
      ASSETS
      Financial assets at fair         997,994,926    943,670,957
      value through profit or
      loss
      Amounts due from brokers             280,281      2,176,880
      Dividends and interest             2,527,774      2,891,851
      receivable
      Other receivables and                161,422      3,766,168
      prepayments
      Cash and cash                      3,800,435     20,418,085
      equivalents
      TOTAL ASSETS                   1,004,744,838    972,923,941


      LIABILITIES
      Amounts due to brokers             1,744,050     11,716,433
      Payables and accrued               1,576,299      2,116,791
      expenses
      Bank overdraft                     7,219,553     10,392,156
      TOTAL LIABILITIES                 10,539,902     24,225,380
      TOTAL NET ASSETS                 994,204,936    948,698,561

      EQUITY
      Called-up share capital              270,633        270,633
      Share premium                    135,238,840    135,238,840
      Capital reserve                  821,937,433    799,245,983
      Revenue account                   37,918,530     15,103,605
      Purchase of own shares           (1,160,500)    (1,160,500)
      TOTAL EQUITY                     994,204,936    948,698,561

      EQUITY PER PARTICIPATING
          PREFERENCE SHARE                  $73.65         $70.28





              GENESIS EMERGING MARKETS FUND LIMITED
             STOCK EXCHANGE ANNOUNCEMENT (continued)

                  CONSOLIDATED INCOME STATEMENT
                for the year ended 30th June, 2008

                                      30th June,    30th June,
                                            2008          2007
                                         $              $
    INCOME
    Net change in financial           28,751,404   303,406,865
    assets at fair value
    through profit or loss
    Net exchange losses              (6,059,954)      (80,681)
    Dividend income                   45,184,609    17,774,451
    Deposit interest                     239,258     1,457,957
    Miscellaneous income                 151,577         5,021
                                      68,266,894   322,563,613
    TOTAL OPERATING                (20,114,1438)  (15,314,156)
    EXPENSES
    OPERATING PROFIT                  48,152,751   307,249,457

    FINANCE COSTS
    Bank charges                         (2,268)       (1,753)
    Interest expense                   (581,449)   (1,212,840)
    TOTAL FINANCE COSTS                (584,077)   (1,214,593)
    Taxation                         (2,062,299)   (2,544,879)
    PROFIT FOR THE YEAR               45,506,375   303,489,985

    RETURN PER
    PARTICIPATING PREFERENCE              $3.372       $22.487
    SHARE *



            *  Calculated on a weighted average number of
participating preference shares in issue of  13,496,306 (2007
                        - 13,496,306)




                      GENESIS EMERGING MARKETS FUND LIMITED
                     STOCK EXCHANGE ANNOUNCEMENT (continued)


                   CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                       For the year ended 30th June, 2008
                                 30th June, 2008

                           Share         Share      Capital      Revenue    Purchase        Total
                         Capital       Premium      Reserve      Account      of Own
                                                                              Shares

                               $             $            $            $           $            $

Net assets at the        270,633   135,238,840  799,245,983   15,103,605 (1,160,500)  948,698,561
beginning of the
year

Movement in the                -             -   22,691,450   22,814,925           -   45,506,375
year

Net assets at the        270,633   135,238,840  821,937,433   37,918,530 (1,160,500)  994,204,936
end of the year



                         As restated for the year ended
                                 30th June, 2007

                           Share         Share      Capital      Revenue    Purchase        Total
                         Capital       Premium      Reserve      Account      of Own
                                                                              Shares

                               $             $            $            $           $            $

Net assets at the        270,633   135,238,840  495,919,799   14,939,804 (1,160,500)  645,208,576
beginning of the
year

Movement in the                -            -   303,326,184      163,801           -  303,489,985
year

Net assets at the        270,633  135,238,840   799,245,983   15,103,605 (1,160,500)  948,698,561
end of the year



              GENESIS EMERGING MARKETS FUND LIMITED
             STOCK EXCHANGE ANNOUNCEMENT (continued)

              CONSOLIDATED STATEMENT OF CASH FLOWS
               for the year ended 30th June, 2008

                                        30th June,    30th June,
                                              2008          2007
                                                 $             $
    OPERATING ACTIVITIES
    Investment income                   45,700,263    18,007,782
    received
    Taxation paid                      (2,452,986)   (2,544,402)
    Interest received                      241,496     1,482,664
    Operating expenses                (20,862,060)  (15,938,807)
    paid
    Purchase of investments           (378,087,593)(220,218,452)
    Proceeds from sale of              348,075,787   255,885,195
    investments
    Foreign exchange loss                 (47,472)       (1,160)

    NET CASH (OUTFLOW)/INFLOW          (7,432,565)    36,672,820
    FROM OPERATING ACTIVITIES


    NET (DECREASE)/INCREASE            (7,432,565)    36,672,820
    IN CASH AND CASH
    EQUIVALENTS
    Effect of exchange rate            (6,012,482)      (79,521)
    fluctuations on cash
    and cash equivalents
                                      (13,445,047)    36,593,299

    Net cash and cash                   10,025,929  (26,567,370)
    equivalents at the
    beginning of the year

    NET CASH AND CASH                  (3,419,118)    10,025,929
    EQUIVALENTS AT THE END
    OF THE YEAR

    Comprising of:
    Cash and cash                        3,800,435    20,418,085
    equivalents
    Bank overdraft                     (7,219,553)  (10,392,156)


    NET CASH AND CASH                  (3,419,118)    10,025,929
    EQUIVALENTS AT THE END
    OF THE YEAR

                      GENESIS EMERGING MARKETS FUND LIMITED
                     STOCK EXCHANGE ANNOUNCEMENT (continued)



 RECONCILIATION OF PUBLISHED NET ASSET VALUE ATTRIBUTABLE TO EQUITY SHAREHOLDERS
                             TO THE IFRS EQUIVALENT

                            30th June            Per
                               2008         Participating
                              Total          Preference
                                                Share
                                $                 $
Published Net Asset         999,154,562              74.03
Value
Change from mid market      (5,084,396)             (0.38)
pricing to bid pricing
for investments
Net Asset Value under       994,070,166              73.65
IFRS
Equity share capital            134,770
Equity Shareholders'         99,204,936
Funds

                             30th June,          Per
                                   2007     Participating
                              Total          Preference
                                                Share
                                $                 $
Published Net Asset         951,666,480              70.51
Value
Change from mid market      (3,102,689)             (0.23)
pricing to bid pricing
for investments
Net Asset Value under       948,563,791              70.28
IFRS
Equity share capital            134,770
Equity Shareholders'        948,698,561
Funds




                      GENESIS EMERGING MARKETS FUND LIMITED

                     STOCK EXCHANGE ANNOUNCEMENT (continued)

Notes
1. Accounting policies
The   Fund   financial  statements  have  been  prepared  in   accordance   with
International Financial Reporting Standards.
2. Status of stock exchange announcement
The  financial  information set out in this preliminary  announcement  does  not
constitute  the Fund's statutory financial statements for the years  ended  30th
June  2008 or 2007.  The financial information for the year ended 30th June 2008
is  derived from the statutory financial statements for that year. The  auditors
reported  on  those  financial  statements; their report  was  unqualified.  The
statutory  financial  statements  for the  year  ended  30th June  2008  will  be
finalised  on  the basis of the information presented by the Directors  in  this
preliminary  announcement following the approval of the financial statements  by
the  Board  of  Directors.  Whilst the financial information  included  in  this
preliminary  announcement  has  been computed in accordance  with  International
Financial  Reporting  Standards (IFRS), this announcement  does  not  in  itself
contain  sufficient information to comply with IFRS. The Fund expects to publish
full  financial statements that comply with IFRS following the approval  of  the
financial statements by the Board of Directors.

For Genesis Emerging Markets Fund Limited
HSBC Securities Services (Guernsey) Limited, Secretary
23rd September 2008

END