Final Results

Genesis Emerging Markets Fund Ld
12 September 2002



                     GENESIS EMERGING MARKETS FUND LIMITED

                            PRELIMINARY ANNOUNCEMENT

The Directors of Genesis Emerging Markets Fund Limited announce results for the
year ended 30th June, 2002 as follows:

                                                        2002                             2001

                                                         US$                             US$


Total net assets                                     217,855,809                     209,244,372


Capital Return (Deficit)                              7,716,026                      (30,096,207)


Revenue Return                                         895,411                        1,689,797

Net asset value per
Participating Preference Share                          16.13                           15.50

Total Return (Deficit) per Participating
Preference Share                                         0.64                           (2.16)
                                                         

Comment -

As at 30th June 2002, the net asset value per Participating Share of the Fund
was $16.13. This compares with $15.65 at the interim stage at 31st December
2001, and $15.50 at 30th June 2001. The Directors do not recommend payment of a
dividend.

Although equity markets, both developed and emerging, were affected during 2002
by broad global, political or economic considerations, Emerging Markets as a
class continued to perform significantly better than the conventional markets.
While the latter part of 2001 was overshadowed by political events, the health
of the world economy was the underlying concern in early 2002, reflecting high
levels of corporate and consumer debt, lack of demand and pricing power, and
over-supply in many industries. Fundamentals for a generalised recovery in major
economies seemed to be lacking, and the explosive fourth quarter 2001 rally was
driven instead by highly liquid monetary conditions. The rally soon petered out
in early 2002 at which point the Emerging Markets began to surge ahead, both
relatively and in absolute terms.

Looking forward, it is possible to find reasons for caution in the political/
economic environment. That said, there are significant reasons to be optimistic
about emerging markets, including compelling valuations (both in absolute terms
and relative to other major markets), fast rising returns on equity amongst
better run emerging markets companies, and demographic trends.

                             By Order of the Board

                  MANAGEMENT INTERNATIONAL (GUERNSEY) LIMITED

Dated: 11th September 2002



                     GENESIS EMERGING MARKETS FUND LIMITED

                      PRELIMINARY ANNOUNCEMENT (continued)

                                                                                                           APPENDIX

                                                             30 June 2002               30 June 2001

                                                                  US$                        US$
FINANCIAL HIGHLIGHTS


Total net assets                                              217,855,809                209,244,372

Dividends and Bond interest                                    5,127,079                  5,474,688

Deposit interest                                                15,718                     342,872

Gross income                                                   5,142,797                  5,817,560

Revenue return for the year                                     895,411                   1,689,797

Capital return (deficit) for the year                          7,716,026                (30,096,207)

Net assets per Participating Share                               16.13                      15.50

Total return (deficit) per Participating share                   0.64                      (2.16)


STATEMENT OF CASH FLOWS


Investment income received                                     4,629,020                  5,119,561

Interest received                                               17,521                     176,173

Management fees paid                                          (2,495,453)                (2,995,816)

Other expense payments                                        1,023,717)                 (1,261,567)

Exchange (loss) gain                                             (122)                     412,554

Purchase of investments                                      (68,221,216)               (71,335,942)

Sale of investments                                           57,257,488                 69,589,973

Net Cash Outflow from Investment Activities                   (9,836,479)                 (295,064)

Redemption of shares                                               -                    (61,738,238)

Purchase of own shares                                             -                     (1,160,500)

Net cash outflow                                             $(9,386,479)               $(63,193,802)




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