Interim Management Statement

GENESIS EMERGING MARKETS FUND LIMITED (the "Company")

19th November 2008

This statement has been prepared 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 party
for any purpose other than as stated above.

Genesis Emerging Markets Fund Limited was incorporated with limited liability in Guernsey under the Companies Laws on 19
September 1989 with registered number 20790 as a closed-ended investment company which has the ability to issue
additional shares. The Company's shares are listed on the London Stock Exchange.

Investment Objective

The investment objective of the Company is 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.

The Company has appointed Genesis Asset Managers, LLP to act as Manager with responsibility for providing advice on the
Company's investment portfolio, in accordance with the Company's investment objective and policy, subject to the overall
supervision of the directors.

Performance Summary

Following the second quarter's record return for the emerging markets equity asset class, the asset class marked a 21.3%
gain for the MSCI EM IMI Index during the third quarter of 2009.  This left the asset class up more than 21.9% for the
twelve months to September 2009.

In this environment the Company's Net Asset Value per share rose from US$54.66 at the end of June 2009 to US$67.30 on
the 30th September; a gain of  23.1% over that  period and 16.7% for the preceding twelve month period.

Market Update

The MSCI EM IMI Index ended nearly flat in October (gaining 0.2%), but this masked some volatile trading sessions in the
ongoing push-me-pull-you between global economic bulls and bears. September posted another strong month (up 9.0%) in US
dollars, meaning that the index has doubled from its low point last
October (although investors based in other currencies have not necessarily seen such strong returns). However, there are
worries that the current spurt of growth will fade once monetary policy resumes a tightening course, or that the splurge
of deficit spending and easy money will lead to significant inflation in developing economies, but at present investors
are enjoying widespread upgrades to expectations, to economic growth, to corporate profitability and, ultimately, to
analysts' share price targets. Meanwhile, across the world, the companies that we meet continue to report a notably
better environment in the last couple of months, and the second half of the year is shaping up to be radically
different from the first half.  Many companies are reporting a good recovery in orders and expect sequential growth for
the rest of the year. The speed of recovery may explain why credit quality in most emerging market banks remains good -
the business contraction was sharp but short-lived and not long enough to affect debt servicing.

For further information contact:

HSBC Securities Services (Guernsey) Limited
as Company Secretary

Mrs Sue Saunders
Direct Tel: [phone]
Fax: [phone]
Email: [e-mail]


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