Interim Results

Genesis Emerging Markets Fund Ld
30 March 2001



                 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, 2000: 

                                                     2000                1999
Total Net assets                                 US$198,946,773   US$501,741,664

Capital (Deficit) Return                            (38,882,546)      84,155,763

Revenue Return                                          178,537        1,070,481

Net asset value per Participating Share                   14.73            18.61

Total (Deficit) Return per Participating Share           (2.364)           3.161


Comment - Net Asset Value per Participating Share at 31st December 2000 was 
US$14.73 down 16.5% compared to US$17.64 at 30th June 2000, and 20.9% below the
figure of US$18.61 recorded at 31st December 1999.

2001 begins with emerging market indices relative to the MSCI World Index back
at the level which prevailed in early 1987, just as the eight year bull market
which peaked in September 1995 was getting under way.  In terms of individual
company valuations, the levels seen today are comparable to those of the early
1990s.  It is always difficult to see what will provoke a change of sentiment
when an asset class has been through a pounding, but we would suggest the most
likely will be the action of domestic investors in their own markets, as real
interest rates decline.  This may already be happening.

Dated: 30th March 2001