Interim Results

GENESIS EMERGING MARKETS FUND LIMITED

                                        INTERIM ANNOUNCEMENT

The Board of Directors of Genesis Emerging Markets Fund Limited announces unaudited results for the six months to 31st
December, 2005:

                                      2005                2004

Total net assets                 US$616,461,244      US$455,962,779

Net asset value per
Participating Preference Share       $45.67              $33.77

Total Return per
Participating Preference Share       $8.936              $7.652


During the six months under review to 31st December, 2005, the Fund recorded an increase in reported net asset value to
$45.87, a rise of 24.9%. This  brought the rise for the calendar year 2005 to 35.8%. By comparison, the MSCI EM Free
Index rose 26.6% in the six months and 34.5% for the year as a whole.  As a
result, emerging markets have outperformed world equities as represented by the MSCI World Index for the fifth
consecutive year.

Growing confidence in the outlook for economic growth and corporate earnings in the developing world gave rise to a
strong performance from emerging markets equities in the six months to December 2005. The EMEA region was the best
performing with Russia up 55% followed by a 45% rise in the Turkish market.  After rising 80%, Colombia was the standout
performer in both Latin America and indeed all emerging markets over the period. Asia's return was notably behind the
other regions although Korea rose by 41%. Energy was the top performing sector, up 34%, driven by the high oil price
whilst Telecommunications was the
worst performing sector "only" rising 21%.

2005 was a record year for equity issuance, dominated by China, and the pipeline is in little danger of running dry -
2006 is likely to provide many more new stocks across the developing world. We expect a  busy year ahead and will
continue to focus our attention on those companies in the emerging markets which
we believe will capture a greater proportion of global trade and services flows within their sectors and  generate
globally competitive returns for their shareholders.



                                         By Order of the Board
                                                  and
                                HSBC SECURITIES SERVICES (GUERNSEY) LIMITED


Coen Teulings
Chairman
28th March, 2006

                                   GENESIS EMERGING MARKETS FUND LIMITED

                                      INTERIM ANNOUNCEMENT (continued)

                                                APPENDIX

                                          31st  December,    31st December,
                                               2005              2004
                                                US$               US$

FINANCIAL HIGHLIGHTS

Total net assets                            616,461,244        455,962,779

Dividends and Bond interest                   4,573,665          4,179,914

Deposit interest                                 30,086              7,770

Gross income                                  4,603,751          4,187,684

(Deficit)/revenue                            (2,028,382)           490,066

Capital gain                                122,630,337        102,784,278

Net assets per Participating Preference
Share                                            45.67              33.77

Total income per Participating Preference
Share                                            8.936              7.652

STATEMENT OF CASH FLOWS
FROM OPERATING ACTIVITIES

Net investment income received                3,790,131         4,198,076

Interest received                                27,354            5,260

Management fees paid                         (4,248,171)       (2,547,834)

Other expenses paid                          (2,085,099)        (757,431)

Purchase of investments                    (161,837,239)      (38,577,429)

Sales of investments                        131,314,073        35,632,508

Exchange loss                                   (114)             (807)
                                           _____________      _____________

NET CASH OUTFLOW
FROM OPERATING ACTIVITIES                   (33,039,065)      (2,047,657)

Exchange loss                                  (301,913)        (177,235)

Net liquid funds at the
beginning of period                         (13,099,842)      (9,229,499)

                                            ____________     ____________
Net liquid funds at the end                $(46,440,820)     $(11,454,391)
of period



Enquiries:

Genesis Investment Management LLP:              Charles Zorab
                                                Tel: [phone]