Share buy-back engagement

Fidelity Emerging Markets Limited (the 'Company')

Legal Entity Identifier: 213800HWWQPUJ4K1GS84

Share buy-back engagement

The Board of Directors (the “Board”) of Fidelity Emerging Markets Limited (the “Company”) (ticker: FEML) is pleased to announce that it has engaged both Jefferies International Limited and JP Morgan Cazenove as buy-back agents to effect market purchase of shares of behalf of the Company (the "Engagements"). 

Pursuant to and during the term of the Engagements, the Company’s buy-back agents may independently of, and without influence by, the Company, effect on-market purchases of Participating Preference Shares of no par value (the "Shares") from time to time at its absolute discretion provided that the maximum price payable for a Share on the Main Market of the London Stock Exchange plc (the "Exchange") is an amount equal to the higher of:

1. 105 per cent. of the average market value of the Company’s Shares as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which such Share is contracted to be purchased; or
2. the higher of the price of the last independent trade and the highest current bid stipulated by Article 3(2) of the Commission Delegated Regulation (EU/2016/1052).

Share buy-backs under the Engagements will be made pursuant to the authority granted to the Company at its general meeting held on 8 December 2022, but the Board advises shareholders there can be no certainty that the Company will acquire any shares under these Engagements. The Engagements will commence with effect from today and will, unless extended or terminated earlier, continue until the next annual general meeting of the Company to be held on 7 December 2023, where the Company is seeking a new authority from shareholders to buy back Shares.

A buy-back of Shares pursuant to the Engagement on any trading day may represent a significant proportion of the daily trading volume in the Shares on the Exchange (and could exceed the 25% limit of the average daily trading volume of the preceding 20 business days as referred to in the Commission Delegated Regulation (EU) No. 2016/1052 on buy-back programmes).

Fidelity Emerging Markets Limited will announce any market repurchase of Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred. To the extent permitted by law, Shares bought back under the Engagements can either be held in treasury or cancelled. 

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