THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH ITS DISTRIBUTION MAY BE UNLAWFUL

THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION

Fidelity Emerging Markets Limited (the "Company")

LEI: 213800HWWQPUJ4K1GS84

18 October 2021

Result of Tender Offer

Further to the tender offer commenced by the Company on 6 September 2021 (the "Tender Offer") for the repurchase of up to 25 per cent. of the Company's participating redeemable preference shares (the "Shares") the Company today announces that 103,326,957 Shares were validly tendered pursuant to the Tender Offer, equal to approximately 85 per cent. of the 121,466,754 Shares in issue.

The maximum number of shares in respect of which tenders will be satisfied (the "Available Shares"), representing 25 per cent. of the Shares in issue as at 3 September 2021, is 30,366,688.

Eligible Shareholders who validly tendered a percentage of their Shares equal to or less than their Basic Entitlement shall have all tendered Shares purchased in full under the Tender Offer. Following a scale back exercise, Eligible Shareholders who validly tendered a percentage of Shares greater than their Basic Entitlement will have a number of Shares equal to their Basic Entitlement purchased in full plus approximately 3.50 per cent. of their Excess Applications, in accordance with the process described in the circular announcing the Tender Offer.

After taking account of the rounding down of each valid applicant's participation to the nearest whole Share, the Company will purchase in aggregate 30,366,688 Shares under the Tender Offer.

The price at which tendered Shares will be purchased (the "Tender Price") will be equal to 98 per cent. of the Net Asset Value per Share of the Company as at 10.00 p.m. today,18 October 2021. The final Tender Price for successfully tendered Shares will be announced by the Company on 19 October 2021.

For further information, please contact:

J.P. Morgan Administration Services (Guernsey) Limited

Company Secretary

01481 758 620