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Appointment of Fidelity International as the Company’s manager confirmed


Fidelity - Research team

Results of Extraordinary General Meeting

Change of Manager, Change of Name and Approval of Tender Offer

Genesis Emerging Markets Fund Limited (the "Company") announces that each of the resolutions proposed at the extraordinary general meeting of the Company held earlier today (the "Extraordinary General Meeting") was passed.

Accordingly, the appointment of FIL Investment Services (UK) Limited ("Fidelity International") as the Company's manager will become effective from 4 October 2021 and the Company's name will be changed to "Fidelity Emerging Markets Limited", with the ticker symbol FEML.  A further announcement will be made when the change of name and ticker symbol is effective.

The resolutions included approval of the repurchase of up to 25 per cent. of the Company's participating redeemable preference shares (the "Shares") in issue (excluding any Shares held in treasury) pursuant to the tender offer commenced on 6 September 2021 (the "Tender Offer").  The Tender Offer will remain open until 1.00 p.m. on 15 October 2021.  Shareholders should refer to the circular published by the Company on 6 September 2021 (the "Circular") for further details, including the terms and conditions, of the Tender Offer.

Hélène Ploix, chairman of the board of directors of the Company said "We are very pleased with the substantial support shown by shareholders for the proposed changes to the Company's investment management. We would like to express our appreciation to Genesis Investment Management for its contribution to the Company over many years and we very much look forward to working with Fidelity International."

Nick Price, Lead Portfolio Manager said on behalf of Fidelity International "Chris Tennant, the Co-Portfolio Manager, and I are delighted to have been asked to take over as managers of the newly named Fidelity Emerging Markets Limited.  We would like to thank you for the faith that you, as shareholders, and the Board have put in us.  A lot of work has already been done in the background, so that we are in a position to begin work to realign the portfolio from next week. We are excited to get started and will update shareholders with our progress in the near future."

The results of the resolutions proposed at the Extraordinary General Meeting, each of which was held by poll, were as follows:

Ordinary Resolution In favour* % shares voted in favour % shares in issue voted in favour Against  % shares voted against Votes withheld**
To change the Company's investment objective and investment policy 75,113,678 72.31% 61.83% 28,759,402 27.69% 12
Special Resolutions In favour* % shares voted in favour % shares in issue voted in favour Against % shares voted against Votes withheld**
To change the Company's name 75,115,505 96.74% 61.84%  2,535,108  3.26%  26,222,479
To approve the repurchase of shares pursuant to the Tender Offer 101,353,667 97.57% 83.44% 2,519,313 2.43% 112

* Votes for include discretionary votes

** A vote withheld is a not a vote in law and is not counted in the votes for or against a resolution

The Company notes for the purposes of provision 4 of the UK Corporate Governance Code that more than 20% of votes in respect of the change to the Company's investment policy were cast against the resolution.  The Company has consulted extensively with shareholders in respect of the decision to appoint Fidelity International as the Company's manager, including on the basis of the amended investment policy, and does not propose to consult further in that respect.