fidelity funds performance - Chartbook.fid-intl.com

INTERNATIONAL VERSION 31 JANUARY 2011PERFORMANCE FACTS AND FIGURESCHARTBOOK

FIDELITY INTERNATIONALFidelity International (FIL Limited) was established in 1969 and provides asset management services to investors all over the world outside the US and Canada. Weoffer a wide range of investment funds and manage over US$ 246 billion for private individuals and institutions (data as per 31 December 2010). We are a stockpicking asset manager and our fund managers use analysis from our own award-winning in-house research teams to build international investment products andportfolios stock-by-stock from the bottom-up. The independence that Fidelity enjoys as a privately-owned company enables us to concentrate on developinginnovative products and providing the highest levels of customer service. Our success has been based on a number of key factors:INDEPENDENCEFidelity is a privately owned organisation and fund management is our main business. Thus we are entirely free from competing pressures such as market making,underwriting and corporate finance.GLOBAL RESOURCESOver the years, Fidelity has invested significantly to build an investment research capability which provides in-depth coverage of world markets. We believe that localnationals have an important advantage in interpreting events and trends in their own markets and we have selected analysts and portfolio managers with this in mind.Fidelity places great emphasis on the detailed analysis of companies. Our fund managers and analysts make thousands of company visits each year.EXPERTISE AND EXPERIENCEFidelity has achieved an exceptional record of management continuity by providing an environment in which individual initiative and creativity to flourish. Our portfoliomanagers are given individual responsibility for the portfolios they manage, together with the freedom to follow their own stock picking style.INVESTMENT PHILOSOPHYA consistent investment philosophy is the cornerstone of a successful performance record. We believe that careful stock selection rather than a sector driven approach,considerably enhances the opportunity of long-term capital gains for investors and provides the most appropriate basis to build long-term growth despite short-term marketvolatility.GENERAL INFORMATION FOR INVESTORSThis communication is not directed at, and must not be acted upon by persons inside the United Kingdom or the United States and is otherwise directed at persons residingin jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required. The chartbook contains information for Institutions andIndependent Financial Advisors and is not intended for distribution to the general public.Fidelity Funds and Fidelity Funds II are open-ended Luxembourg based investment companies. We recommend that you obtain detailed information before taking anyinvestment decision. Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances.Investments should be made on the basis of the current prospectus and simplified prospectus, which is available along with the current annual and semi-annual reports freeof charge from our distributors, from our European Service Centre in Luxembourg (FIL (Luxembourg) S.A., 2a, rue Albert Borschette, BP 2174, L-1021 Luxembourg, Tel: +352250 4041), your financial advisor or from the branch of your bank. The custodian of the Funds is Brown Brothers Harriman (Luxembourg) S.C.A.PERFORMANCE CALCULATION: Performance calculated NAV to NAV, gross income reinvested, excluding initial charge. Past performance is not a reliable indicator offuture results. The value of investments and any income from them may go down as well as up and an investor may not get back the amount invested.COUNTRY SELECT FUNDS NOTE: In certain countries, and for certain types of investments, transaction costs are higher and liquidity is lower than elsewhere. There mayalso be limited opportunities to find alternative ways of managing cash flows especially where the focus of investment is on small and medium sized firms. For fundsspecializing in such countries and investment types, transactions, particularly those large in size, are likely to have a greater impact on the costs of running a fund than similartransactions in larger funds. Prospective investors should bear this in mind in selecting funds.Due to the lack of liquidity in many smaller stock markets, certain Country Select Funds may be volatile and redemption rights may be restricted in extreme circumstances.FIDELITY FUNDS – INDIA FOCUS FUND NOTE: The Fund will invest in Indian securities through a wholly owned Mauritian subsidiary, Fid Funds (Mauritius) Limited,whose sole object is to carry out investment activities on behalf of the Fund. FIL Investments International provides investment advisory and management services to FidFunds (Mauritius) Limited in relation to Indian securities. FIL Investments International has obtained approval from the Securities and Exchange Board of India and theReserve Bank of India to invest in India on its own behalf and on behalf of approved client accounts as a Foreign Institutional Investor ("FII") under Indian law. Fid Funds(Mauritius) Limited is registered as an FII sub-account of FIL Investments International’s FII license in order to be able to invest in Indian securities.For funds that invest in overseas markets, changes in currency exchange rates may affect the value of an investment. Foreign exchange transactions may be effected on anarms length basis by or through Fidelity companies from which a benefit may be derived by such companies.FIDELITY FUNDS – EURO STOXX 50 FUND NOTE: EURO STOXX 50 is a mark of STOXX LIMITED and has been licensed for certain purposes by Fidelity Funds.EURO STOXX 50 Index is owned by STOXX LIMITED. The name of the index is a service mark of STOXX LIMITED. and has been licensed for certain purposes by FidelityFunds. © 1998 by STOXX LIMITED. All rights reserved.ASSET ALLOCATION FUNDS NOTE: For the asset allocation funds, an annual asset allocation fee of up to 0.5% is levied, plus the investment management fee on theinvestments, ranging from 0.4% to 1.50% depending on the composition of the portfolio.BOND FUNDS NOTE: Due to the greater possibility of default an investment in a corporate bond is generally less secure than an investment in government bonds.Please note that not all the funds mentioned may be registered or authorised for public distribution in each jurisdiction. Fidelity is not generally permitted to acceptinvestment purchases from residents of countries where appropriate authorisations and registrations have not been obtained. In certain jurisdictions, investments may onlybe made through authorised intermediaries. For further information, please consult your usual Fidelity contact or the latest Prospectus. Reference in this document tospecific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only.SPECIFIC INFORMATION FOR INVESTORS IN SWITZERLANDThe legal representative for Fidelity Funds in Switzerland is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich. Paying agent forSwitzerland is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich.Data Source: © 2010 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or lossesarising from any use of this information.Copyright © 2010. Standard & Poor’s, a division of the The McGraw-Hill Companies, Limited. Reproduction or distribution of S&P Fund Management Ratings and S&P’strademarks, trade names, service marks or logos in any form is prohibited except with the prior written permission of S&P. S&P its affiliates and sources do not guarantee theaccuracy, completeness or availability of any information and are not responsible for any errors or omissions or for the results obtained from the use of such information. S&P,ITS AFFILIATES AND SOURCES GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY ORFITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P, its affiliates or sources be liable for any indirect, special or consequential damages in connection withS&P Fund Management Ratings.Assets and resources as at 31 December 2010. Data is unaudited.Fidelity, Fidelity International and the Pyramid Logo are trademarks of FIL Limited.

CONTENTSThis chartbook is intended for use by Institutions and Independent Financial Advisers and is not intended for distribution to the general public.Wherever figures relating to past performance appear in this guide, please bear in mind that past performance may not be repeated in thefuture and that the value of shares will fluctuateMARKET REVIEW . . . . . . . . . . . . . . . . . . . . . . 2EXPLANATORY NOTES. . . . . . . . . . . . . . . . . 4PERFORMANCE SUMMARIESDenominated Currency . . . . . . . . . . . . . . . . . . 10US Dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Sterling. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Euro (ex DEM) . . . . . . . . . . . . . . . . . . . . . . . . . . 22Swiss Franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Norwegian Krone . . . . . . . . . . . . . . . . . . . . . . . 30Swedish Krona. . . . . . . . . . . . . . . . . . . . . . . . . . 34SECTOR RANKINGS . . . . . . . . . . . . . . . . . . 38EQUITY FUNDSEUROPE FUNDSEuropean Fund – A-ACC-EUR . . . . . . . . . . . . . 42European Aggressive Fund . . . . . . . . . . . . . . . 44European Dynamic Growth Fund . . . . . . . . . . 46European Growth Fund . . . . . . . . . . . . . . . . . . 48European Larger Companies Fund . . . . . . . . . 50European Smaller Companies Fund . . . . . . . . 52European Special Situations Fund – A-EUR . . 54Euro Blue Chip Fund . . . . . . . . . . . . . . . . . . . . 56EURO STOXX 50 Fund . . . . . . . . . . . . . . . . . 58France Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Germany Fund. . . . . . . . . . . . . . . . . . . . . . . . . . 62Iberia Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64Italy Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66Nordic Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 68Switzerland Fund. . . . . . . . . . . . . . . . . . . . . . . . 70United Kingdom Fund . . . . . . . . . . . . . . . . . . . 72AMERICA FUNDSAmerica Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 74American Growth Fund . . . . . . . . . . . . . . . . . . 76American Diversified Fund. . . . . . . . . . . . . . . . 78Latin America Fund. . . . . . . . . . . . . . . . . . . . . . 80JAPAN FUNDSJapan Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82Japan Smaller Companies Fund . . . . . . . . . . . 84Japan Advantage Fund . . . . . . . . . . . . . . . . . . 86ASIA PACIFIC EX JAPAN FUNDSASEAN Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 88Asian Aggressive Fund. . . . . . . . . . . . . . . . . . . 90Asia Pacific Property Fund – A-EUR . . . . . . . . 92Asian Special Situations Fund . . . . . . . . . . . . . 94Australia Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 96China Focus Fund . . . . . . . . . . . . . . . . . . . . . . . 98Emerging Asia Fund . . . . . . . . . . . . . . . . . . . . 100Greater China Fund . . . . . . . . . . . . . . . . . . . . 102Indonesia Fund . . . . . . . . . . . . . . . . . . . . . . . . 104India Focus Fund – USD. . . . . . . . . . . . . . . . . 106Korea Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 108Malaysia Fund . . . . . . . . . . . . . . . . . . . . . . . . . 110Pacific Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 112Singapore Fund. . . . . . . . . . . . . . . . . . . . . . . . 114South East Asia Fund . . . . . . . . . . . . . . . . . . . 116South East Asia Fund – EUR . . . . . . . . . . . . . 118Taiwan Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . 120Thailand Fund . . . . . . . . . . . . . . . . . . . . . . . . . 122INTERNATIONAL FUNDSEmerging Europe, Middle East & Africa Fund –A-ACC-EUR . . . . . . . . . . . . . . . . . . . . . . . . . 124Emerging Europe, Middle East & Africa Fund –A-EUR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126Emerging Europe, Middle East & Africa Fund –A-ACC-USD . . . . . . . . . . . . . . . . . . . . . . . . . 128Emerging Europe, Middle East & Africa Fund –A-USD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130Emerging Markets Fund. . . . . . . . . . . . . . . . . 132Global Focus Fund – A-USD . . . . . . . . . . . . . 134Global Real Asset Securities Fund –A-ACC-USD . . . . . . . . . . . . . . . . . . . . . . . . . 136International Fund. . . . . . . . . . . . . . . . . . . . . . 138World Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 140GLOBAL SECTOR FUNDSGlobal Consumer Industries Fund. . . . . . . . . 142Global Opportunities Fund . . . . . . . . . . . . . . 144Global Property Fund – A-USD . . . . . . . . . . . 146Global Financial Services Fund . . . . . . . . . . . 148Global Health Care Fund . . . . . . . . . . . . . . . . 150Global Industrials Fund . . . . . . . . . . . . . . . . . 152Global Technology Fund . . . . . . . . . . . . . . . . 154Global Telecommunications Fund. . . . . . . . . 156ASSET ALLOCATION FUNDSFPS Moderate Growth Fund . . . . . . . . . . . . . 158FPS Growth Fund . . . . . . . . . . . . . . . . . . . . . . 160FPS Global Growth Fund . . . . . . . . . . . . . . . . 162Fidelity Gestion Dynamique . . . . . . . . . . . . . 164Fidelity Gestion Equilibre. . . . . . . . . . . . . . . . 166Multi Asset Navigator Fund – A-ACC-USD . 168Multi Asset Strategic Defensive Fund –A-ACC-EUR . . . . . . . . . . . . . . . . . . . . . . . . . 170Target 2015 (Euro) Fund . . . . . . . . . . . . . . . 172Target 2020 (Euro) Fund . . . . . . . . . . . . . . . 174Target 2025 (Euro) Fund . . . . . . . . . . . . . . . 176Target 2030 (Euro) Fund . . . . . . . . . . . . . . . 178Target 2035 (Euro) Fund . . . . . . . . . . . . . . . 180Target 2040 (Euro) Fund . . . . . . . . . . . . . . . 182BALANCED FUNDSEuro Balanced Fund . . . . . . . . . . . . . . . . . . . . 184Growth & Income Fund . . . . . . . . . . . . . . . . . 186BOND FUNDSAsian High Yield – A-ACC-USD . . . . . . . . . . . 188Emerging Market Debt Fund – A-ACC-EUR. 190Emerging Market Debt Fund - A-ACC-EUR(Hedged) . . . . . . . . . . . . . . . . . . . . . . . . . . . 192Emerging Market Debt Fund – A-USD . . . . . 194Emerging Market Debt Fund – A-ACC-USD 196Euro Bond Fund . . . . . . . . . . . . . . . . . . . . . . . 198Euro Corporate Bond Fund – A-ACC-EUR . . 200Euro Short Term Bond Fund – A-ACC-EUR . 202European High Yield Fund. . . . . . . . . . . . . . . 204European High Yield Fund A – ACC - SEK(Hedged) . . . . . . . . . . . . . . . . . . . . . . . . . . . 206Global Inflation Linked Fund - A-ACC-USD . 208International Bond Fund . . . . . . . . . . . . . . . . 210Sterling Bond Fund. . . . . . . . . . . . . . . . . . . . . 212US High Yield Fund – A-USD. . . . . . . . . . . . . 214US Dollar Bond Fund . . . . . . . . . . . . . . . . . . . 216CASH FUNDSEuro Cash Fund. . . . . . . . . . . . . . . . . . . . . . . . 218US Dollar Cash Fund . . . . . . . . . . . . . . . . . . . 219FIDELITY FUNDS II – SICAVAustralian Dollar Currency Fund* . . . . . . . . . 220Euro Currency Fund* . . . . . . . . . . . . . . . . . . . 221Sterling Currency Fund* . . . . . . . . . . . . . . . . . 222Swiss Franc Currency Fund*. . . . . . . . . . . . . . 223US Dollar Currency Fund* . . . . . . . . . . . . . . . 224All funds are Fidelity Funds unless marked * which are Fidelity Funds II

MARKET UPDATEOVERVIEW OF THE FOURTH QUARTER OF 2010REVIEW AND OUTLOOK FOR THE MAJOR MARKETSGlobal equities advanced over the October–December quarter,supported by further quantitative easing by major central banks andoptimism that the global economy is picking up steam. In November,markets were subdued amid weak global cues due to sovereign debtconcerns in peripheral eurozone economies, monetary policy tighteningin China and geopolitical tensions in Korea. However, some of thesefears abated in December owing to positive macroeconomic data.Materials and energy stocks outperformed other sectors as oil andcommodity prices continued to rise, further enhancing investorsentiment. Meanwhile, defensive sectors, notably utilities, lagged. Atthe regional level, Japanese stocks gained the most, followed byequities in the US, Pacific ex Japan, emerging markets and the UK.Europe ex UK equities lagged other regions.depressed housing market, but a rising wealth effect has ensured thathigh-end consumers face a more positive outlook.EUROPEEuropean equities rose in the fourth quarter of 2010, despite worriesabout the debt crisis in Ireland and its spread to other peripheraleconomies, including Portugal and Spain. In order to try to quell thecontagion, the European Union handed Ireland an ?85 billion aidpackage. Additionally, the ECB delayed the withdrawal of its emergencyliquidity measures and bought government bonds in Portugal, Irelandand Greece. Equities were also supported by encouraging earningsresults and economic data. At the sector level, materials names trackedrising commodities prices and other cyclical segments, such asindustrials and consumer discretionary, also performed well. Conversely,investors sold shares in financials, though the sector recovered partiallytowards the end of the quarter.Economic data releases over the quarter improved, indicating thepossibility of a more rapid global economic expansion. In the US andthe UK, the manufacturing and retail sectors showed an upbeat trend.Germany’s Ifo index reached a record high (since Germany’s unification)in December. The JPMorgan Global Manufacturing PurchasingManagers’ Index, a measure of the overall health of world economy,rose for the third consecutive month in December. The US FederalReserve’s (Fed) second round of quantitative easing in November,Japan’s ¥5 trillion stimulus package and the European Central Bank’s(ECB) decision to continue its emergency liquidity measures were allsupportive of growth. However, the possible spill over from theEuropean sovereign debt crisis and likely inflationary pressures couldderail the recovery. Already, China has started tightening its policies inresponse to rising prices.Over the quarter, the US dollar weakened against major currencies.UNITED STATESUS equities witnessed another quarter of broad-based gains. A newround of quantitative easing by the Fed, the extension of Bush-era taxbreaks and unemployment benefits offered by the Obamaadministration, combined with business-friendly Republican gains in themid-term elections buoyed investor sentiment and helped offsetconcerns about the fiscal health of peripheral Europe. Investors focusedon improving economic data, which reduced the likelihood of aneconomic “double dip,” and continued strength in corporate earnings.Merger & acquisition activity by cash-rich businesses also fuelled gains.At a sector level, cyclicals outperformed defensives, with energy andmaterial stocks leading because of higher resource prices. Meanwhile,consecutive improvements in retail sales boosted consumerdiscretionary shares.The fifth consecutive monthly increase in personal consumptionexpenditures in November bodes well for the recovery process.Consumer spending accounts for a significant portion of the country’stotal economic output, but has been subdued until recently. Householdsfacing declining net worth, high unemployment and constrainedincomes were forced to deleverage and increase their savings behaviourduring the credit crisis. However, recent economic growth and stockmarket gains have provided consumers with the means to beginspending once again. The newly announced fiscal stimulus packageshould support this uptrend. Interestingly, low-end consumers continueto face a challenging environment, given the prevailing joblessness andEurozone’s economic growth slowed in the third quarter; GDPexpanded at 0.4% against 1.0% in the previous three months. Theperipheral economies lagged Germany, as budget cuts aimed atreducing record deficits undermined their recovery. However, the ECBraised its GDP growth forecasts for 2010. In the eurozone, industrialactivity improved and key sentiment indicators moved up over thefourth quarter, although the unemployment rate remained high. Inresponse to the sovereign debt crisis, the ECB kept interest rates onhold, while the annual inflation rate in the region rose to 2.2% inDecember, higher than the ECB’s medium-term target for the first timein two years.UNITED KINGDOMUK equities recorded positive returns in the fourth quarter. Concernsabout the economic recovery eased over the period as the Fedannounced a second round of quantitative easing, while the ECBindicated that it is prepared to extend stimulus measures. Investors alsowelcomed plans for the large-scale reduction in UK governmentspending, announced in October, which aims to cut the country’sspiralling public deficit. Improving trends in corporate earnings and bidspeculation further supported stock prices. However, there were majorconcerns around the re-emergence of the European sovereign debtproblem, as Ireland became the second eurozone country to require abailout after Greece. Tensions between North and South Korea, andworries that China’s effort to contain inflation could curb consumption,also dampened investor sentiment to an extent.There was mixed news on the economic front. According to preliminarydata from the Office for National Statistics (ONS), the GDP showed asurprisingly strong increase of 0.8% in the third quarter, suggesting thatthe UK economy is more resilient than many had feared. However, thefigure was later revised marginally downwards to 0.7%, owing to weakergrowth in the construction, business services and manufacturing sectors.Meanwhile, a separate ONS report revealed that the annual rate ofinflation climbed to a six-month high of 3.3% in November from 3.2% inOctober, mainly due to an increase in prices of food, clothing andfurniture. The latest surveys by the Confederation of British Industryshowed upbeat trends in the manufacturing and retail sectors, but theoutlook for the housing market is still uncertain and high unemploymentlevels remain a cause for concern. The Bank of England’s policymakerskept interest rates on hold at 0.5% over the quarter.2

AS AT 31.12.10JAPANThe second round of quantitative easing in the US proved to be a keyturning point for the Japanese market, which had been a notable laggardover the preceding six months. Amid expectations of a brighter outlook forthe US economy, a widening of the interest rate differential with Japan ledto a reversal in the yen and a subsequent rebound in share prices from ayear-to-date low. Thereafter, comparatively firm economic data overseas,robust interim earnings and domestic policy support measures (theJapanese government announced a 5% cut in the corporate tax rate fromfiscal 2011 and extended a tax break on securities investment by two years)contributed to the upswing in share prices. Meanwhile, overseas investors,encouraged by the reversal in the yen, stepped up their net purchases ofJapanese stocks. At a sector level, energy financials and informationtechnology registered the strongest returns in the fourth quarter, whereasdefensive segments, notably utilities, struggled.Following relatively robust growth in the third quarter, Japan’s economystarted to slow as the global growth momentum waned, governmentincentives expired and a strong yen took its toll on the competitiveness ofthe country’s exports. While consensus forecasts indicated that real GDPexpanded by around 4.3% in calendar 2010, a rate that comparesfavourably with other developed countries, they also suggested that theJapanese economy entered a mild contraction in the fourth quarter.Despite a near-term lull, however, recent economic indicators, includingmanufacturing activity in China and the US, pointed towards signs of atentative rebound in global trade. In November, Japanese export volumesaccelerated for the first time since February and industrial production alsorecovered. Moreover, major sectors, including machinery, electronic partsand autos, indicated further increases in output over the coming months,suggesting that an end to production adjustments may be in sight.PACIFIC EX-JAPANDespite charting an uneven course, equities in the Pacific ex Japan regionended the quarter with significant gains. The quantitative easing in the USand a lower-than-expected decline in Chinese economic growth enthusedinvestors. Most sectors advanced, with information technology and healthcare names among significant performers. Retailers in the shopping hubs ofHong Kong and Singapore also benefited from increased spending bytourists. The resources sector advanced strongly due to optimism about theglobal economy. Rising oil and commodity prices further buoyed materialsand energy stocks. Meanwhile, monetary and property tightening measuresin China led to a subdued performance on its bourses. Investors also kept aclose watch on the escalating sovereign debt crisis in the eurozone.FIXED INCOMEGlobal bond markets lost ground over the quarter due to renewedworries of contagion risks in the eurozone. Although an ?85 billionbailout package for Ireland was agreed upon in November, the cost ofinsuring against sovereign defaults climbed significantly over thequarter. German government bunds were sold off amid rising concernsthat the country may have to take on more of the burden to rescueperipheral eurozone countries in 2011. In the US, Treasury yieldsincreased in light of expectations that the Fed’s second round ofquantitative easing and an extension of tax cuts may succeed in revivingthe economy. UK Gilts, despite having posted negative returns over thequarter, outperformed US Treasuries and German bunds. Thegovernment’s efforts to cut spending and the euro region’s sovereigndebt crisis fuelled demand for UK Gilts. Within credit, corporatefundamentals remained strong, earnings growth was robust andcorporate default rates continued to decline. However, Europeanfinancials performed poorly, given their overall elevated exposure tosovereign debt. Global inflation-linked bonds recorded negative returnsas inflationary pressures remained subdued in most developedeconomies. In the UK, however, these bonds performed strongly.CONCLUSIONThe near-term outlook for equities is less negative as there are signs ofan uptick in the global recovery, although some downside risks remainas the tailwind from inventory restocking abates. According to datacompiled by I/B/E/S, analysts’ expectations for global earnings growthin 2011 have gone down moderately, from 15.8% in September 2010 to14.9% in December 2010. At a regional level, emerging economies aregrowing strongly and companies are reporting healthy earnings. Asianequities face the challenge of maintaining the price momentum in lightof monetary tightening in China. The US market could benefit from theproactive stance of the Fed. In contrast, lead indicators in Japan areweak, but corporate profitability is improving despite a stronger yen.Fiscal tightening and falling property prices are undermining theoutlook for Europe.Economic growth in some countries in the region moderated to a moresustainable, albeit solid, pace in the third quarter. China’s industrialproduction, retail sales and fixed asset investment remained robust andsurpassed consensus expectations in October and November. Growth inindustrial activity benefited Singapore, while regional growth and lowinterest rates were supportive of the expansion in Hong Kong. The ReserveBank of Australia and the People’s Bank of China raised benchmark rates totackle the risk of a rise in inflation. Employment numbers improved in HongKong, Singapore and Australia. However, Australian consumers retained acautious outlook on spending and borrowing, which has led to a noticeableincrease in the saving rate. Asset values in Australia have not changedmuch over recent months and overall credit growth remains quite subdued.3

EXPLANATORY NOTESThe following notes explain some of the terms used within your fundfactsheets. Each factsheet contains information relevant to a particulartype of fund (see Fund Type Key), so not all of the sections describedbelow will appear on each factsheet.FUND APPROACH & STYLE RATINGSA number of independent research companies rate investment funds inorder to provide additional guidance to investors on a fund’scharacteristics. The ratings quoted here judge funds on a number offactors. The Morningstar ratings are purely quantitative, based on riskadjusted performance, with 5 stars being the best possible rating. Somefunds may not be rated at all, such as recently launched funds with noperformance history. S&P rated funds have to meet certain performancecriteria, and are then assessed on additional qualitative factors such asclarity of investment process and management team strength. The highestS&P rating is AAA.MORNINGSTAR STYLE BOXMorningstar analyses the predominant characteristics of the stocks heldin equity funds and uses this analysis to categorise funds by bothinvestment style and market cap bias. The results are plotted onto theMorningstar Style Box.Investment style is the approach a fund manager adopts to meet thefund’s investment objective. A ‘growth’ style means that the fundmanager invests in stocks of companies that they consider to be morelikely to exceed earnings growth expectations than other stocks in acomparable category. A ‘value’ style implies that the fund manager seeksstocks that are currently priced below their own valuation of thecompany, and that they believe will reach a higher price in the future. Ablend style is a combination of growth and value styles. The MorningstarStyle BoxTM calculates the Morningstar style category of each stock heldin the fund and amalgamates these up to the fund level. The fundcategory is assigned at a fixed point in time, and does not reflect anyprevious or future investment style.Market cap-bias looks at the size of company that predominates withinthe fund’s holdings when measured by market capitalisation (total marketvalue). The market-cap bias category is also assigned at a fixed point intime. The current market cap bias does not act as a restriction on the sizeof company that the fund manager can invest in.FUND PERFORMANCEHow is fund performance calculated? This is calculated by comparingthe share price of the fund at the end of the period with the share priceof the fund at the beginning of the period, with any income reinvestedon XD dates. This is known as the Total Return. The pricing basis used forperformance measurement is as follows:Fidelity Funds (SICAV), Fidelity Funds II (SICAV),Fidelity MultiManager SICAV:NAV to NAV with gross income reinvested.Fidelity Unit TrustsBid to Bid with income reinvested net of UK basic rate of tax.Fidelity UK Investment TrustsBid to Bid (undiluted) with income reinvested net of UK basic rate of tax.Please refer to Fund Facts for an explanation of NAV.What is the difference between cumulative growth and annualisedgrowth?Cumulative growth is simply the total growth over a period expressed asa percentage. For example, if the unit price of a fund has changed from£1.00 to £2.00 over a 5 year period, then the 5-year cumulative growth is100%. Annualised growth refers to the conversion of the return on aninvestment into a yearly rate.Value to InvestorCalculated from the bases above, and taking into account the initialcharge, this represents the value to an investor after fixed time periods ofa stated initial investment. This shows the total value including the initialinvestment.Does fund performance include dividend and interest income?For funds which pay an income, fund performance takes into account thereinvestment of that income into the fund.How is the value of ‘amount invested’ figure calculated?These figures represent the value received by an investor at the end of thedefined periods, based on an initial investment of the value stated, andtaking into account the standard initial charge of the fund. The figurequoted is inclusive of the initial investment.Does fund performance reflect the impact of fees?Fund performance takes into account all on-going investmentmanagement expenses and administration fees. With the exception ofthe Value to Investor figures, performance figures do not reflect theimpact of any initial charge. Similarly, fees charged to the investor bytheir financial adviser or other intermediaries are not reflected.What does the index performance represent? An index is a hypotheticalportfolio of stocks, calculated by third-party organisations, whichrepresents an investment sector or market. For example, the S&P 500Index is comprised of 500 large-cap US stocks, and may be used as anindicator of the performance of the US large-cap stockmarket. Theperformance of an index may be used as a benchmark for fundperformance to indicate the relative success level of a fund manager.Index performance is shown in fund currency, and is normally based onmiddle market prices.To be directly comparable to fund performance, index performance shouldbe calculated with income reinvested. However, some markets provide onlynegligible levels of income and comprehensive data for the calculation ofreinvested income is not widely available. Therefore, in these factsheets, thefollowing indices appear without income reinvested:• Kuala Lumpur SE Composite• Taiwan Weighted Index• Tokyo Second Section IndexFidelity Unit Trusts, Fidelity Investment Funds (OEIC), and FidelityInvestment Funds II (OEIC):Bid to Bid with income reinvested net of UK basic rate of tax.4

Except for the above list, benchmark index income is reinvested net oftax at the same rate as is deducted from income distributions (oraccumulations) of the relevant fund. Therefore index income for UKdomiciled funds is re-invested net of UK basic rate tax; for Luxembourgdomiciled funds income relating to MSCI indices is re-invested net ofLuxembourg withholding tax, where possible, but is otherwise reinvestedgross.How do currency movements impact performance? The performance ofa fund can be affected by changes in exchange rates if that fund investsin stocks that are not denominated in its base currency. For example, afund denominated in US dollars that invests in European shares willreflect any change in the exchange rate between the US dollar and theEuro. This change can either enhance or detract from returns. Also,please note if a fund is in a currency other than the shareholder’s own, itcan be exposed to currency fluctuations.What does the ranking within a sector refer to? Each fund iscategorised into a peer group of similar funds, referred to as a sector.This categorisation is conducted by third-party research companies and isdependent on factors such as the benchmark index, investment objectiveand fund holdings. Sectors help investors to evaluate a fund’sperformance by comparing it against other funds with similar aims.What is a quartile ranking? The performance ranking can be divided intoquartiles. 1st quartile describes the top performing 25% of funds in thesector over the period, while the 4th quartile describes the worstperforming 25% of funds in the sector over the period.FUND PERFORMANCE CHARTSPerformance Year by Year: This shows the total return for each calendaryear over the past ten years, or the total number of years the fund hasexisted if this is less than ten.Performance Since Inception Date: This shows the total return of thefund and benchmark index from the date the fund was launched.For cash funds, the 12 month yield history is shown instead of this chart.For fixed income bond funds, the credit rating breakdown of the fund isshown (refer to Fixed Income Fund Characteristics for furtherinformation).FUND FACTSNAV (Net Asset Value) price: This is the value of one share of the fund.The NAV will increase or decrease in line with the performance of thefund. Please note that for UK Investment Trusts the ordinary share price(or market price) and the NAV may vary, as the ordinary share price isdetermined by market forces rather than directly reflecting theperformance of the underlying assets of the fund.12month NAV high/low: This is the highest/lowest NAV reached by thefund over the last 12 months.What is the distribution yield? The distribution yield gives an indicationof the current level of income of a fixed income fund. This is defined asthe total income expected to be distributed over the coming 12 monthsfrom the holdings within the fund and is expressed as a percentage ofthe fund’s total market value. It is an estimated figure and therefore notguaranteed.How is the distribution yield calculated? Individual bonds held withinthe fund pay regular interest, referred to as coupon payments. Thecoupon rate for each bond is determined at issue. Individual bonds mayalso be purchased at a discount or premium to the redemption value.The distribution yield provides an accurate snapshot of a fund'sannualised income by adding together the anticipated coupon paymentsgenerated by the holdings within the fund at a specific point in time,adjusted for the annualised discount or premium on purchases. Theexpenses incurred in the fund are then deducted. It does not takeaccount of future transactions that will alter the fund's composition andthereby change future interest payments within the fund.For the MoneyBuilder Income Fund the same calculation methodapplies, except discounts or premiums at purchase are excluded.For equity accumulation funds the gross yield is calculated as follows. Atarget distribution rate is calculated by dividing the net income for thefund’s financial year by the number of shares at the end of the financialyear. This provides the income per share. The income per share is thendivided by the daily share price.For equity income funds the gross yield reflects expected future dividendincome. The calculation takes the dividends from the current holdings ona rolling 12 month basis, and divides the sum by the fund's current shareprice. It is recalculated on a quarterly basis, net of fees.Underlying yield: The underlying yield reflects the annualised income netof expenses of the fund calculated in accordance with relevantaccounting standards. It is an estimated figure and therefore notguaranteed.ISIN Code, SEDOL Number, Bloomberg Code, WK-Number: Thesecodes are third-party unique identifiers that ensure funds are notconfused with others of a similar name.INDUSTRY BREAKDOWNIndividual shares and bonds can be categorised into industries whichreflect the issuing company (for example, Barclays shares fall within theFinancials sector). The industry breakdown of the fund shows thepercentage of the fund’s assets held in each industry. The industryclassification system will vary according to the market in which the fundpredominantly invests.GEOGRAPHICAL BREAKDOWNThis shows the percentage of the fund’s assets that are domiciled in eachcountry. Currency breakdown is shown for bond and cash funds.TOP SECURITY HOLDINGSTop security holdings are those securities in which the largest percentageof the fund's total assets are invested. This information does not relate tothe value, cost or performance of the security. A full listing of all holdingscan be found in the respective fund's annual and/or semi-annual reportsand accounts.VOLATILITY AND RISKRisk/Return RatingFidelity’s fund risk rating process uses information about a fundmanager’s investment style, as well as quantitative measures based onthe fund’s historic performance and current holdings.5

EXPLANATORY NOTESThere are separate scales for Cash, Bond and Equity funds (A 1-2, B 1-3, E1-5 respectively) with ‘1’ representing the least risk. Balanced funds areincluded in the Equity funds scale. The categories reflect thecharacteristics of each asset class.In general, a fund will have a higher risk rating if we expect its returns tobe more variable. In addition, we take account of each fund’s actual andpotential exposure to factors which could have a significant impact on thefund’s returns:• Diversification (across markets or asset classes) reduces the overall risk ofa portfolio.• Funds with a small cap bias are higher risk than those with a mid capbias, which are in turn higher risk than those with a large cap bias.• Funds with a more aggressive management style have a higher relativerisk than those with a more conservative management style.• Funds invested in markets with lower liquidity (i.e. the ability to buy andsell stock in the market) are higher risk than those invested in moredeveloped, liquid markets.• Funds invested in markets with historically high volatility are higher riskthan those invested in markets with a history of lower volatility.• Funds invested in currencies with historically high volatility are higher riskthan those invested in currencies which have a history of lower volatility.The risk/return rating is intended to be a guide and only gives anindication of a fund’s risk level in relation to Fidelity’s own fund range.R2 (R-Squared): R2 is a numerical measure representing the degree towhich fund returns can be explained by benchmark returns. The R2 valueis a proportion ranging from 0.00 to 1.00. A value of 1.00 indicates that afund is perfectly correlated with its benchmark, and fluctuations in fundperformance are fully explained by fluctuations in the benchmarkperformance. An R2 of 0.35 means that only 35% of the fund’sperformance can be explained by movements in the benchmark index.Lower R2 values indicate that fund performance has more independence frombenchmark returns. If the R2 is less than 0.5 the fund’s beta is not a reliablestatistic due to the low correlation between fund and benchmark movements.Alpha: Alpha measures the fund manager’s skill in delivering performancerelative to the fund’s expected return, given the fund’s market risk level asmeasured by its beta. A positive alpha indicates stronger fundperformance than predicted by the fund's beta.Sharpe ratio: The Sharpe ratio measures a fund’s risk-adjustedperformance for a given risk-free rate. The ratio is based on theassumption that the fund manager could invest in a risk-free asset such ascash. It is calculated by subtracting the risk-free rate of return (the officialcash interest rate of the relevant market) from the fund’s annualisedgrowth rate, and dividing the result by the fund’s volatility.The Sharpe ratio allows an investor to assess whether the fund isgenerating adequate returns for the level of risk being taken. The highera fund's Sharpe ratio, the better its risk-adjusted performance has been. Ifthe ratio is negative the fund has returned less than the risk-free amount.Volatility: Volatility measures are generally considered to be measures ofrisk; that is the more volatile the fund, the greater the risk of the investment.Volatility measures are calculated from performance over the last 3 years,and are not calculated for funds which have existed for less than 3 years.Relative volatility: This ratio compares the standard deviation (volatility)of a fund's historical monthly performance with those of the fund’sbenchmark index. Relative volatility values greater than 1 show that fundperformance has been more variable than the benchmark, whereas valuesof less than 1 show them to have been less variable.Tracking error: Tracking error is the annualised standard deviation of thedifference between the monthly returns of a fund and its benchmark. Thelower the tracking error figure, the closer the relationship between therisk/return characteristics of the funds and those of its benchmark.Beta: Beta measures the fund’s level of market risk. It calculates thesensitivity of a fund’s historic monthly returns to movements in thebenchmark index. A beta value greater than 1 indicates that fund returnswill tend to have the same sign as, but a greater magnitude than,benchmark returns, whereas a value of less than 1 indicates a lowermagnitude. Please refer to R2 for an explanation of the how R2 and betashould be considered together to assess the explanatory level of beta.6

FIXED INCOME FUND CHARACTERISTICSS&P/Moody’s Credit Ratings: Credit ratings reflect the probability that abond issuer will default on a bond. Credit ratings providers include Moody´sand Standard & Poor´s. Using the Standard & Poor’s classification, bonds withcredit ratings from AAA to BBB are deemed to be ´investment grade´ withAAA being the highest grade. Bonds rated BB and below are known as´speculative grade´ or ‘high-yield’. Bonds with lower ratings have a higheryield due to the greater chance of default, i.e. a greater risk of losing capital.For a description of the distribution yield please refer to the Fund Factssection above.Redemption yield: The redemption yield is the aggregate of allanticipated returns on each individual bond within the fund, expressed asan annual rate based on current market value, coupon rate and time tomaturity of each bond. It therefore provides a more encompassing andaccurate measure of a bond fund's total return. It is an estimated figureand therefore not guaranteed.It assumes that all bonds within a fund are held until maturity and alsoassumes that all future interest payments for each bond can bereinvested into the fund at the redemption yield for that bond.In practice not all bonds are held until they mature and not all interestpayments generated by bonds in the future can be reinvested at therelevant redeption yield. However, redemption yield provides an industrywideaccepted measure of theoretical expected total returns for fixedincome funds.Modified duration: Modified duration expresses the sensitivity of a fixedincome fund and benchmark to a parallel change in interest rates. Theduration of a fixed income fund reflects the average duration of all thebonds held, weighted by their market value within the fund. The measureis based on each bond’s coupon size, yield, and the length of time tomaturity. The longer the duration (measured in years), the more sensitivethe bond will be to a change in interest rates.7

EXPLANATORY NOTESSOURCES OF DATASome of the data within the factsheets is sourced from third-party dataproviders such as Morningstar. The source of fund performance isFidelity and the majority of market indices are sourced from RIMES.FOR FURTHER INFORMATION, PLEASE SPEAK TO YOURLOCAL SALES REPRESENTATIVE OR VISITwww.fidelity-international.com.GLOSSARY NOTESLONG POSITIONS:Positions in the fund are created through purchases of securities orderivative contracts. Long positions profit from price increases in theholding and suffer losses if the holding’s price falls. Long positions inderivative contracts benefit from price increases in the underlyingasset and are adversely affected if the price of the underlying assetfalls.SHORT POSITIONS:Short positions in the fund are created through derivative contracts and canaffect the fund in two ways:1. they can allow the fund to profit from a fall in the price of anunderlying asset (although fund returns will be hurt if the price of theunderlying asset rises)2. they can be used to commit to sell assets at a specified price inreturn for a payment. The payment is retained whether the assets areultimately sold or not.NET MARKET EXPOSURE:A measure of the percentage of fund assets exposed to directionalmarket moves. The measure is based on the assumption that assetsbehave like the market in general. It is calculated by subtracting shortpositions from long positions.8

FUND NAMEFUND APPROACH AND STYLEA statement giving the fund’s aims, investment policy, portfolio selectioncriteria plus an outline of the fund managers investment approach.A map defining the fund managers style is shown for equity andbalanced funds.The funds at the front of this guide with two pages devoted to themalso have a quarterly update containing up-to-date commentary onperformance of the fund over the previous three months.PERFORMANCE RECORDFund cumulative growth is calculated from NAV price to NAV price,with income reinvested on XD dates. The benchmark indexperformance is converted, where appropriate, to fund currency.Fund annualised growth is the equivalent annualised return derivedfrom each of the cumulative figures shown above.The value to investor is calculated from NAV price to NAV price, withincome reinvested on XD dates. It represents the value to the investorafter the deduction of any initial charge, and includes the initialinvestment made.A funds ranking within its sector is based on cumulative performance.The sectors, as classified by Morningstar, are constructed from fundswith broadly similar investment objectivesRATINGSFUND TYPEDATEDetails of the funds Standard & Poor’s andFERI ratings. Any other awards the fund orfund manager may have been given areshown here too.PERFORMANCE YEAR BY YEARShows the total return for each calenderyear over the past ten years.PERFORMANCE SINCE LAUNCHChart of the total returns since launch,compared to the return of the benchmarkindex in the currency of the fund.For cash funds the 12 month yield history isshown instead.For bond funds a breakdown by creditrating of the holdings in the fund is shown.FUND TYPEEquity fundBalanced fundBond fundCash fundAsset allocation fundINDUSTRY BREAKDOWNA breakdown of portfolioinvestments by industry group –based on the classificationscheme of the index whereavailable (MSCI , FTSE or TOPIXclassifications categories).GEOGRAPHIC BREAKDOWNA breakdown of portfolioinvestments by country.A currency breakdown is shownfor cash and bond funds.TOP SECURITY HOLDINGSA list of the ten largest holdings inthe portfolio.The funds with two pages devoted tothem also show the highest and lowestNAV values over the last 12 months.The funds at the front of this guide with two pages devoted to themalso have the figures from the previous quarter and the deviation fromthe benchmark index.FUND FACTSImportant information about the fund.VOLATILITY AND RISKSee definitions on previous page. For bondfunds this section is replaced by the fixedincome characteristics.TRACKING ERRORShown for the funds with two pagesdevoted to them – see the notes above.9

cb.eu.201101.perfsum.den.pdfFIDELITY FUNDSPERFORMANCE DENOMINATED CURRENCY 31.01.11EUROPE FUNDSCumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchEuropean Fund – A-ACC-EUR (EUR) 0.4% 0.4% 18.8% -10.1% -7.1% - -0.7% -3.5% -1.5% - -0.1%MSCI Europe (N) 1.7% 1.7% 16.3% -5.3% -0.5% - 4.0% -1.8% -0.1% - 0.8%European Aggressive Fund (XDEM) 2.4% 2.4% 21.6% -34.9% -29.5% -7.8% 31.0% -13.3% -6.8% -0.8% 2.1%European Aggressive Blend 1.7% 1.7% 16.3% -5.3% -0.5% -3.5% 34.0% -1.8% -0.1% -0.4% 2.3%European Dynamic Growth Fund (EUR) -0.1% -0.1% 22.6% 7.4% 12.9% - 35.5% 2.4% 2.5% - 3.1%FF Dynamic Growth Blend 1.7% 1.7% 16.3% -5.3% 7.1% - 42.3% -1.8% 1.4% - 3.6%European Growth Fund (XDEM) -1.5% -1.5% 17.6% -7.3% -6.6% 33.9% 666.4% -2.5% -1.4% 3.0% 10.5%European Growth Comp 1.9% 1.9% 17.2% -2.7% 3.9% 4.6% 478.8% -0.9% 0.8% 0.5% 9.0%European Larger Companies Fund (EUR) 1.9% 1.9% 10.9% -10.1% -9.2% - 55.1% -3.5% -1.9% - 5.4%MSCI Europe (N) 1.7% 1.7% 16.3% -5.3% -0.5% - 59.3% -1.8% -0.1% - 5.7%European Smaller Companies Fund (XDEM) 1.2% 1.2% 31.9% 9.0% 15.2% 20.4% 430.6% 2.9% 2.9% 1.9% 11.7%HSBC European Sm Cos (G) 1.0% 1.0% 24.5% 11.9% 15.6% 75.6% 355.2% 3.8% 2.9% 5.8% 10.6%European Special Situations Fund – A-EUR (EUR) -0.6% -0.6% 19.7% -8.4% - - 1.1% -2.9% - - 0.4%MSCI Europe (N) 1.7% 1.7% 16.3% -5.3% - - -1.2% -1.8% - - -0.4%Euro Blue Chip Fund (XXEU) 2.1% 2.1% 16.8% -9.8% -5.0% -3.0% 61.1% -3.4% -1.0% -0.3% 3.9%MSCI EMU (N) 4.5% 4.5% 12.3% -13.7% -5.1% -11.4% 47.8% -4.8% -1.0% -1.2% 3.2%EURO STOXX 50 Fund (XDEM) 5.8% 5.8% 9.6% -14.7% -8.7% -24.6% 23.2% -5.2% -1.8% -2.8% 1.7%Euro STOXX 50 SM 6.0% 6.0% 9.9% -13.6% -6.6% -20.0% 32.4% -4.8% -1.4% -2.2% 2.3%France Fund (XFRF) 3.2% 3.2% 12.7% -3.5% 5.9% 7.3% 400.3% -1.2% 1.2% 0.7% 8.2%France Comp 4.6% 4.6% 12.5% -5.1% -1.2% -0.5% 389.9% -1.7% -0.3% -0.1% 8.1%Germany Fund (XDEM) 0.9% 0.9% 28.3% 1.0% 13.0% 3.2% 347.5% 0.3% 2.5% 0.3% 7.6%Germany Comp 2.1% 2.1% 26.6% 3.1% 22.8% 10.7% 360.1% 1.0% 4.2% 1.0% 7.8%Iberia Fund (XESP) 7.0% 7.0% -0.5% -15.7% 13.7% 67.5% 714.6% -5.5% 2.6% 5.3% 10.9%Iberia Composite Index 9.6% 9.6% 2.9% -10.3% 13.2% 29.5% 657.5% -3.5% 2.5% 2.6% 10.5%Italy Fund (XITL) 7.7% 7.7% 11.8% -14.2% -16.5% 21.5% 502.0% -5.0% -3.5% 2.0% 9.2%Italy Blend 8.9% 8.9% 3.7% -24.6% -24.2% -23.4% 245.9% -9.0% -5.4% -2.6% 6.3%Nordic Fund (SEK) -2.9% -2.9% 9.9% -9.9% 4.1% 8.8% 1,140.9% -3.4% 0.8% 0.9% 13.2%FTSE Nordic Index -1.4% -1.4% 16.8% 7.2% 27.8% 26.2% 930.8% 2.4% 5.0% 2.4% 12.2%Switzerland Fund (CHF) 0.2% 0.2% 4.1% -12.0% -5.3% -2.2% 295.5% -4.2% -1.1% -0.2% 9.0%Switzerland Composite 0.5% 0.5% 2.8% -10.9% -9.9% -14.4% 171.2% -3.8% -2.1% -1.5% 6.4%United Kingdom Fund (GBP) -0.9% -0.9% 18.6% 18.8% 14.9% 23.9% 316.4% 5.9% 2.8% 2.2% 7.3%FTSE All Share (NUK) -0.5% -0.5% 18.1% 13.7% 24.1% 40.2% 494.6% 4.4% 4.4% 3.4% 9.2%AMERICA FUNDSAmerica Fund (USD) 2.7% 2.7% 19.9% 3.6% 6.6% 22.7% 431.7% 1.2% 1.3% 2.1% 8.6%S&P 500 2.4% 2.4% 22.2% -0.2% 11.7% 13.8% 523.2% -0.1% 2.2% 1.3% 9.4%American Growth Fund (USD) 1.8% 1.8% 20.6% -10.7% -11.8% -9.6% 143.9% -3.7% -2.5% -1.0% 6.8%S&P 500 2.4% 2.4% 22.2% -0.2% 11.7% 13.8% 78.8% -0.1% 2.2% 1.3% 4.4%American Diversified Fund (USD) 2.5% 2.5% 17.6% -4.8% 0.3% - 27.8% -1.6% 0.1% - 3.6%S&P 500 2.4% 2.4% 22.2% -0.2% 11.7% - 27.9% -0.1% 2.2% - 3.6%Latin America Fund (USD) -5.9% -5.9% 24.3% 23.9% 95.2% 417.0% 423.6% 7.4% 14.3% 17.9% 10.4%MSCI EM Lat Amer Blend -5.4% -5.4% 23.1% 22.1% 111.0% 509.0% 726.8% 6.9% 16.1% 19.8% 13.5%JAPAN FUNDSJapan Fund (JPY) 1.7% 1.7% 2.0% -34.6% -49.4% -33.1% -7.5% -13.2% -12.7% -3.9% -0.4%TOPIX 1.3% 1.3% 3.0% -28.4% -42.3% -20.0% -25.9% -10.5% -10.4% -2.2% -1.5%Japan Smaller Companies Fund (JPY) 2.8% 2.8% 2.4% -15.7% -53.2% -16.8% -1.6% -5.5% -14.1% -1.8% -0.1%Japan Smaller Cos Blend 1.4% 1.4% 4.0% -21.8% -42.4% 14.3% -2.7% -7.9% -10.4% 1.4% -0.1%Japan Advantage Fund (JPY) 2.6% 2.6% 7.8% 5.1% -22.0% - 86.4% 1.7% -4.9% - 8.1%Russell/Nom Tot Mkt Value 1.0% 1.0% 2.4% -22.3% -34.9% - 56.5% -8.1% -8.2% - 5.8%ASIA PACIFIC EX JAPAN FUNDSASEAN Fund (USD) -3.1% -3.1% 35.3% 19.8% 111.2% 234.1% 358.9% 6.2% 16.1% 12.8% 7.8%MSCI ASEAN TR USD Blend -3.4% -3.4% 32.3% 26.2% 118.0% 273.3% 339.8% 8.1% 16.9% 14.1% 7.6%Asian Aggressive Fund (USD) -2.6% -2.6% 21.9% - - - -4.1% - - - -1.4%MSCI AC AsiaPac exJap (N) -1.3% -1.3% 24.4% - - - 8.1% - - - 2.7%Asia Pacific Property Fund – A-EUR (EUR) -3.2% -3.2% 26.0% -5.5% - - -18.4% -1.9% - - -5.0%GPR/FID Gen Asia Net Link -3.0% -3.0% 29.1% 0.2% - - -12.3% 0.1% - - -3.2%A currency symbol preceded by X denotes that the fund denomination currency was in that legacy currency until 30.4.99 and in Euros thereafter.Performances of these funds are calculated in Euros since 01.01.99.10CO305027

cb.eu.201101.perfsum.den.pdfDENOMINATED CURRENCY 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchAsian Special Situations Fund (USD) 0.7% 0.7% 30.7% 24.1% 89.3% 228.1% 243.4% 7.5% 13.6% 12.6% 7.8%Asian Special Sits Comp 0.6% 0.6% 28.0% 16.4% 68.2% 189.4% 94.1% 5.2% 11.0% 11.2% 4.1%Australia Fund (AUD) 0.1% 0.1% 7.0% -6.6% 15.0% 93.8% 422.4% -2.2% 2.8% 6.8% 9.0%Australia Composite 0.2% 0.2% 8.5% -3.7% 19.6% 115.7% 539.7% -1.3% 3.6% 8.0% 10.2%China Focus Fund (USD) -0.1% -0.1% 15.6% 11.9% 140.7% - 361.5% 3.8% 19.2% - 22.8%China Focus Blend -0.5% -0.5% 14.0% 8.7% 127.1% - 344.9% 2.8% 17.8% - 22.2%Emerging Asia Fund (USD) -6.9% -6.9% 23.8% - - - 18.1% - - - 6.2%MSCI EM Asia Composite(G) -6.5% -6.5% 19.7% - - - 8.8% - - - 3.1%Greater China Fund (USD) 1.4% 1.4% 28.6% 27.8% 92.9% 166.1% 1,666.1% 8.5% 14.1% 10.3% 15.2%FF Greater China Blend 1.1% 1.1% 24.3% 15.5% 67.6% 109.6% 1,581.7% 4.9% 10.9% 7.7% 14.9%Indonesia Fund (USD) -8.6% -8.6% 26.9% 44.5% 189.9% 780.3% 149.0% 13.1% 23.7% 24.3% 5.8%FF Indonesia Fund Blend -9.4% -9.4% 29.4% 27.2% 175.3% 702.4% 67.4% 8.4% 22.5% 23.2% 3.2%India Focus Fund – USD (USD) -12.4% -12.4% 15.8% -19.8% 42.5% - 210.0% -7.1% 7.3% - 19.2%FF India Focus Fund Bld -13.0% -13.0% 11.8% -9.1% 89.2% - 289.4% -3.1% 13.6% - 23.5%Korea Fund (USD) 1.9% 1.9% 35.3% 6.4% 32.9% 250.8% 114.1% 2.1% 5.9% 13.4% 5.1%KOSPI Blend 2.1% 2.1% 33.8% 7.3% 27.8% 286.5% 43.1% 2.4% 5.0% 14.5% 2.4%Malaysia Fund (USD) 0.6% 0.6% 39.4% 22.4% 154.4% 239.9% 531.9% 7.0% 20.5% 13.0% 9.5%FF Malaysia Link Bmk 1.3% 1.3% 41.1% 21.7% 115.0% 173.6% 207.9% 6.8% 16.5% 10.6% 5.7%Pacific Fund (USD) -1.0% -1.0% 30.5% 2.4% 22.2% 99.4% 121.8% 0.8% 4.1% 7.1% 4.8%Pacific Comp -0.1% -0.1% 20.4% 3.8% 17.1% 80.0% 66.2% 1.2% 3.2% 6.1% 3.0%Singapore Fund (USD) -0.9% -0.9% 31.5% 28.3% 105.4% 204.0% 467.1% 8.7% 15.5% 11.8% 8.9%FF Singapore Blend -0.7% -0.7% 32.4% 31.5% 107.3% 202.7% 516.6% 9.6% 15.7% 11.7% 9.4%South East Asia Fund (USD) 1.0% 1.0% 31.7% 21.9% 97.8% 255.7% 678.5% 6.8% 14.6% 13.5% 10.6%South East Asia Comp 0.6% 0.6% 28.0% 16.4% 68.2% 189.4% 327.9% 5.2% 11.0% 11.2% 7.4%South East Asia Fund – EUR (EUR) -1.4% -1.4% 33.2% 31.9% 75.4% - 169.8% 9.7% 11.9% - 15.3%South East Asia Comp -1.6% -1.6% 29.7% 25.7% 49.0% - 116.1% 7.9% 8.3% - 11.7%Taiwan Fund (USD) 0.8% 0.8% 24.4% 17.4% 29.2% 31.9% 4.2% 5.5% 5.3% 2.8% 0.3%FF Taiwan Blend 2.9% 2.9% 35.6% 38.8% 58.9% 77.0% 11.7% 11.5% 9.7% 5.9% 0.8%Thailand Fund (USD) -8.9% -8.9% 55.2% 45.5% 84.1% 416.8% 258.8% 13.3% 13.0% 17.9% 6.5%Bangkok SET Blend -9.3% -9.3% 55.8% 57.4% 107.9% 502.5% 82.0% 16.3% 15.8% 19.7% 3.0%INTERNATIONAL FUNDSEmerging Europe, Middle East & Africa Fund – A-ACC-EUR (EUR) -8.4% -8.4% 24.1% 30.8% - - 35.8% 9.4% - - 8.8%MSCI Emrg EMEA Capped 5% -7.0% -7.0% 20.7% 16.7% - - 10.5% 5.3% - - 2.8%Emerging Europe, Middle East & Africa Fund – A-EUR (EUR) -8.4% -8.4% 24.2% 30.8% - - 36.0% 9.4% - - 8.8%MSCI Emrg EMEA Capped 5% -7.0% -7.0% 20.7% 16.7% - - 10.5% 5.3% - - 2.8%Emerging Europe, Middle East & Africa Fund – A-ACC-USD (USD) -6.2% -6.2% 22.7% 21.0% - - 39.1% 6.6% - - 9.5%MSCI Emrg EMEA Capped 5% -4.9% -4.9% 19.1% 8.0% - - 13.5% 2.6% - - 3.5%Emerging Europe, Middle East & Africa Fund – A-USD (USD) -6.1% -6.1% 22.8% 21.0% - - 39.1% 6.6% - - 9.5%MSCI Emrg EMEA Capped 5% -4.9% -4.9% 19.1% 8.0% - - 13.5% 2.6% - - 3.5%Emerging Markets Fund (USD) -2.7% -2.7% 24.6% -6.9% 36.6% 215.6% 117.5% -2.3% 6.4% 12.2% 4.6%MS Emerg Mkts Free Blend -2.7% -2.7% 22.5% 10.1% 59.7% 273.7% 274.6% 3.3% 9.8% 14.1% 7.9%Global Focus Fund – A-USD (USD) -0.4% -0.4% 24.6% -3.9% 14.5% - 95.9% -1.3% 2.7% - 8.7%MSCI World (N) 2.3% 2.3% 19.2% -4.6% 10.4% - 83.8% -1.6% 2.0% - 7.9%Global Real Asset Securities Fund – A-ACC-USD (USD) 1.7% 1.7% 31.7% - - - 46.2% - - - 30.8%MSCI ACW Composite Index 2.1% 2.1% 25.4% - - - 35.4% - - - 23.9%International Fund (USD) 2.2% 2.2% 18.8% -6.5% 4.2% 8.8% 242.5% -2.2% 0.8% 0.8% 6.7%International Comp 2.3% 2.3% 19.2% -4.6% 10.4% 26.0% 233.3% -1.6% 2.0% 2.3% 6.5%World Fund (EUR) 0.7% 0.7% 19.0% -4.5% -7.8% -17.7% 107.4% -1.5% -1.6% -1.9% 5.2%World Composite Benchmark 1.1% 1.1% 18.9% -0.6% -0.7% -9.4% 110.6% -0.2% -0.1% -1.0% 5.3%GLOBAL SECTOR FUNDSGlobal Consumer Industries Fund (EUR) -3.2% -3.2% 20.2% 26.0% 25.5% 25.0% 17.0% 8.0% 4.6% 2.3% 1.5%Consumer Industries Blend -3.3% -3.3% 23.4% 22.8% 19.0% 8.3% 5.9% 7.1% 3.5% 0.8% 0.6%Global Opportunities Fund (USD) 1.4% 1.4% 17.4% 0.5% - - 13.5% 0.2% - - 3.0%MSCI AC World (N) 1.6% 1.6% 19.6% -3.0% - - 4.8% -1.0% - - 1.1%Global Property Fund – A-USD (USD) 1.4% 1.4% 27.9% -11.3% -2.3% - 7.7% -3.9% -0.5% - 1.5%EPRA/NAREIT Dev (G) 1.3% 1.3% 29.4% -7.9% 9.5% - 20.5% -2.7% 1.8% - 3.7%Global Financial Services Fund (EUR) 0.2% 0.2% 19.0% -9.2% -18.1% -4.9% -6.2% -3.2% -3.9% -0.5% -0.6%Financial Services Blend 0.3% 0.3% 16.3% -20.1% -31.0% -25.8% -25.3% -7.2% -7.2% -2.9% -2.8%Global Health Care Fund (EUR) -2.5% -2.5% 7.2% 12.4% 0.2% -17.8% -19.7% 4.0% 0.0% -1.9% -2.1%Health Care Blend -1.7% -1.7% 5.6% 9.8% -3.4% -14.4% -14.7% 3.2% -0.7% -1.6% -1.5%A currency symbol preceded by X denotes that the fund denomination currency was in that legacy currency until 30.4.99 and in Euros thereafter.Performances of these funds are calculated in Euros since 01.01.99.11CO305027

cb.eu.201101.perfsum.den.pdfFIDELITY FUNDSPERFORMANCE DENOMINATED CURRENCY 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchGlobal Industrials Fund (EUR) -0.6% -0.6% 30.7% 21.6% 34.0% 106.6% 92.6% 6.7% 6.0% 7.5% 6.5%Industrials Blend 0.0% 0.0% 30.0% 11.7% 21.1% 68.5% 60.4% 3.8% 3.9% 5.4% 4.6%Global Technology Fund (EUR) 2.1% 2.1% 27.4% 28.9% 12.5% -42.8% -30.3% 8.8% 2.4% -5.4% -3.1%Technology Blend 1.4% 1.4% 24.6% 23.6% 8.6% -41.8% -29.4% 7.3% 1.7% -5.3% -3.0%Global Telecommunications Fund (EUR) -1.5% -1.5% 19.9% -3.7% 20.2% -18.8% -22.4% -1.2% 3.8% -2.1% -2.2%Telecommunication Blend -1.3% -1.3% 20.6% -0.8% 25.2% -23.8% -21.6% -0.3% 4.6% -2.7% -2.1%ASSET ALLOCATION FUNDSFPS Moderate Growth Fund (XDEM) -0.5% -0.5% 9.1% 0.9% -1.8% 14.5% 127.6% 0.3% -0.4% 1.4% 5.4%Mod Growth Fund Comp 0.1% 0.1% 7.8% 8.6% 11.7% 31.2% 186.9% 2.8% 2.2% 2.8% 7.0%FPS Growth Fund (XDEM) -0.1% -0.1% 19.0% -5.7% -11.2% -12.4% 162.2% -1.9% -2.4% -1.3% 6.4%Growth Fund Comp 0.7% 0.7% 19.2% -0.2% -1.3% -11.3% 172.2% -0.1% -0.3% -1.2% 6.6%FPS Global Growth Fund (USD) 2.0% 2.0% 18.6% -7.1% 1.6% 23.4% 79.0% -2.4% 0.3% 2.1% 4.6%MSCI World (N) 2.3% 2.3% 19.2% -4.6% 10.4% 26.0% 74.1% -1.6% 2.0% 2.3% 4.3%Fidelity Gestion Dynamique (XFRF) 0.7% 0.7% 18.0% -2.6% -7.8% -9.5% 52.7% -0.9% -1.6% -1.0% 3.3%Gestion Dyn Comp 2.0% 2.0% 17.7% -3.5% -2.6% -11.8% 48.7% -1.2% -0.5% -1.3% 3.1%Fidelity Gestion Equilibre (XFRF) -0.2% -0.2% 8.5% 5.2% 2.7% 19.1% 58.3% 1.7% 0.5% 1.8% 3.6%Gestion Equil Comp 0.5% 0.5% 7.4% 7.6% 11.2% 30.8% 79.1% 2.5% 2.1% 2.7% 4.6%Multi Asset Navigator Fund – A-ACC-USD (USD) 0.4% 0.4% 10.4% 5.2% - - 8.2% 1.7% - - 2.1%FF Multi-Asset Nav Bld 0.5% 0.5% 13.6% 7.7% - - 11.4% 2.5% - - 2.9%Multi Asset Strategic Defensive Fund – A-ACC-EUR (EUR) -0.8% -0.8% 3.1% - - - 13.5% - - - 6.4%FF Multi-Asset Str Df Bld -0.4% -0.4% 6.4% - - - 17.8% - - - 8.4%Target 2015 (Euro) Fund (EUR) -0.4% -0.4% 10.4% 1.3% 0.8% - 45.7% 0.4% 0.2% - 5.2%FF Target 2015 Euro Blend 0.2% 0.2% 9.4% 7.1% 11.0% - 49.2% 2.3% 2.1% - 5.6%Target 2020 (Euro) Fund (EUR) -0.3% -0.3% 13.0% -5.2% -5.0% - 53.0% -1.8% -1.0% - 5.9%FF Target 2020 Euro Blend 0.5% 0.5% 13.0% 1.7% 4.0% - 47.1% 0.6% 0.8% - 5.3%Target 2025 (Euro) Fund (EUR) -0.3% -0.3% 15.4% -7.0% -7.5% - 21.5% -2.4% -1.6% - 3.5%FF Target 2025 Euro Blend 0.7% 0.7% 15.7% -1.8% -1.1% - 21.4% -0.6% -0.2% - 3.5%Target 2030 (Euro) Fund (EUR) -0.2% -0.2% 17.2% -6.4% -7.3% - 21.8% -2.2% -1.5% - 3.5%FF Target 2030 Euro Blend 0.9% 0.9% 17.5% 0.0% 0.6% - 23.5% 0.0% 0.1% - 3.8%Target 2035 (Euro) Fund (EUR) -0.2% -0.2% 17.4% -5.1% - - -1.4% -1.7% - - -0.3%FF Target 2035 Euro Blend 0.9% 0.9% 17.9% 0.4% - - 3.9% 0.1% - - 0.8%Target 2040 (Euro) Fund (EUR) -0.2% -0.2% 17.4% -5.0% - - -1.5% -1.7% - - -0.3%FF Target 2040 Euro Blend 0.9% 0.9% 17.9% 0.4% - - 3.9% 0.1% - - 0.8%BALANCED FUNDSEuro Balanced Fund (XDEM) 1.0% 1.0% 11.6% 0.2% 4.5% 21.4% 217.4% 0.1% 0.9% 2.0% 7.3%Euro Balanced Composite 2.5% 2.5% 7.5% -2.0% 6.5% 18.8% 222.6% -0.7% 1.3% 1.7% 7.5%Growth & Income Fund (USD) 0.6% 0.6% 11.1% 4.7% 18.8% - 76.3% 1.5% 3.5% - 6.4%Growth & Income Composite 0.9% 0.9% 12.4% 7.2% 27.9% - 75.3% 2.4% 5.1% - 6.3%BOND FUNDSAsian High Yield – A-ACC-USD (USD) 0.3% 0.3% 13.3% 26.0% - - 21.1% 8.0% - - 5.1%FF Asian High Yield Blend -0.1% -0.1% 17.2% 46.2% - - 44.2% 13.5% - - 10.0%Emerging Market Debt Fund – A-ACC-EUR (EUR) -3.1% -3.1% 10.5% 39.7% 28.6% - 29.9% 11.8% 5.2% - 5.3%JPM EMBI Global -2.7% -2.7% 12.6% 36.3% 30.0% - 31.1% 10.9% 5.4% - 5.5%Emerging Market Debt Fund - A-ACC-EUR (Hedged) (EUR) -1.0% -1.0% - - - - 4.6% - - - -JPM EMBI Global Hdg EUR -0.5% -0.5% - - - - 5.3% - - - -Emerging Market Debt Fund – A-USD (USD) -0.9% -0.9% 8.9% 28.5% 44.3% - 44.0% 8.7% 7.6% - 7.5%JPM EMBI Global -0.5% -0.5% 11.0% 26.2% 46.8% - 46.4% 8.1% 8.0% - 7.9%Emerging Market Debt Fund – A-ACC-USD (USD) -0.8% -0.8% 9.0% 28.2% 43.9% - 43.6% 8.6% 7.6% - 7.5%JPM EMBI Global -0.5% -0.5% 11.0% 26.2% 46.8% - 46.4% 8.1% 8.0% - 7.9%Euro Bond Fund (XXEU) -0.6% -0.6% 2.9% 11.3% 11.6% 45.2% 215.2% 3.6% 2.2% 3.8% 5.8%FF Euro Bond Comp -0.5% -0.5% 0.8% 13.1% 17.8% 59.0% 305.8% 4.2% 3.3% 4.8% 7.2%Euro Corporate Bond Fund – A-ACC-EUR (EUR) -0.5% -0.5% 4.0% -0.9% -1.6% - 14.0% -0.3% -0.3% - 1.6%BofA ML EMU Corporate -0.5% -0.5% 2.7% 14.3% 17.3% - 38.8% 4.6% 3.3% - 4.2%Euro Short Term Bond Fund – A-ACC-EUR (EUR) -0.4% -0.4% 2.8% 5.8% 9.3% - 12.3% 1.9% 1.8% - 1.7%BofA ML 1-3 Yr Eur Br Mkt -0.2% -0.2% 1.2% 12.2% 19.7% - 25.3% 3.9% 3.7% - 3.3%European High Yield Fund (EUR) 1.3% 1.3% 10.7% 34.1% 35.6% 84.2% 76.0% 10.3% 6.3% 6.3% 5.5%Euro High Yield Composite 2.3% 2.3% 13.0% 48.0% 47.5% 70.6% 59.4% 14.0% 8.1% 5.5% 4.5%A currency symbol preceded by X denotes that the fund denomination currency was in that legacy currency until 30.4.99 and in Euros thereafter.Performances of these funds are calculated in Euros since 01.01.99.12CO305027

cb.eu.201101.perfsum.den.pdfDENOMINATED CURRENCY 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchEuropean High Yield Fund A – ACC - SEK (Hedged) (SEK) 1.4% 1.4% 11.0% - - - 83.2% - - - 36.7%BofA ML Eur Iss Cons SEK 2.4% 2.4% 13.3% - - - 93.1% - - - 40.5%Global Inflation Linked Fund - A-ACC-USD (USD) 0.9% 0.9% 5.3% - - - 5.9% - - - 2.2%FF Gbl Inf Blend USD 0.6% 0.6% 5.0% - - - 4.7% - - - 1.7%International Bond Fund (USD) 0.6% 0.6% 6.3% 13.8% 30.7% 83.2% 214.5% 4.4% 5.5% 6.2% 5.8%Intl Bond Comp 0.2% 0.2% 4.9% 14.5% 36.6% 93.3% 345.2% 4.6% 6.4% 6.8% 7.6%Sterling Bond Fund (GBP) -1.4% -1.4% 5.5% 18.2% 20.7% 63.5% 306.5% 5.7% 3.8% 5.0% 7.2%Sterling Bond Blend -1.5% -1.5% 4.9% 15.5% 19.2% 60.9% 378.0% 4.9% 3.6% 4.9% 8.0%US High Yield Fund – A-USD (USD) 2.1% 2.1% 15.9% 34.6% 45.7% - 104.3% 10.4% 7.8% - 7.9%BofA ML US HY Blend 2.1% 2.1% 15.7% 39.3% 53.9% - 120.9% 11.7% 9.0% - 8.8%US Dollar Bond Fund (USD) 0.2% 0.2% 6.5% 14.2% 25.3% 63.2% 215.5% 4.5% 4.6% 5.0% 5.8%US Dollar Bond Comp 0.1% 0.1% 5.1% 15.0% 31.2% 73.8% 303.6% 4.8% 5.6% 5.7% 7.1%CASH FUNDSEuro Cash Fund (XDEM) 0.0% 0.0% 0.1% 3.9% 9.9% 21.7% 54.3% 1.3% 1.9% 2.0% 2.5%- - - - - - - - - - -US Dollar Cash Fund (USD) 0.0% 0.0% 0.1% 2.1% 11.5% 20.6% 69.9% 0.7% 2.2% 1.9% 3.1%- - - - - - - - - - -FIDELITY FUNDS II – SICAVAustralian Dollar Currency Fund (AUD) 0.3% 0.3% 3.5% 12.0% 23.6% 49.5% 127.3% 3.8% 4.3% 4.1% 4.4%AUD 1W LIBID 0.4% 0.4% 4.4% 14.6% 28.9% 63.6% - 4.7% 5.2% 5.1% -Euro Currency Fund (EUR) 0.0% 0.0% 0.1% 3.4% 8.5% 17.8% 78.4% 1.1% 1.6% 1.7% 3.1%- - - - - - - - - - -Sterling Currency Fund (GBP) 0.0% 0.0% 0.1% 4.1% 13.0% 32.2% 115.6% 1.4% 2.5% 2.8% 4.1%GBP 1M LIBID 0.0% 0.0% 0.4% 5.8% 17.3% 44.6% 157.9% 1.9% 3.3% 3.8% 5.1%Swiss Franc Currency Fund (CHF) 0.0% 0.0% 0.0% 1.1% 2.5% 4.8% 26.4% 0.4% 0.5% 0.5% 1.2%CHF 1W LIBID - - - - - - - - - - -US Dollar Currency Fund (USD) 0.0% 0.0% 0.1% 1.7% 10.2% 17.0% 66.9% 0.6% 2.0% 1.6% 2.7%USD 1M LIBID 0.0% 0.0% 0.2% 2.7% 13.5% 26.8% 97.9% 0.9% 2.6% 2.4% 3.6%A currency symbol preceded by X denotes that the fund denomination currency was in that legacy currency until 30.4.99 and in Euros thereafter.Performances of these funds are calculated in Euros since 01.01.99.13CO305027

cb.eu.201101.perfsum.usd.pdfFIDELITY FUNDSPERFORMANCE US DOLLAR 31.01.11EUROPE FUNDSCumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchEuropean Fund – A-ACC-EUR 2.6% 2.6% 17.2% -16.8% 4.9% - 14.0% -5.9% 1.0% - 2.6%MSCI Europe (N) 3.9% 3.9% 14.8% -12.3% 12.3% - 19.2% -4.3% 2.4% - 3.5%European Aggressive Fund 4.7% 4.7% 20.0% -39.7% -20.4% 35.9% 67.3% -15.5% -4.5% 3.1% 4.1%European Aggressive Blend 3.9% 3.9% 14.8% -12.3% 12.3% 42.2% 71.1% -4.3% 2.4% 3.6% 4.2%European Dynamic Growth Fund 2.1% 2.1% 20.9% -0.5% 27.5% - 101.0% -0.2% 5.0% - 7.2%FF Dynamic Growth Blend 3.9% 3.9% 14.8% -12.3% 21.0% - 111.0% -4.3% 3.9% - 7.8%European Growth Fund 0.7% 0.7% 16.0% -14.2% 5.4% 97.4% 742.0% -5.0% 1.1% 7.0% 11.0%European Growth Comp 4.2% 4.2% 15.6% -9.9% 17.3% 54.2% 535.9% -3.4% 3.3% 4.4% 9.5%European Larger Companies Fund 4.1% 4.1% 9.4% -16.8% 2.6% - 118.8% -5.9% 0.5% - 9.8%MSCI Europe (N) 3.9% 3.9% 14.8% -12.3% 12.3% - 124.7% -4.3% 2.4% - 10.1%European Smaller Companies Fund 3.4% 3.4% 30.1% 0.9% 30.0% 77.4% 432.5% 0.3% 5.4% 5.9% 11.7%HSBC European Sm Cos (G) 3.2% 3.2% 22.8% 3.6% 30.5% 158.9% 356.9% 1.2% 5.5% 10.0% 10.6%European Special Situations Fund – A-EUR 1.6% 1.6% 18.1% -15.1% - - -4.3% -5.3% - - -1.4%MSCI Europe (N) 3.9% 3.9% 14.8% -12.3% - - -6.5% -4.3% - - -2.2%Euro Blue Chip Fund 4.3% 4.3% 15.2% -16.4% 7.2% 43.0% 87.5% -5.8% 1.4% 3.6% 5.2%MSCI EMU (N) 6.8% 6.8% 10.8% -20.1% 7.2% 30.6% 72.0% -7.2% 1.4% 2.7% 4.5%EURO STOXX 50 Fund 8.1% 8.1% 8.1% -21.0% 3.1% 11.1% 43.3% -7.6% 0.6% 1.1% 3.0%Euro STOXX 50 SM 8.3% 8.3% 8.4% -20.0% 5.4% 18.0% 53.9% -7.2% 1.1% 1.7% 3.6%France Fund 5.4% 5.4% 11.2% -10.7% 19.6% 58.2% 448.3% -3.7% 3.6% 4.7% 8.7%France Comp 6.9% 6.9% 11.0% -12.1% 11.5% 46.8% 436.9% -4.2% 2.2% 3.9% 8.6%Germany Fund 3.1% 3.1% 26.5% -6.5% 27.6% 52.1% 391.7% -2.2% 5.0% 4.3% 8.1%Germany Comp 4.4% 4.4% 24.9% -4.5% 38.6% 63.2% 405.5% -1.5% 6.7% 5.0% 8.3%Iberia Fund 9.4% 9.4% -1.8% -21.9% 28.4% 147.0% 558.1% -7.9% 5.1% 9.5% 9.7%Iberia Composite Index 12.0% 12.0% 1.5% -16.9% 27.9% 90.9% 511.9% -6.0% 5.0% 6.7% 9.3%Italy Fund 10.0% 10.0% 10.2% -20.6% -5.7% 79.1% 399.5% -7.4% -1.2% 6.0% 8.2%Italy Blend 11.3% 11.3% 2.2% -30.1% -14.4% 13.0% 187.0% -11.3% -3.1% 1.2% 5.3%Nordic Fund 1.5% 1.5% 25.4% -10.3% 23.2% 61.3% 1,012.1% -3.6% 4.3% 4.9% 12.6%FTSE Nordic Index 3.1% 3.1% 33.4% 6.7% 51.4% 87.0% 823.8% 2.2% 8.7% 6.5% 11.6%Switzerland Fund -0.7% -0.7% 16.7% 1.6% 29.1% 71.2% 439.5% 0.5% 5.2% 5.5% 11.1%Switzerland Composite -0.3% -0.3% 15.3% 2.8% 22.8% 49.8% 269.9% 0.9% 4.2% 4.1% 8.5%United Kingdom Fund 1.4% 1.4% 18.6% -4.3% 3.6% 35.8% 256.3% -1.5% 0.7% 3.1% 6.4%FTSE All Share (NUK) 1.8% 1.8% 18.1% -8.4% 11.8% 53.7% 408.8% -2.9% 2.3% 4.4% 8.3%AMERICA FUNDSAmerica Fund 2.7% 2.7% 19.9% 3.6% 6.6% 22.7% 431.7% 1.2% 1.3% 2.1% 8.6%S&P 500 2.4% 2.4% 22.2% -0.2% 11.7% 13.8% 523.2% -0.1% 2.2% 1.3% 9.4%American Growth Fund 1.8% 1.8% 20.6% -10.7% -11.8% -9.6% 143.9% -3.7% -2.5% -1.0% 6.8%S&P 500 2.4% 2.4% 22.2% -0.2% 11.7% 13.8% 78.8% -0.1% 2.2% 1.3% 4.4%American Diversified Fund 2.5% 2.5% 17.6% -4.8% 0.3% - 27.8% -1.6% 0.1% - 3.6%S&P 500 2.4% 2.4% 22.2% -0.2% 11.7% - 27.9% -0.1% 2.2% - 3.6%Latin America Fund -5.9% -5.9% 24.3% 23.9% 95.2% 417.0% 423.6% 7.4% 14.3% 17.9% 10.4%MSCI EM Lat Amer Blend -5.4% -5.4% 23.1% 22.1% 111.0% 509.0% 726.8% 6.9% 16.1% 19.8% 13.5%JAPAN FUNDSJapan Fund 0.7% 0.7% 12.8% -15.2% -27.6% -5.1% 56.0% -5.3% -6.3% -0.5% 2.2%TOPIX 0.2% 0.2% 13.9% -7.1% -17.6% 13.6% 25.0% -2.4% -3.8% 1.3% 1.1%Japan Smaller Companies Fund 1.8% 1.8% 13.3% 9.4% -33.1% 18.1% 53.9% 3.1% -7.7% 1.7% 2.3%Japan Smaller Cos Blend 0.4% 0.4% 15.1% 1.5% -17.6% 62.2% 52.1% 0.5% -3.8% 5.0% 2.2%Japan Advantage Fund 1.6% 1.6% 19.3% 36.4% 11.4% - 171.1% 10.9% 2.2% - 13.3%Russell/Nom Tot Mkt Value 0.0% 0.0% 13.3% 0.9% -6.9% - 127.6% 0.3% -1.4% - 10.8%ASIA PACIFIC EX JAPAN FUNDSASEAN Fund -3.1% -3.1% 35.3% 19.8% 111.2% 234.1% 358.9% 6.2% 16.1% 12.8% 7.8%MSCI ASEAN TR USD Blend -3.4% -3.4% 32.3% 26.2% 118.0% 273.3% 339.8% 8.1% 16.9% 14.1% 7.6%Asian Aggressive Fund -2.6% -2.6% 21.9% - - - -4.1% - - - -1.4%MSCI AC AsiaPac exJap (N) -1.3% -1.3% 24.4% - - - 8.1% - - - 2.7%Asia Pacific Property Fund – A-EUR -1.1% -1.1% 24.3% -12.5% - - -13.6% -4.4% - - -3.6%GPR/FID Gen Asia Net Link -0.8% -0.8% 27.3% -7.2% - - -7.2% -2.5% - - -1.9%14CO305027

cb.eu.201101.perfsum.usd.pdfUS DOLLAR 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchAsian Special Situations Fund 0.7% 0.7% 30.7% 24.1% 89.3% 228.1% 243.4% 7.5% 13.6% 12.6% 7.8%Asian Special Sits Comp 0.6% 0.6% 28.0% 16.4% 68.2% 189.4% 94.1% 5.2% 11.0% 11.2% 4.1%Australia Fund -2.7% -2.7% 20.0% 4.4% 51.5% 251.9% 569.2% 1.4% 8.7% 13.4% 10.4%Australia Composite -2.6% -2.6% 21.7% 7.6% 57.6% 291.5% 719.6% 2.5% 9.5% 14.6% 11.6%China Focus Fund -0.1% -0.1% 15.6% 11.9% 140.7% - 361.5% 3.8% 19.2% - 22.8%China Focus Blend -0.5% -0.5% 14.0% 8.7% 127.1% - 344.9% 2.8% 17.8% - 22.2%Emerging Asia Fund -6.9% -6.9% 23.8% - - - 18.1% - - - 6.2%MSCI EM Asia Composite(G) -6.5% -6.5% 19.7% - - - 8.8% - - - 3.1%Greater China Fund 1.4% 1.4% 28.6% 27.8% 92.9% 166.1% 1,666.1% 8.5% 14.1% 10.3% 15.2%FF Greater China Blend 1.1% 1.1% 24.3% 15.5% 67.6% 109.6% 1,581.7% 4.9% 10.9% 7.7% 14.9%Indonesia Fund -8.6% -8.6% 26.9% 44.5% 189.9% 780.3% 149.0% 13.1% 23.7% 24.3% 5.8%FF Indonesia Fund Blend -9.4% -9.4% 29.4% 27.2% 175.3% 702.4% 67.4% 8.4% 22.5% 23.2% 3.2%India Focus Fund – USD -12.4% -12.4% 15.8% -19.8% 42.5% - 210.0% -7.1% 7.3% - 19.2%FF India Focus Fund Bld -13.0% -13.0% 11.8% -9.1% 89.2% - 289.4% -3.1% 13.6% - 23.5%Korea Fund 1.9% 1.9% 35.3% 6.4% 32.9% 250.8% 114.1% 2.1% 5.9% 13.4% 5.1%KOSPI Blend 2.1% 2.1% 33.8% 7.3% 27.8% 286.5% 43.1% 2.4% 5.0% 14.5% 2.4%Malaysia Fund 0.6% 0.6% 39.4% 22.4% 154.4% 239.9% 531.9% 7.0% 20.5% 13.0% 9.5%FF Malaysia Link Bmk 1.3% 1.3% 41.1% 21.7% 115.0% 173.6% 207.9% 6.8% 16.5% 10.6% 5.7%Pacific Fund -1.0% -1.0% 30.5% 2.4% 22.2% 99.4% 121.8% 0.8% 4.1% 7.1% 4.8%Pacific Comp -0.1% -0.1% 20.4% 3.8% 17.1% 80.0% 66.2% 1.2% 3.2% 6.1% 3.0%Singapore Fund -0.9% -0.9% 31.5% 28.3% 105.4% 204.0% 467.1% 8.7% 15.5% 11.8% 8.9%FF Singapore Blend -0.7% -0.7% 32.4% 31.5% 107.3% 202.7% 516.6% 9.6% 15.7% 11.7% 9.4%South East Asia Fund 1.0% 1.0% 31.7% 21.9% 97.8% 255.7% 678.5% 6.8% 14.6% 13.5% 10.6%South East Asia Comp 0.6% 0.6% 28.0% 16.4% 68.2% 189.4% 327.9% 5.2% 11.0% 11.2% 7.4%South East Asia Fund – EUR 0.8% 0.8% 31.4% 22.2% 98.0% - 189.3% 6.9% 14.6% - 16.5%South East Asia Comp 0.6% 0.6% 28.0% 16.4% 68.2% - 131.8% 5.2% 11.0% - 12.8%Taiwan Fund 0.8% 0.8% 24.4% 17.4% 29.2% 31.9% 4.2% 5.5% 5.3% 2.8% 0.3%FF Taiwan Blend 2.9% 2.9% 35.6% 38.8% 58.9% 77.0% 11.7% 11.5% 9.7% 5.9% 0.8%Thailand Fund -8.9% -8.9% 55.2% 45.5% 84.1% 416.8% 258.8% 13.3% 13.0% 17.9% 6.5%Bangkok SET Blend -9.3% -9.3% 55.8% 57.4% 107.9% 502.5% 82.0% 16.3% 15.8% 19.7% 3.0%INTERNATIONAL FUNDSEmerging Europe, Middle East & Africa Fund – A-ACC-EUR -6.4% -6.4% 22.4% 21.1% - - 39.5% 6.6% - - 9.6%MSCI Emrg EMEA Capped 5% -4.9% -4.9% 19.1% 8.0% - - 13.5% 2.6% - - 3.5%Emerging Europe, Middle East & Africa Fund – A-EUR -6.4% -6.4% 22.5% 21.1% - - 39.7% 6.6% - - 9.6%MSCI Emrg EMEA Capped 5% -4.9% -4.9% 19.1% 8.0% - - 13.5% 2.6% - - 3.5%Emerging Europe, Middle East & Africa Fund – A-ACC-USD -6.2% -6.2% 22.7% 21.0% - - 39.1% 6.6% - - 9.5%MSCI Emrg EMEA Capped 5% -4.9% -4.9% 19.1% 8.0% - - 13.5% 2.6% - - 3.5%Emerging Europe, Middle East & Africa Fund – A-USD -6.1% -6.1% 22.8% 21.0% - - 39.1% 6.6% - - 9.5%MSCI Emrg EMEA Capped 5% -4.9% -4.9% 19.1% 8.0% - - 13.5% 2.6% - - 3.5%Emerging Markets Fund -2.7% -2.7% 24.6% -6.9% 36.6% 215.6% 117.5% -2.3% 6.4% 12.2% 4.6%MS Emerg Mkts Free Blend -2.7% -2.7% 22.5% 10.1% 59.7% 273.7% 274.6% 3.3% 9.8% 14.1% 7.9%Global Focus Fund – A-USD -0.4% -0.4% 24.6% -3.9% 14.5% - 95.9% -1.3% 2.7% - 8.7%MSCI World (N) 2.3% 2.3% 19.2% -4.6% 10.4% - 83.8% -1.6% 2.0% - 7.9%Global Real Asset Securities Fund – A-ACC-USD 1.7% 1.7% 31.7% - - - 46.2% - - - 30.8%MSCI ACW Composite Index 2.1% 2.1% 25.4% - - - 35.4% - - - 23.9%International Fund 2.2% 2.2% 18.8% -6.5% 4.2% 8.8% 242.5% -2.2% 0.8% 0.8% 6.7%International Comp 2.3% 2.3% 19.2% -4.6% 10.4% 26.0% 233.3% -1.6% 2.0% 2.3% 6.5%World Fund 2.9% 2.9% 17.3% -11.5% 4.1% 21.4% 122.1% -4.0% 0.8% 2.0% 5.7%World Composite Benchmark 3.3% 3.3% 17.2% -7.9% 12.2% 33.5% 125.4% -2.7% 2.3% 2.9% 5.8%GLOBAL SECTOR FUNDSGlobal Consumer Industries Fund -1.0% -1.0% 18.5% 16.7% 41.7% 84.3% 78.2% 5.3% 7.2% 6.3% 5.7%Consumer Industries Blend -1.2% -1.2% 21.7% 13.7% 34.3% 59.7% 61.2% 4.4% 6.1% 4.8% 4.7%Global Opportunities Fund 1.4% 1.4% 17.4% 0.5% - - 13.5% 0.2% - - 3.0%MSCI AC World (N) 1.6% 1.6% 19.6% -3.0% - - 4.8% -1.0% - - 1.1%Global Property Fund – A-USD 1.4% 1.4% 27.9% -11.3% -2.3% - 7.7% -3.9% -0.5% - 1.5%EPRA/NAREIT Dev (G) 1.3% 1.3% 29.4% -7.9% 9.5% - 20.5% -2.7% 1.8% - 3.7%Global Financial Services Fund 2.4% 2.4% 17.4% -15.9% -7.6% 40.2% 42.9% -5.6% -1.6% 3.4% 3.5%Financial Services Blend 2.5% 2.5% 14.7% -26.0% -22.1% 9.5% 13.8% -9.6% -4.9% 0.9% 1.3%Global Health Care Fund -0.4% -0.4% 5.8% 4.1% 13.1% 21.2% 22.3% 1.3% 2.5% 1.9% 2.0%Health Care Blend 0.5% 0.5% 4.2% 1.7% 9.1% 26.2% 29.9% 0.6% 1.8% 2.4% 2.5%15CO305027

cb.eu.201101.perfsum.usd.pdfFIDELITY FUNDSPERFORMANCE US DOLLAR 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchGlobal Industrials Fund 1.6% 1.6% 28.9% 12.6% 51.3% 204.6% 193.5% 4.0% 8.6% 11.8% 10.9%Industrials Blend 2.2% 2.2% 28.2% 3.5% 36.8% 148.4% 144.3% 1.1% 6.5% 9.5% 9.0%Global Technology Fund 4.4% 4.4% 25.7% 19.3% 27.0% -15.7% -10.3% 6.1% 4.9% -1.7% -1.0%Technology Blend 3.6% 3.6% 22.9% 14.4% 22.6% -14.2% -9.1% 4.6% 4.2% -1.5% -0.8%Global Telecommunications Fund 0.6% 0.6% 18.3% -10.8% 35.8% 19.8% 0.0% -3.7% 6.3% 1.8% 0.0%Telecommunication Blend 0.9% 0.9% 18.9% -8.2% 41.4% 12.4% 1.0% -2.8% 7.2% 1.2% 0.1%ASSET ALLOCATION FUNDSFPS Moderate Growth Fund 1.7% 1.7% 7.6% -6.6% 10.9% 68.7% 122.5% -2.3% 2.1% 5.4% 5.3%Mod Growth Fund Comp 2.2% 2.2% 6.3% 0.5% 26.1% 93.4% 180.4% 0.2% 4.8% 6.8% 6.8%FPS Growth Fund 2.1% 2.1% 17.4% -12.6% 0.2% 29.1% 154.5% -4.4% 0.1% 2.6% 6.2%Growth Fund Comp 2.9% 2.9% 17.5% -7.6% 11.4% 30.8% 164.2% -2.6% 2.2% 2.7% 6.4%FPS Global Growth Fund 2.0% 2.0% 18.6% -7.1% 1.6% 23.4% 79.0% -2.4% 0.3% 2.1% 4.6%MSCI World (N) 2.3% 2.3% 19.2% -4.6% 10.4% 26.0% 74.1% -1.6% 2.0% 2.3% 4.3%Fidelity Gestion Dynamique 2.9% 2.9% 16.4% -9.8% 4.1% 33.5% 95.4% -3.4% 0.8% 2.9% 5.3%Gestion Dyn Comp 4.2% 4.2% 16.1% -10.6% 10.0% 30.0% 90.2% -3.7% 1.9% 2.7% 5.1%Fidelity Gestion Equilibre 2.0% 2.0% 7.0% -2.6% 15.9% 75.6% 99.8% -0.9% 3.0% 5.8% 5.5%Gestion Equil Comp 2.7% 2.7% 6.0% -0.4% 25.5% 92.9% 126.0% -0.1% 4.7% 6.8% 6.5%Multi Asset Navigator Fund – A-ACC-USD 0.4% 0.4% 10.4% 5.2% - - 8.2% 1.7% - - 2.1%FF Multi-Asset Nav Bld 0.5% 0.5% 13.6% 7.7% - - 11.4% 2.5% - - 2.9%Multi Asset Strategic Defensive Fund – A-ACC-EUR 1.4% 1.4% 1.7% - - - 18.3% - - - 8.6%FF Multi-Asset Str Df Bld 1.8% 1.8% 4.9% - - - 22.8% - - - 10.6%Target 2015 (Euro) Fund 1.8% 1.8% 8.9% -6.2% 13.8% - 81.1% -2.1% 2.6% - 8.3%FF Target 2015 Euro Blend 2.4% 2.4% 7.9% -0.8% 25.3% - 85.4% -0.3% 4.6% - 8.7%Target 2020 (Euro) Fund 1.9% 1.9% 11.4% -12.2% 7.3% - 90.2% -4.2% 1.4% - 9.1%FF Target 2020 Euro Blend 2.7% 2.7% 11.4% -5.8% 17.4% - 82.8% -2.0% 3.3% - 8.5%Target 2025 (Euro) Fund 1.9% 1.9% 13.9% -13.9% 4.4% - 32.0% -4.9% 0.9% - 5.0%FF Target 2025 Euro Blend 2.9% 2.9% 14.1% -9.0% 11.6% - 31.9% -3.1% 2.2% - 5.0%Target 2030 (Euro) Fund 2.0% 2.0% 15.6% -13.4% 4.7% - 32.4% -4.7% 0.9% - 5.0%FF Target 2030 Euro Blend 3.1% 3.1% 15.9% -7.4% 13.6% - 34.2% -2.5% 2.6% - 5.3%Target 2035 (Euro) Fund 2.0% 2.0% 15.8% -12.1% - - 7.7% -4.2% - - 1.6%FF Target 2035 Euro Blend 3.1% 3.1% 16.2% -7.0% - - 13.5% -2.4% - - 2.8%Target 2040 (Euro) Fund 2.0% 2.0% 15.8% -12.0% - - 7.7% -4.2% - - 1.6%FF Target 2040 Euro Blend 3.1% 3.1% 16.2% -7.0% - - 13.5% -2.4% - - 2.8%BALANCED FUNDSEuro Balanced Fund 3.3% 3.3% 10.1% -7.2% 17.9% 79.0% 234.5% -2.5% 3.4% 6.0% 7.7%Euro Balanced Composite 4.7% 4.7% 6.1% -9.2% 20.2% 75.1% 240.0% -3.2% 3.8% 5.8% 7.8%Growth & Income Fund 0.6% 0.6% 11.1% 4.7% 18.8% - 76.3% 1.5% 3.5% - 6.4%Growth & Income Composite 0.9% 0.9% 12.4% 7.2% 27.9% - 75.3% 2.4% 5.1% - 6.3%BOND FUNDSAsian High Yield – A-ACC-USD 0.3% 0.3% 13.3% 26.0% - - 21.1% 8.0% - - 5.1%FF Asian High Yield Blend -0.1% -0.1% 17.2% 46.2% - - 44.2% 13.5% - - 10.0%Emerging Market Debt Fund – A-ACC-EUR -1.0% -1.0% 9.0% 29.4% 45.2% - 45.0% 9.0% 7.8% - 7.7%JPM EMBI Global -0.5% -0.5% 11.0% 26.2% 46.8% - 46.4% 8.1% 8.0% - 7.9%Emerging Market Debt Fund - A-ACC-EUR (Hedged) 1.1% 1.1% - - - - 17.1% - - - -JPM EMBI Global Hdg EUR 1.7% 1.7% - - - - 17.9% - - - -Emerging Market Debt Fund – A-USD -0.9% -0.9% 8.9% 28.5% 44.3% - 44.0% 8.7% 7.6% - 7.5%JPM EMBI Global -0.5% -0.5% 11.0% 26.2% 46.8% - 46.4% 8.1% 8.0% - 7.9%Emerging Market Debt Fund – A-ACC-USD -0.8% -0.8% 9.0% 28.2% 43.9% - 43.6% 8.6% 7.6% - 7.5%JPM EMBI Global -0.5% -0.5% 11.0% 26.2% 46.8% - 46.4% 8.1% 8.0% - 7.9%Euro Bond Fund 1.6% 1.6% 1.5% 3.0% 26.0% 114.1% 215.8% 1.0% 4.7% 7.9% 5.8%FF Euro Bond Comp 1.7% 1.7% -0.6% 4.7% 33.0% 134.5% 306.6% 1.5% 5.9% 8.9% 7.2%Euro Corporate Bond Fund – A-ACC-EUR 1.7% 1.7% 2.6% -8.3% 11.1% - 47.6% -2.8% 2.1% - 5.0%BofA ML EMU Corporate 1.7% 1.7% 1.3% 5.8% 32.5% - 79.7% 1.9% 5.8% - 7.6%Euro Short Term Bond Fund – A-ACC-EUR 1.8% 1.8% 1.4% -2.0% 23.4% - 23.9% -0.7% 4.3% - 3.2%BofA ML 1-3 Yr Eur Br Mkt 2.0% 2.0% -0.2% 3.9% 35.2% - 38.3% 1.3% 6.2% - 4.8%European High Yield Fund 3.6% 3.6% 9.2% 24.1% 53.1% 171.5% 155.8% 7.5% 8.9% 10.5% 9.3%Euro High Yield Composite 4.6% 4.6% 11.5% 37.0% 66.5% 151.5% 131.7% 11.1% 10.7% 9.7% 8.3%16CO305027

cb.eu.201101.perfsum.usd.pdfUS DOLLAR 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchEuropean High Yield Fund A – ACC - SEK (Hedged) 6.0% 6.0% 26.8% - - - 150.2% - - - 60.6%BofA ML Eur Iss Cons SEK 7.0% 7.0% 29.4% - - - 163.7% - - - 65.0%Global Inflation Linked Fund - A-ACC-USD 0.9% 0.9% 5.3% - - - 5.9% - - - 2.2%FF Gbl Inf Blend USD 0.6% 0.6% 5.0% - - - 4.7% - - - 1.7%International Bond Fund 0.6% 0.6% 6.3% 13.8% 30.7% 83.2% 214.5% 4.4% 5.5% 6.2% 5.8%Intl Bond Comp 0.2% 0.2% 4.9% 14.5% 36.6% 93.3% 345.2% 4.6% 6.4% 6.8% 7.6%Sterling Bond Fund 0.9% 0.9% 5.4% -4.8% 8.8% 79.3% 230.7% -1.6% 1.7% 6.0% 6.1%Sterling Bond Blend 0.8% 0.8% 4.8% -6.9% 7.4% 76.3% 288.8% -2.4% 1.4% 5.8% 6.9%US High Yield Fund – A-USD 2.1% 2.1% 15.9% 34.6% 45.7% - 104.3% 10.4% 7.8% - 7.9%BofA ML US HY Blend 2.1% 2.1% 15.7% 39.3% 53.9% - 120.9% 11.7% 9.0% - 8.8%US Dollar Bond Fund 0.2% 0.2% 6.5% 14.2% 25.3% 63.2% 215.5% 4.5% 4.6% 5.0% 5.8%US Dollar Bond Comp 0.1% 0.1% 5.1% 15.0% 31.2% 73.8% 303.6% 4.8% 5.6% 5.7% 7.1%CASH FUNDSEuro Cash Fund 2.2% 2.2% -1.3% -3.8% 24.1% 79.4% 74.4% -1.3% 4.4% 6.0% 3.3%- - - - - - - - - - -US Dollar Cash Fund 0.0% 0.0% 0.1% 2.1% 11.5% 20.6% 69.9% 0.7% 2.2% 1.9% 3.1%- - - - - - - - - - -FIDELITY FUNDS II – SICAVAustralian Dollar Currency Fund -2.4% -2.4% 16.1% 25.1% 62.9% 171.4% 186.3% 7.8% 10.3% 10.5% 5.6%AUD 1W LIBID -2.4% -2.4% 17.1% 28.0% 69.8% 197.0% - 8.6% 11.2% 11.5% -Euro Currency Fund 2.2% 2.2% -1.3% -4.2% 22.5% 73.7% 90.4% -1.4% 4.1% 5.7% 3.4%- - - - - - - - - - -Sterling Currency Fund 2.3% 2.3% 0.0% -16.1% 1.8% 45.0% 91.9% -5.7% 0.4% 3.8% 3.5%GBP 1M LIBID 2.4% 2.4% 0.4% -14.8% 5.8% 58.5% 129.6% -5.2% 1.1% 4.7% 4.4%Swiss Franc Currency Fund -0.8% -0.8% 12.2% 16.7% 39.8% 83.3% 89.4% 5.3% 6.9% 6.3% 3.4%CHF 1W LIBID - - - - - - - - - - -US Dollar Currency Fund 0.0% 0.0% 0.1% 1.7% 10.2% 17.0% 66.9% 0.6% 2.0% 1.6% 2.7%USD 1M LIBID 0.0% 0.0% 0.2% 2.7% 13.5% 26.8% 97.9% 0.9% 2.6% 2.4% 3.6%17CO305027

cb.eu.201101.perfsum.gbp.pdfFIDELITY FUNDSPERFORMANCE STERLING 31.01.11EUROPE FUNDSCumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchEuropean Fund – A-ACC-EUR 0.3% 0.3% 17.3% 3.3% 16.4% - 26.1% 1.1% 3.1% - 4.6%MSCI Europe (N) 1.6% 1.6% 14.8% 8.9% 24.6% - 31.9% 2.9% 4.5% - 5.5%European Aggressive Fund 2.3% 2.3% 20.0% -25.1% -11.7% 24.0% 70.8% -9.2% -2.5% 2.2% 4.2%European Aggressive Blend 1.6% 1.6% 14.8% 8.9% 24.6% 29.7% 74.8% 2.9% 4.5% 2.6% 4.4%European Dynamic Growth Fund -0.2% -0.2% 21.0% 23.5% 41.5% - 81.6% 7.3% 7.2% - 6.2%FF Dynamic Growth Blend 1.6% 1.6% 14.8% 8.9% 34.2% - 90.6% 2.9% 6.1% - 6.7%European Growth Fund -1.6% -1.6% 16.0% 6.5% 17.0% 80.1% 884.1% 2.1% 3.2% 6.1% 11.9%European Growth Comp 1.8% 1.8% 15.7% 11.8% 30.2% 40.7% 643.2% 3.8% 5.4% 3.5% 10.4%European Larger Companies Fund 1.8% 1.8% 9.4% 3.3% 13.8% - 110.9% 1.1% 2.6% - 9.3%MSCI Europe (N) 1.6% 1.6% 14.8% 8.9% 24.6% - 116.7% 2.9% 4.5% - 9.7%European Smaller Companies Fund 1.1% 1.1% 30.2% 25.3% 44.3% 61.9% 417.4% 7.8% 7.6% 4.9% 11.5%HSBC European Sm Cos (G) 0.9% 0.9% 22.8% 28.6% 44.8% 136.2% 343.9% 8.8% 7.7% 9.0% 10.4%European Special Situations Fund – A-EUR -0.7% -0.7% 18.1% 5.3% - - 16.2% 1.8% - - 5.1%MSCI Europe (N) 1.6% 1.6% 14.8% 8.9% - - 13.6% 2.9% - - 4.3%Euro Blue Chip Fund 2.0% 2.0% 15.3% 3.7% 19.0% 30.5% 98.9% 1.2% 3.5% 2.7% 5.7%MSCI EMU (N) 4.4% 4.4% 10.8% -0.8% 18.9% 19.2% 82.5% -0.3% 3.5% 1.8% 5.0%EURO STOXX 50 Fund 5.7% 5.7% 8.2% -2.0% 14.4% 1.4% 48.2% -0.7% 2.7% 0.1% 3.3%Euro STOXX 50 SM 5.9% 5.9% 8.4% -0.7% 17.0% 7.7% 59.2% -0.3% 3.2% 0.7% 3.9%France Fund 3.0% 3.0% 11.2% 10.9% 32.7% 44.3% 540.8% 3.5% 5.8% 3.7% 9.6%France Comp 4.5% 4.5% 11.0% 9.1% 23.8% 33.9% 527.4% 3.0% 4.4% 3.0% 9.5%Germany Fund 0.8% 0.8% 26.6% 16.1% 41.6% 38.7% 474.6% 5.1% 7.2% 3.3% 9.0%Germany Comp 2.0% 2.0% 24.9% 18.5% 53.8% 48.9% 490.8% 5.8% 9.0% 4.1% 9.1%Iberia Fund 6.9% 6.9% -1.8% -3.1% 42.5% 125.3% 669.1% -1.0% 7.3% 8.5% 10.6%Iberia Composite Index 9.5% 9.5% 1.6% 3.1% 41.9% 74.2% 615.2% 1.0% 7.3% 5.7% 10.2%Italy Fund 7.6% 7.6% 10.3% -1.4% 4.7% 63.4% 483.8% -0.5% 0.9% 5.0% 9.1%Italy Blend 8.8% 8.8% 2.3% -13.3% -5.0% 3.1% 235.4% -4.6% -1.0% 0.3% 6.1%Nordic Fund -0.8% -0.8% 25.5% 11.3% 36.8% 47.2% 1,199.7% 3.6% 6.5% 3.9% 13.4%FTSE Nordic Index 0.8% 0.8% 33.4% 32.4% 68.0% 70.6% 979.6% 9.8% 10.9% 5.5% 12.4%Switzerland Fund -2.9% -2.9% 16.8% 26.1% 43.3% 56.2% 426.7% 8.0% 7.5% 4.6% 11.0%Switzerland Composite -2.6% -2.6% 15.3% 27.6% 36.3% 36.7% 261.1% 8.5% 6.4% 3.2% 8.4%United Kingdom Fund -0.9% -0.9% 18.6% 18.8% 14.9% 23.9% 316.4% 5.9% 2.8% 2.2% 7.3%FTSE All Share (NUK) -0.5% -0.5% 18.1% 13.7% 24.1% 40.2% 494.6% 4.4% 4.4% 3.4% 9.2%AMERICA FUNDSAmerica Fund 0.4% 0.4% 20.0% 28.6% 18.3% 12.0% 521.4% 8.7% 3.4% 1.1% 9.4%S&P 500 0.1% 0.1% 22.2% 23.9% 23.9% 3.8% 628.4% 7.4% 4.4% 0.4% 10.3%American Growth Fund -0.5% -0.5% 20.6% 10.8% -2.1% -17.5% 156.5% 3.5% -0.4% -1.9% 7.2%S&P 500 0.1% 0.1% 22.2% 23.9% 23.9% 3.8% 88.0% 7.4% 4.4% 0.4% 4.8%American Diversified Fund 0.2% 0.2% 17.6% 18.2% 11.3% - 49.1% 5.7% 2.2% - 5.9%S&P 500 0.1% 0.1% 22.2% 23.9% 23.9% - 49.3% 7.4% 4.4% - 6.0%Latin America Fund -8.1% -8.1% 24.4% 53.8% 116.6% 371.6% 393.9% 15.4% 16.7% 16.8% 10.0%MSCI EM Lat Amer Blend -7.5% -7.5% 23.1% 51.6% 134.2% 455.6% 679.9% 14.9% 18.6% 18.7% 13.1%JAPAN FUNDSJapan Fund -1.6% -1.6% 12.9% 5.3% -19.7% -13.4% 82.4% 1.7% -4.3% -1.4% 3.0%TOPIX -2.0% -2.0% 14.0% 15.3% -8.5% 3.6% 46.1% 4.9% -1.8% 0.4% 1.9%Japan Smaller Companies Fund -0.5% -0.5% 13.4% 35.8% -25.7% 7.8% 74.0% 10.7% -5.8% 0.8% 2.9%Japan Smaller Cos Blend -1.9% -1.9% 15.1% 26.0% -8.6% 48.0% 72.0% 8.0% -1.8% 4.0% 2.9%Japan Advantage Fund -0.7% -0.7% 19.3% 69.2% 23.6% - 178.7% 19.2% 4.3% - 13.7%Russell/Nom Tot Mkt Value -2.3% -2.3% 13.4% 25.2% 3.3% - 134.0% 7.8% 0.6% - 11.2%ASIA PACIFIC EX JAPAN FUNDSASEAN Fund -5.3% -5.3% 35.4% 48.7% 134.4% 204.7% 436.3% 14.1% 18.6% 11.8% 8.6%MSCI ASEAN TR USD Blend -5.6% -5.6% 32.3% 56.6% 141.9% 240.5% 414.0% 16.1% 19.3% 13.0% 8.4%Asian Aggressive Fund -4.8% -4.8% 21.9% - - - 16.9% - - - 5.4%MSCI AC AsiaPac exJap (N) -3.5% -3.5% 24.5% - - - 31.7% - - - 9.8%Asia Pacific Property Fund – A-EUR -3.3% -3.3% 24.3% 8.6% - - 6.2% 2.8% - - 1.5%GPR/FID Gen Asia Net Link -3.1% -3.1% 27.4% 15.2% - - 14.1% 4.8% - - 3.4%18CO305027

cb.eu.201101.perfsum.gbp.pdfSTERLING 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchAsian Special Situations Fund -1.6% -1.6% 30.8% 54.0% 110.1% 199.3% 238.3% 15.5% 16.0% 11.6% 7.7%Asian Special Sits Comp -1.7% -1.7% 28.0% 44.4% 86.7% 164.0% 91.2% 13.0% 13.3% 10.2% 4.1%Australia Fund -4.9% -4.9% 20.1% 29.5% 68.1% 221.0% 656.4% 9.0% 11.0% 12.4% 11.1%Australia Composite -4.8% -4.8% 21.7% 33.5% 74.9% 257.1% 826.4% 10.1% 11.8% 13.6% 12.3%China Focus Fund -2.4% -2.4% 15.6% 38.9% 167.1% - 358.3% 11.6% 21.7% - 22.6%China Focus Blend -2.8% -2.8% 14.1% 34.9% 152.0% - 341.9% 10.5% 20.3% - 22.0%Emerging Asia Fund -9.0% -9.0% 23.8% - - - 46.1% - - - 14.6%MSCI EM Asia Composite(G) -8.6% -8.6% 19.7% - - - 34.5% - - - 11.3%Greater China Fund -0.9% -0.9% 28.6% 58.6% 114.1% 142.7% 1,964.1% 16.6% 16.4% 9.3% 16.0%FF Greater China Blend -1.2% -1.2% 24.3% 43.3% 85.9% 91.2% 1,865.5% 12.7% 13.2% 6.7% 15.8%Indonesia Fund -10.6% -10.6% 27.0% 79.3% 221.7% 703.0% 142.3% 21.5% 26.3% 23.2% 5.6%FF Indonesia Fund Blend -11.5% -11.5% 29.5% 57.9% 205.4% 631.9% 62.9% 16.4% 25.0% 22.0% 3.1%India Focus Fund – USD -14.4% -14.4% 15.8% -0.5% 58.2% - 251.3% -0.2% 9.6% - 21.5%FF India Focus Fund Bld -15.0% -15.0% 11.9% 12.8% 109.9% - 341.2% 4.1% 16.0% - 25.9%Korea Fund -0.4% -0.4% 35.4% 32.1% 47.5% 220.0% 111.2% 9.7% 8.1% 12.3% 5.0%KOSPI Blend -0.2% -0.2% 33.9% 33.2% 41.8% 252.6% 41.1% 10.0% 7.2% 13.4% 2.3%Malaysia Fund -1.7% -1.7% 39.5% 51.9% 182.3% 210.1% 638.5% 14.9% 23.1% 12.0% 10.3%FF Malaysia Link Bmk -0.9% -0.9% 41.1% 51.0% 138.6% 149.6% 259.9% 14.7% 19.0% 9.6% 6.5%Pacific Fund -3.2% -3.2% 30.5% 27.1% 35.6% 81.9% 107.1% 8.3% 6.3% 6.2% 4.4%Pacific Comp -2.3% -2.3% 20.5% 28.8% 29.9% 64.2% 55.1% 8.8% 5.4% 5.1% 2.6%Singapore Fund -3.2% -3.2% 31.6% 59.3% 127.9% 177.3% 562.8% 16.8% 17.9% 10.7% 9.7%FF Singapore Blend -3.0% -3.0% 32.4% 63.3% 130.1% 176.1% 620.6% 17.8% 18.1% 10.7% 10.2%South East Asia Fund -1.3% -1.3% 31.8% 51.2% 119.5% 224.5% 809.8% 14.8% 17.0% 12.5% 11.5%South East Asia Comp -1.7% -1.7% 28.0% 44.4% 86.7% 164.0% 400.1% 13.0% 13.3% 10.2% 8.2%South East Asia Fund – EUR -1.5% -1.5% 31.5% 51.6% 119.7% - 241.4% 14.9% 17.1% - 19.3%South East Asia Comp -1.7% -1.7% 28.0% 44.4% 86.7% - 173.4% 13.0% 13.3% - 15.5%Taiwan Fund -1.5% -1.5% 24.5% 45.7% 43.4% 20.3% 6.0% 13.4% 7.5% 1.9% 0.4%FF Taiwan Blend 0.6% 0.6% 35.6% 72.2% 76.3% 61.5% 13.6% 19.9% 12.0% 4.9% 0.9%Thailand Fund -11.0% -11.0% 55.2% 80.5% 104.3% 371.4% 319.3% 21.8% 15.4% 16.8% 7.3%Bangkok SET Blend -11.4% -11.4% 55.9% 95.4% 130.7% 449.6% 112.7% 25.0% 18.2% 18.6% 3.8%INTERNATIONAL FUNDSEmerging Europe, Middle East & Africa Fund – A-ACC-EUR -8.5% -8.5% 22.5% 50.4% - - 71.4% 14.6% - - 15.9%MSCI Emrg EMEA Capped 5% -7.1% -7.1% 19.1% 34.1% - - 39.4% 10.3% - - 9.6%Emerging Europe, Middle East & Africa Fund – A-EUR -8.5% -8.5% 22.5% 50.3% - - 71.6% 14.5% - - 16.0%MSCI Emrg EMEA Capped 5% -7.1% -7.1% 19.1% 34.1% - - 39.4% 10.3% - - 9.6%Emerging Europe, Middle East & Africa Fund – A-ACC-USD -8.3% -8.3% 22.7% 50.1% - - 70.8% 14.5% - - 15.8%MSCI Emrg EMEA Capped 5% -7.1% -7.1% 19.1% 34.1% - - 39.4% 10.3% - - 9.6%Emerging Europe, Middle East & Africa Fund – A-USD -8.2% -8.2% 22.8% 50.1% - - 70.9% 14.5% - - 15.8%MSCI Emrg EMEA Capped 5% -7.1% -7.1% 19.1% 34.1% - - 39.4% 10.3% - - 9.6%Emerging Markets Fund -4.9% -4.9% 24.6% 15.6% 51.6% 187.9% 103.4% 5.0% 8.7% 11.2% 4.2%MS Emerg Mkts Free Blend -4.9% -4.9% 22.5% 36.6% 77.2% 240.9% 250.4% 11.0% 12.1% 13.1% 7.5%Global Focus Fund – A-USD -2.6% -2.6% 24.7% 19.3% 27.0% - 96.9% 6.1% 4.9% - 8.8%MSCI World (N) -0.1% -0.1% 19.3% 18.4% 22.5% - 84.7% 5.8% 4.1% - 7.9%Global Real Asset Securities Fund – A-ACC-USD -0.6% -0.6% 31.8% - - - 48.3% - - - 32.2%MSCI ACW Composite Index -0.2% -0.2% 25.5% - - - 37.4% - - - 25.2%International Fund -0.1% -0.1% 18.8% 16.0% 15.6% -0.8% 299.3% 5.1% 2.9% -0.1% 7.5%International Comp -0.1% -0.1% 19.3% 18.4% 22.5% 15.0% 288.5% 5.8% 4.1% 1.4% 7.4%World Fund 0.6% 0.6% 17.4% 9.8% 15.6% 10.8% 116.7% 3.2% 2.9% 1.0% 5.6%World Composite Benchmark 1.0% 1.0% 17.3% 14.3% 24.5% 21.8% 120.0% 4.6% 4.5% 2.0% 5.7%GLOBAL SECTOR FUNDSGlobal Consumer Industries Fund -3.3% -3.3% 18.6% 44.8% 57.2% 68.1% 62.5% 13.1% 9.5% 5.3% 4.8%Consumer Industries Blend -3.4% -3.4% 21.7% 41.1% 49.0% 45.7% 47.0% 12.2% 8.3% 3.8% 3.8%Global Opportunities Fund -0.9% -0.9% 17.4% 24.7% - - 34.8% 7.6% - - 7.3%MSCI AC World (N) -0.7% -0.7% 19.7% 20.4% - - 24.4% 6.4% - - 5.3%Global Property Fund – A-USD -0.9% -0.9% 28.0% 10.1% 8.4% - 16.8% 3.3% 1.6% - 3.1%EPRA/NAREIT Dev (G) -1.0% -1.0% 29.5% 14.3% 21.6% - 30.7% 4.6% 4.0% - 5.3%Global Financial Services Fund 0.1% 0.1% 17.4% 4.3% 2.6% 27.8% 30.2% 1.4% 0.5% 2.5% 2.6%Financial Services Blend 0.2% 0.2% 14.8% -8.2% -13.6% -0.2% 3.8% -2.8% -2.9% 0.0% 0.4%Global Health Care Fund -2.6% -2.6% 5.8% 29.2% 25.5% 10.6% 11.5% 8.9% 4.7% 1.0% 1.1%Health Care Blend -1.8% -1.8% 4.2% 26.2% 21.1% 15.1% 18.5% 8.1% 3.9% 1.4% 1.6%19CO305027

cb.eu.201101.perfsum.gbp.pdfFIDELITY FUNDSPERFORMANCE STERLING 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchGlobal Industrials Fund -0.7% -0.7% 29.0% 39.8% 67.9% 177.8% 167.5% 11.8% 10.9% 10.8% 9.9%Industrials Blend -0.1% -0.1% 28.3% 28.4% 51.8% 126.6% 122.7% 8.7% 8.7% 8.5% 8.0%Global Technology Fund 2.0% 2.0% 25.7% 48.1% 40.9% -23.1% -7.8% 14.0% 7.1% -2.6% -0.7%Technology Blend 1.3% 1.3% 23.0% 42.0% 36.1% -21.7% -6.5% 12.4% 6.4% -2.4% -0.6%Global Telecommunications Fund -1.6% -1.6% 18.3% 10.7% 50.6% 9.2% 2.8% 3.4% 8.5% 0.9% 0.2%Telecommunication Blend -1.4% -1.4% 19.0% 14.0% 56.9% 2.5% 3.8% 4.5% 9.4% 0.3% 0.3%ASSET ALLOCATION FUNDSFPS Moderate Growth Fund -0.6% -0.6% 7.6% 15.9% 23.1% 53.9% 120.0% 5.1% 4.2% 4.4% 5.2%Mod Growth Fund Comp -0.1% -0.1% 6.4% 24.8% 39.9% 76.4% 177.3% 7.7% 7.0% 5.8% 6.8%FPS Growth Fund -0.2% -0.2% 17.5% 8.4% 11.2% 17.8% 155.3% 2.7% 2.2% 1.7% 6.2%Growth Fund Comp 0.6% 0.6% 17.6% 14.7% 23.6% 19.3% 165.0% 4.7% 4.3% 1.8% 6.4%FPS Global Growth Fund -0.3% -0.3% 18.7% 15.3% 12.7% 12.5% 82.5% 4.9% 2.4% 1.2% 4.7%MSCI World (N) -0.1% -0.1% 19.3% 18.4% 22.5% 15.0% 77.4% 5.8% 4.1% 1.4% 4.5%Fidelity Gestion Dynamique 0.6% 0.6% 16.4% 12.0% 15.5% 21.8% 98.6% 3.8% 2.9% 2.0% 5.4%Gestion Dyn Comp 1.9% 1.9% 16.1% 11.0% 22.0% 18.6% 93.4% 3.5% 4.1% 1.7% 5.2%Fidelity Gestion Equilibre -0.3% -0.3% 7.1% 20.9% 28.6% 60.1% 105.6% 6.5% 5.2% 4.8% 5.7%Gestion Equil Comp 0.4% 0.4% 6.0% 23.7% 39.3% 76.0% 132.5% 7.3% 6.9% 5.8% 6.7%Multi Asset Navigator Fund – A-ACC-USD -1.9% -1.9% 10.4% 30.5% - - 34.4% 9.3% - - 8.2%FF Multi-Asset Nav Bld -1.7% -1.7% 13.7% 33.6% - - 38.5% 10.1% - - 9.1%Multi Asset Strategic Defensive Fund – A-ACC-EUR -0.9% -0.9% 1.7% - - - 7.3% - - - 3.5%FF Multi-Asset Str Df Bld -0.5% -0.5% 4.9% - - - 11.3% - - - 5.4%Target 2015 (Euro) Fund -0.5% -0.5% 8.9% 16.4% 26.3% - 79.2% 5.2% 4.8% - 8.2%FF Target 2015 Euro Blend 0.1% 0.1% 8.0% 23.1% 39.1% - 83.6% 7.2% 6.8% - 8.5%Target 2020 (Euro) Fund -0.5% -0.5% 11.5% 9.0% 19.0% - 88.3% 2.9% 3.5% - 8.9%FF Target 2020 Euro Blend 0.4% 0.4% 11.5% 16.9% 30.3% - 81.0% 5.3% 5.4% - 8.3%Target 2025 (Euro) Fund -0.4% -0.4% 13.9% 6.9% 15.9% - 51.2% 2.3% 3.0% - 7.5%FF Target 2025 Euro Blend 0.6% 0.6% 14.2% 12.9% 23.9% - 51.1% 4.1% 4.4% - 7.5%Target 2030 (Euro) Fund -0.3% -0.3% 15.6% 7.5% 16.2% - 51.6% 2.5% 3.0% - 7.6%FF Target 2030 Euro Blend 0.8% 0.8% 15.9% 14.9% 26.1% - 53.7% 4.7% 4.7% - 7.8%Target 2035 (Euro) Fund -0.3% -0.3% 15.9% 9.0% - - 22.3% 2.9% - - 4.5%FF Target 2035 Euro Blend 0.8% 0.8% 16.3% 15.4% - - 28.8% 4.9% - - 5.7%Target 2040 (Euro) Fund -0.3% -0.3% 15.9% 9.2% - - 22.2% 3.0% - - 4.5%FF Target 2040 Euro Blend 0.8% 0.8% 16.3% 15.4% - - 28.8% 4.9% - - 5.7%BALANCED FUNDSEuro Balanced Fund 0.9% 0.9% 10.1% 15.2% 30.9% 63.2% 235.7% 4.8% 5.5% 5.0% 7.7%Euro Balanced Composite 2.4% 2.4% 6.1% 12.7% 33.4% 59.7% 241.2% 4.1% 5.9% 4.8% 7.8%Growth & Income Fund -1.6% -1.6% 11.2% 29.9% 31.8% - 56.0% 9.1% 5.7% - 5.0%Growth & Income Composite -1.4% -1.4% 12.4% 33.1% 42.0% - 55.1% 10.0% 7.3% - 4.9%BOND FUNDSAsian High Yield – A-ACC-USD -1.9% -1.9% 13.3% 56.4% - - 49.5% 16.1% - - 11.1%FF Asian High Yield Blend -2.3% -2.3% 17.3% 81.4% - - 78.1% 22.0% - - 16.2%Emerging Market Debt Fund – A-ACC-EUR -3.2% -3.2% 9.0% 60.6% 61.1% - 61.6% 17.1% 10.0% - 10.0%JPM EMBI Global -2.8% -2.8% 11.1% 56.6% 62.9% - 63.1% 16.1% 10.3% - 10.2%Emerging Market Debt Fund - A-ACC-EUR (Hedged) -1.2% -1.2% - - - - 9.4% - - - -JPM EMBI Global Hdg EUR -0.6% -0.6% - - - - 10.1% - - - -Emerging Market Debt Fund – A-USD -3.1% -3.1% 9.0% 59.5% 60.1% - 60.5% 16.8% 9.9% - 9.9%JPM EMBI Global -2.8% -2.8% 11.1% 56.6% 62.9% - 63.1% 16.1% 10.3% - 10.2%Emerging Market Debt Fund – A-ACC-USD -3.0% -3.0% 9.1% 59.1% 59.7% - 60.1% 16.8% 9.8% - 9.8%JPM EMBI Global -2.8% -2.8% 11.1% 56.6% 62.9% - 63.1% 16.1% 10.3% - 10.2%Euro Bond Fund -0.7% -0.7% 1.5% 27.9% 39.8% 95.3% 284.3% 8.5% 6.9% 6.9% 6.9%FF Euro Bond Comp -0.6% -0.6% -0.5% 29.9% 47.6% 113.9% 394.7% 9.1% 8.1% 7.9% 8.2%Euro Corporate Bond Fund – A-ACC-EUR -0.6% -0.6% 2.6% 13.9% 23.3% - 48.3% 4.4% 4.3% - 5.0%BofA ML EMU Corporate -0.6% -0.6% 1.3% 31.3% 47.0% - 80.6% 9.5% 8.0% - 7.6%Euro Short Term Bond Fund – A-ACC-EUR -0.5% -0.5% 1.4% 21.6% 37.0% - 43.5% 6.8% 6.5% - 5.4%BofA ML 1-3 Yr Eur Br Mkt -0.3% -0.3% -0.2% 28.9% 50.0% - 60.2% 8.8% 8.5% - 7.1%European High Yield Fund 1.2% 1.2% 9.3% 54.1% 69.9% 147.7% 139.4% 15.5% 11.2% 9.5% 8.6%Euro High Yield Composite 2.2% 2.2% 11.6% 70.1% 84.8% 129.4% 116.9% 19.4% 13.1% 8.7% 7.6%20CO305027

cb.eu.201101.perfsum.gbp.pdfSTERLING 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchEuropean High Yield Fund A – ACC - SEK (Hedged) 3.6% 3.6% 26.8% - - - 127.4% - - - 52.8%BofA ML Eur Iss Cons SEK 4.6% 4.6% 29.4% - - - 139.7% - - - 57.0%Global Inflation Linked Fund - A-ACC-USD -1.4% -1.4% 5.3% - - - 30.7% - - - 10.5%FF Gbl Inf Blend USD -1.7% -1.7% 5.1% - - - 29.2% - - - 10.0%International Bond Fund -1.6% -1.6% 6.3% 41.2% 45.0% 67.1% 267.5% 12.2% 7.7% 5.3% 6.6%Intl Bond Comp -2.1% -2.1% 4.9% 42.1% 51.6% 76.3% 420.3% 12.4% 8.7% 5.8% 8.4%Sterling Bond Fund -1.4% -1.4% 5.5% 18.2% 20.7% 63.5% 306.5% 5.7% 3.8% 5.0% 7.2%Sterling Bond Blend -1.5% -1.5% 4.9% 15.5% 19.2% 60.9% 378.0% 4.9% 3.6% 4.9% 8.0%US High Yield Fund – A-USD -0.2% -0.2% 15.9% 67.0% 61.6% - 85.3% 18.6% 10.1% - 6.8%BofA ML US HY Blend -0.2% -0.2% 15.8% 72.9% 70.7% - 100.4% 20.0% 11.3% - 7.7%US Dollar Bond Fund -2.1% -2.1% 6.5% 41.7% 39.0% 48.9% 287.8% 12.3% 6.8% 4.1% 6.9%US Dollar Bond Comp -2.2% -2.2% 5.2% 42.8% 45.6% 58.6% 396.2% 12.6% 7.8% 4.7% 8.2%CASH FUNDSEuro Cash Fund -0.1% -0.1% -1.3% 19.4% 37.7% 63.6% 66.8% 6.1% 6.6% 5.1% 3.0%- - - - - - - - - - -US Dollar Cash Fund -2.3% -2.3% 0.1% 26.8% 23.8% 10.0% 62.5% 8.2% 4.4% 1.0% 2.8%- - - - - - - - - - -FIDELITY FUNDS II – SICAVAustralian Dollar Currency Fund -4.6% -4.6% 16.1% 55.3% 80.8% 147.6% 221.6% 15.8% 12.6% 9.5% 6.3%AUD 1W LIBID -4.6% -4.6% 17.2% 58.9% 88.5% 170.9% - 16.7% 13.5% 10.5% -Euro Currency Fund -0.1% -0.1% -1.3% 18.9% 35.9% 58.5% 113.9% 5.9% 6.3% 4.7% 4.0%- - - - - - - - - - -Sterling Currency Fund 0.0% 0.0% 0.1% 4.1% 13.0% 32.2% 115.6% 1.4% 2.5% 2.8% 4.1%GBP 1M LIBID 0.0% 0.0% 0.4% 5.8% 17.3% 44.6% 157.9% 1.9% 3.3% 3.8% 5.1%Swiss Franc Currency Fund -3.0% -3.0% 12.2% 44.8% 55.1% 67.2% 112.8% 13.1% 9.2% 5.3% 4.0%CHF 1W LIBID - - - - - - - - - - -US Dollar Currency Fund -2.3% -2.3% 0.1% 26.3% 22.2% 6.8% 87.5% 8.1% 4.1% 0.7% 3.3%USD 1M LIBID -2.2% -2.2% 0.2% 27.5% 26.0% 15.7% 122.4% 8.4% 4.7% 1.5% 4.3%21CO305027

cb.eu.201101.perfsum.dem.pdfFIDELITY FUNDSPERFORMANCE EURO (EX DEM) 31.01.11EUROPE FUNDSCumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchEuropean Fund – A-ACC-EUR 0.4% 0.4% 18.8% -10.1% -7.1% - -0.7% -3.5% -1.5% - -0.1%MSCI Europe (N) 1.7% 1.7% 16.3% -5.3% -0.5% - 4.0% -1.8% -0.1% - 0.8%European Aggressive Fund 2.4% 2.4% 21.6% -34.9% -29.5% -7.8% 31.0% -13.3% -6.8% -0.8% 2.1%European Aggressive Blend 1.7% 1.7% 16.3% -5.3% -0.5% -3.5% 34.0% -1.8% -0.1% -0.4% 2.3%European Dynamic Growth Fund -0.1% -0.1% 22.6% 7.4% 12.9% - 35.5% 2.4% 2.5% - 3.1%FF Dynamic Growth Blend 1.7% 1.7% 16.3% -5.3% 7.1% - 42.3% -1.8% 1.4% - 3.6%European Growth Fund -1.5% -1.5% 17.6% -7.3% -6.6% 33.9% 666.4% -2.5% -1.4% 3.0% 10.5%European Growth Comp 1.9% 1.9% 17.2% -2.7% 3.9% 4.6% 478.8% -0.9% 0.8% 0.5% 9.0%European Larger Companies Fund 1.9% 1.9% 10.9% -10.1% -9.2% - 55.1% -3.5% -1.9% - 5.4%MSCI Europe (N) 1.7% 1.7% 16.3% -5.3% -0.5% - 59.3% -1.8% -0.1% - 5.7%European Smaller Companies Fund 1.2% 1.2% 31.9% 9.0% 15.2% 20.4% 430.6% 2.9% 2.9% 1.9% 11.7%HSBC European Sm Cos (G) 1.0% 1.0% 24.5% 11.9% 15.6% 75.6% 355.2% 3.8% 2.9% 5.8% 10.6%European Special Situations Fund – A-EUR -0.6% -0.6% 19.7% -8.4% - - 1.1% -2.9% - - 0.4%MSCI Europe (N) 1.7% 1.7% 16.3% -5.3% - - -1.2% -1.8% - - -0.4%Euro Blue Chip Fund 2.1% 2.1% 16.8% -9.8% -5.0% -3.0% 60.0% -3.4% -1.0% -0.3% 3.9%MSCI EMU (N) 4.5% 4.5% 12.3% -13.7% -5.1% -11.4% 46.8% -4.8% -1.0% -1.2% 3.2%EURO STOXX 50 Fund 5.8% 5.8% 9.6% -14.7% -8.7% -24.6% 23.2% -5.2% -1.8% -2.8% 1.7%Euro STOXX 50 SM 6.0% 6.0% 9.9% -13.6% -6.6% -20.0% 32.4% -4.8% -1.4% -2.2% 2.3%France Fund 3.2% 3.2% 12.7% -3.5% 5.9% 7.3% 399.1% -1.2% 1.2% 0.7% 8.2%France Comp 4.6% 4.6% 12.5% -5.1% -1.2% -0.5% 388.7% -1.7% -0.3% -0.1% 8.1%Germany Fund 0.9% 0.9% 28.3% 1.0% 13.0% 3.2% 347.5% 0.3% 2.5% 0.3% 7.6%Germany Comp 2.1% 2.1% 26.6% 3.1% 22.8% 10.7% 360.1% 1.0% 4.2% 1.0% 7.8%Iberia Fund 7.0% 7.0% -0.5% -15.7% 13.7% 67.5% 499.0% -5.5% 2.6% 5.3% 9.2%Iberia Composite Index 9.6% 9.6% 2.9% -10.3% 13.2% 29.5% 457.0% -3.5% 2.5% 2.6% 8.8%Italy Fund 7.7% 7.7% 11.8% -14.2% -16.5% 21.5% 354.7% -5.0% -3.5% 2.0% 7.7%Italy Blend 8.9% 8.9% 3.7% -24.6% -24.2% -23.4% 161.2% -9.0% -5.4% -2.6% 4.8%Nordic Fund -0.6% -0.6% 27.2% -3.1% 9.2% 9.4% 912.2% -1.1% 1.8% 0.9% 12.1%FTSE Nordic Index 0.9% 0.9% 35.2% 15.2% 34.1% 26.9% 740.8% 4.8% 6.0% 2.4% 11.0%Switzerland Fund -2.8% -2.8% 18.3% 9.7% 14.4% 16.1% 406.9% 3.1% 2.7% 1.5% 10.7%Switzerland Composite -2.5% -2.5% 16.9% 11.1% 8.8% 1.6% 247.6% 3.6% 1.7% 0.2% 8.1%United Kingdom Fund -0.8% -0.8% 20.2% 3.3% -8.3% -7.9% 224.3% 1.1% -1.7% -0.8% 6.0%FTSE All Share (NUK) -0.4% -0.4% 19.7% -1.1% -1.0% 4.3% 363.1% -0.4% -0.2% 0.4% 7.8%AMERICA FUNDSAmerica Fund 0.5% 0.5% 21.6% 11.9% -5.6% -16.8% 384.0% 3.8% -1.1% -1.8% 8.1%S&P 500 0.2% 0.2% 23.9% 7.8% -1.1% -22.8% 467.3% 2.5% -0.2% -2.6% 8.9%American Growth Fund -0.4% -0.4% 22.2% -3.6% -21.9% -38.7% 99.4% -1.2% -4.8% -4.8% 5.2%S&P 500 0.2% 0.2% 23.9% 7.8% -1.1% -22.8% 46.2% 2.5% -0.2% -2.6% 2.8%American Diversified Fund 0.3% 0.3% 19.2% 2.8% -11.2% - 16.0% 0.9% -2.3% - 2.2%S&P 500 0.2% 0.2% 23.9% 7.8% -1.1% - 16.1% 2.5% -0.2% - 2.2%Latin America Fund -8.0% -8.0% 26.1% 33.8% 72.9% 250.6% 354.2% 10.2% 11.6% 13.4% 9.5%MSCI EM Lat Amer Blend -7.4% -7.4% 24.8% 31.9% 86.9% 313.1% 617.2% 9.7% 13.3% 15.2% 12.5%JAPAN FUNDSJapan Fund -1.5% -1.5% 14.4% -8.4% -35.9% -35.6% 42.0% -2.9% -8.5% -4.3% 1.7%TOPIX -1.9% -1.9% 15.5% 0.4% -27.0% -23.0% 13.7% 0.1% -6.1% -2.6% 0.6%Japan Smaller Companies Fund -0.4% -0.4% 14.9% 18.2% -40.7% -19.9% 39.7% 5.7% -9.9% -2.2% 1.8%Japan Smaller Cos Blend -1.8% -1.8% 16.7% 9.6% -27.0% 10.0% 38.1% 3.1% -6.1% 1.0% 1.7%Japan Advantage Fund -0.6% -0.6% 20.9% 47.3% -1.3% - 112.6% 13.8% -0.3% - 9.9%Russell/Nom Tot Mkt Value -2.2% -2.2% 14.9% 9.0% -17.6% - 78.5% 2.9% -3.8% - 7.5%ASIA PACIFIC EX JAPAN FUNDSASEAN Fund -5.2% -5.2% 37.2% 29.4% 87.1% 126.6% 317.7% 9.0% 13.3% 8.5% 7.3%MSCI ASEAN TR USD Blend -5.5% -5.5% 34.1% 36.2% 93.1% 153.2% 300.3% 10.9% 14.1% 9.7% 7.1%Asian Aggressive Fund -4.7% -4.7% 23.5% - - - 2.5% - - - 0.8%MSCI AC AsiaPac exJap (N) -3.4% -3.4% 26.2% - - - 15.5% - - - 5.0%Asia Pacific Property Fund – A-EUR -3.2% -3.2% 26.0% -5.5% - - -18.4% -1.9% - - -5.0%GPR/FID Gen Asia Net Link -3.0% -3.0% 29.1% 0.2% - - -12.3% 0.1% - - -3.2%Performance in legacy currency until 31.12.98 and in Euro thereafter.2231.01.04

cb.eu.201101.perfsum.dem.pdfEURO (EX DEM) 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchAsian Special Situations Fund -1.5% -1.5% 32.5% 34.0% 67.7% 122.5% 214.6% 10.3% 10.9% 8.3% 7.3%Asian Special Sits Comp -1.6% -1.6% 29.7% 25.7% 49.0% 96.3% 77.8% 7.9% 8.3% 7.0% 3.6%Australia Fund -4.8% -4.8% 21.7% 12.7% 34.2% 138.7% 507.6% 4.1% 6.1% 9.1% 9.9%Australia Composite -4.7% -4.7% 23.3% 16.2% 39.6% 165.5% 644.0% 5.1% 6.9% 10.3% 11.0%China Focus Fund -2.3% -2.3% 17.1% 20.9% 113.2% - 275.7% 6.5% 16.3% - 19.4%China Focus Blend -2.7% -2.7% 15.6% 17.3% 101.2% - 262.2% 5.5% 15.0% - 18.8%Emerging Asia Fund -8.9% -8.9% 25.5% - - - 37.1% - - - 12.0%MSCI EM Asia Composite(G) -8.5% -8.5% 21.3% - - - 26.3% - - - 8.8%Greater China Fund -0.8% -0.8% 30.3% 38.0% 70.9% 80.5% 1,507.5% 11.3% 11.3% 6.1% 14.6%FF Greater China Blend -1.1% -1.1% 26.0% 24.7% 48.4% 42.2% 1,430.7% 7.6% 8.2% 3.6% 14.4%Indonesia Fund -10.5% -10.5% 28.7% 56.0% 156.8% 497.1% 125.6% 16.0% 20.8% 19.6% 5.2%FF Indonesia Fund Blend -11.4% -11.4% 31.2% 37.4% 143.8% 444.2% 51.7% 11.2% 19.5% 18.5% 2.6%India Focus Fund – USD -14.3% -14.3% 17.4% -13.4% 26.2% - 176.0% -4.7% 4.8% - 17.1%FF India Focus Fund Bld -14.9% -14.9% 13.4% -1.8% 67.6% - 246.7% -0.6% 10.9% - 21.3%Korea Fund -0.3% -0.3% 37.2% 15.0% 17.7% 137.9% 116.1% 4.8% 3.3% 9.1% 5.2%KOSPI Blend -0.1% -0.1% 35.7% 15.9% 13.2% 162.2% 44.4% 5.1% 2.5% 10.1% 2.4%Malaysia Fund -1.6% -1.6% 41.3% 32.1% 125.3% 130.6% 475.1% 9.7% 17.6% 8.7% 9.0%FF Malaysia Link Bmk -0.8% -0.8% 43.0% 31.4% 90.4% 85.6% 180.3% 9.5% 13.8% 6.4% 5.2%Pacific Fund -3.1% -3.1% 32.3% 10.6% 8.3% 35.2% 82.8% 3.4% 1.6% 3.1% 3.6%Pacific Comp -2.2% -2.2% 22.1% 12.1% 3.7% 22.1% 36.9% 3.9% 0.7% 2.0% 1.9%Singapore Fund -3.1% -3.1% 33.3% 38.6% 81.9% 106.2% 416.2% 11.5% 12.7% 7.5% 8.4%FF Singapore Blend -2.9% -2.9% 34.2% 42.0% 83.6% 105.3% 461.2% 12.4% 12.9% 7.5% 8.9%South East Asia Fund -1.2% -1.2% 33.6% 31.6% 75.2% 141.3% 608.6% 9.6% 11.9% 9.2% 10.1%South East Asia Comp -1.6% -1.6% 29.7% 25.7% 49.0% 96.3% 289.5% 7.9% 8.3% 7.0% 6.9%South East Asia Fund – EUR -1.4% -1.4% 33.2% 31.9% 75.4% - 169.8% 9.7% 11.9% - 15.3%South East Asia Comp -1.6% -1.6% 29.7% 25.7% 49.0% - 116.1% 7.9% 8.3% - 11.7%Taiwan Fund -1.4% -1.4% 26.1% 26.8% 14.4% -10.5% -13.1% 8.2% 2.7% -1.1% -1.0%FF Taiwan Blend 0.7% 0.7% 37.5% 49.9% 40.7% 20.1% -6.9% 14.4% 7.1% 1.8% -0.5%Thailand Fund -10.9% -10.9% 57.3% 57.1% 63.1% 250.5% 226.6% 16.2% 10.3% 13.4% 6.0%Bangkok SET Blend -11.3% -11.3% 58.0% 70.0% 84.2% 308.6% 65.7% 19.4% 13.0% 15.1% 2.5%INTERNATIONAL FUNDSEmerging Europe, Middle East & Africa Fund – A-ACC-EUR -8.4% -8.4% 24.1% 30.8% - - 35.8% 9.4% - - 8.8%MSCI Emrg EMEA Capped 5% -7.0% -7.0% 20.7% 16.7% - - 10.5% 5.3% - - 2.8%Emerging Europe, Middle East & Africa Fund – A-EUR -8.4% -8.4% 24.2% 30.8% - - 36.0% 9.4% - - 8.8%MSCI Emrg EMEA Capped 5% -7.0% -7.0% 20.7% 16.7% - - 10.5% 5.3% - - 2.8%Emerging Europe, Middle East & Africa Fund – A-ACC-USD -8.2% -8.2% 24.4% 30.6% - - 35.4% 9.3% - - 8.7%MSCI Emrg EMEA Capped 5% -7.0% -7.0% 20.7% 16.7% - - 10.5% 5.3% - - 2.8%Emerging Europe, Middle East & Africa Fund – A-USD -8.1% -8.1% 24.5% 30.6% - - 35.4% 9.3% - - 8.7%MSCI Emrg EMEA Capped 5% -7.0% -7.0% 20.7% 16.7% - - 10.5% 5.3% - - 2.8%Emerging Markets Fund -4.7% -4.7% 26.3% 0.6% 21.0% 114.1% 90.7% 0.2% 3.9% 7.9% 3.8%MS Emerg Mkts Free Blend -4.8% -4.8% 24.2% 18.9% 41.4% 153.5% 228.4% 5.9% 7.2% 9.8% 7.1%Global Focus Fund – A-USD -2.5% -2.5% 26.3% 3.8% 1.4% - 51.3% 1.3% 0.3% - 5.3%MSCI World (N) 0.1% 0.1% 20.9% 3.0% -2.2% - 42.0% 1.0% -0.5% - 4.5%Global Real Asset Securities Fund – A-ACC-USD -0.5% -0.5% 33.5% - - - 51.8% - - - 34.4%MSCI ACW Composite Index -0.1% -0.1% 27.2% - - - 40.6% - - - 27.3%International Fund 0.0% 0.0% 20.4% 1.0% -7.7% -26.2% 221.5% 0.3% -1.6% -3.0% 6.3%International Comp 0.1% 0.1% 20.9% 3.0% -2.2% -14.5% 212.8% 1.0% -0.5% -1.6% 6.2%World Fund 0.7% 0.7% 19.0% -4.5% -7.8% -17.7% 107.4% -1.5% -1.6% -1.9% 5.2%World Composite Benchmark 1.1% 1.1% 18.9% -0.6% -0.7% -9.4% 110.6% -0.2% -0.1% -1.0% 5.3%GLOBAL SECTOR FUNDSGlobal Consumer Industries Fund -3.2% -3.2% 20.2% 26.0% 25.5% 25.0% 17.0% 8.0% 4.6% 2.3% 1.5%Consumer Industries Blend -3.3% -3.3% 23.4% 22.8% 19.0% 8.3% 5.9% 7.1% 3.5% 0.8% 0.6%Global Opportunities Fund -0.8% -0.8% 19.0% 8.5% - - 5.3% 2.8% - - 1.2%MSCI AC World (N) -0.6% -0.6% 21.3% 4.8% - - -2.8% 1.6% - - -0.7%Global Property Fund – A-USD -0.8% -0.8% 29.7% -4.2% -13.5% - -7.6% -1.4% -2.9% - -1.5%EPRA/NAREIT Dev (G) -0.8% -0.8% 31.2% -0.5% -3.0% - 3.4% -0.2% -0.6% - 0.6%Global Financial Services Fund 0.2% 0.2% 19.0% -9.2% -18.1% -4.9% -6.2% -3.2% -3.9% -0.5% -0.6%Financial Services Blend 0.3% 0.3% 16.3% -20.1% -31.0% -25.8% -25.3% -7.2% -7.2% -2.9% -2.8%Performance in legacy currency until 31.12.98 and in Euro thereafter.23CO305027

cb.eu.201101.perfsum.dem.pdfFIDELITY FUNDSPERFORMANCE EURO (EX DEM) 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchGlobal Health Care Fund -2.5% -2.5% 7.2% 12.4% 0.2% -17.8% -19.7% 4.0% 0.0% -1.9% -2.1%Health Care Blend -1.7% -1.7% 5.6% 9.8% -3.4% -14.4% -14.7% 3.2% -0.7% -1.6% -1.5%Global Industrials Fund -0.6% -0.6% 30.7% 21.6% 34.0% 106.6% 92.6% 6.7% 6.0% 7.5% 6.5%Industrials Blend 0.0% 0.0% 30.0% 11.7% 21.1% 68.5% 60.4% 3.8% 3.9% 5.4% 4.6%Global Technology Fund 2.1% 2.1% 27.4% 28.9% 12.5% -42.8% -30.3% 8.8% 2.4% -5.4% -3.1%Technology Blend 1.4% 1.4% 24.6% 23.6% 8.6% -41.8% -29.4% 7.3% 1.7% -5.3% -3.0%Global Telecommunications Fund -1.5% -1.5% 19.9% -3.7% 20.2% -18.8% -22.4% -1.2% 3.8% -2.1% -2.2%Telecommunication Blend -1.3% -1.3% 20.6% -0.8% 25.2% -23.8% -21.6% -0.3% 4.6% -2.7% -2.1%ASSET ALLOCATION FUNDSFPS Moderate Growth Fund -0.5% -0.5% 9.1% 0.9% -1.8% 14.5% 127.6% 0.3% -0.4% 1.4% 5.4%Mod Growth Fund Comp 0.1% 0.1% 7.8% 8.6% 11.7% 31.2% 186.9% 2.8% 2.2% 2.8% 7.0%FPS Growth Fund -0.1% -0.1% 19.0% -5.7% -11.2% -12.4% 162.2% -1.9% -2.4% -1.3% 6.4%Growth Fund Comp 0.7% 0.7% 19.2% -0.2% -1.3% -11.3% 172.2% -0.1% -0.3% -1.2% 6.6%FPS Global Growth Fund -0.2% -0.2% 20.3% 0.3% -10.0% -16.3% 40.1% 0.1% -2.1% -1.8% 2.6%MSCI World (N) 0.1% 0.1% 20.9% 3.0% -2.2% -14.5% 36.2% 1.0% -0.5% -1.6% 2.4%Fidelity Gestion Dynamique 0.7% 0.7% 18.0% -2.6% -7.8% -9.5% 52.5% -0.9% -1.6% -1.0% 3.3%Gestion Dyn Comp 2.0% 2.0% 17.7% -3.5% -2.6% -11.8% 48.5% -1.2% -0.5% -1.3% 3.1%Fidelity Gestion Equilibre -0.2% -0.2% 8.5% 5.2% 2.7% 19.1% 58.1% 1.7% 0.5% 1.8% 3.6%Gestion Equil Comp 0.5% 0.5% 7.4% 7.6% 11.2% 30.8% 78.9% 2.5% 2.1% 2.7% 4.6%Multi Asset Navigator Fund – A-ACC-USD -1.8% -1.8% 11.9% 13.6% - - 6.8% 4.3% - - 1.8%FF Multi-Asset Nav Bld -1.6% -1.6% 15.2% 16.3% - - 9.9% 5.2% - - 2.6%Multi Asset Strategic Defensive Fund – A-ACC-EUR -0.8% -0.8% 3.1% - - - 13.5% - - - 6.4%FF Multi-Asset Str Df Bld -0.4% -0.4% 6.4% - - - 17.8% - - - 8.4%Target 2015 (Euro) Fund -0.4% -0.4% 10.4% 1.3% 0.8% - 45.7% 0.4% 0.2% - 5.2%FF Target 2015 Euro Blend 0.2% 0.2% 9.4% 7.1% 11.0% - 49.2% 2.3% 2.1% - 5.6%Target 2020 (Euro) Fund -0.3% -0.3% 13.0% -5.2% -5.0% - 53.0% -1.8% -1.0% - 5.9%FF Target 2020 Euro Blend 0.5% 0.5% 13.0% 1.7% 4.0% - 47.1% 0.6% 0.8% - 5.3%Target 2025 (Euro) Fund -0.3% -0.3% 15.4% -7.0% -7.5% - 21.5% -2.4% -1.6% - 3.5%FF Target 2025 Euro Blend 0.7% 0.7% 15.7% -1.8% -1.1% - 21.4% -0.6% -0.2% - 3.5%Target 2030 (Euro) Fund -0.2% -0.2% 17.2% -6.4% -7.3% - 21.8% -2.2% -1.5% - 3.5%FF Target 2030 Euro Blend 0.9% 0.9% 17.5% 0.0% 0.6% - 23.5% 0.0% 0.1% - 3.8%Target 2035 (Euro) Fund -0.2% -0.2% 17.4% -5.1% - - -1.4% -1.7% - - -0.3%FF Target 2035 Euro Blend 0.9% 0.9% 17.9% 0.4% - - 3.9% 0.1% - - 0.8%Target 2040 (Euro) Fund -0.2% -0.2% 17.4% -5.0% - - -1.5% -1.7% - - -0.3%FF Target 2040 Euro Blend 0.9% 0.9% 17.9% 0.4% - - 3.9% 0.1% - - 0.8%BALANCED FUNDSEuro Balanced Fund 1.0% 1.0% 11.6% 0.2% 4.5% 21.4% 217.4% 0.1% 0.9% 2.0% 7.3%Euro Balanced Composite 2.5% 2.5% 7.5% -2.0% 6.5% 18.8% 222.6% -0.7% 1.3% 1.7% 7.5%Growth & Income Fund -1.5% -1.5% 12.7% 13.0% 5.2% - 13.6% 4.2% 1.0% - 1.4%Growth & Income Composite -1.3% -1.3% 13.9% 15.8% 13.3% - 12.9% 5.0% 2.5% - 1.3%BOND FUNDSAsian High Yield – A-ACC-USD -1.8% -1.8% 14.9% 36.1% - - 18.1% 10.8% - - 4.4%FF Asian High Yield Blend -2.2% -2.2% 18.9% 57.9% - - 40.7% 16.4% - - 9.3%Emerging Market Debt Fund – A-ACC-EUR -3.1% -3.1% 10.5% 39.7% 28.6% - 29.9% 11.8% 5.2% - 5.3%JPM EMBI Global -2.7% -2.7% 12.6% 36.3% 30.0% - 31.1% 10.9% 5.4% - 5.5%Emerging Market Debt Fund - A-ACC-EUR (Hedged) -1.0% -1.0% - - - - 4.6% - - - -JPM EMBI Global Hdg EUR -0.5% -0.5% - - - - 5.3% - - - -Emerging Market Debt Fund – A-USD -3.0% -3.0% 10.4% 38.7% 27.8% - 29.0% 11.5% 5.0% - 5.2%JPM EMBI Global -2.7% -2.7% 12.6% 36.3% 30.0% - 31.1% 10.9% 5.4% - 5.5%Emerging Market Debt Fund – A-ACC-USD -2.9% -2.9% 10.5% 38.5% 27.5% - 28.7% 11.5% 5.0% - 5.1%JPM EMBI Global -2.7% -2.7% 12.6% 36.3% 30.0% - 31.1% 10.9% 5.4% - 5.5%Euro Bond Fund -0.6% -0.6% 2.9% 11.3% 11.6% 45.2% 197.1% 3.6% 2.2% 3.8% 5.5%FF Euro Bond Comp -0.5% -0.5% 0.8% 13.1% 17.8% 59.0% 282.5% 4.2% 3.3% 4.8% 6.8%Euro Corporate Bond Fund – A-ACC-EUR -0.5% -0.5% 4.0% -0.9% -1.6% - 14.0% -0.3% -0.3% - 1.6%BofA ML EMU Corporate -0.5% -0.5% 2.7% 14.3% 17.3% - 38.8% 4.6% 3.3% - 4.2%Euro Short Term Bond Fund – A-ACC-EUR -0.4% -0.4% 2.8% 5.8% 9.3% - 12.3% 1.9% 1.8% - 1.7%BofA ML 1-3 Yr Eur Br Mkt -0.2% -0.2% 1.2% 12.2% 19.7% - 25.3% 3.9% 3.7% - 3.3%Performance in legacy currency until 31.12.98 and in Euro thereafter.2431.01.04

cb.eu.201101.perfsum.dem.pdfEURO (EX DEM) 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchEuropean High Yield Fund 1.3% 1.3% 10.7% 34.1% 35.6% 84.2% 76.0% 10.3% 6.3% 6.3% 5.5%Euro High Yield Composite 2.3% 2.3% 13.0% 48.0% 47.5% 70.6% 59.4% 14.0% 8.1% 5.5% 4.5%European High Yield Fund A – ACC - SEK (Hedged) 3.7% 3.7% 28.5% - - - 132.4% - - - 54.6%BofA ML Eur Iss Cons SEK 4.7% 4.7% 31.2% - - - 144.9% - - - 58.8%Global Inflation Linked Fund - A-ACC-USD -1.3% -1.3% 6.7% - - - 20.0% - - - 7.0%FF Gbl Inf Blend USD -1.6% -1.6% 6.5% - - - 18.6% - - - 6.6%International Bond Fund -1.5% -1.5% 7.7% 22.9% 15.8% 24.2% 186.2% 7.1% 3.0% 2.2% 5.3%Intl Bond Comp -2.0% -2.0% 6.3% 23.7% 21.0% 31.1% 305.2% 7.3% 3.9% 2.8% 7.1%Sterling Bond Fund -1.3% -1.3% 6.9% 2.8% -3.7% 21.6% 217.4% 0.9% -0.7% 2.0% 5.9%Sterling Bond Blend -1.4% -1.4% 6.3% 0.5% -4.9% 19.6% 273.2% 0.2% -1.0% 1.8% 6.7%US High Yield Fund – A-USD -0.1% -0.1% 17.5% 45.3% 29.0% - 32.4% 13.3% 5.2% - 3.0%BofA ML US HY Blend -0.1% -0.1% 17.3% 50.5% 36.3% - 43.2% 14.6% 6.4% - 3.9%US Dollar Bond Fund -2.0% -2.0% 8.0% 23.3% 11.0% 10.7% 202.7% 7.2% 2.1% 1.0% 5.6%US Dollar Bond Comp -2.1% -2.1% 6.6% 24.2% 16.2% 17.9% 287.4% 7.5% 3.1% 1.7% 6.9%CASH FUNDSEuro Cash Fund 0.0% 0.0% 0.1% 3.9% 9.9% 21.7% 54.3% 1.3% 1.9% 2.0% 2.5%- - - - - - - - - - -US Dollar Cash Fund -2.1% -2.1% 1.4% 10.3% -1.2% -18.2% 50.3% 3.3% -0.2% -2.0% 2.4%- - - - - - - - - - -FIDELITY FUNDS II – SICAVAustralian Dollar Currency Fund -4.5% -4.5% 17.7% 35.1% 44.3% 84.1% 158.1% 10.5% 7.6% 6.3% 5.1%AUD 1W LIBID -4.5% -4.5% 18.7% 38.3% 50.4% 101.5% - 11.4% 8.5% 7.3% -Euro Currency Fund 0.0% 0.0% 0.1% 3.4% 8.5% 17.8% 71.7% 1.1% 1.6% 1.7% 2.9%- - - - - - - - - - -Sterling Currency Fund 0.1% 0.1% 1.4% -9.4% -9.8% -1.7% 73.0% -3.2% -2.1% -0.2% 2.9%GBP 1M LIBID 0.2% 0.2% 1.8% -7.9% -6.3% 7.5% 107.0% -2.7% -1.3% 0.7% 3.9%Swiss Franc Currency Fund -2.9% -2.9% 13.7% 26.0% 23.8% 24.4% 70.8% 8.0% 4.4% 2.2% 2.8%CHF 1W LIBID - - - - - - - - - - -US Dollar Currency Fund -2.1% -2.1% 1.4% 9.9% -2.4% -20.6% 50.4% 3.2% -0.5% -2.3% 2.2%USD 1M LIBID -2.1% -2.1% 1.5% 11.0% 0.6% -14.0% 78.5% 3.5% 0.1% -1.5% 3.1%Performance in legacy currency until 31.12.98 and in Euro thereafter.25CO305027

cb.eu.201101.perfsum.chf.pdfFIDELITY FUNDSPERFORMANCE SWISS FRANC 31.01.11EUROPE FUNDSCumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchEuropean Fund – A-ACC-EUR 3.5% 3.5% 4.5% -27.9% -23.0% - -17.0% -10.3% -5.1% - -3.6%MSCI Europe (N) 4.8% 4.8% 2.3% -24.0% -17.6% - -13.2% -8.7% -3.8% - -2.7%European Aggressive Fund 5.5% 5.5% 7.0% -47.7% -41.6% -22.3% 7.0% -19.5% -10.2% -2.5% 0.5%European Aggressive Blend 4.8% 4.8% 2.3% -24.0% -17.6% -18.7% 9.5% -8.7% -3.8% -2.1% 0.7%European Dynamic Growth Fund 2.9% 2.9% 7.8% -13.8% -6.5% - 13.8% -4.8% -1.3% - 1.3%FF Dynamic Growth Blend 4.8% 4.8% 2.3% -24.0% -11.3% - 19.5% -8.7% -2.4% - 1.8%European Growth Fund 1.5% 1.5% 3.4% -25.6% -22.7% 12.9% 509.8% -9.4% -5.0% 1.2% 9.3%European Growth Comp 5.0% 5.0% 3.1% -21.9% -14.0% -11.9% 360.5% -7.9% -3.0% -1.3% 7.8%European Larger Companies Fund 4.9% 4.9% -2.5% -27.9% -24.8% - 36.1% -10.3% -5.5% - 3.7%MSCI Europe (N) 4.8% 4.8% 2.3% -24.0% -17.6% - 39.8% -8.7% -3.8% - 4.1%European Smaller Companies Fund 4.3% 4.3% 16.0% -12.5% -4.6% 1.4% 334.9% -4.4% -0.9% 0.1% 10.2%HSBC European Sm Cos (G) 4.1% 4.1% 9.4% -10.2% -4.3% 48.0% 273.1% -3.5% -0.9% 4.0% 9.1%European Special Situations Fund – A-EUR 2.4% 2.4% 5.2% -26.5% - - -18.6% -9.7% - - -6.6%MSCI Europe (N) 4.8% 4.8% 2.3% -24.0% - - -20.4% -8.7% - - -7.3%Euro Blue Chip Fund 5.2% 5.2% 2.7% -27.6% -21.4% -18.3% 27.3% -10.2% -4.7% -2.0% 2.0%MSCI EMU (N) 7.7% 7.7% -1.2% -30.8% -21.4% -25.3% 16.8% -11.5% -4.7% -2.9% 1.3%EURO STOXX 50 Fund 9.0% 9.0% -3.6% -31.6% -24.4% -36.5% -0.6% -11.9% -5.4% -4.4% -0.1%Euro STOXX 50 SM 9.2% 9.2% -3.4% -30.7% -22.7% -32.6% 6.8% -11.5% -5.0% -3.9% 0.5%France Fund 6.3% 6.3% -0.9% -22.6% -12.3% -9.6% 297.1% -8.2% -2.6% -1.0% 7.0%France Comp 7.7% 7.7% -1.1% -23.8% -18.2% -16.1% 288.8% -8.7% -3.9% -1.7% 6.9%Germany Fund 3.9% 3.9% 12.8% -19.0% -6.4% -13.1% 256.1% -6.8% -1.3% -1.4% 6.4%Germany Comp 5.2% 5.2% 11.3% -17.3% 1.7% -6.7% 266.1% -6.1% 0.3% -0.7% 6.6%Iberia Fund 10.2% 10.2% -12.5% -32.3% -5.8% 41.1% 376.6% -12.2% -1.2% 3.5% 8.0%Iberia Composite Index 12.9% 12.9% -9.5% -28.0% -6.2% 9.1% 343.1% -10.4% -1.3% 0.9% 7.6%Italy Fund 10.9% 10.9% -1.7% -31.2% -30.8% 2.4% 261.8% -11.7% -7.1% 0.2% 6.5%Italy Blend 12.2% 12.2% -8.9% -39.5% -37.2% -35.4% 107.9% -15.4% -8.9% -4.3% 3.7%Nordic Fund 2.4% 2.4% 11.8% -22.3% -9.6% -7.8% 705.3% -8.1% -2.0% -0.8% 10.8%FTSE Nordic Index 4.0% 4.0% 18.9% -7.6% 11.0% 6.9% 569.0% -2.6% 2.1% 0.7% 9.8%Switzerland Fund 0.2% 0.2% 4.1% -12.0% -5.3% -2.2% 295.5% -4.2% -1.1% -0.2% 9.0%Switzerland Composite 0.5% 0.5% 2.8% -10.9% -9.9% -14.4% 171.2% -3.8% -2.1% -1.5% 6.4%United Kingdom Fund 2.2% 2.2% 5.7% -17.1% -24.0% -22.4% 158.0% -6.1% -5.4% -2.5% 4.8%FTSE All Share (NUK) 2.6% 2.6% 5.3% -20.6% -18.0% -12.1% 268.5% -7.4% -3.9% -1.3% 6.6%AMERICA FUNDSAmerica Fund 3.5% 3.5% 6.9% -10.2% -21.8% -29.9% 285.1% -3.5% -4.8% -3.5% 6.9%S&P 500 3.2% 3.2% 8.9% -13.5% -18.1% -35.0% 351.3% -4.7% -3.9% -4.2% 7.7%American Growth Fund 2.6% 2.6% 7.5% -22.6% -35.3% -48.3% 57.4% -8.2% -8.3% -6.4% 3.4%S&P 500 3.2% 3.2% 8.9% -13.5% -18.1% -35.0% 15.3% -4.7% -3.9% -4.2% 1.1%American Diversified Fund 3.3% 3.3% 4.8% -17.5% -26.4% - -5.3% -6.2% -6.0% - -0.8%S&P 500 3.2% 3.2% 8.9% -13.5% -18.1% - -5.2% -4.7% -3.9% - -0.8%Latin America Fund -5.2% -5.2% 10.8% 7.4% 43.2% 195.5% 250.9% 2.4% 7.4% 11.4% 7.8%MSCI EM Lat Amer Blend -4.6% -4.6% 9.7% 5.8% 54.8% 248.1% 454.0% 1.9% 9.1% 13.3% 10.8%JAPAN FUNDSJapan Fund 1.5% 1.5% 0.6% -26.5% -46.9% -45.7% 13.0% -9.8% -11.9% -5.9% 0.6%TOPIX 1.1% 1.1% 1.6% -19.5% -39.5% -35.1% -9.5% -7.0% -9.6% -4.2% -0.5%Japan Smaller Companies Fund 2.6% 2.6% 1.0% -5.2% -50.9% -32.5% 3.8% -1.8% -13.3% -3.9% 0.2%Japan Smaller Cos Blend 1.2% 1.2% 2.6% -12.1% -39.6% -7.3% 2.6% -4.2% -9.6% -0.8% 0.1%Japan Advantage Fund 2.4% 2.4% 6.3% 18.1% -18.3% - 86.4% 5.7% -4.0% - 8.1%Russell/Nom Tot Mkt Value 0.8% 0.8% 1.0% -12.6% -31.7% - 56.5% -4.4% -7.4% - 5.8%ASIA PACIFIC EX JAPAN FUNDSASEAN Fund -2.3% -2.3% 20.6% 3.8% 54.9% 90.9% 232.3% 1.2% 9.2% 6.7% 6.1%MSCI ASEAN TR USD Blend -2.6% -2.6% 17.9% 9.3% 59.9% 113.4% 218.5% 3.0% 9.8% 7.9% 5.9%Asian Aggressive Fund -1.8% -1.8% 8.6% - - - -18.2% - - - -6.6%MSCI AC AsiaPac exJap (N) -0.5% -0.5% 10.9% - - - -7.8% - - - -2.7%Asia Pacific Property Fund – A-EUR -0.3% -0.3% 10.8% -24.2% - - -34.8% -8.8% - - -10.2%GPR/FID Gen Asia Net Link 0.0% 0.0% 13.5% -19.6% - - -29.9% -7.0% - - -8.5%26CO305027

cb.eu.201101.perfsum.chf.pdfSWISS FRANC 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchAsian Special Situations Fund 1.5% 1.5% 16.5% 7.5% 38.9% 87.5% 150.6% 2.4% 6.8% 6.5% 5.8%Asian Special Sits Comp 1.4% 1.4% 14.1% 0.8% 23.4% 65.4% 41.6% 0.3% 4.3% 5.2% 2.2%Australia Fund -1.9% -1.9% 7.0% -9.6% 11.1% 101.1% 351.3% -3.3% 2.1% 7.2% 8.2%Australia Composite -1.8% -1.8% 8.4% -6.8% 15.6% 123.8% 452.7% -2.3% 2.9% 8.4% 9.3%China Focus Fund 0.7% 0.7% 3.0% -3.0% 76.5% - 212.2% -1.0% 12.0% - 16.5%China Focus Blend 0.3% 0.3% 1.6% -5.9% 66.6% - 201.0% -2.0% 10.8% - 15.9%Emerging Asia Fund -6.1% -6.1% 10.4% - - - 10.0% - - - 3.5%MSCI EM Asia Composite(G) -5.7% -5.7% 6.7% - - - 1.3% - - - 0.5%Greater China Fund 2.2% 2.2% 14.6% 10.7% 41.5% 52.1% 1,179.0% 3.5% 7.2% 4.3% 13.3%FF Greater China Blend 1.9% 1.9% 10.8% 0.0% 22.9% 19.8% 1,117.9% 0.0% 4.2% 1.8% 13.1%Indonesia Fund -7.8% -7.8% 13.2% 25.2% 112.6% 403.2% 76.1% 7.8% 16.3% 17.5% 3.6%FF Indonesia Fund Blend -8.7% -8.7% 15.4% 10.2% 101.9% 358.6% 18.4% 3.3% 15.1% 16.5% 1.1%India Focus Fund – USD -11.7% -11.7% 3.2% -30.5% 4.5% - 130.6% -11.4% 0.9% - 13.8%FF India Focus Fund Bld -12.3% -12.3% -0.3% -21.3% 38.8% - 189.6% -7.7% 6.8% - 17.9%Korea Fund 2.7% 2.7% 20.7% -7.8% -2.5% 100.5% 76.8% -2.7% -0.5% 7.2% 3.8%KOSPI Blend 3.0% 3.0% 19.3% -7.0% -6.3% 120.9% 18.1% -2.4% -1.3% 8.3% 1.1%Malaysia Fund 1.4% 1.4% 24.3% 6.0% 86.6% 94.3% 357.6% 2.0% 13.3% 6.9% 7.8%FF Malaysia Link Bmk 2.2% 2.2% 25.8% 5.4% 57.7% 56.4% 123.0% 1.8% 9.5% 4.6% 4.0%Pacific Fund -0.1% -0.1% 16.3% -11.3% -10.4% 14.0% 42.0% -3.9% -2.2% 1.3% 2.1%Pacific Comp 0.7% 0.7% 7.3% -10.1% -14.1% 2.9% 6.4% -3.5% -3.0% 0.3% 0.4%Singapore Fund -0.1% -0.1% 17.2% 11.2% 50.6% 73.7% 310.7% 3.6% 8.5% 5.7% 7.2%FF Singapore Blend 0.1% 0.1% 18.0% 14.0% 52.1% 73.0% 346.5% 4.5% 8.7% 5.6% 7.6%South East Asia Fund 1.8% 1.8% 17.4% 5.6% 45.1% 103.3% 463.8% 1.8% 7.7% 7.4% 8.9%South East Asia Comp 1.4% 1.4% 14.1% 0.8% 23.4% 65.4% 209.9% 0.3% 4.3% 5.2% 5.7%South East Asia Fund – EUR 1.6% 1.6% 17.2% 5.9% 45.3% - 120.5% 1.9% 7.8% - 12.0%South East Asia Comp 1.4% 1.4% 14.1% 0.8% 23.4% - 76.6% 0.3% 4.3% - 8.5%Taiwan Fund 1.6% 1.6% 10.9% 1.7% -5.2% -24.6% -33.3% 0.6% -1.1% -2.8% -2.9%FF Taiwan Blend 3.7% 3.7% 20.9% 20.2% 16.5% 1.2% -28.5% 6.3% 3.1% 0.1% -2.4%Thailand Fund -8.2% -8.2% 38.3% 26.0% 35.0% 195.4% 159.8% 8.0% 6.2% 11.4% 4.8%Bangkok SET Blend -8.6% -8.6% 38.9% 36.4% 52.5% 244.4% 31.8% 10.9% 8.8% 13.2% 1.4%INTERNATIONAL FUNDSEmerging Europe, Middle East & Africa Fund – A-ACC-EUR -5.6% -5.6% 9.2% 5.0% - - 5.8% 1.6% - - 1.6%MSCI Emrg EMEA Capped 5% -4.2% -4.2% 6.1% -6.4% - - -14.0% -2.2% - - -4.0%Emerging Europe, Middle East & Africa Fund – A-EUR -5.6% -5.6% 9.2% 4.9% - - 5.9% 1.6% - - 1.6%MSCI Emrg EMEA Capped 5% -4.2% -4.2% 6.1% -6.4% - - -14.0% -2.2% - - -4.0%Emerging Europe, Middle East & Africa Fund – A-ACC-USD -5.4% -5.4% 9.3% 4.8% - - 5.4% 1.6% - - 1.5%MSCI Emrg EMEA Capped 5% -4.2% -4.2% 6.1% -6.4% - - -14.0% -2.2% - - -4.0%Emerging Europe, Middle East & Africa Fund – A-USD -5.4% -5.4% 9.5% 4.8% - - 5.4% 1.6% - - 1.5%MSCI Emrg EMEA Capped 5% -4.2% -4.2% 6.1% -6.4% - - -14.0% -2.2% - - -4.0%Emerging Markets Fund -1.9% -1.9% 11.1% -19.3% 0.2% 80.4% 42.6% -6.9% 0.0% 6.1% 2.1%MS Emerg Mkts Free Blend -1.9% -1.9% 9.2% -4.6% 17.1% 113.6% 145.6% -1.6% 3.2% 7.9% 5.3%Global Focus Fund – A-USD 0.5% 0.5% 11.1% -16.7% -16.0% - 33.3% -5.9% -3.4% - 3.6%MSCI World (N) 3.1% 3.1% 6.3% -17.4% -19.0% - 25.0% -6.2% -4.1% - 2.8%Global Real Asset Securities Fund – A-ACC-USD 2.5% 2.5% 17.4% - - - 29.1% - - - 19.8%MSCI ACW Composite Index 2.9% 2.9% 11.8% - - - 19.6% - - - 13.5%International Fund 3.0% 3.0% 5.9% -19.0% -23.6% -37.8% 137.0% -6.8% -5.2% -4.6% 4.6%International Comp 3.1% 3.1% 6.3% -17.4% -19.0% -28.0% 130.7% -6.2% -4.1% -3.2% 4.5%World Fund 3.7% 3.7% 4.6% -23.3% -23.6% -30.6% 66.9% -8.5% -5.3% -3.6% 3.6%World Composite Benchmark 4.2% 4.2% 4.5% -20.2% -17.7% -23.7% 69.5% -7.3% -3.8% -2.7% 3.8%GLOBAL SECTOR FUNDSGlobal Consumer Industries Fund -0.2% -0.2% 5.7% 1.1% 3.9% 5.3% -2.7% 0.4% 0.8% 0.5% -0.3%Consumer Industries Blend -0.4% -0.4% 8.5% -1.5% -1.5% -8.7% -12.0% -0.5% -0.3% -0.9% -1.2%Global Opportunities Fund 2.3% 2.3% 4.6% -13.0% - - -14.6% -4.5% - - -3.6%MSCI AC World (N) 2.4% 2.4% 6.6% -16.0% - - -21.2% -5.6% - - -5.4%Global Property Fund – A-USD 2.2% 2.2% 14.0% -23.2% -28.4% - -22.9% -8.4% -6.5% - -4.9%EPRA/NAREIT Dev (G) 2.2% 2.2% 15.4% -20.2% -19.7% - -13.7% -7.3% -4.3% - -2.8%Global Financial Services Fund 3.3% 3.3% 4.6% -27.2% -32.2% -19.9% -22.0% -10.0% -7.5% -2.2% -2.4%Financial Services Blend 3.3% 3.3% 2.3% -35.9% -42.9% -37.4% -37.9% -13.8% -10.6% -4.6% -4.5%Global Health Care Fund 0.5% 0.5% -5.7% -9.8% -17.0% -30.7% -33.2% -3.4% -3.7% -3.6% -3.8%Health Care Blend 1.3% 1.3% -7.2% -11.9% -20.0% -27.9% -29.1% -4.1% -4.4% -3.2% -3.2%27CO305027

cb.eu.201101.perfsum.chf.pdfFIDELITY FUNDSPERFORMANCE SWISS FRANC 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchGlobal Industrials Fund 2.4% 2.4% 14.9% -2.4% 11.0% 74.1% 60.1% -0.8% 2.1% 5.7% 4.6%Industrials Blend 3.1% 3.1% 14.3% -10.4% 0.3% 42.0% 33.3% -3.6% 0.1% 3.6% 2.8%Global Technology Fund 5.2% 5.2% 12.0% 3.4% -6.9% -51.8% -43.9% 1.1% -1.4% -7.0% -5.0%Technology Blend 4.4% 4.4% 9.6% -0.9% -10.0% -51.0% -43.1% -0.3% -2.1% -6.9% -4.9%Global Telecommunications Fund 1.4% 1.4% 5.4% -22.7% -0.4% -31.6% -37.4% -8.2% -0.1% -3.7% -4.1%Telecommunication Blend 1.7% 1.7% 6.0% -20.4% 3.7% -35.8% -36.8% -7.3% 0.7% -4.3% -4.0%ASSET ALLOCATION FUNDSFPS Moderate Growth Fund 2.5% 2.5% -4.1% -19.1% -18.6% -3.6% 81.1% -6.8% -4.0% -0.4% 3.9%Mod Growth Fund Comp 3.1% 3.1% -5.2% -12.9% -7.5% 10.6% 128.2% -4.5% -1.6% 1.0% 5.4%FPS Growth Fund 3.0% 3.0% 4.7% -24.3% -26.5% -26.2% 108.9% -8.9% -6.0% -3.0% 4.8%Growth Fund Comp 3.8% 3.8% 4.8% -19.9% -18.3% -25.3% 116.9% -7.1% -4.0% -2.9% 5.1%FPS Global Growth Fund 2.8% 2.8% 5.7% -19.5% -25.5% -29.5% 13.9% -7.0% -5.7% -3.4% 1.0%MSCI World (N) 3.1% 3.1% 6.3% -17.4% -19.0% -28.0% 10.7% -6.2% -4.1% -3.2% 0.8%Fidelity Gestion Dynamique 3.7% 3.7% 3.7% -21.8% -23.7% -23.7% 23.5% -7.9% -5.3% -2.7% 1.6%Gestion Dyn Comp 5.0% 5.0% 3.5% -22.5% -19.3% -25.7% 20.2% -8.2% -4.2% -2.9% 1.4%Fidelity Gestion Equilibre 2.8% 2.8% -4.6% -15.6% -15.0% 0.3% 28.0% -5.5% -3.2% 0.0% 1.9%Gestion Equil Comp 3.5% 3.5% -5.5% -13.7% -8.0% 10.3% 44.8% -4.8% -1.6% 1.0% 2.9%Multi Asset Navigator Fund – A-ACC-USD 1.2% 1.2% -1.6% -8.9% - - -16.6% -3.1% - - -4.7%FF Multi-Asset Nav Bld 1.4% 1.4% 1.3% -6.7% - - -14.1% -2.3% - - -4.0%Multi Asset Strategic Defensive Fund – A-ACC-EUR 2.2% 2.2% -9.4% - - - -1.7% - - - -0.9%FF Multi-Asset Str Df Bld 2.6% 2.6% -6.5% - - - 2.0% - - - 1.0%Target 2015 (Euro) Fund 2.6% 2.6% -3.0% -18.7% -16.5% - 22.0% -6.7% -3.6% - 2.7%FF Target 2015 Euro Blend 3.2% 3.2% -3.8% -14.0% -8.1% - 25.0% -4.9% -1.7% - 3.1%Target 2020 (Euro) Fund 2.7% 2.7% -0.7% -23.9% -21.3% - 28.2% -8.7% -4.7% - 3.4%FF Target 2020 Euro Blend 3.5% 3.5% -0.7% -18.4% -13.9% - 23.2% -6.6% -3.0% - 2.9%Target 2025 (Euro) Fund 2.7% 2.7% 1.5% -25.4% -23.4% - 1.3% -9.3% -5.2% - 0.2%FF Target 2025 Euro Blend 3.8% 3.8% 1.8% -21.2% -18.1% - 1.3% -7.6% -3.9% - 0.2%Target 2030 (Euro) Fund 2.9% 2.9% 3.0% -24.9% -23.2% - 1.6% -9.1% -5.2% - 0.3%FF Target 2030 Euro Blend 3.9% 3.9% 3.3% -19.8% -16.7% - 3.0% -7.1% -3.6% - 0.5%Target 2035 (Euro) Fund 2.8% 2.8% 3.2% -23.9% - - -18.8% -8.7% - - -4.4%FF Target 2035 Euro Blend 4.0% 4.0% 3.6% -19.5% - - -14.5% -7.0% - - -3.3%Target 2040 (Euro) Fund 2.8% 2.8% 3.2% -23.8% - - -18.9% -8.6% - - -4.4%FF Target 2040 Euro Blend 4.0% 4.0% 3.6% -19.5% - - -14.5% -7.0% - - -3.3%BALANCED FUNDSEuro Balanced Fund 4.1% 4.1% -1.9% -19.6% -13.5% 2.3% 150.9% -7.0% -2.9% 0.2% 5.8%Euro Balanced Composite 5.6% 5.6% -5.5% -21.4% -11.8% 0.1% 155.1% -7.7% -2.5% 0.0% 5.9%Growth & Income Fund 1.4% 1.4% -1.0% -9.3% -12.9% - 0.4% -3.2% -2.7% - 0.1%Growth & Income Composite 1.7% 1.7% 0.2% -7.1% -6.2% - -0.2% -2.4% -1.3% - 0.0%BOND FUNDSAsian High Yield – A-ACC-USD 1.1% 1.1% 1.0% 9.2% - - -6.2% 3.0% - - -1.7%FF Asian High Yield Blend 0.8% 0.8% 4.5% 26.6% - - 11.7% 8.2% - - 2.9%Emerging Market Debt Fund – A-ACC-EUR -0.2% -0.2% -2.9% 12.1% 6.5% - 8.2% 3.9% 1.3% - 1.6%JPM EMBI Global 0.3% 0.3% -1.0% 9.3% 7.7% - 9.2% 3.0% 1.5% - 1.8%Emerging Market Debt Fund - A-ACC-EUR (Hedged) 2.0% 2.0% - - - - 2.0% - - - -JPM EMBI Global Hdg EUR 2.5% 2.5% - - - - 2.7% - - - -Emerging Market Debt Fund – A-USD -0.1% -0.1% -2.9% 11.3% 5.8% - 7.4% 3.6% 1.1% - 1.4%JPM EMBI Global 0.3% 0.3% -1.0% 9.3% 7.7% - 9.2% 3.0% 1.5% - 1.8%Emerging Market Debt Fund – A-ACC-USD 0.0% 0.0% -2.8% 11.1% 5.6% - 7.1% 3.6% 1.1% - 1.4%JPM EMBI Global 0.3% 0.3% -1.0% 9.3% 7.7% - 9.2% 3.0% 1.5% - 1.8%Euro Bond Fund 2.4% 2.4% -9.5% -10.7% -7.6% 22.4% 131.8% -3.7% -1.6% 2.0% 4.2%FF Euro Bond Comp 2.5% 2.5% -11.4% -9.3% -2.4% 34.0% 198.4% -3.2% -0.5% 3.0% 5.5%Euro Corporate Bond Fund – A-ACC-EUR 2.5% 2.5% -8.5% -20.5% -18.5% - 0.4% -7.4% -4.0% - 0.1%BofA ML EMU Corporate 2.5% 2.5% -9.7% -8.3% -2.8% - 22.3% -2.9% -0.6% - 2.5%Euro Short Term Bond Fund – A-ACC-EUR 2.6% 2.6% -9.6% -15.1% -9.5% - -8.3% -5.3% -2.0% - -1.3%BofA ML 1-3 Yr Eur Br Mkt 2.8% 2.8% -11.0% -10.0% -0.9% - 2.3% -3.5% -0.2% - 0.3%European High Yield Fund 4.4% 4.4% -2.6% 7.6% 12.3% 55.2% 46.6% 2.5% 2.3% 4.5% 3.7%Euro High Yield Composite 5.4% 5.4% -0.6% 18.7% 22.1% 43.7% 32.9% 5.9% 4.1% 3.7% 2.7%28CO305027

cb.eu.201101.perfsum.chf.pdfSWISS FRANC 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchEuropean High Yield Fund A – ACC - SEK (Hedged) 6.9% 6.9% 13.0% - - - 101.9% - - - 43.7%BofA ML Eur Iss Cons SEK 7.9% 7.9% 15.3% - - - 112.7% - - - 47.7%Global Inflation Linked Fund - A-ACC-USD 1.7% 1.7% -6.2% - - - -5.0% - - - -1.9%FF Gbl Inf Blend USD 1.4% 1.4% -6.4% - - - -6.1% - - - -2.3%International Bond Fund 1.5% 1.5% -5.3% -1.4% -4.1% 4.7% 127.7% -0.5% -0.8% 0.5% 4.1%Intl Bond Comp 1.0% 1.0% -6.5% -0.8% 0.2% 10.5% 222.4% -0.3% 0.0% 1.0% 5.9%Sterling Bond Fund 1.7% 1.7% -6.0% -17.5% -20.2% 2.5% 148.7% -6.2% -4.4% 0.2% 4.6%Sterling Bond Blend 1.6% 1.6% -6.6% -19.4% -21.2% 0.8% 192.4% -6.9% -4.7% 0.1% 5.5%US High Yield Fund – A-USD 2.9% 2.9% 3.3% 16.6% 6.8% - 12.9% 5.3% 1.3% - 1.3%BofA ML US HY Blend 2.9% 2.9% 3.2% 20.7% 12.9% - 22.0% 6.5% 2.5% - 2.1%US Dollar Bond Fund 1.0% 1.0% -5.1% -1.1% -8.1% -6.7% 137.3% -0.4% -1.7% -0.7% 4.4%US Dollar Bond Comp 0.9% 0.9% -6.3% -0.3% -3.8% -0.7% 203.6% -0.1% -0.8% -0.1% 5.6%CASH FUNDSEuro Cash Fund 3.0% 3.0% -12.0% -16.7% -9.0% 2.5% 16.7% -5.9% -1.9% 0.3% 0.9%- - - - - - - - - - -US Dollar Cash Fund 0.8% 0.8% -10.8% -11.5% -18.2% -31.1% 13.7% -4.0% -3.9% -3.7% 0.7%- - - - - - - - - - -FIDELITY FUNDS II – SICAVAustralian Dollar Currency Fund -1.6% -1.6% 3.5% 8.4% 19.5% 55.1% 91.0% 2.7% 3.6% 4.5% 3.4%AUD 1W LIBID -1.6% -1.6% 4.4% 10.9% 24.6% 69.8% - 3.5% 4.5% 5.4% -Euro Currency Fund 3.0% 3.0% -12.0% -17.0% -10.2% -0.7% 27.0% -6.0% -2.1% -0.1% 1.3%- - - - - - - - - - -Sterling Currency Fund 3.1% 3.1% -10.9% -27.3% -25.3% -17.1% 28.0% -10.1% -5.7% -1.9% 1.3%GBP 1M LIBID 3.2% 3.2% -10.5% -26.1% -22.4% -9.4% 53.1% -9.6% -5.0% -1.0% 2.2%Swiss Franc Currency Fund 0.0% 0.0% 0.0% 1.1% 2.5% 4.8% 26.4% 0.4% 0.5% 0.5% 1.2%CHF 1W LIBID - - - - - - - - - - -US Dollar Currency Fund 0.8% 0.8% -10.8% -11.9% -19.2% -33.1% 11.3% -4.1% -4.2% -3.9% 0.6%USD 1M LIBID 0.8% 0.8% -10.7% -11.0% -16.7% -27.5% 32.0% -3.8% -3.6% -3.2% 1.5%29CO305027

cb.eu.201101.perfsum.nor.pdfFIDELITY FUNDSPERFORMANCE NORWEGIAN KRONE 31.01.11EUROPE FUNDSCumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchEuropean Fund – A-ACC-EUR 2.0% 2.0% 14.9% -11.6% -9.0% - -0.8% -4.0% -1.9% - -0.2%MSCI Europe (N) 3.3% 3.3% 12.5% -6.9% -2.6% - 3.8% -2.4% -0.5% - 0.7%European Aggressive Fund 4.0% 4.0% 17.6% -36.0% -30.9% -11.2% 27.2% -13.8% -7.1% -1.2% 1.9%European Aggressive Blend 3.3% 3.3% 12.5% -6.9% -2.6% -7.1% 30.2% -2.4% -0.5% -0.7% 2.1%European Dynamic Growth Fund 1.4% 1.4% 18.5% 5.6% 10.6% - 30.9% 1.8% 2.0% - 2.7%FF Dynamic Growth Blend 3.3% 3.3% 12.5% -6.9% 5.0% - 37.4% -2.4% 1.0% - 3.2%European Growth Fund 0.1% 0.1% 13.7% -8.9% -8.5% 29.0% 702.2% -3.1% -1.8% 2.6% 10.8%European Growth Comp 3.5% 3.5% 13.3% -4.4% 1.8% 0.8% 505.8% -1.5% 0.4% 0.1% 9.3%European Larger Companies Fund 3.4% 3.4% 7.2% -11.7% -11.0% - 67.1% -4.1% -2.3% - 6.3%MSCI Europe (N) 3.3% 3.3% 12.5% -6.9% -2.6% - 71.7% -2.4% -0.5% - 6.7%European Smaller Companies Fund 2.8% 2.8% 27.5% 7.2% 12.8% 16.0% 386.7% 2.3% 2.4% 1.5% 11.1%HSBC European Sm Cos (G) 2.6% 2.6% 20.3% 10.0% 13.2% 69.2% 317.6% 3.2% 2.5% 5.4% 9.9%European Special Situations Fund – A-EUR 1.0% 1.0% 15.7% -9.9% - - -0.3% -3.4% - - -0.1%MSCI Europe (N) 3.3% 3.3% 12.5% -6.9% - - -2.6% -2.4% - - -0.9%Euro Blue Chip Fund 3.7% 3.7% 12.9% -11.3% -7.0% -6.5% 46.3% -3.9% -1.4% -0.7% 3.1%MSCI EMU (N) 6.2% 6.2% 8.6% -15.2% -7.0% -14.6% 34.3% -5.3% -1.4% -1.6% 2.4%EURO STOXX 50 Fund 7.5% 7.5% 6.0% -16.2% -10.6% -27.4% 12.1% -5.7% -2.2% -3.2% 0.9%Euro STOXX 50 SM 7.6% 7.6% 6.2% -15.1% -8.5% -22.9% 20.5% -5.3% -1.8% -2.6% 1.5%France Fund 4.8% 4.8% 9.0% -5.2% 3.8% 3.4% 422.3% -1.8% 0.7% 0.3% 8.5%France Comp 6.2% 6.2% 8.8% -6.7% -3.3% -4.1% 411.4% -2.3% -0.7% -0.4% 8.4%Germany Fund 2.4% 2.4% 24.0% -0.7% 10.7% -0.6% 368.4% -0.2% 2.1% -0.1% 7.9%Germany Comp 3.7% 3.7% 22.4% 1.3% 20.2% 6.7% 381.6% 0.4% 3.8% 0.7% 8.0%Iberia Fund 8.7% 8.7% -3.8% -17.1% 11.4% 61.4% 526.9% -6.1% 2.2% 4.9% 9.4%Iberia Composite Index 11.3% 11.3% -0.5% -11.8% 10.9% 24.8% 482.9% -4.1% 2.1% 2.2% 9.1%Italy Fund 9.3% 9.3% 8.0% -15.7% -18.2% 17.0% 375.9% -5.5% -3.9% 1.6% 8.0%Italy Blend 10.6% 10.6% 0.2% -25.8% -25.7% -26.2% 173.4% -9.5% -5.8% -3.0% 5.1%Nordic Fund 0.9% 0.9% 22.9% -4.8% 6.9% 5.4% 959.4% -1.6% 1.4% 0.5% 12.3%FTSE Nordic Index 2.5% 2.5% 30.7% 13.3% 31.4% 22.2% 780.0% 4.2% 5.6% 2.0% 11.3%Switzerland Fund -1.3% -1.3% 14.4% 7.8% 12.0% 11.9% 368.4% 2.5% 2.3% 1.1% 10.2%Switzerland Composite -1.0% -1.0% 13.0% 9.2% 6.5% -2.1% 221.2% 3.0% 1.3% -0.2% 7.6%United Kingdom Fund 0.8% 0.8% 16.2% 1.6% -10.2% -11.3% 239.4% 0.5% -2.1% -1.2% 6.2%FTSE All Share (NUK) 1.1% 1.1% 15.7% -2.8% -3.0% 0.5% 384.7% -0.9% -0.6% 0.1% 8.1%AMERICA FUNDSAmerica Fund 2.1% 2.1% 17.5% 10.0% -7.5% -19.8% 406.5% 3.2% -1.6% -2.2% 8.3%S&P 500 1.7% 1.7% 19.8% 6.0% -3.1% -25.7% 493.7% 2.0% -0.6% -2.9% 9.2%American Growth Fund 1.1% 1.1% 18.2% -5.2% -23.5% -40.9% 93.2% -1.8% -5.2% -5.1% 5.0%S&P 500 1.7% 1.7% 19.8% 6.0% -3.1% -25.7% 41.6% 2.0% -0.6% -2.9% 2.6%American Diversified Fund 1.8% 1.8% 15.2% 1.1% -13.0% - 5.8% 0.4% -2.7% - 0.8%S&P 500 1.7% 1.7% 19.8% 6.0% -3.1% - 5.9% 2.0% -0.6% - 0.8%Latin America Fund -6.5% -6.5% 21.9% 31.5% 69.4% 237.8% 324.9% 9.6% 11.1% 13.0% 9.1%MSCI EM Lat Amer Blend -6.0% -6.0% 20.6% 29.6% 83.1% 298.0% 570.9% 9.0% 12.9% 14.8% 12.1%JAPAN FUNDSJapan Fund 0.1% 0.1% 10.6% -9.9% -37.2% -38.0% 48.6% -3.4% -8.9% -4.7% 2.0%TOPIX -0.4% -0.4% 11.7% -1.4% -28.5% -25.8% 19.1% -0.5% -6.5% -2.9% 0.9%Japan Smaller Companies Fund 1.2% 1.2% 11.1% 16.2% -41.9% -22.8% 43.4% 5.1% -10.3% -2.6% 1.9%Japan Smaller Cos Blend -0.2% -0.2% 12.8% 7.7% -28.5% 6.0% 41.7% 2.5% -6.5% 0.6% 1.8%Japan Advantage Fund 0.9% 0.9% 16.9% 44.7% -3.3% - 127.2% 13.1% -0.7% - 10.8%Russell/Nom Tot Mkt Value -0.7% -0.7% 11.1% 7.1% -19.3% - 90.8% 2.3% -4.2% - 8.4%ASIA PACIFIC EX JAPAN FUNDSASEAN Fund -3.7% -3.7% 32.6% 27.1% 83.2% 118.3% 337.2% 8.3% 12.9% 8.1% 7.5%MSCI ASEAN TR USD Blend -4.0% -4.0% 29.6% 33.9% 89.1% 143.9% 319.0% 10.2% 13.6% 9.3% 7.3%Asian Aggressive Fund -3.2% -3.2% 19.4% - - - 2.8% - - - 1.0%MSCI AC AsiaPac exJap (N) -1.9% -1.9% 22.0% - - - 15.9% - - - 5.1%Asia Pacific Property Fund – A-EUR -1.7% -1.7% 21.8% -7.1% - - -20.3% -2.4% - - -5.5%GPR/FID Gen Asia Net Link -1.5% -1.5% 24.8% -1.5% - - -14.4% -0.5% - - -3.8%30CO305027

cb.eu.201101.perfsum.nor.pdfNORWEGIAN KRONE 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchAsian Special Situations Fund 0.1% 0.1% 28.1% 31.7% 64.2% 114.4% 191.5% 9.6% 10.4% 7.9% 6.8%Asian Special Sits Comp -0.1% -0.1% 25.4% 23.5% 45.9% 89.1% 64.8% 7.3% 7.9% 6.6% 3.1%Australia Fund -3.3% -3.3% 17.6% 10.8% 31.4% 130.0% 523.5% 3.5% 5.6% 8.7% 10.0%Australia Composite -3.2% -3.2% 19.2% 14.2% 36.7% 155.8% 663.5% 4.5% 6.5% 9.9% 11.2%China Focus Fund -0.8% -0.8% 13.2% 18.8% 108.8% - 257.1% 5.9% 15.9% - 18.6%China Focus Blend -1.2% -1.2% 11.7% 15.3% 97.0% - 244.3% 4.9% 14.5% - 18.0%Emerging Asia Fund -7.5% -7.5% 21.3% - - - 36.7% - - - 11.9%MSCI EM Asia Composite(G) -7.0% -7.0% 17.3% - - - 26.0% - - - 8.7%Greater China Fund 0.7% 0.7% 26.0% 35.7% 67.4% 73.9% 1,582.5% 10.7% 10.9% 5.7% 14.9%FF Greater China Blend 0.5% 0.5% 21.8% 22.6% 45.4% 37.0% 1,502.1% 7.0% 7.8% 3.2% 14.6%Indonesia Fund -9.1% -9.1% 24.4% 53.4% 151.5% 475.3% 109.8% 15.3% 20.3% 19.1% 4.7%FF Indonesia Fund Blend -10.0% -10.0% 26.8% 35.0% 138.8% 424.4% 41.1% 10.5% 19.0% 18.0% 2.2%India Focus Fund – USD -13.0% -13.0% 13.5% -14.9% 23.7% - 164.6% -5.2% 4.3% - 16.3%FF India Focus Fund Bld -13.6% -13.6% 9.6% -3.5% 64.2% - 232.3% -1.2% 10.4% - 20.5%Korea Fund 1.3% 1.3% 32.6% 13.0% 15.3% 129.2% 98.0% 4.2% 2.9% 8.7% 4.6%KOSPI Blend 1.5% 1.5% 31.2% 13.9% 10.9% 152.6% 32.3% 4.4% 2.1% 9.7% 1.9%Malaysia Fund 0.0% 0.0% 36.6% 29.9% 120.7% 122.2% 501.9% 9.1% 17.2% 8.3% 9.2%FF Malaysia Link Bmk 0.7% 0.7% 38.3% 29.2% 86.5% 78.8% 193.4% 8.9% 13.3% 6.0% 5.4%Pacific Fund -1.6% -1.6% 27.8% 8.7% 6.0% 30.3% 71.3% 2.8% 1.2% 2.7% 3.2%Pacific Comp -0.7% -0.7% 18.0% 10.1% 1.6% 17.6% 28.4% 3.3% 0.3% 1.6% 1.5%Singapore Fund -1.6% -1.6% 28.9% 36.2% 78.2% 98.6% 440.3% 10.9% 12.3% 7.1% 8.6%FF Singapore Blend -1.3% -1.3% 29.7% 39.6% 79.9% 97.8% 487.4% 11.8% 12.5% 7.1% 9.1%South East Asia Fund 0.4% 0.4% 29.1% 29.3% 71.6% 132.5% 641.6% 9.0% 11.4% 8.8% 10.4%South East Asia Comp -0.1% -0.1% 25.4% 23.5% 45.9% 89.1% 307.7% 7.3% 7.9% 6.6% 7.2%South East Asia Fund – EUR 0.2% 0.2% 28.8% 29.7% 71.8% - 141.5% 9.1% 11.4% - 13.5%South East Asia Comp -0.1% -0.1% 25.4% 23.5% 45.9% - 93.4% 7.3% 7.9% - 9.9%Taiwan Fund 0.1% 0.1% 21.9% 24.6% 12.1% -13.8% -13.6% 7.6% 2.3% -1.5% -1.1%FF Taiwan Blend 2.3% 2.3% 32.9% 47.3% 37.8% 15.7% -7.4% 13.8% 6.6% 1.5% -0.6%Thailand Fund -9.5% -9.5% 52.1% 54.4% 59.7% 237.7% 241.8% 15.6% 9.8% 12.9% 6.2%Bangkok SET Blend -9.9% -9.9% 52.7% 67.1% 80.4% 293.7% 73.4% 18.7% 12.5% 14.7% 2.7%INTERNATIONAL FUNDSEmerging Europe, Middle East & Africa Fund – A-ACC-EUR -6.9% -6.9% 20.0% 28.6% - - 32.7% 8.7% - - 8.1%MSCI Emrg EMEA Capped 5% -5.5% -5.5% 16.7% 14.7% - - 7.9% 4.7% - - 2.1%Emerging Europe, Middle East & Africa Fund – A-EUR -6.9% -6.9% 20.0% 28.5% - - 32.9% 8.7% - - 8.1%MSCI Emrg EMEA Capped 5% -5.5% -5.5% 16.7% 14.7% - - 7.9% 4.7% - - 2.1%Emerging Europe, Middle East & Africa Fund – A-ACC-USD -6.8% -6.8% 20.2% 28.4% - - 32.3% 8.7% - - 8.0%MSCI Emrg EMEA Capped 5% -5.5% -5.5% 16.7% 14.7% - - 7.9% 4.7% - - 2.1%Emerging Europe, Middle East & Africa Fund – A-USD -6.7% -6.7% 20.3% 28.4% - - 32.3% 8.7% - - 8.0%MSCI Emrg EMEA Capped 5% -5.5% -5.5% 16.7% 14.7% - - 7.9% 4.7% - - 2.1%Emerging Markets Fund -3.3% -3.3% 22.1% -1.1% 18.5% 106.2% 76.1% -0.4% 3.5% 7.5% 3.3%MS Emerg Mkts Free Blend -3.3% -3.3% 20.0% 16.9% 38.5% 144.2% 203.3% 5.3% 6.7% 9.3% 6.6%Global Focus Fund – A-USD -1.0% -1.0% 22.1% 2.1% -0.7% - 63.5% 0.7% -0.1% - 6.3%MSCI World (N) 1.6% 1.6% 16.8% 1.2% -4.2% - 53.4% 0.4% -0.9% - 5.5%Global Real Asset Securities Fund – A-ACC-USD 1.0% 1.0% 29.1% - - - 38.6% - - - 26.0%MSCI ACW Composite Index 1.5% 1.5% 22.9% - - - 28.4% - - - 19.3%International Fund 1.6% 1.6% 16.4% -0.8% -9.6% -28.9% 231.0% -0.3% -2.0% -3.4% 6.5%International Comp 1.6% 1.6% 16.8% 1.2% -4.2% -17.6% 222.1% 0.4% -0.9% -1.9% 6.3%World Fund 2.2% 2.2% 15.0% -6.1% -9.7% -20.7% 97.3% -2.1% -2.0% -2.3% 4.9%World Composite Benchmark 2.7% 2.7% 14.9% -2.3% -2.7% -12.7% 100.3% -0.8% -0.5% -1.4% 5.0%GLOBAL SECTOR FUNDSGlobal Consumer Industries Fund -1.7% -1.7% 16.2% 23.9% 22.9% 20.4% 14.3% 7.4% 4.2% 1.9% 1.3%Consumer Industries Blend -1.8% -1.8% 19.3% 20.7% 16.5% 4.4% 3.4% 6.5% 3.1% 0.4% 0.3%Global Opportunities Fund 0.8% 0.8% 15.0% 6.6% - - -0.2% 2.2% - - -0.1%MSCI AC World (N) 0.9% 0.9% 17.2% 3.0% - - -7.9% 1.0% - - -1.9%Global Property Fund – A-USD 0.7% 0.7% 25.4% -5.9% -15.3% - -7.1% -2.0% -3.3% - -1.4%EPRA/NAREIT Dev (G) 0.7% 0.7% 26.8% -2.2% -5.0% - 3.9% -0.8% -1.0% - 0.8%Global Financial Services Fund 1.8% 1.8% 15.0% -10.8% -19.8% -8.4% -8.4% -3.7% -4.3% -0.9% -0.8%Financial Services Blend 1.8% 1.8% 12.4% -21.5% -32.4% -28.5% -27.0% -7.7% -7.5% -3.3% -3.0%Global Health Care Fund -1.0% -1.0% 3.6% 10.5% -1.9% -20.8% -21.5% 3.4% -0.4% -2.3% -2.3%Health Care Blend -0.2% -0.2% 2.1% 8.0% -5.4% -17.6% -16.6% 2.6% -1.1% -1.9% -1.7%31CO305027

cb.eu.201101.perfsum.nor.pdfFIDELITY FUNDSPERFORMANCE NORWEGIAN KRONE 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchGlobal Industrials Fund 0.9% 0.9% 26.3% 19.5% 31.3% 99.0% 88.3% 6.1% 5.6% 7.1% 6.3%Industrials Blend 1.6% 1.6% 25.7% 9.8% 18.7% 62.3% 56.7% 3.2% 3.5% 5.0% 4.4%Global Technology Fund 3.7% 3.7% 23.2% 26.7% 10.2% -44.9% -33.2% 8.2% 2.0% -5.8% -3.5%Technology Blend 2.9% 2.9% 20.5% 21.5% 6.4% -43.9% -32.3% 6.7% 1.3% -5.6% -3.4%Global Telecommunications Fund 0.0% 0.0% 15.9% -5.3% 17.8% -21.7% -25.5% -1.8% 3.3% -2.4% -2.6%Telecommunication Blend 0.2% 0.2% 16.6% -2.5% 22.7% -26.6% -24.8% -0.8% 4.2% -3.0% -2.5%ASSET ALLOCATION FUNDSFPS Moderate Growth Fund 1.1% 1.1% 5.4% -0.9% -3.8% 10.3% 106.8% -0.3% -0.8% 1.0% 4.8%Mod Growth Fund Comp 1.6% 1.6% 4.2% 6.7% 9.4% 26.4% 160.6% 2.2% 1.8% 2.4% 6.3%FPS Growth Fund 1.5% 1.5% 15.1% -7.3% -13.0% -15.6% 138.1% -2.5% -2.8% -1.7% 5.7%Growth Fund Comp 2.3% 2.3% 15.2% -1.9% -3.4% -14.6% 147.3% -0.6% -0.7% -1.6% 6.0%FPS Global Growth Fund 1.4% 1.4% 16.3% -1.4% -11.9% -19.4% 38.4% -0.5% -2.5% -2.1% 2.5%MSCI World (N) 1.6% 1.6% 16.8% 1.2% -4.2% -17.6% 34.6% 0.4% -0.9% -1.9% 2.3%Fidelity Gestion Dynamique 2.3% 2.3% 14.0% -4.2% -9.7% -12.8% 49.7% -1.4% -2.0% -1.4% 3.1%Gestion Dyn Comp 3.5% 3.5% 13.8% -5.1% -4.6% -15.1% 45.7% -1.7% -0.9% -1.6% 2.9%Fidelity Gestion Equilibre 1.3% 1.3% 4.9% 3.4% 0.6% 14.7% 54.6% 1.1% 0.1% 1.4% 3.4%Gestion Equil Comp 2.0% 2.0% 3.9% 5.8% 8.9% 26.1% 74.9% 1.9% 1.7% 2.3% 4.4%Multi Asset Navigator Fund – A-ACC-USD -0.3% -0.3% 8.2% 11.6% - - 3.9% 3.7% - - 1.0%FF Multi-Asset Nav Bld -0.1% -0.1% 11.4% 14.3% - - 7.0% 4.6% - - 1.8%Multi Asset Strategic Defensive Fund – A-ACC-EUR 0.8% 0.8% -0.4% - - - -2.0% - - - -1.0%FF Multi-Asset Str Df Bld 1.1% 1.1% 2.8% - - - 1.7% - - - 0.8%Target 2015 (Euro) Fund 1.2% 1.2% 6.7% -0.4% -1.3% - 40.1% -0.1% -0.3% - 4.7%FF Target 2015 Euro Blend 1.8% 1.8% 5.8% 5.3% 8.7% - 43.5% 1.7% 1.7% - 5.0%Target 2020 (Euro) Fund 1.2% 1.2% 9.2% -6.8% -7.0% - 47.1% -2.3% -1.4% - 5.4%FF Target 2020 Euro Blend 2.1% 2.1% 9.2% -0.1% 1.8% - 41.4% 0.0% 0.4% - 4.8%Target 2025 (Euro) Fund 1.2% 1.2% 11.6% -8.6% -9.4% - 18.9% -2.9% -2.0% - 3.1%FF Target 2025 Euro Blend 2.3% 2.3% 11.9% -3.5% -3.2% - 18.8% -1.2% -0.6% - 3.1%Target 2030 (Euro) Fund 1.4% 1.4% 13.3% -8.0% -9.2% - 19.2% -2.8% -1.9% - 3.1%FF Target 2030 Euro Blend 2.5% 2.5% 13.6% -1.8% -1.4% - 20.9% -0.6% -0.3% - 3.4%Target 2035 (Euro) Fund 1.3% 1.3% 13.5% -6.7% - - -1.5% -2.3% - - -0.3%FF Target 2035 Euro Blend 2.5% 2.5% 13.9% -1.3% - - 3.8% -0.4% - - 0.8%Target 2040 (Euro) Fund 1.3% 1.3% 13.5% -6.6% - - -1.5% -2.3% - - -0.3%FF Target 2040 Euro Blend 2.5% 2.5% 13.9% -1.3% - - 3.8% -0.4% - - 0.8%BALANCED FUNDSEuro Balanced Fund 2.6% 2.6% 7.9% -1.5% 2.3% 17.0% 194.9% -0.5% 0.5% 1.6% 6.9%Euro Balanced Composite 4.1% 4.1% 3.9% -3.6% 4.3% 14.4% 199.8% -1.2% 0.9% 1.4% 7.0%Growth & Income Fund 0.0% 0.0% 8.9% 11.1% 3.1% - 13.9% 3.6% 0.6% - 1.4%Growth & Income Composite 0.3% 0.3% 10.1% 13.8% 11.0% - 13.2% 4.4% 2.1% - 1.4%BOND FUNDSAsian High Yield – A-ACC-USD -0.3% -0.3% 11.0% 33.7% - - 14.6% 10.2% - - 3.6%FF Asian High Yield Blend -0.7% -0.7% 14.9% 55.2% - - 36.5% 15.8% - - 8.4%Emerging Market Debt Fund – A-ACC-EUR -1.6% -1.6% 6.8% 37.4% 26.0% - 27.7% 11.2% 4.7% - 5.0%JPM EMBI Global -1.2% -1.2% 8.8% 33.9% 27.4% - 28.9% 10.2% 5.0% - 5.2%Emerging Market Debt Fund - A-ACC-EUR (Hedged) 0.5% 0.5% - - - - 4.0% - - - -JPM EMBI Global Hdg EUR 1.0% 1.0% - - - - 4.7% - - - -Emerging Market Debt Fund – A-USD -1.5% -1.5% 6.7% 36.4% 25.2% - 26.8% 10.9% 4.6% - 4.8%JPM EMBI Global -1.2% -1.2% 8.8% 33.9% 27.4% - 28.9% 10.2% 5.0% - 5.2%Emerging Market Debt Fund – A-ACC-USD -1.4% -1.4% 6.9% 36.1% 24.9% - 26.4% 10.8% 4.5% - 4.8%JPM EMBI Global -1.2% -1.2% 8.8% 33.9% 27.4% - 28.9% 10.2% 5.0% - 5.2%Euro Bond Fund 0.9% 0.9% -0.6% 9.4% 9.3% 39.9% 209.7% 3.0% 1.8% 3.4% 5.7%FF Euro Bond Comp 1.0% 1.0% -2.6% 11.1% 15.4% 53.2% 298.7% 3.6% 2.9% 4.4% 7.1%Euro Corporate Bond Fund – A-ACC-EUR 1.0% 1.0% 0.6% -2.6% -3.6% - 23.2% -0.9% -0.7% - 2.6%BofA ML EMU Corporate 1.1% 1.1% -0.8% 12.3% 14.9% - 50.0% 4.0% 2.8% - 5.2%Euro Short Term Bond Fund – A-ACC-EUR 1.2% 1.2% -0.6% 4.0% 7.1% - 1.7% 1.3% 1.4% - 0.2%BofA ML 1-3 Yr Eur Br Mkt 1.3% 1.3% -2.2% 10.2% 17.3% - 13.4% 3.3% 3.2% - 1.8%European High Yield Fund 2.9% 2.9% 7.0% 31.8% 32.8% 77.5% 69.6% 9.6% 5.8% 5.9% 5.1%Euro High Yield Composite 3.9% 3.9% 9.3% 45.5% 44.5% 64.3% 53.7% 13.3% 7.6% 5.1% 4.1%32CO305027

cb.eu.201101.perfsum.nor.pdfNORWEGIAN KRONE 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchEuropean High Yield Fund A – ACC - SEK (Hedged) 5.3% 5.3% 24.2% - - - 111.6% - - - 47.2%BofA ML Eur Iss Cons SEK 6.3% 6.3% 26.8% - - - 123.0% - - - 51.3%Global Inflation Linked Fund - A-ACC-USD 0.2% 0.2% 3.2% - - - 20.8% - - - 7.3%FF Gbl Inf Blend USD 0.0% 0.0% 2.9% - - - 19.4% - - - 6.8%International Bond Fund 0.0% 0.0% 4.1% 20.8% 13.4% 19.7% 199.6% 6.5% 2.6% 1.8% 5.5%Intl Bond Comp -0.4% -0.4% 2.8% 21.5% 18.5% 26.3% 324.1% 6.7% 3.5% 2.4% 7.4%Sterling Bond Fund 0.3% 0.3% 3.3% 1.1% -5.6% 17.2% 231.4% 0.4% -1.2% 1.6% 6.1%Sterling Bond Blend 0.2% 0.2% 2.7% -1.2% -6.8% 15.2% 289.7% -0.4% -1.4% 1.4% 7.0%US High Yield Fund – A-USD 1.5% 1.5% 13.6% 42.8% 26.4% - 32.1% 12.6% 4.8% - 3.0%BofA ML US HY Blend 1.5% 1.5% 13.4% 47.9% 33.5% - 42.8% 13.9% 6.0% - 3.9%US Dollar Bond Fund -0.5% -0.5% 4.4% 21.2% 8.7% 6.7% 216.2% 6.6% 1.7% 0.7% 5.9%US Dollar Bond Comp -0.6% -0.6% 3.0% 22.1% 13.8% 13.6% 304.5% 6.9% 2.6% 1.3% 7.2%CASH FUNDSEuro Cash Fund 1.6% 1.6% -3.3% 2.1% 7.6% 17.2% 43.3% 0.7% 1.5% 1.6% 2.1%- - - - - - - - - - -US Dollar Cash Fund -0.6% -0.6% -2.0% 8.4% -3.2% -21.2% 39.6% 2.7% -0.7% -2.4% 1.9%- - - - - - - - - - -FIDELITY FUNDS II – SICAVAustralian Dollar Currency Fund -3.0% -3.0% 13.8% 32.8% 41.4% 77.4% 164.9% 9.9% 7.2% 5.9% 5.2%AUD 1W LIBID -3.0% -3.0% 14.8% 35.9% 47.3% 94.1% - 10.8% 8.1% 6.9% -Euro Currency Fund 1.6% 1.6% -3.3% 1.7% 6.3% 13.5% 76.2% 0.6% 1.2% 1.3% 3.0%- - - - - - - - - - -Sterling Currency Fund 1.7% 1.7% -2.0% -10.9% -11.7% -5.3% 77.6% -3.8% -2.5% -0.5% 3.0%GBP 1M LIBID 1.7% 1.7% -1.6% -9.5% -8.3% 3.6% 112.4% -3.3% -1.7% 0.4% 4.0%Swiss Franc Currency Fund -1.4% -1.4% 10.0% 23.8% 21.3% 19.8% 75.3% 7.4% 3.9% 1.8% 3.0%CHF 1W LIBID - - - - - - - - - - -US Dollar Currency Fund -0.6% -0.6% -1.9% 8.0% -4.4% -23.5% 54.4% 2.6% -0.9% -2.7% 2.3%USD 1M LIBID -0.6% -0.6% -1.9% 9.1% -1.5% -17.1% 83.2% 2.9% -0.3% -1.9% 3.2%33CO305027

cb.eu.201101.perfsum.sek.pdfFIDELITY FUNDSPERFORMANCE SWEDISH KRONA 31.01.11EUROPE FUNDSCumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchEuropean Fund – A-ACC-EUR -1.8% -1.8% 2.7% -16.3% -11.4% - -7.3% -5.8% -2.4% - -1.5%MSCI Europe (N) -0.6% -0.6% 0.5% -11.9% -5.2% - -3.0% -4.1% -1.1% - -0.6%European Aggressive Fund 0.1% 0.1% 5.1% -39.4% -32.8% -8.3% 33.0% -15.4% -7.6% -0.9% 2.2%European Aggressive Blend -0.6% -0.6% 0.5% -11.9% -5.2% -4.1% 36.1% -4.1% -1.1% -0.4% 2.4%European Dynamic Growth Fund -2.4% -2.4% 5.9% -0.1% 7.7% - 33.8% 0.0% 1.5% - 3.0%FF Dynamic Growth Blend -0.6% -0.6% 0.5% -11.9% 2.2% - 40.5% -4.1% 0.4% - 3.5%European Growth Fund -3.7% -3.7% 1.6% -13.8% -11.0% 33.2% 839.6% -4.8% -2.3% 2.9% 11.6%European Growth Comp -0.4% -0.4% 1.3% -9.5% -0.9% 4.0% 609.5% -3.3% -0.2% 0.4% 10.1%European Larger Companies Fund -0.4% -0.4% -4.2% -16.4% -13.4% - 49.9% -5.8% -2.8% - 5.0%MSCI Europe (N) -0.6% -0.6% 0.5% -11.9% -5.2% - 54.0% -4.1% -1.1% - 5.3%European Smaller Companies Fund -1.1% -1.1% 14.0% 1.4% 9.8% 19.7% 414.7% 0.5% 1.9% 1.8% 11.5%HSBC European Sm Cos (G) -1.3% -1.3% 7.5% 4.1% 10.2% 74.7% 341.6% 1.4% 2.0% 5.7% 10.3%European Special Situations Fund – A-EUR -2.8% -2.8% 3.4% -14.7% - - -5.9% -5.2% - - -2.0%MSCI Europe (N) -0.6% -0.6% 0.5% -11.9% - - -8.0% -4.1% - - -2.7%Euro Blue Chip Fund -0.2% -0.2% 0.9% -16.0% -9.5% -3.5% 53.9% -5.7% -2.0% -0.4% 3.6%MSCI EMU (N) 2.2% 2.2% -3.0% -19.7% -9.5% -11.9% 41.2% -7.1% -2.0% -1.3% 2.8%EURO STOXX 50 Fund 3.4% 3.4% -5.3% -20.7% -12.9% -25.0% 18.0% -7.4% -2.7% -2.8% 1.4%Euro STOXX 50 SM 3.6% 3.6% -5.1% -19.6% -11.0% -20.4% 26.8% -7.0% -2.3% -2.3% 2.0%France Fund 0.8% 0.8% -2.6% -10.2% 1.0% 6.8% 511.8% -3.5% 0.2% 0.7% 9.3%France Comp 2.2% 2.2% -2.8% -11.7% -5.8% -1.0% 499.0% -4.1% -1.2% -0.1% 9.2%Germany Fund -1.4% -1.4% 10.8% -6.0% 7.7% 2.6% 448.6% -2.1% 1.5% 0.3% 8.7%Germany Comp -0.2% -0.2% 9.4% -4.1% 17.0% 10.1% 464.0% -1.4% 3.2% 1.0% 8.9%Iberia Fund 4.6% 4.6% -14.0% -21.5% 8.4% 66.6% 634.3% -7.8% 1.6% 5.2% 10.3%Iberia Composite Index 7.1% 7.1% -11.1% -16.5% 8.0% 28.8% 582.8% -5.8% 1.5% 2.6% 9.9%Italy Fund 5.3% 5.3% -3.4% -20.2% -20.3% 20.8% 457.4% -7.2% -4.5% 1.9% 8.8%Italy Blend 6.5% 6.5% -10.4% -29.8% -27.7% -23.8% 220.3% -11.1% -6.3% -2.7% 5.9%Nordic Fund -2.9% -2.9% 9.9% -9.9% 4.1% 8.8% 1,140.9% -3.4% 0.8% 0.9% 13.2%FTSE Nordic Index -1.4% -1.4% 16.8% 7.2% 27.8% 26.2% 930.8% 2.4% 5.0% 2.4% 12.2%Switzerland Fund -5.0% -5.0% 2.2% 2.1% 9.0% 15.5% 368.1% 0.7% 1.7% 1.5% 10.1%Switzerland Composite -4.7% -4.7% 1.0% 3.3% 3.7% 1.1% 221.0% 1.1% 0.7% 0.1% 7.6%United Kingdom Fund -3.0% -3.0% 3.9% -3.9% -12.6% -8.4% 297.5% -1.3% -2.7% -0.9% 7.0%FTSE All Share (NUK) -2.7% -2.7% 3.4% -7.9% -5.6% 3.7% 467.7% -2.7% -1.1% 0.4% 8.9%AMERICA FUNDSAmerica Fund -1.8% -1.8% 5.0% 4.1% -10.0% -17.2% 493.3% 1.4% -2.1% -1.9% 9.1%S&P 500 -2.1% -2.1% 7.0% 0.3% -5.7% -23.3% 595.4% 0.1% -1.2% -2.6% 10.0%American Growth Fund -2.7% -2.7% 5.6% -10.3% -25.5% -39.0% 103.3% -3.5% -5.7% -4.8% 5.4%S&P 500 -2.1% -2.1% 7.0% 0.3% -5.7% -23.3% 49.0% 0.1% -1.2% -2.6% 3.0%American Diversified Fund -2.0% -2.0% 3.0% -4.3% -15.3% - 10.6% -1.5% -3.3% - 1.5%S&P 500 -2.1% -2.1% 7.0% 0.3% -5.7% - 10.7% 0.1% -1.2% - 1.5%Latin America Fund -10.0% -10.0% 8.9% 24.5% 64.8% 248.8% 333.5% 7.6% 10.5% 13.3% 9.2%MSCI EM Lat Amer Blend -9.5% -9.5% 7.8% 22.7% 78.2% 310.9% 584.6% 7.1% 12.3% 15.2% 12.2%JAPAN FUNDSJapan Fund -3.7% -3.7% -1.2% -14.7% -38.9% -35.9% 74.1% -5.2% -9.4% -4.4% 2.8%TOPIX -4.1% -4.1% -0.2% -6.6% -30.4% -23.4% 39.4% -2.3% -7.0% -2.6% 1.7%Japan Smaller Companies Fund -2.6% -2.6% -0.7% 10.0% -43.5% -20.3% 71.9% 3.2% -10.8% -2.2% 2.9%Japan Smaller Cos Blend -4.0% -4.0% 0.8% 2.0% -30.4% 9.5% 69.9% 0.7% -7.0% 0.9% 2.8%Japan Advantage Fund -2.8% -2.8% 4.5% 37.0% -5.9% - 104.4% 11.1% -1.2% - 9.3%Russell/Nom Tot Mkt Value -4.4% -4.4% -0.7% 1.4% -21.4% - 71.6% 0.5% -4.7% - 7.0%ASIA PACIFIC EX JAPAN FUNDSASEAN Fund -7.3% -7.3% 18.5% 20.4% 78.4% 125.4% 412.0% 6.4% 12.3% 8.5% 8.4%MSCI ASEAN TR USD Blend -7.6% -7.6% 15.9% 26.8% 84.1% 151.9% 390.8% 8.2% 13.0% 9.7% 8.1%Asian Aggressive Fund -6.8% -6.8% 6.7% - - - -3.0% - - - -1.0%MSCI AC AsiaPac exJap (N) -5.6% -5.6% 9.0% - - - 9.3% - - - 3.1%Asia Pacific Property Fund – A-EUR -5.4% -5.4% 8.8% -12.1% - - -21.3% -4.2% - - -5.8%GPR/FID Gen Asia Net Link -5.2% -5.2% 11.5% -6.8% - - -15.4% -2.3% - - -4.1%34CO305027

cb.eu.201101.perfsum.sek.pdfSWEDISH KRONA 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchAsian Special Situations Fund -3.7% -3.7% 14.5% 24.7% 59.9% 121.4% 194.7% 7.6% 9.8% 8.3% 6.8%Asian Special Sits Comp -3.8% -3.8% 12.1% 16.9% 42.0% 95.3% 66.6% 5.4% 7.3% 6.9% 3.2%Australia Fund -6.9% -6.9% 5.1% 4.9% 27.9% 137.4% 647.3% 1.6% 5.1% 9.0% 11.1%Australia Composite -6.8% -6.8% 6.6% 8.1% 33.1% 164.1% 815.3% 2.6% 5.9% 10.2% 12.2%China Focus Fund -4.5% -4.5% 1.2% 12.5% 103.2% - 257.7% 4.0% 15.2% - 18.6%China Focus Blend -4.9% -4.9% -0.1% 9.2% 91.8% - 244.9% 3.0% 13.9% - 18.1%Emerging Asia Fund -10.9% -10.9% 8.4% - - - 29.1% - - - 9.6%MSCI EM Asia Composite(G) -10.5% -10.5% 4.8% - - - 18.9% - - - 6.4%Greater China Fund -3.0% -3.0% 12.6% 28.4% 62.9% 79.5% 1,870.7% 8.7% 10.3% 6.0% 15.8%FF Greater China Blend -3.3% -3.3% 8.9% 16.0% 41.5% 41.4% 1,776.5% 5.1% 7.2% 3.5% 15.5%Indonesia Fund -12.5% -12.5% 11.2% 45.2% 144.8% 493.9% 113.7% 13.2% 19.6% 19.5% 4.8%FF Indonesia Fund Blend -13.4% -13.4% 13.4% 27.8% 132.4% 441.3% 43.7% 8.5% 18.4% 18.4% 2.3%India Focus Fund – USD -16.2% -16.2% 1.4% -19.4% 20.4% - 165.1% -7.0% 3.8% - 16.3%FF India Focus Fund Bld -16.8% -16.8% -2.1% -8.7% 59.8% - 233.0% -3.0% 9.8% - 20.5%Korea Fund -2.5% -2.5% 18.6% 7.0% 12.2% 136.7% 105.6% 2.3% 2.3% 9.0% 4.8%KOSPI Blend -2.3% -2.3% 17.2% 7.9% 7.9% 160.8% 37.4% 2.6% 1.5% 10.1% 2.1%Malaysia Fund -3.8% -3.8% 22.1% 23.0% 114.8% 129.4% 605.0% 7.1% 16.5% 8.7% 10.1%FF Malaysia Link Bmk -3.1% -3.1% 23.6% 22.3% 81.5% 84.6% 243.6% 6.9% 12.7% 6.3% 6.3%Pacific Fund -5.3% -5.3% 14.3% 2.9% 3.2% 34.5% 75.3% 1.0% 0.6% 3.0% 3.3%Pacific Comp -4.4% -4.4% 5.5% 4.3% -1.2% 21.4% 31.4% 1.4% -0.2% 2.0% 1.6%Singapore Fund -5.2% -5.2% 15.2% 29.0% 73.4% 105.1% 532.8% 8.9% 11.6% 7.5% 9.5%FF Singapore Blend -5.0% -5.0% 16.0% 32.2% 75.1% 104.2% 588.0% 9.7% 11.9% 7.4% 9.9%South East Asia Fund -3.4% -3.4% 15.4% 22.4% 67.0% 140.0% 768.7% 7.0% 10.8% 9.2% 11.2%South East Asia Comp -3.8% -3.8% 12.1% 16.9% 42.0% 95.3% 377.5% 5.4% 7.3% 6.9% 8.0%South East Asia Fund – EUR -3.6% -3.6% 15.1% 22.8% 67.2% - 158.8% 7.1% 10.8% - 14.6%South East Asia Comp -3.8% -3.8% 12.1% 16.9% 42.0% - 107.3% 5.4% 7.3% - 11.0%Taiwan Fund -3.6% -3.6% 9.0% 17.9% 9.1% -11.0% -13.2% 5.7% 1.8% -1.2% -1.0%FF Taiwan Blend -1.6% -1.6% 18.8% 39.4% 34.2% 19.4% -7.0% 11.7% 6.1% 1.8% -0.5%Thailand Fund -12.9% -12.9% 35.9% 46.2% 55.5% 248.6% 300.3% 13.5% 9.2% 13.3% 7.1%Bangkok SET Blend -13.3% -13.3% 36.5% 58.2% 75.6% 306.5% 103.1% 16.5% 11.9% 15.1% 3.5%INTERNATIONAL FUNDSEmerging Europe, Middle East & Africa Fund – A-ACC-EUR -10.4% -10.4% 7.2% 21.7% - - 28.0% 6.8% - - 7.0%MSCI Emrg EMEA Capped 5% -9.1% -9.1% 4.3% 8.6% - - 4.2% 2.8% - - 1.1%Emerging Europe, Middle East & Africa Fund – A-EUR -10.4% -10.4% 7.3% 21.7% - - 28.2% 6.8% - - 7.1%MSCI Emrg EMEA Capped 5% -9.1% -9.1% 4.3% 8.6% - - 4.2% 2.8% - - 1.1%Emerging Europe, Middle East & Africa Fund – A-ACC-USD -10.3% -10.3% 7.4% 21.5% - - 27.6% 6.7% - - 6.9%MSCI Emrg EMEA Capped 5% -9.1% -9.1% 4.3% 8.6% - - 4.2% 2.8% - - 1.1%Emerging Europe, Middle East & Africa Fund – A-USD -10.2% -10.2% 7.5% 21.5% - - 27.6% 6.7% - - 6.9%MSCI Emrg EMEA Capped 5% -9.1% -9.1% 4.3% 8.6% - - 4.2% 2.8% - - 1.1%Emerging Markets Fund -6.9% -6.9% 9.1% -6.4% 15.4% 112.9% 77.6% -2.2% 2.9% 7.9% 3.4%MS Emerg Mkts Free Blend -7.0% -7.0% 7.3% 10.6% 34.8% 152.2% 205.8% 3.4% 6.2% 9.7% 6.7%Global Focus Fund – A-USD -4.7% -4.7% 9.1% -3.4% -3.3% - 45.5% -1.2% -0.7% - 4.8%MSCI World (N) -2.2% -2.2% 4.4% -4.2% -6.8% - 36.5% -1.4% -1.4% - 3.9%Global Real Asset Securities Fund – A-ACC-USD -2.8% -2.8% 15.4% - - - 30.1% - - - 20.5%MSCI ACW Composite Index -2.4% -2.4% 9.9% - - - 20.5% - - - 14.1%International Fund -2.2% -2.2% 4.1% -6.1% -12.0% -26.6% 296.5% -2.1% -2.5% -3.1% 7.5%International Comp -2.2% -2.2% 4.4% -4.2% -6.8% -15.0% 285.8% -1.4% -1.4% -1.6% 7.3%World Fund -1.6% -1.6% 2.8% -11.1% -12.1% -18.1% 116.5% -3.8% -2.5% -2.0% 5.5%World Composite Benchmark -1.2% -1.2% 2.7% -7.5% -5.3% -9.9% 119.8% -2.6% -1.1% -1.0% 5.7%GLOBAL SECTOR FUNDSGlobal Consumer Industries Fund -5.3% -5.3% 3.8% 17.2% 19.6% 24.3% 22.9% 5.4% 3.7% 2.2% 2.0%Consumer Industries Blend -5.5% -5.5% 6.6% 14.3% 13.4% 7.8% 11.2% 4.6% 2.6% 0.8% 1.0%Global Opportunities Fund -3.0% -3.0% 2.8% 0.9% - - 0.7% 0.3% - - 0.2%MSCI AC World (N) -2.9% -2.9% 4.8% -2.5% - - -7.1% -0.9% - - -1.7%Global Property Fund – A-USD -3.0% -3.0% 12.1% -10.9% -17.5% - -13.7% -3.8% -3.8% - -2.8%EPRA/NAREIT Dev (G) -3.1% -3.1% 13.4% -7.5% -7.5% - -3.5% -2.6% -1.6% - -0.7%Global Financial Services Fund -2.0% -2.0% 2.8% -15.5% -22.0% -5.5% -1.5% -5.5% -4.8% -0.6% -0.2%Financial Services Blend -2.0% -2.0% 0.5% -25.7% -34.2% -26.2% -21.5% -9.4% -8.0% -3.0% -2.3%Global Health Care Fund -4.7% -4.7% -7.4% 4.6% -4.5% -18.2% -15.7% 1.5% -0.9% -2.0% -1.6%Health Care Blend -3.9% -3.9% -8.8% 2.2% -7.9% -14.9% -10.4% 0.7% -1.6% -1.6% -1.1%35CO305027

cb.eu.201101.perfsum.sek.pdfFIDELITY FUNDSPERFORMANCE SWEDISH KRONA 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchGlobal Industrials Fund -2.9% -2.9% 12.9% 13.2% 27.8% 105.5% 102.3% 4.2% 5.0% 7.5% 7.0%Industrials Blend -2.2% -2.2% 12.3% 4.0% 15.5% 67.6% 68.4% 1.3% 2.9% 5.3% 5.1%Global Technology Fund -0.2% -0.2% 10.1% 19.9% 7.2% -43.1% -29.7% 6.2% 1.4% -5.5% -3.1%Technology Blend -0.9% -0.9% 7.7% 15.0% 3.6% -42.1% -28.7% 4.8% 0.7% -5.3% -2.9%Global Telecommunications Fund -3.8% -3.8% 3.6% -10.4% 14.6% -19.2% -21.6% -3.6% 2.8% -2.1% -2.1%Telecommunication Blend -3.5% -3.5% 4.2% -7.7% 19.4% -24.2% -20.8% -2.6% 3.6% -2.7% -2.0%ASSET ALLOCATION FUNDSFPS Moderate Growth Fund -2.7% -2.7% -5.8% -6.1% -6.3% 13.8% 97.0% -2.1% -1.3% 1.3% 4.4%Mod Growth Fund Comp -2.2% -2.2% -6.9% 1.0% 6.5% 30.5% 148.3% 0.3% 1.3% 2.7% 6.0%FPS Growth Fund -2.3% -2.3% 2.8% -12.2% -15.4% -12.9% 126.5% -4.3% -3.3% -1.4% 5.4%Growth Fund Comp -1.6% -1.6% 2.9% -7.1% -5.9% -11.8% 135.1% -2.4% -1.2% -1.3% 5.6%FPS Global Growth Fund -2.4% -2.4% 3.9% -6.7% -14.2% -16.8% 42.9% -2.3% -3.0% -1.8% 2.8%MSCI World (N) -2.2% -2.2% 4.4% -4.2% -6.8% -15.0% 38.9% -1.4% -1.4% -1.6% 2.6%Fidelity Gestion Dynamique -1.6% -1.6% 1.9% -9.4% -12.1% -10.0% 56.2% -3.2% -2.6% -1.0% 3.5%Gestion Dyn Comp -0.3% -0.3% 1.7% -10.2% -7.1% -12.3% 52.1% -3.5% -1.5% -1.3% 3.3%Fidelity Gestion Equilibre -2.5% -2.5% -6.3% -2.1% -2.1% 18.4% 61.4% -0.7% -0.4% 1.7% 3.7%Gestion Equil Comp -1.8% -1.8% -7.2% 0.1% 6.0% 30.2% 82.6% 0.0% 1.2% 2.7% 4.7%Multi Asset Navigator Fund – A-ACC-USD -4.0% -4.0% -3.3% 5.7% - - 2.4% 1.9% - - 0.6%FF Multi-Asset Nav Bld -3.8% -3.8% -0.5% 8.2% - - 5.5% 2.7% - - 1.4%Multi Asset Strategic Defensive Fund – A-ACC-EUR -3.0% -3.0% -10.9% - - - -8.0% - - - -4.0%FF Multi-Asset Str Df Bld -2.7% -2.7% -8.1% - - - -4.6% - - - -2.3%Target 2015 (Euro) Fund -2.6% -2.6% -4.7% -5.7% -3.9% - 40.9% -2.0% -0.8% - 4.7%FF Target 2015 Euro Blend -2.1% -2.1% -5.5% -0.3% 5.8% - 44.3% -0.1% 1.1% - 5.1%Target 2020 (Euro) Fund -2.6% -2.6% -2.4% -11.8% -9.4% - 48.0% -4.1% -2.0% - 5.4%FF Target 2020 Euro Blend -1.8% -1.8% -2.4% -5.4% -0.9% - 42.3% -1.8% -0.2% - 4.9%Target 2025 (Euro) Fund -2.6% -2.6% -0.3% -13.4% -11.8% - 16.0% -4.7% -2.5% - 2.6%FF Target 2025 Euro Blend -1.5% -1.5% 0.0% -8.6% -5.7% - 16.0% -3.0% -1.2% - 2.6%Target 2030 (Euro) Fund -2.4% -2.4% 1.2% -12.9% -11.6% - 16.4% -4.5% -2.4% - 2.7%FF Target 2030 Euro Blend -1.4% -1.4% 1.5% -7.0% -4.1% - 18.0% -2.4% -0.8% - 2.9%Target 2035 (Euro) Fund -2.5% -2.5% 1.4% -11.7% - - -5.6% -4.1% - - -1.3%FF Target 2035 Euro Blend -1.4% -1.4% 1.8% -6.6% - - -0.6% -2.3% - - -0.1%Target 2040 (Euro) Fund -2.5% -2.5% 1.4% -11.6% - - -5.7% -4.0% - - -1.3%FF Target 2040 Euro Blend -1.4% -1.4% 1.8% -6.6% - - -0.6% -2.3% - - -0.1%BALANCED FUNDSEuro Balanced Fund -1.2% -1.2% -3.6% -6.8% -0.4% 20.7% 197.5% -2.3% -0.1% 1.9% 6.9%Euro Balanced Composite 0.2% 0.2% -7.1% -8.8% 1.5% 18.2% 202.4% -3.0% 0.3% 1.7% 7.0%Growth & Income Fund -3.8% -3.8% -2.7% 5.2% 0.3% - 6.5% 1.7% 0.1% - 0.7%Growth & Income Composite -3.5% -3.5% -1.6% 7.7% 8.0% - 5.8% 2.5% 1.6% - 0.6%BOND FUNDSAsian High Yield – A-ACC-USD -4.0% -4.0% -0.8% 26.6% - - 11.2% 8.2% - - 2.8%FF Asian High Yield Blend -4.4% -4.4% 2.7% 46.9% - - 32.5% 13.7% - - 7.6%Emerging Market Debt Fund – A-ACC-EUR -5.3% -5.3% -4.6% 30.0% 22.6% - 23.7% 9.1% 4.2% - 4.3%JPM EMBI Global -4.9% -4.9% -2.8% 26.8% 24.0% - 24.9% 8.2% 4.4% - 4.5%Emerging Market Debt Fund - A-ACC-EUR (Hedged) -3.3% -3.3% - - - - -3.3% - - - -JPM EMBI Global Hdg EUR -2.8% -2.8% - - - - -2.6% - - - -Emerging Market Debt Fund – A-USD -5.2% -5.2% -4.6% 29.1% 21.8% - 22.8% 8.9% 4.0% - 4.2%JPM EMBI Global -4.9% -4.9% -2.8% 26.8% 24.0% - 24.9% 8.2% 4.4% - 4.5%Emerging Market Debt Fund – A-ACC-USD -5.1% -5.1% -4.5% 28.8% 21.5% - 22.5% 8.8% 4.0% - 4.1%JPM EMBI Global -4.9% -4.9% -2.8% 26.8% 24.0% - 24.9% 8.2% 4.4% - 4.5%Euro Bond Fund -2.9% -2.9% -11.1% 3.5% 6.4% 44.5% 262.1% 1.2% 1.2% 3.8% 6.6%FF Euro Bond Comp -2.8% -2.8% -12.9% 5.2% 12.3% 58.2% 366.2% 1.7% 2.4% 4.7% 7.9%Euro Corporate Bond Fund – A-ACC-EUR -2.8% -2.8% -10.1% -7.8% -6.2% - 9.6% -2.7% -1.3% - 1.1%BofA ML EMU Corporate -2.7% -2.7% -11.3% 6.3% 11.9% - 33.5% 2.1% 2.3% - 3.7%Euro Short Term Bond Fund – A-ACC-EUR -2.6% -2.6% -11.2% -1.5% 4.2% - 7.0% -0.5% 0.8% - 1.0%BofA ML 1-3 Yr Eur Br Mkt -2.5% -2.5% -12.6% 4.4% 14.1% - 19.4% 1.4% 2.7% - 2.6%European High Yield Fund -0.9% -0.9% -4.3% 24.7% 29.3% 83.2% 85.3% 7.7% 5.3% 6.2% 6.0%Euro High Yield Composite 0.0% 0.0% -2.3% 37.7% 40.6% 69.7% 67.9% 11.3% 7.1% 5.4% 5.0%36CO305027

cb.eu.201101.perfsum.sek.pdfSWEDISH KRONA 31.01.11Cumulative PerformanceAnnualised PerformanceSinceSince1 Mth YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs launch 3 Yrs 5 Yrs 10 Yrs launchEuropean High Yield Fund A – ACC - SEK (Hedged) 1.4% 1.4% 11.0% - - - 83.2% - - - 36.7%BofA ML Eur Iss Cons SEK 2.4% 2.4% 13.3% - - - 93.1% - - - 40.5%Global Inflation Linked Fund - A-ACC-USD -3.5% -3.5% -7.8% - - - 13.5% - - - 4.9%FF Gbl Inf Blend USD -3.8% -3.8% -8.0% - - - 12.2% - - - 4.4%International Bond Fund -3.7% -3.7% -6.9% 14.3% 10.4% 23.6% 250.9% 4.6% 2.0% 2.1% 6.4%Intl Bond Comp -4.2% -4.2% -8.2% 15.1% 15.4% 30.4% 396.8% 4.8% 2.9% 2.7% 8.2%Sterling Bond Fund -3.5% -3.5% -7.7% -4.3% -8.2% 21.0% 284.8% -1.5% -1.7% 1.9% 6.9%Sterling Bond Blend -3.6% -3.6% -8.2% -6.5% -9.3% 19.0% 352.4% -2.2% -1.9% 1.8% 7.8%US High Yield Fund – A-USD -2.3% -2.3% 1.5% 35.2% 23.0% - 23.1% 10.6% 4.2% - 2.2%BofA ML US HY Blend -2.3% -2.3% 1.4% 40.0% 29.9% - 33.1% 11.9% 5.4% - 3.1%US Dollar Bond Fund -4.2% -4.2% -6.7% 14.8% 5.8% 10.1% 267.0% 4.7% 1.1% 1.0% 6.6%US Dollar Bond Comp -4.3% -4.3% -7.9% 15.6% 10.8% 17.3% 369.6% 4.9% 2.1% 1.6% 7.9%CASH FUNDSEuro Cash Fund -2.3% -2.3% -13.6% -3.3% 4.8% 21.0% 39.0% -1.1% 0.9% 1.9% 1.9%- - - - - - - - - - -US Dollar Cash Fund -4.4% -4.4% -12.4% 2.6% -5.8% -18.6% 35.4% 0.9% -1.2% -2.0% 1.8%- - - - - - - - - - -FIDELITY FUNDS II – SICAVAustralian Dollar Currency Fund -6.7% -6.7% 1.7% 25.7% 37.6% 83.1% 217.5% 7.9% 6.6% 6.2% 6.2%AUD 1W LIBID -6.6% -6.6% 2.6% 28.7% 43.4% 100.4% - 8.8% 7.5% 7.2% -Euro Currency Fund -2.3% -2.3% -13.6% -3.8% 3.4% 17.2% 111.2% -1.3% 0.7% 1.6% 4.0%- - - - - - - - - - -Sterling Currency Fund -2.1% -2.1% -12.4% -15.7% -14.0% -2.2% 112.9% -5.5% -3.0% -0.2% 4.0%GBP 1M LIBID -2.1% -2.1% -12.1% -14.3% -10.7% 7.0% 154.6% -5.0% -2.2% 0.7% 5.0%Swiss Franc Currency Fund -5.1% -5.1% -1.7% 17.2% 18.0% 23.7% 110.1% 5.4% 3.4% 2.2% 3.9%CHF 1W LIBID - - - - - - - - - - -US Dollar Currency Fund -4.4% -4.4% -12.4% 2.2% -7.0% -21.0% 85.1% 0.7% -1.4% -2.3% 3.3%USD 1M LIBID -4.3% -4.3% -12.3% 3.2% -4.1% -14.5% 119.5% 1.1% -0.8% -1.6% 4.2%37CO305027

cb.eu.201101.ranking.fid.pdfFIDELITY FUNDSMORNINGSTAR SECTOR RANKINGS 31.01.11EUROPE FUNDS1 Mth YTD 1 Year 3 Years 5 Years 10 Years Since launchEuropean Fund – A-ACC-EUR 189 189 54 141 83 - 75Morningstar GIF Europe Large Cap Blend Equity 304 304 281 207 158 - 157European Aggressive Fund 39 39 24 204 154 28 16Morningstar GIF Europe Large Cap Blend Equity 304 304 281 207 158 102 43European Dynamic Growth Fund 10 10 8 8 9 1 1Morningstar GIF Europe Large-Cap Growth Equity 30 30 29 23 23 14 14European Growth Fund 275 275 75 104 81 3 1Morningstar GIF Europe Large Cap Blend Equity 304 304 281 207 158 102 11European Larger Companies Fund 71 71 240 143 99 - 32Morningstar GIF Europe Large Cap Blend Equity 304 304 281 207 158 - 123European Smaller Companies Fund 10 10 11 25 13 12 2Morningstar GIF Europe Small-Cap Equity 61 61 60 53 39 24 8European Special Situations Fund – A-EUR 249 249 39 119 - - 119Morningstar GIF Europe Large Cap Blend Equity 304 304 281 207 - - 207Euro Blue Chip Fund 402 402 56 153 133 32 13Morningstar GIF Eurozone Lrg Cap Eq(Lux, Fra, Ger) 496 496 474 401 326 171 84EURO STOXX 50 Fund 15 15 109 71 48 32 9Morningstar GIF Eurozone Large Cap Equity 163 163 150 118 95 49 19France Fund 148 148 48 47 17 12 1Morningstar GIF France Large Cap Eq(Lux & France) 189 189 185 167 154 118 40Germany Fund 56 56 22 39 44 25 7Morningstar GIF Germany Lrg Cap Eq (Lux & German) 78 78 72 62 57 53 21Iberia Fund 97 97 103 87 25 7 1Morningstar GIF Spain Equity (Lux & Spain) 119 119 116 107 99 66 2Italy Fund 10 10 4 6 1 1 1Morningstar GIF Equity Italy 36 36 33 27 20 15 1Nordic Fund 29 29 41 45 30 33 3Morningstar GIF Nordic Equity (Lux, Nor & Swe) 54 54 54 46 32 33 9Switzerland Fund 39 39 28 29 18 3 1Morningstar GIF Switzerland Large Cap Equity 52 52 47 41 37 22 8United Kingdom Fund 2 2 5 2 4 2 1Morningstar GIF UK Large Cap Growth Equity 5 5 5 5 5 2 1AMERICA FUNDSAmerica Fund 43 43 72 17 39 10 6Morningstar GIF US Large Cap Blend Equity 243 243 226 180 150 95 20American Growth Fund 142 142 60 145 135 53 2Morningstar GIF US Large Cap Blend Equity 243 243 226 180 150 95 48American Diversified Fund 62 62 132 80 82 - 9Morningstar GIF US Large Cap Blend Equity 243 243 226 180 150 - 132Latin America Fund 39 39 8 4 5 6 5Morningstar GIF Equity Latin America 50 50 41 33 22 21 7JAPAN FUNDSJapan Fund 89 89 100 121 77 47 2Morningstar GIF Japan Large Cap Equity 213 213 205 178 138 87 20Japan Smaller Companies Fund 14 14 28 14 17 12 5Morningstar GIF Japan Small/Mid Cap Equity 40 40 39 36 30 18 7Japan Advantage Fund 29 29 9 1 1 - 1Morningstar GIF Japan Large Cap Equity 213 213 205 178 138 - 98ASIA PACIFIC EX JAPAN FUNDSASEAN Fund 2 2 3 1 1 1 1Morningstar GIF Equity ASEAN 7 7 6 3 2 2 2Asian Aggressive Fund 94 94 79 - - - 69Morningstar GIF Asia-Pacific ex Japan Equity 111 111 101 - - - 77Asia Pacific Property Fund – A-EUR - - - - - - -- - - - - - -Asian Special Situations Fund 16 16 18 15 12 10 2Morningstar GIF Asia ex Japan Equity 127 127 122 107 90 68 3538CO305027

cb.eu.201101.ranking.fid.pdf31.01.111 Mth YTD 1 Year 3 Years 5 Years 10 Years Since launchAustralia Fund 10 10 4 7 6 3 3Morningstar GIF Australia & New Zealand Equity 15 15 12 10 8 7 4China Focus Fund 20 20 34 20 12 - 4Morningstar GIF Equity China 101 101 81 57 30 - 19Emerging Asia Fund 127 127 66 - - - 17Morningstar GIF Asia ex Japan Equity 127 127 122 - - - 109Greater China Fund 6 6 3 5 17 10 2Morningstar GIF Equity Greater China 50 50 45 33 30 15 4Indonesia Fund 3 3 4 1 1 1 1Morningstar GIF Equity Indonesia 4 4 4 4 3 3 2India Focus Fund – USD 37 37 9 34 26 - 17Morningstar GIF Equity India 59 59 48 42 29 - 18Korea Fund 14 14 8 7 4 7 5Morningstar GIF Equity Korea 16 16 15 14 12 9 9Malaysia Fund 2 2 1 1 1 2 1Morningstar GIF Equity Malaysia 4 4 3 3 2 2 1Pacific Fund 46 46 2 20 18 5 3Morningstar GIF Asia-Pacific inc Japan Equity 78 78 73 63 46 27 14Singapore Fund 4 4 1 1 1 1 1Morningstar GIF Equity Singapore 4 4 4 4 4 3 2South East Asia Fund 12 12 12 19 5 7 2Morningstar GIF Asia ex Japan Equity 127 127 122 107 90 68 12South East Asia Fund – EUR - - - - - - -- - - - - - -Taiwan Fund 10 10 9 7 5 3 2Morningstar GIF Taiwan Large Cap Equity 10 10 9 7 5 3 2Thailand Fund 3 3 2 2 1 3 3Morningstar GIF Equity Thailand 5 5 5 5 5 5 3INTERNATIONAL FUNDSEmerging Europe, Middle East & Africa Fund – A-ACC-EUR - - - - - - -- - - - - - -Emerging Europe, Middle East & Africa Fund – A-EUR - - - - - - -- - - - - - -Emerging Europe, Middle East & Africa Fund – A-ACC-USD - - - - - - -- - - - - - -Emerging Europe, Middle East & Africa Fund – A-USD 243 243 61 10 - - 5Morningstar GIF Equity Global Emerging Markets 251 251 205 152 - - 132Emerging Markets Fund 118 118 37 130 68 35 15Morningstar GIF Equity Global Emerging Markets 251 251 205 152 103 65 16Global Focus Fund – A-USD 64 64 6 16 15 - 10Morningstar GIF Global Large-Cap Growth Equity 89 89 87 77 55 - 41Global Real Asset Securities Fund – A-ACC-USD 283 283 5 - - - 7Morningstar GIF Global Large Cap Blend Equity 691 691 617 - - - 590International Fund 204 204 114 182 180 108 8Morningstar GIF Global Large Cap Blend Equity 691 691 617 468 335 181 35World Fund 108 108 198 303 183 69 16Morningstar GIF Global Large Cap Blend Equity 691 691 617 468 335 181 66GLOBAL SECTOR FUNDSGlobal Consumer Industries Fund 21 21 24 8 7 7 8Morningstar GIF Sector Eq Con Goods & Services 52 52 45 30 26 15 14Global Opportunities Fund 28 28 32 8 - - 11Morningstar GIF Global Large-Cap Growth Equity 89 89 87 77 - - 60Global Property Fund – A-USD 28 28 7 14 9 - 9Morningstar GIF Property - Indirect Global 61 61 52 38 17 - 17Global Financial Services Fund 33 33 10 7 7 2 3Morningstar GIF Sector Equity Financials Services 42 42 40 33 30 24 20Global Health Care Fund 45 45 26 16 13 9 7Morningstar GIF Sector Equity Healthcare 60 60 55 44 39 28 25Global Industrials Fund 19 19 12 2 2 1 1Morningstar GIF Sector Equity Industrial Materials 34 34 31 17 15 4 239CO305027

cb.eu.201101.ranking.fid.pdfFIDELITY FUNDSMORNINGSTAR SECTOR RANKINGS 31.01.111 Mth YTD 1 Year 3 Years 5 Years 10 Years Since launchGlobal Technology Fund 11 11 21 21 18 12 7Morningstar GIF Sector Equity Technology 67 67 61 58 54 45 22Global Telecommunications Fund 15 15 10 9 6 2 2Morningstar GIF Sector Equity Communications 16 16 16 12 12 10 7ASSET ALLOCATION FUNDSFPS Moderate Growth Fund 201 201 108 145 131 25 5Morningstar GIF EUR Moderate Allocation 404 404 357 245 191 92 17FPS Growth Fund 213 213 196 326 221 52 10Morningstar GIF Global Large Cap Blend Equity 691 691 617 468 335 181 54FPS Global Growth Fund 15 15 25 32 34 13 5Morningstar GIF Global Large-Cap Growth Equity 89 89 87 77 55 34 13Fidelity Gestion Dynamique 59 59 135 142 116 34 14Morningstar GIF Global Large Cap Blend Equity 325 325 317 270 221 143 80Fidelity Gestion Equilibre 238 238 118 94 130 30 16Morningstar GIF EUR Moderate Allocation 369 369 355 294 256 172 87Multi Asset Navigator Fund – A-ACC-USD - - - - - - -- - - - - - -Multi Asset Strategic Defensive Fund – A-ACC-EUR 225 225 163 - - - 125Morningstar GIF EUR Cautious Allocation 301 301 283 - - - 254Target 2015 (Euro) Fund - - - - - - -- - - - - - -Target 2020 (Euro) Fund - - - - - - -- - - - - - -Target 2025 (Euro) Fund - - - - - - -- - - - - - -Target 2030 (Euro) Fund - - - - - - -- - - - - - -Target 2035 (Euro) Fund - - - - - - -- - - - - - -Target 2040 (Euro) Fund - - - - - - -- - - - - - -BALANCED FUNDSEuro Balanced Fund 43 43 52 157 68 15 1Morningstar GIF EUR Moderate Allocation 404 404 357 245 191 92 14Growth & Income Fund 58 58 40 23 18 - 12Morningstar GIF USD Moderate Allocation 109 109 87 70 59 - 34BOND FUNDSAsian High Yield – A-ACC-USD - - - - - - -Morningstar GIF Asia Bond - - - - - - -Emerging Market Debt Fund – A-ACC-EUR - - - - - - -- - - - - - -Emerging Market Debt Fund - A-ACC-EUR (Hedged) - - - - - - -- - - - - - -Emerging Market Debt Fund – A-USD - - - - - - -Morningstar GIF Global Emerging Markets Bond - - - - - - -Emerging Market Debt Fund – A-ACC-USD - - - - - - -- - - - - - -Euro Bond Fund 183 183 46 83 101 35 3Morningstar GIF EUR Diversified Bond 292 292 264 214 173 94 12Euro Corporate Bond Fund – A-ACC-EUR 123 123 31 87 75 - 44Morningstar GIF EUR Corporate Bond 158 158 141 95 83 - 51Euro Short Term Bond Fund – A-ACC-EUR 95 95 5 58 53 - 41Morningstar GIF EUR Diversified Bond - Short 119 119 110 92 74 - 53European High Yield Fund 80 80 70 14 12 5 8Morningstar GIF EUR High Yield Bond 96 96 82 70 62 32 23European High Yield Fund A – ACC - SEK (Hedged) - - - - - - -- - - - - - -40CO305027

cb.eu.201101.ranking.fid.pdf31.01.111 Mth YTD 1 Year 3 Years 5 Years 10 Years Since launchGlobal Inflation Linked Fund - A-ACC-USD 4 4 3 - - - 10Morningstar GIF USD Inflation Linked 21 21 18 - - - 11International Bond Fund 29 29 36 49 54 35 11Morningstar GIF Global Bond 122 122 113 94 85 59 18Sterling Bond Fund 32 32 10 6 7 2 2Morningstar GIF GBP Diversified Bond 49 49 46 41 32 19 6US High Yield Fund – A-USD 25 25 15 4 2 - 4Morningstar GIF USD High Yield Bond 44 44 39 32 28 - 21US Dollar Bond Fund 51 51 13 23 36 18 4Morningstar GIF USD Diversified Bond 85 85 85 82 69 47 10CASH FUNDSEuro Cash Fund 114 114 126 83 68 51 16Morningstar GIF Money Market EUR 158 158 154 115 101 66 21US Dollar Cash Fund 74 74 76 61 62 50 19Morningstar GIF Money Market USD 144 144 140 115 110 79 35FIDELITY FUNDS II – SICAVAustralian Dollar Currency Fund 4 4 3 3 4 4 2Morningstar GIF Money Market AUD 5 5 4 4 4 4 2Euro Currency Fund 114 114 124 96 84 62 13Morningstar GIF Money Market EUR 158 158 154 115 101 66 17Sterling Currency Fund 35 35 48 40 33 22 10Morningstar GIF Money Market GBP 63 63 61 50 44 28 13Swiss Franc Currency Fund 20 20 20 17 16 11 3Morningstar GIF Money Market CHF 28 28 26 20 19 13 4US Dollar Currency Fund 71 71 73 75 77 65 21Morningstar GIF Money Market USD 144 144 140 115 110 79 2641CO305027

42FIDELITY FUNDSEUROPEAN FUND – A-ACC-EURcb.eu.201101.2787.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to achieve long-term growth through investment in a blend ofportfolios that primarily invest in equity securities of European companies.PORTFOLIO CHARACTERISTICSBenchmarked against the MSCI Europe Index, the fund invests in acombination of selected European equity managers that mirrors Fidelity’sLuxembourg range of European funds. Stock selection is carried out at a locallevel by regional and specialist Fidelity fund managers, giving investorsas at 31.01.11access to many of Fidelity’s most experienced investment professionals. Theportfolio will typically hold several hundred stocks at any one time. This fund is denominated ineuros.INVESTMENT STYLEThe investment approach is to capture the stock-picking skills of a range of Fidelity managers.Through diversification, this minimises style risk in the portfolio. The process draws on the multimanagerteam’s quantitative and qualitative analysis of the European universe of single equitymanagers. The multi-manager combination selected is the one that generates appropriate levels ofrisk and characteristics to meet that fund’s specific performance objectives. The process is consistentacross the multi-manager team globally. There are regular reviews within the team to discussmanagers, as well as formal fund reviews to discuss the drivers of portfolio performance.FUND FACTSFund manager:Rita GrewalLocation:LondonAppointed to fund:12.12.05Years at Fidelity:16Launch date:09.12.05Currency:EuroNAV price:€ 9.9412mnth NAV high:€ 10.2812mnth NAV low:€ 8.06Fund size:€ 182mBenchmark index:MSCI Europe Index (NetLuxembourg tax)ISIN code:LU0238202427WK-Nummer:A0H0V4PERFORMANCE YEAR BY YEAR17.1%19.6%5.2%2.7%29.0%31.6%16.0%11.1%■ Fund■ Index-47.1%-43.7%06 07 08 09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 12.12.05Fund cumulative growth 0.4% 0.4% 18.8% -10.1% -7.1% - -0.7%Index cumulative growth 1.7% 1.7% 16.3% -5.3% -0.5% - 4.0%Fund annualised growth - - 18.8% -3.5% -1.5% - -0.1%Index annualised growth - - 16.3% -1.8% -0.1% - 0.8%Value of €2,000 invested - 2,009 2,377 1,798 1,859 - 1,987PERFORMANCE SINCE 12.12.05140%120%100%Ranking within Morningstar GIF Europe Large Cap Blend Equity80%Position of fund 189 189 54 141 83 - 75Total number of funds 304 304 281 207 158 - 157Quartile ranking 3 3 1 3 3 - 260%12-0506-0612-0606-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index42

PxFcb.eu.201101.2787_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsConsumer Discretionary 20.7% 16.5%(18.7%)(16.8%)-1-1.8%%8 % 8.0%Industrials 12.7% (13.2%) 1 % 1.4%Energy 11.3% (10.3%) 0 % 0.0%Materials 11.0% (12.5%) 0 % 0.7%Health Care 9.6% 9.6% (9.5%) 0 % 0.2%Consumer Staples 6.5% 6.5% (7.4%) -5-5.1%%Information Technology 5.8% 5.8% (5.7%) 2 % 2.7%Other 5.2% 5.2% (5.0%) -6-6.9%%Cash 0.8% 0.8% (0.9%) 0 % 0.8%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)United KingdomGermany38.5% 15.1% (38.9%)(15.9%)5 % 5.7%2 % 2.1%France 14.0% (12.9%) -1-1.3%%Switzerland 7.2% (7.2%) -4-4.9%%Italy 4.7% (4.1%) 0 % 0.3%Netherlands 3.9% (3.6%) 0 % 0.0%Denmark 2.8% 2.8% (2.9%) 1 % 1.3%USA 2.1% 2.1% 2 % 2.1%Other 11.1% (11.3%) -5-5.8%%Cash 0.8% 0.8% (0.9%) 0 % 0.8%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNANOVO-NORDISK B 2.0%SANOFI-AVENTIS 1.8%HSBC HOLDINGS (UK REG) 1.8%VODAFONE GROUP 1.8%PPR 1.7%BRITISH AMERICAN TOBACCO 1.7%SIEMENS 1.7%BARCLAYS 1.6%UBS (REGD) 1.6%ROYAL DUTCH SHELL A (NL) 1.5%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSS&P Fund RatingsFERI ratingA(B)VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 1.04Sharpe ratio: -0.17Alpha: -0.13Beta: 1.01R 2 : 0.95Tracking error: 4.86This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.0012-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX43

44FIDELITY FUNDSEUROPEAN AGGRESSIVE FUNDcb.eu.201101.2763.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in equity securities of European companies. Following anaggressive approach, the manager is free to select any company regardless ofsize or industry. Typically, the fund will concentrate its investments in a morelimited number of companies and therefore the resulting portfolio will be lessdiversified. This will suit investors prepared to accept the higher riskassociated with this type of investment.PORTFOLIO CHARACTERISTICSas at 31.01.11The portfolio is relatively concentrated in a few major holdings, but achievesdiversification through a larger collection of individual positions in a portfolio of around 30 - 60stocks. The fund is a combination of stock picking and thematic investing and without a sector,geographical or market-cap bias.INVESTMENT STYLEThe Fund Manager has a flexible, “go-anywhere”, active approach to investing and will focus onopportunities whether they are growth, value, large-, mid- or small-cap. He tends to take an 18 monthinvestment horizon and runs a concentrated portfolio of high conviction ideas. He is aggressive in hisapproach, but conscious of the risk/reward profile of a stock.The Fund Manager believes there is no short cut to creating investment outperformance. He is verymuch bottom-up-orientated, and likes to analyse companies’ in-depth starting with the annual report.He then deconstructs this information and puts into a model to help understand how the companyworks and where its key drivers are. From there, he will look at the value chain that the companyforms part of, to understand where the real margin is and how this is growing/being eroded. Then,finally, he looks at the valuation to understand how much he is paying for the upside potential he hasidentified.FUND FACTSFund manager:Firmino MorgadoLocation:LondonAppointed to fund:05.11.08Years at Fidelity:9Launch date:02.02.98Currency:Euro (XDEM)NAV price:€ 12.7112mnth NAV high:€ 13.0712mnth NAV low:€ 10.06Fund size:€ 1,136mBenchmark index:European Aggressive Blend*Bloomberg code:FIDPRPIISIN code:LU0083291335SEDOL number:5395143WK-Nummer:987734*MSCI Europe (N)PERFORMANCE YEAR BY YEAR30.1%15.3%19.2%12.2%37.2%26.1%14.6%19.6%13.1%2.7%-13.2%-13.2%-28.8%-30.7%-64.9%-43.7%35.6%31.6%16.8%11.1%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 20.02.98Fund cumulative growth 2.4% 2.4% 21.6% -34.9% -29.5% -7.8% 31.0%Index cumulative growth 1.7% 1.7% 16.3% -5.3% -0.5% -3.5% 34.0%Fund annualised growth - - 21.6% -13.3% -6.8% -0.8% 2.1%Index annualised growth - - 16.3% -1.8% -0.1% -0.4% 2.3%Value of €2,000 invested - 1,946 2,311 1,238 1,340 1,751 2,489PERFORMANCE SINCE 20.02.98250%200%150%Ranking within Morningstar GIF Europe Large Cap Blend Equity100%Position of fund 39 39 24 204 154 28 16Total number of funds 304 304 281 207 158 102 43Quartile ranking 1 1 1 4 4 2 250%12-9812-0012-0212-0412-0612-0812-10■ Fund■ Index44

PxFcb.eu.201101.2763_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsConsumer Discretionary 22.9% 17.4%(22.5%)(17.6%)0 % 0.4%8 % 8.9%Health Care 10.2% (10.2%) 0 % 0.8%Materials 9.7% 9.7% (10.7%) 0 -0.6% %Energy 8.4% 8.4% (9.0%) -2-2.9%%Industrials 7.9% 7.9% (7.3%) -3-3.4%%Consumer Staples 7.6% 7.6% (8.2%) -4-4.0%%Telecommunication Services 7.3% 7.3% (7.4%) 0 % 0.7%Other 5.9% 5.9% (5.3%) -2-2.7%%Cash 2.7% 2.7% (1.8%) 2 % 2.7%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)United KingdomGermany26.0% 13.9% (24.8%)(13.7%)-6-6.8%%0 % 0.9%France 9.6% (8.9%) -5-5.7%%Spain 6.7% (6.6%) 1 % 1.1%Switzerland 6.3% (6.1%) -5-5.8%%Netherlands 6.0% (5.8%) 2 % 2.1%Sweden 5.2% 5.2% (5.4%) 0 % 0.1%Italy 4.8% 4.8% 0 % 0.4%Other 18.6% (21.6%) 10 10.8% %Cash 2.9% 2.9% (2.0%) 2 % 2.9%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAVODAFONE GROUP 3.4%INDITEX 2.6%BP 2.6%GRIFOLS 2.2%BMW 2.2%BARCLAYS 2.2%NOVO-NORDISK B 2.0%UBS (REGD) 2.0%INTESA SANPAOLO PREFERRED 1.9%BNP PARIBAS 1.8%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking errorRelative volatility: 1.64Sharpe ratio: -0.32Alpha: -0.71Beta: 1.45R 2 : 0.78Tracking error: 17.84This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.20.0018.0016.0014.0012.0010.008.006.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX45

46cb.eu.201101.2767.pro.pdfFIDELITY FUNDSEUROPEAN DYNAMIC GROWTH FUND31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to achieve long-term capital growth, principally throughinvestment in an actively managed portfolio of companies that have theirhead office or exercise a predominant part of their activity in Europe. Thefund will typically have a bias towards medium sized companies with amarket capitalisation of between 1 and 10 billion Euros.PORTFOLIO CHARACTERISTICSThe portfolio manager is a pure bottom-up stock picker, unconstrained by hisas at 31.01.11benchmark, the MSCI Europe Index. The portfolio is fairly concentrated withbetween 60 to 65 holdings, whilst the geographical and sector allocations of the portfolio are a directresult of the stock picking process. The remit of the fund is to look at undervalued growth companiesfrom across Europe and across the market-capitalisation range.INVESTMENT STYLEThe portfolio manager works in conjunction with Fidelity’s equity sector research analysts to build theportfolio from the bottom-up. Decisions are based on Fidelity’s long-term internal forecasts usingdifferent valuation methods and rigorous financial modelling. The size of positions taken reflects theupside potential, the market cap, the level of liquidity and risk.The Buy criteria for the fund are:(1) Companies that will benefit from structural growth drivers,(2) Their intrinsic value is greater than market value,(3) They will operate in a market where the growth is greater than GDP by around 2/3 times,(4) There are high barriers to entry(5) Companies will have Return on Capital Employed (ROCE) greater than their Weighted AverageCost of Capital (WACC) or ROCE improving,(6) Companies have strong cash generation.Companies are sold when share price targets are reached; company and, or, industry fundamentalsdeteriorate; or better ideas can be found elsewhere.FUND FACTSFund manager:Fabio RiccelliLocation:LondonAppointed to fund:17.11.08Years at Fidelity:13Launch date:15.01.01Currency:EuroNAV price:€ 26.9412mnth NAV high:€ 27.8212mnth NAV low:€ 21.41Fund size:€ 521mBenchmark index:FF Dynamic Growth Blend*Bloomberg code:FIDEMCFISIN code:LU0119124781SEDOL number:7021703WK-Nummer:603474*MSCI Europe (N)PERFORMANCE YEAR BY YEAR26.2%23.1%18.1%21.6%25.3%31.9%28.7%30.9%1.0%2.9%-30.9%-27.9%-43.4%-43.7%35.9%31.6%22.6%11.1%02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 09.02.01Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 09.02.01Fund cumulative growth -0.1% -0.1% 22.6% 7.4% 12.9% - 35.5%200%Index cumulative growth 1.7% 1.7% 16.3% -5.3% 7.1% - 42.3%175%Fund annualised growth - - 22.6% 2.4% 2.5% - 3.1%150%Index annualised growth - - 16.3% -1.8% 1.4% - 3.6%Value of €2,000 invested - 1,898 2,330 2,041 2,146 - 2,575Ranking within Morningstar GIF Europe Large-Cap Growth EquityPosition of fund 10 10 8 8 9 1 1Total number of funds 30 30 29 23 23 14 14Quartile ranking 2 2 2 2 2 1 1125%100%75%50%12-0112-0212-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Index46

PxFcb.eu.201101.2767_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)Consumer DiscretionaryIndustrials 20.1% 16.3%(20.7%)(16.9%) 11.6% %5 % 5.0%Financials 14.8% (14.3%) -7-7.7%%Health Care 13.4% (13.8%) 4 % 4.0%Information Technology 11.6% (10.8%) 8 % 8.5%Materials 8.3% 8.3% (7.8%) -2-2.0%%Consumer Staples 6.3% 6.3% (6.3%) -5-5.3%%Energy 5.7% 5.7% (5.4%) -5-5.6%%Other 1.1% 1.1% (1.0%) -11.0%%Cash 2.4% 2.4% (2.8%) 2 % 2.4%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)United KingdomGermany26.3% 18.4% (25.0%)(18.2%)-6-6.5%%5 % 5.4%Switzerland 14.7% (15.6%) 2 % 2.6%Sweden 8.7% (8.8%) 3 % 3.6%France 7.6% (7.5%) -7-7.7%%Italy 5.3% (5.1%) 0 % 0.9%Denmark 4.3% 4.3% (4.4%) 2 % 2.8%Netherlands 3.8% 3.8% (3.7%) 0 -0.1% %Other 8.1% 8.1% (9.0%) -3-3.7%%Cash 2.6% 2.6% (2.9%) 2 % 2.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAHSBC HOLDINGS (UK REG) 5.1%TESCO 3.5%NOVO-NORDISK B 3.5%BHP BILLITON 3.2%ELEKTA 3.2%SCHINDLER HOLDING P/C 3.1%SAP 3.0%EXPERIAN 2.6%TOD’S SPA 2.3%DEUTSCHE BOERSE 2.3%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSS&P Fund RatingsFERI ratingA(B)VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error10.00Relative volatility: 1.01Sharpe ratio: 0.12Alpha: 0.36Beta: 0.93R 2 : 0.86Tracking error: 7.73This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.8.006.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX47

48FIDELITY FUNDSEUROPEAN GROWTH FUNDcb.eu.201101.2717.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in equity securities quoted on European stock exchanges.PORTFOLIO CHARACTERISTICSThis is a true stock-picking fund. The portfolio is built purely on a stock-bystockbasis with an unrestricted investment mandate. The fund managerinvests wherever he finds the most attractive investment opportunities andthis can mean that the fund differs significantly from its benchmark, the FTSEEurope Index, in terms of geographic and sector weightings. Bottom-upas at 31.01.11fundamental research is carried out with the support of Fidelity’s team of pan-European equity analysts, organised on an industry basis and through Fidelity’s worldwide researchnetwork.INVESTMENT STYLEThe manager’s investment style is neither “growth” nor “value”, as the manager sees them as thetwo sides of the same coin The research he conducts applies valuation techniques that draw fromboth styles so the stocks selected tend to show more of a blend characteristic, although at times theportfolio can be biased either way depending on the investment opportunities that arise.The manager is very much a bottom-up stockpicker, scouring the entire marketplace, irrespective ofcap size, to find the best opportunities. Stock selections can be grouped into one or more of thefollowing categories: cross industry valuation anomalies, unappreciated growth, recovery orturnaround situations, industry structural changes, franchise value or duration plays, and where themarket valuation is below the replacement value.The manager takes a truly global perspective in order to identify the international competitiveness ofEuropean businesses and builds an in-depth understanding of a company’s competitors, suppliers,distributors and competing technologies to support his views.In addition, the manager will monitor the overall portfolio composition that results from the bottomupconstruction by checking the resultant shape of the portfolio against macroeconomic trends. Thisprovides a good cross-check to the validity of the stocks selected and allows the manager to increaeconviction in the bottom-up analysis.FUND FACTSFund manager:Alexander ScurlockLocation:LondonAppointed to fund:01.01.07Years at Fidelity:17Launch date:01.10.90Currency:Euro (XDEM)NAV price:€ 10.1212mnth NAV high:€ 10.6212mnth NAV low:€ 8.33Fund size:€ 8,362mBenchmark index:European Growth Composite*Bloomberg code:FIDLEUIISIN code:LU0048578792SEDOL number:4404987WK-Nummer:973270*FTSE World EuropePERFORMANCE YEAR BY YEAR20.6%16.2%14.5%12.6%32.4%26.8%15.1%20.7%6.1%3.6%-10.5%-15.5%-18.5%-29.9%-45.6%-43.2%29.3%33.2%16.3%11.7%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 01.10.90Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth -1.5% -1.5% 17.6% -7.3% -6.6% 33.9% 666.4%1200%Index cumulative growth 1.9% 1.9% 17.2% -2.7% 3.9% 4.6% 478.8%1000%Fund annualised growth - - 17.6% -2.5% -1.4% 3.0% 10.5%800%Index annualised growth - - 17.2% -0.9% 0.8% 0.5% 9.0%Value of €2,000 invested - 1,872 2,234 1,762 1,774 2,545 14,564Ranking within Morningstar GIF Europe Large Cap Blend EquityPosition of fund 275 275 75 104 81 3 1Total number of funds 304 304 281 207 158 102 11Quartile ranking 4 4 2 3 3 1 1600%400%200%0%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index48

PxFcb.eu.201101.2717_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsBasic Materials 19.0% 16.5%(15.4%)(17.5%)-4-4.0%%6 % 6.6%Consumer Goods 14.8% (18.7%) 0 % 0.2%Oil & Gas 12.4% (10.7%) 1 % 1.4%Industrials 11.0% (11.1%) 0 -0.5% %Health Care 9.0% 9.0% (9.1%) 0 % 0.5%Consumer Services 7.2% 7.2% (7.8%) 0 % 0.9%Technology 4.5% 4.5% (4.3%) 1 % 1.6%Other 5.1% 5.1% (4.8%) -7-7.2%%Cash 0.4% 0.4% (0.6%) 0 % 0.4%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)United KingdomGermany30.8% 21.1% (32.7%)(21.9%)0 -0.3% %8 % 8.7%France 11.8% (9.2%) -4-4.7%%Switzerland 9.4% (9.3%) -2-2.0%%Netherlands 5.2% (4.7%) 1 % 1.5%USA 4.6% (4.4%) 4 % 4.6%Denmark 3.6% 3.6% (3.6%) 1 % 1.8%Belgium 3.0% 3.0% (3.2%) 1 % 1.7%Other 10.2% (10.4%) -11.6%%Cash 0.4% 0.4% (0.6%) 0 % 0.4%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAVODAFONE GROUP 4.0%SIEMENS 3.5%SAIPEM 2.6%NOVO-NORDISK B 2.5%UBS (REGD) 2.4%RIO TINTO 2.3%LVMH MOET HENNESSY LOUIS VUITTON 2.3%ROYAL DUTCH SHELL A (NL) 2.3%XSTRATA 2.2%ANGLO AMERICAN (UK) 2.2%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingS&P Fund Ratings★★★★AAVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 0.99Sharpe ratio: -0.13Alpha: -0.13Beta: 0.96R 2 : 0.93Tracking error: 5.44This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX49

50cb.eu.201101.2766.pro.pdfFIDELITY FUNDSEUROPEAN LARGER COMPANIES FUND31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to achieve long-term growth, primarily through investments inequity securities of larger European Companies.PORTFOLIO CHARACTERISTICSThe official name of the fund is “larger” not “large”. It should not beexpected to occupy the largest area of the market cap band - emphaticallynot a “mega cap” fund. The manager is a bottom-up investor looking atcompany fundamentals first and foremost when making an investmentas at 31.01.11decision. As such sector and country positioning are a residual of themanager’s stock picking approach, but the manager seeks to create a diversified portfolio investedacross all sectors. The portfolio is concentrated, with around 50 – 100 stocks.INVESTMENT STYLEThe manager searches for growth over the longer term. This means looking beyond the next quarterand even the next year. The manager’s style is differentiated by investing in companies that have alonger term competitive advantage and valuations upside and companies can be bought when thelong-term story is positive irrespective of the short-term outlook. The manager uses Fidelity’s researchteam to carry out detailed due-diligence of companies, and aims to create a diversified portfoliowhere performance is driven by stock selection.FUND FACTSFund manager:Matthew SiddleLocation:LondonAppointed to fund:01.10.10Years at Fidelity:12Launch date:16.09.02Currency:EuroNAV price:€ 28.5512mnth NAV high:€ 29.3812mnth NAV low:€ 24.42Fund size:€ 82mBenchmark index:MSCI Europe Index (NetLuxembourg tax)Bloomberg code:FIDEULCISIN code:LU0119124278SEDOL number:7430837WK-Nummer:722635PERFORMANCE YEAR BY YEAR17.2%15.3%15.7%12.2%26.0%26.1%18.4%19.6%2.7%20.2%31.6%5.8%11.1%■ Fund-0.8%-37.8%-43.7%03 04 05 06 07 08 09 10■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 16.09.02Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 16.09.02Fund cumulative growth 1.9% 1.9% 10.9% -10.1% -9.2% - 55.1%Index cumulative growth 1.7% 1.7% 16.3% -5.3% -0.5% - 59.3%Fund annualised growth - - 10.9% -3.5% -1.9% - 5.4%Index annualised growth - - 16.3% -1.8% -0.1% - 5.7%Value of €2,000 invested - 1,936 2,107 1,708 1,726 - 2,947220%200%180%160%140%Ranking within Morningstar GIF Europe Large Cap Blend EquityPosition of fund 71 71 240 143 99 - 32Total number of funds 304 304 281 207 158 - 123Quartile ranking 1 1 4 3 3 - 2120%100%80%12-0212-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Index50

PxFcb.eu.201101.2766_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsEnergy 19.3% 14.6%(18.8%)(12.8%)-3-3.2%%3 % 3.3%Consumer Discretionary 13.7% (13.0%) 5 % 5.2%Industrials 12.0% (13.8%) 0 % 0.7%Health Care 10.5% (10.3%) 1 % 1.1%Materials 9.3% 9.3% (9.7%) -1-1.0%%Consumer Staples 8.0% 8.0% (8.3%) -3-3.6%%Information Technology 4.9% 4.9% (5.2%) 1 % 1.8%Other 6.1% 6.1% (6.3%) -6-6.0%%Cash 1.7% 1.7% (1.9%) 1 % 1.7%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)United KingdomGermany47.1% 15.5% (47.1%)(15.4%)14 14.3% %2 % 2.5%France 12.8% (13.2%) -2-2.5%%Netherlands 7.2% (6.9%) 3 % 3.3%Italy 5.3% (5.1%) 0 % 0.9%Switzerland 4.3% (4.3%) -7-7.8%%Israel 1.4% 1.4% (1.4%) 1 % 1.4%Finland 1.2% 1.2% (1.3%) 0 -0.5% %Other 3.5% 3.5% (3.4%) -13.2%%Cash 1.7% 1.7% (1.9%) 1 % 1.7%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAROYAL DUTCH SHELL A (NL) 3.7%SANOFI-AVENTIS 3.7%ANGLO AMERICAN (UK) 3.4%HSBC HOLDINGS (UK REG) 3.3%SAP 2.7%BRITISH AMERICAN TOBACCO 2.7%BARCLAYS 2.5%ENI 2.3%VODAFONE GROUP 2.2%UBS (REGD) 2.1%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSS&P Fund RatingsTRVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error8.00Relative volatility: 0.92Sharpe ratio: -0.21Alpha: -0.17Beta: 0.89R 2 : 0.92Tracking error: 5.65This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.6.004.002.000.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX51

52cb.eu.201101.2586.pro.pdfFIDELITY FUNDSEUROPEAN SMALLER COMPANIES FUND31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in equity securities of small and medium-sized Europeancompanies.PORTFOLIO CHARACTERISTICSIt has been usual for growth stocks to account for more than 70% of theportfolio; the rest are recovery and value stocks. The fund manager’sinvestment criteria, particularly those relating to sales growth, visibility ofsales growth and strong cashflow, are mostly found in selected stocks withinas at 31.01.11growth sectors. These typically include technology, business services,outsourcing, entertainment and healthcare companies.It is the fund manager’s policy to hold around 10% of the portfolio in large blue chips, to provide aliquidity cushion. Furthermore, in order to ensure that there is adequate liquidity in the fund, thenumber of holdings tends to be relatively large - around 200. The fund is not very concentrated andthe top ten holdings only represent a small proportion of the portfolio. The fund manager tends tohold stocks for a relatively long period, typically 2 to 3 years.INVESTMENT STYLEThe fund manager picks stocks with specific characteristics. He has a strong preference forcompanies that are leaders in niche markets or that are in a position to achieve leadership. Thesecompanies often earn a substantially higher return on capital, and so are more profitable than weakerplayers in an industry. They can afford higher investment in research and development enabling themto maintain their leadership position and often enjoy economies of scale in production.The fund manager has a preference for companies whose profits growth is being driven by strongsales growth rather than by recovery in profit margins, and companies where there is good evidencethat sales growth could continue for several years. He also favours companies with solid balancesheets that generate strong free cash flow.Companies that are under-researched are of great interest to the fund manager. For example, acompany in a remote location or one that only a handful of brokers cover is more likely to be poorlyunderstood and therefore undervalued. The fund manager places great emphasis on Fidelity’s inhousecompany research.FUND FACTSFund manager:Colin StoneLocation:LondonAppointed to fund:28.12.95Years at Fidelity:24Launch date:01.12.95Currency:Euro (XDEM)NAV price:€ 27.1112mnth NAV high:€ 27.7712mnth NAV low:€ 19.96Fund size:€ 1,000mBenchmark index:HSBC European SmallerCompanies (internal calc usingdividend yield through12/31/01)Bloomberg code:FIDFESIISIN code:LU0061175625SEDOL number:B2NTDK8WK-Nummer:974609PERFORMANCE YEAR BY YEAR27.7%37.4%27.5%24.2%33.3%37.2%25.2%32.8%2.7%-29.3%-16.1%-34.3%-24.7%-5.8%-55.6%-51.3%62.6%59.1%32.0%25.6%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 28.12.95Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 28.12.95Fund cumulative growth 1.2% 1.2% 31.9% 9.0% 15.2% 20.4% 430.6%700%Index cumulative growth 1.0% 1.0% 24.5% 11.9% 15.6% 75.6% 355.2%600%Fund annualised growth - - 31.9% 2.9% 2.9% 1.9% 11.7%500%Index annualised growth - - 24.5% 3.8% 2.9% 5.8% 10.6%Value of €2,000 invested - 1,923 2,507 2,071 2,189 2,287 10,082Ranking within Morningstar GIF Europe Small-Cap EquityPosition of fund 10 10 11 25 13 12 2Total number of funds 61 61 60 53 39 24 8Quartile ranking 1 1 1 2 2 2 1400%300%200%100%12-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index52

PxFcb.eu.201101.2586_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Consumer Discretionary 20.2% (19.2%)Industrials 17.0% (17.1%)Financials 15.7% (16.3%)Information Technology 15.7% (16.1%)Materials 10.5% (10.3%)Health Care 9.2% 9.2% (9.6%)Energy 7.1% 7.1% (6.4%)Telecommunication Services 2.6% 2.6% (2.3%)Other 2.0% 2.0% (2.2%)Cash 0.1% 0.1% (0.5%)Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAUnited Kingdom 39.5% (38.0%)Germany 15.6% (15.4%)France 13.2% (13.2%)Switzerland 6.4% (6.1%)Sweden 2.9% (2.9%)Norway 2.7% (2.7%)Russia 2.4% 2.4% (2.3%)Netherlands 2.3% 2.3% (2.2%)Other 14.9% (16.7%)Cash 0.1% 0.1% (0.5%)Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNASELOGER.COM 1.8%GLOBEOP FINANCIAL SERVICES 1.8%INTERNATIONAL PERSONAL FINANCE 1.8%ETF LYXOR DJ EURO STOXX 50 1.7%INFORMA 1.6%ELEKTA 1.5%IG GROUP HOLDINGS 1.5%VZ HOLDING 1.4%TRAVIS PERKINS 1.4%IBS GROUP HOLDING GDR REGS 1.4%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSS&P Fund RatingsFERI ratingA(B)VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error10.00Relative volatility: 0.96Sharpe ratio: 0.16Alpha: -0.04Beta: 0.92R 2 : 0.90Tracking error: 8.24This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.8.006.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX53

54cb.eu.201101.3231.pro.pdfFIDELITY FUNDSEUROPEAN SPECIAL SITUATIONS FUND – A-EUR31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to achieve long-term capital growth by investing primarily inspecial situation shares of companies that have their head office or exercise apredominant part of their activity in Europe, including countries of Central,Southern and Eastern Europe (including Russia). Special situations stocksgenerally have valuations which are attractive in relation to net assets orearnings potential with additional factors which may have a positive influenceon the share price. The fund will have a mixture of investments in larger,medium and smaller sized companies. The manager is not restricted in hischoice of companies either by size or industry, and will choose stocks largelyas at 31.01.11determined by the availability of attractive investment opportunities.The fund may also invest in other transferable securities, units in collective investment schemes, MoneyMarket Instruments, cash and deposits. The fund may make extensive use of financial derivativeinstruments and use more complex derivative instruments or strategies. Financial derivative instrumentswill be used for investment purposes to achieve the investment objective of the fund. These instrumentsinclude but are not limited to futures, options, forwards, swaps, contracts for difference and currencyderivatives. The underlying exposures of derivatives include instruments such as (but not limited to)equities and cash.PORTFOLIO CHARACTERISTICSThe portfolio is a concentrated fund with a target range of 40-50 stocks. The fund has full UCITS IIIcapabilities and will use these on an opportunistic basis and also to hedge out country/market risk,especially while investing in Emerging European countries. The fund’s focus is on alpha generation,looking for stock specific returns on both the long and short side.The portfolio is constructed to combine large active positions in companies that offer “normal” rates ofreturn with lower risk, and smaller positions in companies that offer higher expected return, but also witha higher expected volatility.INVESTMENT STYLEThe portfolio manager employs a bottom up investment approach looking for companies that offer thegreatest risk-adjusted returns. He has a blended approach to investing and does not regard himself aseither a value or growth investor. In addition, the portfolio manager looks to adapt his approach to suitdifferent market environments, believing it is important to stay ahead of emerging opportunities.The portfolio managers’ ideas and stock selections come from a variety of sources. He likes to “cast hisnet far and wide” believing that the more stones you turn over, the more likely you are to findinteresting ideas. His sources include Fidelity research, talking to local brokers, hedge funds and longonly contacts and using his personal database. On top of this he also uses a quant model which flashesup stocks which are deep value and “unloved” by the street.Currently, stocks selected in the portfolio will fall into one or more of the following categories:• Pricing power in tight markets• Deep Value - stocks beaten up on expected bad news flow that could feasibly double in 4 years• Structural growth underestimated by market• Situations where a turnaround of a division or a subsidiary, that is depressing earnings or perception ofthe company, can lead to a rerating• Where a company could become a take-over target due to the potential synergies of the combinedcompaniesFUND FACTSFund manager:Parus ShahLocation:LondonAppointed to fund:01.10.08Years at Fidelity:13Launch date:21.01.08Currency:EuroNAV price:€ 10.0612mnth NAV high:€ 10.4912mnth NAV low:€ 8.14Fund size:€ 91mBenchmark index:MSCI Europe Index (NetLuxembourg tax)Bloomberg code:FFEUSPAISIN code:LU0329678501SEDOL number:B2NGF92PERFORMANCE YEAR BY YEAR26.0%31.6%18.3%11.1%■ Fund■ Index09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 21.01.08Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 21.01.08Fund cumulative growth -0.6% -0.6% 19.7% -8.4% - - 1.1%Index cumulative growth 1.7% 1.7% 16.3% -5.3% - - -1.2%Fund annualised growth - - 19.7% -2.9% - - 0.4%Index annualised growth - - 16.3% -1.8% - - -0.4%Value of €2,000 invested - 1,889 2,274 1,742 - - 1,921120%110%100%90%80%Ranking within Morningstar GIF Europe Large Cap Blend EquityPosition of fund 249 249 39 119 - - 119Total number of funds 304 304 281 207 - - 207Quartile ranking 4 4 1 3 - - 370%60%50%06-0812-0806-0912-0906-1012-10■ Fund■ Index54

PxFcb.eu.201101.3231_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsConsumer Discretionary 25.3% 21.2%(19.6%)(23.4%)2 % 2.8%12.7% %Industrials 12.3% (12.6%) 1 % 1.0%Energy 8.9% 8.9% (9.1%) -2-2.4%%Materials 8.9% 8.9% (14.3%) -1-1.4%%Consumer Staples 8.1% 8.1% (8.4%) -3-3.5%%Health Care 7.8% 7.8% (7.7%) -1-1.6%%Information Technology 4.4% 4.4% (3.3%) 1 % 1.3%Other 1.4% 1.4% (0.5%) -10.7%%Cash 1.6% 1.6% (1.0%) 1 % 1.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)United KingdomFrance32.6% 17.1% (35.4%)(13.8%)0 -0.2% %1 % 1.8%Germany 8.8% (11.8%) -4-4.2%%Switzerland 7.8% (7.6%) -4-4.3%%Italy 7.6% (5.8%) 3 % 3.2%Denmark 4.3% (4.3%) 2 % 2.8%USA 4.0% 4.0% (4.2%) 4 % 4.0%Norway 2.8% 2.8% 1 % 1.5%Other 13.4% (12.5%) -6-6.1%%Cash 1.6% 1.6% (1.0%) 1 % 1.6%EXPOSURES%Long Positions 108.7Short Positions -6.7Net Market Exposure 102.0Long positions:Positions in the fund are created through purchases of securities or derivativecontracts. Long positions profit from price increases in the holding and sufferlosses if the holding’s price falls. Long positions in derivative contracts benefitfrom price increases in the underlying asset and are adversely affected if theprice of the underlying asset falls.Short positions:Short positions in the fund are created through derivative contracts and canaffect the fund in two ways:1. they can allow the fund to profit from a fall in the price of an underlyingasset (although fund returns will be hurt if the price of the underlying assetrises)2. they can be used to commit to sell assets at a specified price in return fora payment. The payment is retained whether the assets are ultimately sold ornot.Net market exposure:A measure of the percentage of fund assets exposed to directional marketmoves. The measure is based on the assumption that assets behave like themarket in general. It is calculated by subtracting short positions from longpositions.Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNABNP PARIBAS 3.7%WPP 2.9%BRITISH AMERICAN TOBACCO 2.9%VIRGIN MEDIA (UK) 2.7%UBS (REGD) 2.6%NOVO-NORDISK B 2.6%SOCIETE GENERALE 2.5%SAIPEM 2.5%SCHNEIDER ELECTRIC 2.4%INTESA SANPAOLO 2.4%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Relative volatility: 1.08Sharpe ratio: -0.12Alpha: -0.06Beta: 1.03R 2 : 0.92Tracking error: 6.28This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX55

56FIDELITY FUNDSEURO BLUE CHIP FUNDcb.eu.201101.2730.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in blue chip equities in those countries which are membersof the Economic Monetary Union (EMU) and primarily denominated in Euro.Currently, these are the sixteen member countries but if other countries jointhe EMU in the future then investment in these countries may also beconsidered for inclusion in the fund.PORTFOLIO CHARACTERISTICSThe fund is a core Euroland equity fund which invests across the full marketas at 31.01.11capitalisation spectrum with a bias to ‘growth’. Under researched stocks existin all cap bands. The manager considers ‘blue chip’ companies to be defined by quality, not size. Shefocuses on companies with three qualities: sustainable business model; proven management trackrecord; and internal, rather than macro, growth drivers.The portfolio will typically contain 50 to 100 holdings, and aims for a fund turnover well below 100%.The fund manager has the freedom to manage without any committee compromises, unconstrainedby benchmark sector or geographic weightings, ensuring consistency in the style and sticking to thediscipline of her five ‘golden rules’ for an investment thesis.INVESTMENT STYLEThe fund manager constructs her portfolio from the bottom, without geographical, sector or stockbet constraints. She has a tendency to growth, looking solely for companies with ‘growth from within,’in a market she believes is semi-efficient. In this market she finds investment opportunities in themesof: supply/demand imbalance; insufficiently recognised roll out potential; structural growth; andrestructuring opportunities. She is an active investor and will not buy unless her five ‘golden rules’ aresatisfied - namely:Buy discipline:• Fidelity analysts’ earnings estimates are above the ‘street’• Management with good track record and clear vision of its goal• Positive free cash flow generation and reinvestment above the cost of capital• Anticipated positive news flow• Reasonable valuationSell discipline: buy criteria are no longer metFUND FACTSFund manager:Alexandra HartmannLocation:London/FrankfurtAppointed to fund:01.01.07Years at Fidelity:17Launch date:30.09.98Currency:Euro (XXEU)NAV price:€ 15.1512mnth NAV high:€ 15.3112mnth NAV low:€ 12.40Fund size:€ 491mBenchmark index:MSCI EMU Index (NetLuxembourg tax)Bloomberg code:FIDFEBIISIN code:LU0088814487SEDOL number:5723465WK-Nummer:988525PERFORMANCE YEAR BY YEAR18.7%19.1%10.9%12.7%28.8%25.4%16.5%21.9%8.8%7.8%-20.7%-18.3%-29.8%-33.8%-42.5%-44.9%23.4%27.3%9.0%2.4%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 30.09.98Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 30.09.98Fund cumulative growth 2.1% 2.1% 16.8% -9.8% -5.0% -3.0% 61.1%225%Index cumulative growth 4.5% 4.5% 12.3% -13.7% -5.1% -11.4% 47.8%200%Fund annualised growth - - 16.8% -3.4% -1.0% -0.3% 3.9%175%Index annualised growth - - 12.3% -4.8% -1.0% -1.2% 3.2%Value of €2,000 invested - 1,940 2,219 1,715 1,805 1,844 3,060Ranking within Morningstar GIF Eurozone Lrg Cap Eq(Lux, Fra, Ger)Position of fund 402 402 56 153 133 32 13Total number of funds 496 496 474 401 326 171 84Quartile ranking 4 4 1 2 2 1 1150%125%100%75%12-9812-0012-0212-0412-0612-0812-10■ Fund■ Index56

PxFcb.eu.201101.2730_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsIndustrials 25.8% 19.3%(21.3%)(19.5%)2 % 2.5%6 % 6.1%Consumer Discretionary 11.9% (17.5%) 0 % 0.4%Health Care 8.9% 8.9% (9.1%) 3 % 3.4%Materials 8.2% 8.2% (8.0%) 0 -0.6% %Energy 6.6% 6.6% (9.0%) -1-1.2%%Utilities 5.2% 5.2% (4.1%) -3-3.7%%Information Technology 3.8% 3.8% (4.5%) 0 -0.8% %Other 5.2% 5.2% (6.9%) -11.0%%Cash 4.9% 4.9% (0.2%) 4 % 4.9%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)GermanyFrance36.8% 19.9% (36.9%)(22.0%)9 % 9.3%-12.7%%Italy 7.1% (10.1%) -2-2.2%%Netherlands 6.3% (8.3%) -2-2.1%%Spain 5.5% (4.6%) -6-6.4%%Switzerland 5.4% (4.7%) 5 % 5.4%Denmark 3.8% 3.8% (3.5%) 3 % 3.8%Belgium 3.0% 3.0% (4.1%) 0 % 0.0%Other 6.9% 6.9% (5.7%) 0 -0.5% %Cash 5.3% 5.3% (0.2%) 5 % 5.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNASIEMENS 4.5%SAP 3.8%ING GROEP 3.8%BASF 3.3%NOVO-NORDISK B 3.3%SOCIETE GENERALE 3.2%BNP PARIBAS 3.0%SAIPEM 2.9%ALLIANZ 2.9%BAYER 2.7%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingS&P Fund RatingsFERI rating★★★★A(B)VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error8.00Relative volatility: 0.93Sharpe ratio: -0.15Alpha: 0.07Beta: 0.90R 2 : 0.94Tracking error: 5.71This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.6.004.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX57

58FIDELITY FUNDSEURO STOXX 50 FUNDcb.eu.201101.2735.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEFUND FACTSas at 31.01.11Aims to replicate the performance of the EURO STOXX 50 SM Index as far asthis is reasonably and legally practicable. The fund manager’s policy forachieving this objective is by the utilisation of replication methodology. Thefund manager will aim to hold mainly all securities that represent the EUROSTOXX 50 SM Index. In order to achieve the investment objective, the fundmanager will utilise stock index futures.We often make use of equity index futures contracts to efficiently manage thefund. Because futures contracts are employed, the cash position should notbe used to assess the fund’s exposure to the securities market.Fund manager:Raheel AltafLocation:LondonAppointed to fund:31.07.09Years at Fidelity:9Launch date:03.11.98Currency:Euro (XDEM)NAV price:€ 8.7812mnth NAV high:€ 8.89Benchmark index:Euro STOXX 50 SM Index*ISIN code:LU0069450319SEDOL number:5380053WK-Nummer:986380EURO STOXX 50 is a mark ofSTOXX LIMITED and has beenlicensed for certain purposes byFidelity Funds. EURO STOXX 50Index is owned by STOXXLIMITED. The name of the indexis a service mark of STOXXLIMITED and has been licensedfor certain purposes by FidelityFunds. © 1998 by STOXXLIMITED. All rights reserved.12mnth NAV low:€ 7.43Fund size:€ 240mPERFORMANCE YEAR BY YEAR17.0%18.4%9.0%9.4%23.0%24.3%17.4%18.1%8.8%9.6%24.4%25.7%-19.8%-19.2%-36.4%-36.1%-42.2%-42.4%-3.0%-2.8%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 03.11.98Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 03.11.98Fund cumulative growth 5.8% 5.8% 9.6% -14.7% -8.7% -24.6% 23.2%Index cumulative growth 6.0% 6.0% 9.9% -13.6% -6.6% -20.0% 32.4%Fund annualised growth - - 9.6% -5.2% -1.8% -2.8% 1.7%Index annualised growth - - 9.9% -4.8% -1.4% -2.2% 2.3%Value of €2,000 invested - 2,116 2,193 1,706 1,826 1,508 2,464200%180%160%140%120%Ranking within Morningstar GIF Eurozone Large Cap EquityPosition of fund 15 15 109 71 48 32 9Total number of funds 163 163 150 118 95 49 19Quartile ranking 1 1 3 3 3 3 2100%80%60%12-9812-0012-0212-0412-0612-0812-10■ Fund■ Index58

PxFcb.eu.201101.2735_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsIndustrials 28.5% 10.7%(26.5%)(11.1%)0 -0.6% %0 -0.3% %Utilities 9.5% 9.5% (9.3%) 0 -0.2% %Energy 9.1% 9.1% (9.0%) 0 -0.2% %Telecommunication Services 8.4% 8.4% (8.5%) 0 -0.2% %Consumer Staples 7.8% 7.8% (8.4%) 0 -0.2% %Consumer Discretionary 7.1% 7.1% (7.5%) 0 -0.2% %Materials 6.7% 6.7% (7.4%) 0 -0.2% %Other 10.0% (10.4%) 0 -0.1% %Cash 2.2% 2.2% (1.9%) 2 % 2.2%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to industry remains in “other” and is therefore notrepresented in the rest of the categories. The cash position should not be used to assess the fund’s exposure to the securities market as any cash balance is typicallyequitised with equity index futures contracts. This is done to efficiently manage cashflows into the fund at reduced costs. The industry weightings therefore more closelymatch the index weightings when the exposure provided by such equity index futures contracts is accounted for.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FranceGermany36.1% 29.2% (36.3%)(29.9%)-1-1.0%%0 -0.7% %Spain 13.7% (13.0%) 0 -0.2% %Italy 9.2% (8.8%) 0 -0.3% %Netherlands 5.2% (5.4%) 0 -0.1% %Belgium 1.8% (2.0%) 0 % 0.0%Finland 1.7% 1.7% (1.8%) 0 -0.1% %Other 0.8% 0.8% (0.7%) 0 % 0.0%Cash 2.3% 2.3% (2.1%) 2 % 2.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geography remains in “other” and is therefore notrepresented in the rest of the categories. The cash position should not be used to assess the fund’s exposure to the securities market as any cash balance is typicallyequitised with equity index futures contracts. This is done to efficiently manage cashflows into the fund at reduced costs. The geographic weightings therefore more closelymatch the index weightings when the exposure provided by such equity index futures contracts is accounted for.TOP SECURITY HOLDINGSas at 31.01.11% TNATOTAL 5.6%SIEMENS 4.7%BANCO SANTANDER 4.4%TELEFONICA 4.3%SANOFI-AVENTIS 3.3%BNP PARIBAS 3.2%BASF 3.0%E.ON 2.9%DAIMLER 2.8%ALLIANZ 2.7%Top security holdings are those securities in which the largest percentage of the fund’s total assets are invested. Holdings in different securities issued by the samecompany are listed separately and any exposure achieved by derivatives is not shown. This means that the data may not always represent the total exposure of the portfolioto any given company. A full list of holdings, including derivatives, can be found in the fund’s annual and/or semi-annual report and accounts. The cash position should notbe used to assess the fund’s exposure to the securities market as any cash balance is typically equitised with equity index futures contracts. This is done to efficientlymanage cashflows into the fund at reduced costs. The top security holdings weightings therefore more closely match the index weightings when the exposure provided bysuch equity index futures contracts is accounted for.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error2.00Relative volatility: 1.00Sharpe ratio: -0.20Alpha: -0.03Beta: 1.00R 2 : 1.00Tracking error: 0.54This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.0.00-2.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX59

60FIDELITY FUNDSFRANCE FUNDcb.eu.201101.2753.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in French equity securities.PORTFOLIO CHARACTERISTICSThe fund may be invested across small, medium-sized and larger companies,but there is likely to be a bias towards smaller companies compared to thebenchmark index. Exposure to an industry sector will generally not be morethan 5% higher or lower than its weighting in the index. The portfolio is likelyto be relatively concentrated, with around 40 holdings. Consequently, theas at 31.01.11fund will at times deviate significantly from the benchmark index at stock leveland thus deviate from the performance of the benchmark index.INVESTMENT STYLEThe fund manager is based in Paris, and focuses on smaller companies in the French market. In thisrespect, the manager has identified a core investment universe of more than 200 companies with amarket capitalisation below €1 billion.The fund manager uses strategic local knowledge of companies to take advantage of inefficiencies inthe lower end of the market capitalisation scale. For example, 45% of the fund’s assets undermanagement may be invested in small-cap stocks, compared to 3% of the benchmark index.In order to build conviction and therefore stock positions relative to the benchmark index, the fundmanager concentrates on several investment concepts. These include: turnaround stories; companieswith long-term growth prospects, companies benefiting from a strong franchise; stocks with attractivevaluations discounts; and companies likely to benefit from an industry rationalisation.FUND FACTSFund manager:Vincent DurelLocation:ParisAppointed to fund:01.01.07Years at Fidelity:7Launch date:01.10.90Currency:Euro (XFRF)NAV price:€ 37.0212mnth NAV high:€ 37.5712mnth NAV low:€ 30.53Fund size:€ 272mBenchmark index:France Fund Composite*Bloomberg code:FIDLFRIISIN code:LU0048579410SEDOL number:4404998WK-Nummer:973260*SBF 250 (Net FR)PERFORMANCE YEAR BY YEAR15.8%20.0%19.6%11.8%34.7%28.5%22.2%22.6%10.1%3.1%-23.6%-19.8%-33.1%-29.9%-40.9%-40.9%28.1%29.0%5.6%3.2%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 01.10.90Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth 3.2% 3.2% 12.7% -3.5% 5.9% 7.3% 400.3%700%Index cumulative growth 4.6% 4.6% 12.5% -5.1% -1.2% -0.5% 389.9%600%Fund annualised growth - - 12.7% -1.2% 1.2% 0.7% 8.2%500%Index annualised growth - - 12.5% -1.7% -0.3% -0.1% 8.1%Value of €2,000 invested - 1,960 2,142 1,833 2,013 2,040 9,507Ranking within Morningstar GIF France Large Cap Eq(Lux & France)Position of fund 148 148 48 47 17 12 1Total number of funds 189 189 185 167 154 118 40Quartile ranking 4 4 2 2 1 1 1400%300%200%100%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index60

PxFcb.eu.201101.2753_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsConsumer Goods 21.4% 19.8%(18.9%)(22.8%)3 % 3.0%5 % 5.2%Industrials 17.5% (16.0%) 1 % 1.6%Oil & Gas 11.5% (10.8%) 0 -0.2% %Consumer Services 7.9% 7.9% (9.7%) -3-3.5%%Health Care 7.6% 7.6% (6.7%) 0 -0.4% %Basic Materials 7.1% 7.1% (6.4%) 0 % 0.5%Utilities 5.2% 5.2% (4.9%) -1-1.5%%Other 1.9% 1.9% (3.6%) -4-4.8%%Cash 0.0% 0.0% (0.2%) 0 % 0.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FranceOther99.7% 0.5%(99.8%)(0.0%)0 % 0.3%0 -0.1% %Cash 0.0% (0.2%) 0 % 0.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNATOTAL 8.7%BNP PARIBAS 6.5%GDF SUEZ 5.2%SANOFI-AVENTIS 4.7%CHRISTIAN DIOR 4.6%SCHNEIDER ELECTRIC 4.1%SOCIETE GENERALE 4.0%L’OREAL 3.8%AIR LIQUIDE 3.4%ST GOBAIN 2.5%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingS&P Fund Ratings★★★★AVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error4.00Relative volatility: 0.94Sharpe ratio: -0.05Alpha: 0.03Beta: 0.94R 2 : 0.98Tracking error: 2.97This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.2.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX61

62FIDELITY FUNDSGERMANY FUNDcb.eu.201101.2754.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in German equity securities.PORTFOLIO CHARACTERISTICSThe fund invests across the market cap range but with a bias towards smalland medium sized companies. The portfolio is biased towards growth stocksand is relatively concentrated with around 35-40 individual holdings. The fundhas a turnover of around 75% and is scalable.as at 31.01.11INVESTMENT STYLEThe investment discipline of the fund is bottom-up, focusing on the quality of individual companiesrather than sectors. The fund looks exclusively for companies that have ‘growth from within’ andprovide an absolute upside. The fund has very active positions, with limited consideration of sectorweights.FUND FACTSFund manager:Christian Von EngelbrechtenLocation:LondonAppointed to fund:01.01.11Years at Fidelity:6Launch date:01.10.90Currency:Euro (XDEM)NAV price:€ 27.8912mnth NAV high:€ 28.1812mnth NAV low:€ 21.23Fund size:€ 813mBenchmark index:Germany Comp*Bloomberg code:FIDLGEIISIN code:LU0048580004SEDOL number:4341125WK-Nummer:973283*HDAXPERFORMANCE YEAR BY YEAR36.1%38.5%13.3%8.2%31.5%27.7%19.2%22.7%20.0%20.6%-23.1%-18.2%-44.3%-42.6%-43.5%-41.6%22.2%25.0%21.6%17.6%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth 0.9% 0.9% 28.3% 1.0% 13.0% 3.2% 347.5%Index cumulative growth 2.1% 2.1% 26.6% 3.1% 22.8% 10.7% 360.1%Fund annualised growth - - 28.3% 0.3% 2.5% 0.3% 7.6%Index annualised growth - - 26.6% 1.0% 4.2% 1.0% 7.8%Value of €2,000 invested - 1,917 2,437 1,919 2,147 1,960 8,504PERFORMANCE SINCE 01.10.90600%500%400%300%Ranking within Morningstar GIF Germany Lrg Cap Eq (Lux & German)Position of fund 56 56 22 39 44 25 7Total number of funds 78 78 72 62 57 53 21Quartile ranking 3 3 2 3 4 2 2200%100%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index62

PxFcb.eu.201101.2754_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)IndustrialsConsumer Discretionary 19.9% 18.8%(19.7%)(22.4%)1 % 1.2%3 % 3.9%Materials 17.3% (17.0%) 2 % 2.5%Financials 14.6% (9.8%) -2-2.6%%Health Care 9.6% 9.6% (10.0%) 0 -0.5% %Information Technology 8.5% 8.5% (7.6%) 0 % 0.3%Utilities 3.1% 3.1% (4.2%) -6-6.3%%Telecommunication Services 2.6% 2.6% (2.7%) -1-1.5%%Other 2.5% 2.5% (3.5%) 0 -0.2% %Cash 3.2% 3.2% (3.3%) 3 % 3.2%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)GermanySwitzerland91.0% 2.1%(92.1%)(1.3%)-7-7.8%%2 % 2.0%Italy 1.5% (1.0%) 1 % 1.5%Denmark 1.4% (1.3%) 1 % 1.4%Other 0.6% (0.8%) 0 -0.4% %Cash 3.4% (3.6%) 3 % 3.4%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNASIEMENS 9.5%BASF 7.7%SAP 7.2%ALLIANZ 6.2%DEUTSCHE BANK 5.5%BAYER 4.8%LINDE 4.5%DAIMLER 4.2%VOLKSWAGEN PREFERRED 3.3%E.ON 3.1%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 1.02Sharpe ratio: 0.05Alpha: -0.05Beta: 1.00R 2 : 0.97Tracking error: 4.41This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX63

64FIDELITY FUNDSIBERIA FUNDcb.eu.201101.2755.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEas at 31.01.11OBJECTIVEInvests principally in Spanish and Portuguese equity securities.PORTFOLIO CHARACTERISTICSThe portfolio is relatively concentrated among a few major holdings, butachieves diversification through a larger collection of individual positions in aportfolio of around 25-40 stocks. There is no bias towards or against anyspecific industry and the typical investment horizon is approximately 18months. The fund may also be invested across large-, medium-sized andsmaller companies.INVESTMENT STYLEThe stocks held result from bottom-up, fundamental analysis and therefore the market environmentand market opportunities determine the style and positioning of the fund. In general, the fund has a“go-anywhere” investment style, and is free to invest in both growth and value stocks. The portfoliotends to be structured around a core of high-quality companies with stable and predictable returncharacteristics, combined with special situations, which are believed to represent good value due totheir turnaround/recovery potential. Sector weights will be the result of stock picking. Nevertheless,the fund’s sector exposure will be monitored in order to ensure risk is kept within acceptable limits.FUND FACTSFund manager:Firmino MorgadoLocation:LondonAppointed to fund:01.09.06Years at Fidelity:9Launch date:01.10.90Currency:Euro (XESP)NAV price:€ 45.5712mnth NAV high:€ 49.6912mnth NAV low:€ 37.92Fund size:€ 135mBenchmark index:Iberia Composite Index*Bloomberg code:FIDLIBIISIN code:LU0048581077SEDOL number:4341147WK-Nummer:973264*80% MSCI Spain (N), 20% MSCIPortugal (N)PERFORMANCE YEAR BY YEAR27.5%29.5%21.7%18.9%30.2%19.0%35.7%33.4%19.9%11.9%40.3%38.7%-10.1%-7.0%-17.2%-28.1%-44.4%-40.1%-11.7%-14.2%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 01.10.90Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth 7.0% 7.0% -0.5% -15.7% 13.7% 67.5% 714.6%1200%Index cumulative growth 9.6% 9.6% 2.9% -10.3% 13.2% 29.5% 657.5%1000%Fund annualised growth - - -0.5% -5.5% 2.6% 5.3% 10.9%800%Index annualised growth - - 2.9% -3.5% 2.5% 2.6% 10.5%Value of €2,000 invested - 2,033 1,892 1,602 2,161 3,183 15,480Ranking within Morningstar GIF Spain Equity (Lux & Spain)Position of fund 97 97 103 87 25 7 1Total number of funds 119 119 116 107 99 66 2Quartile ranking 4 4 4 4 2 1 -600%400%200%0%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index64

PxFcb.eu.201101.2755_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsConsumer Discretionary 24.9% 16.6%(24.0%)(15.8%)-12.1%%13.0% %Materials 11.7% (11.9%) 10.5% %Energy 11.5% (11.8%) 3 % 3.9%Utilities 7.2% 7.2% (7.2%) -9-9.1%%Health Care 6.7% 6.7% (6.8%) 6 % 6.3%Consumer Staples 5.8% 5.8% (6.8%) 3 % 3.6%Information Technology 5.8% 5.8% 4 % 4.6%Other 8.0% 8.0% (8.5%) -22.5%%Cash 1.8% 1.8% (0.8%) 1 % 1.8%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)SpainPortugal80.1% 16.4% (79.9%)(17.3%)0 % 0.1%-3-3.6%%Other 1.7% (0.8%) 1 % 1.7%Cash 1.8% (0.8%) 1 % 1.8%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAINDITEX 6.8%BANCO BILBAO VIZCAYA ARGENTARIA 6.3%BANCO POPULAR ESPANOL (REGD) 5.1%REPSOL 4.9%BANCO SANTANDER 4.6%GRIFOLS 4.4%GALP ENERGIA SGPS 3.8%INDRA SISTEMAS 3.1%PORTUCEL EMPRESA PRODUTORA 3.0%GESTEVISION TELECINCO 2.8%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error12.00Relative volatility: 1.09Sharpe ratio: -0.15Alpha: -0.12Beta: 1.01R 2 : 0.87Tracking error: 9.77This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.10.008.006.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX65

66FIDELITY FUNDSITALY FUNDcb.eu.201101.2756.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in Italian equity securities.PORTFOLIO CHARACTERISTICSThe manager does not have a style tilt, but is biased towards small- and midcapstocks. He expects the portfolio to contain 30 - 50 stocks, with stockpicking determining sector exposure, rather than any adherence tobenchmark weightings.as at 31.01.11INVESTMENT STYLEThe portfolio is constructed on a stock-by-stock basis based upon bottom-up, fundamental analysis.The manager takes a contrarian approach to investing. He analyses a business from many differentangles, preferring the ‘Porters 5 Forces’ method of reviewing the substitutes, new entrants, suppliersand customers of a company’s product. Within this method the manager is particularly focussed onlooking for “change” that the market has failed to incorporate in its company analysis. This approachto change includes looking at cyclical patterns, the competitive outlook, a company’s structure,market perception of a company and/or its sector and valuation indicators; in particular, he looks forsituations where his perception goes against market consensus. All potential buy opportunities thathave been identified are continually assessed using FIL’s fundamental earnings and valuation models.A top-down overlay is applied to this bottom-up approach.FUND FACTSFund manager:Alberto ChiandettiLocation:MilanAppointed to fund:01.10.08Years at Fidelity:5Launch date:01.10.90Currency:Euro (XITL)NAV price:€ 27.6512mnth NAV high:€ 27.9212mnth NAV low:€ 21.43Fund size:€ 231mBenchmark index:Italy Blend*Bloomberg code:FIDLITIISIN code:LU0048584766SEDOL number:4341169WK-Nummer:973262*MSCI Italy 10/40PERFORMANCE YEAR BY YEAR18.4%14.7%23.3%22.9%37.4%16.0%33.5%23.6%39.1%25.3%-18.2%-23.3%-15.1%-21.0%-8.8%-4.5%-50.3%-46.0%-0.7%-9.5%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 01.10.90Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth 7.7% 7.7% 11.8% -14.2% -16.5% 21.5% 502.0%1200%Index cumulative growth 8.9% 8.9% 3.7% -24.6% -24.2% -23.4% 245.9%1000%Fund annualised growth - - 11.8% -5.0% -3.5% 2.0% 9.2%800%Index annualised growth - - 3.7% -9.0% -5.4% -2.6% 6.3%Value of €2,000 invested - 2,046 2,124 1,630 1,588 2,308 11,440Ranking within Morningstar GIF Equity ItalyPosition of fund 10 10 4 6 1 1 1Total number of funds 36 36 33 27 20 15 1Quartile ranking 2 2 1 1 1 1 -600%400%200%0%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index66

PxFcb.eu.201101.2756_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsConsumer Discretionary 40.0% 14.5%(36.3%)(18.3%)0 % 0.0%3 % 3.6%Energy 12.9% (14.0%) 1 % 1.3%Industrials 11.6% (11.1%) -2-2.4%%Utilities 10.0% (9.6%) -4-4.9%%Consumer Staples 6.2% 6.2% (6.2%) 2 % 2.0%Health Care 3.2% 3.2% (3.7%) 3 % 3.2%Other 0.5% 0.5% (0.6%) -3-3.8%%Cash 1.1% 1.1% (0.3%) 1 % 1.1%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)ItalySpain94.3% 2.2%(96.4%)(1.1%)-5-5.7%%2 % 2.2%Germany 1.0% (1.2%) 1 % 1.0%Other 1.3% (1.0%) 1 % 1.3%Cash 1.1% (0.3%) 1 % 1.1%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAUNICREDIT 9.7%INTESA SANPAOLO 8.6%ENI 8.0%MEDIOBANCA SPA 5.5%ENEL 4.9%PARMALAT 4.8%PRYSMIAN 4.7%SAIPEM 4.1%MEDIOLANUM 3.5%FIAT 2.8%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar Rating★★★★VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error10.00Relative volatility: 1.07Sharpe ratio: -0.12Alpha: 0.41Beta: 1.04R 2 : 0.96Tracking error: 5.86This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.8.006.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX67

68FIDELITY FUNDSNORDIC FUNDcb.eu.201101.2720.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in equity securities quoted on the stock exchanges inFinland, Norway, Denmark, Sweden.PORTFOLIO CHARACTERISTICSThe fund manager follows a flexible, opportunistic style without a stronggrowth or value bias. Ideally, he aims to identify good quality companiestrading at a discount to their intrinsic value where the medium term outlookprovides some prospect of a narrowing of the valuation discrepancy.as at 31.01.11The approach is primarily one of “bottom-up” stock picking, supplemented with a top downreasonableness check on resulting sector and country weights. He searches for ideas from as manysources as possible - both internal and external to Fidelity - and supplements research with his owndue diligence. He takes advantage of Fidelity’s global research to better understand the competitivelandscape in which companies operate.The portfolio will typically hold 30-50 stocks.INVESTMENT STYLEThe fund manager looks for two of the following three criteria to be met in order for a stock to qualifyfor inclusion in the portfolio.• Quality: The company should demonstrate an enduring competitive advantage, which will allow itto deliver returns well in excess of its cost of capital on a sustainable basis.• Momentum: There should be reason to believe that the earnings (or appropriate value driver) willsurprise positively in the near to medium term.• Valuation: Valuation should be attractive versus longer term averages.FUND FACTSFund manager:Jonathan OgierLocation:LondonAppointed to fund:01.05.09Years at Fidelity:12Launch date:01.10.90Currency:Swedish KronaNAV price:SEK 592.9012mnth NAV high:SEK 615.4012mnth NAV low:SEK 521.90Fund size:SEK 2,309mBenchmark index:FTSE Nordic IndexBloomberg code:FIDLNDIISIN code:LU0048588080SEDOL number:4341200WK-Nummer:973277PERFORMANCE YEAR BY YEAR14.1%20.4%23.1%18.2%39.9%38.6%16.6%20.4%15.6%14.3%-20.2%-21.0%-32.8%-38.3%-48.7%-43.3%34.1%39.1%16.8%19.9%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 01.10.90Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth -2.9% -2.9% 9.9% -9.9% 4.1% 8.8% 1,140.9%Index cumulative growth -1.4% -1.4% 16.8% 7.2% 27.8% 26.2% 930.8%Fund annualised growth - - 9.9% -3.4% 0.8% 0.9% 13.2%Index annualised growth - - 16.8% 2.4% 5.0% 2.4% 12.2%Value of SEK15,000 invested - 13,841 15,657 12,844 14,830 15,512 176,8431750%1500%1250%1000%750%Ranking within Morningstar GIF Nordic Equity (Lux, Nor & Swe)Position of fund 29 29 41 45 30 33 3Total number of funds 54 54 54 46 32 33 9Quartile ranking 3 3 3 4 4 4 2500%250%0%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index68

PxFcb.eu.201101.2720_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)IndustrialsFinancials 26.5% 23.6%(28.0%)(21.9%)2 % 2.8%0 -0.4% %Health Care 13.4% (13.5%) 3 % 3.7%Consumer Goods 10.4% (10.2%) 2 % 2.6%Technology 8.1% 8.1% (8.2%) -1-1.8%%Oil & Gas 6.0% 6.0% (4.3%) -1-1.1%%Telecommunications 5.4% 5.4% (5.7%) 0 % 0.2%Consumer Services 5.3% 5.3% (5.5%) 1 % 1.7%Other 1.2% 1.2% (1.2%) -7-7.9%%Cash 0.0% 0.0% (1.5%) 0 % 0.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)SwedenDenmark50.5% 22.7% (48.8%)(23.3%)0 -0.7% %4 % 4.5%Norway 14.8% (15.4%) 0 % 0.8%Finland 6.3% (6.9%) -10.2%%Switzerland 5.0% (3.2%) 5 % 5.0%Other 0.8% (0.8%) 0 % 0.8%Cash 0.0% 0.0% (1.5%) 0 % 0.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNANOVO-NORDISK B 8.7%NORDEA BANK 7.3%ERICSSON (LM) TELEFON B 5.3%ASSA ABLOY B 3.6%TELENOR AS 3.5%SVENSKA CELLULOSA B 3.5%SWEDBANK A 3.5%DANSKE BANK 3.4%SCHINDLER HOLDING P/C 3.0%DNB NOR 3.0%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error8.00Relative volatility: 0.96Sharpe ratio: -0.10Alpha: -0.47Beta: 0.93R 2 : 0.94Tracking error: 5.91This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.6.004.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX69

70FIDELITY FUNDSSWITZERLAND FUNDcb.eu.201101.2762.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in Swiss equities.PORTFOLIO CHARACTERISTICSThe portfolio is relatively concentrated with 30-45 holdings. This is partly theresult of the underlying index concentration. There is no bias to specificsectors, stock selection being carried out on a bottom-up basis.INVESTMENT STYLEas at 31.01.11The fund manager does not have a strong style bias, but rather looks toadapt to different market conditions.In broad terms, the fund manager looks for companies that offer a combination of the followingfactors; Quality, Momentum and Value. For a company to be selected for the portfolio it shouldsatisfy at least two out of the three factors.For “quality” the fund manager considers factors such as competitive advantage, market opportunityand the quality of the management. For “momentum” The fund manger looks at the outlook forearnings (or the correct valuation driver) and decides whether they are likely to surprise on the upsideover the next 6-12 months. Alternatively he will consider the likelihood of changes taking place whichcould lead to a re-rating e.g. M&A or restructuring. For “Value” the fund manager looks forvaluations which are attractive relative to history, peers and/or the market, using metrics such as Priceto Earnings or Price to Book.FUND FACTSFund manager:Jonathan OgierLocation:LondonAppointed to fund:01.04.08Years at Fidelity:12Launch date:13.02.95Currency:Swiss FrancNAV price:CHF 39.5512mnth NAV high:CHF 42.2112mnth NAV low:CHF 35.63Fund size:CHF 500mBenchmark index:Switzerland Composite*Bloomberg code:FIDSWLIISIN code:LU0054754816SEDOL number:4341868WK-Nummer:974066*MSCI Switzerland (N)PERFORMANCE YEAR BY YEAR36.4%19.9%7.6%5.7%34.7%34.8%18.8%18.0%4.1%-23.6%-28.2%-33.5%-25.1%-2.4%-36.9%-34.7%20.5%21.7%2.9%0.8%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 13.02.95Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 13.02.95Fund cumulative growth 0.2% 0.2% 4.1% -12.0% -5.3% -2.2% 295.5%600%Index cumulative growth 0.5% 0.5% 2.8% -10.9% -9.9% -14.4% 171.2%500%Fund annualised growth - - 4.1% -4.2% -1.1% -0.2% 9.0%400%Index annualised growth - - 2.8% -3.8% -2.1% -1.5% 6.4%Value of CHF2,500 invested - 2,379 2,472 2,091 2,250 2,324 9,394Ranking within Morningstar GIF Switzerland Large Cap EquityPosition of fund 39 39 28 29 18 3 1Total number of funds 52 52 47 41 37 22 8Quartile ranking 3 3 3 3 2 1 1300%200%100%0%12-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index70

PxFcb.eu.201101.2762_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsHealth Care 24.6% 20.9%(23.0%)(21.8%)1 % 1.8%-7-7.4%%Industrials 20.7% (20.2%) 10.3% %Consumer Staples 10.0% (11.2%) -12.3%%Consumer Discretionary 8.9% 8.9% (10.1%) 3 % 3.9%Materials 4.7% 4.7% (4.7%) -2-2.1%%Energy 4.0% 4.0% (2.6%) 1 % 1.1%Information Technology 3.4% 3.4% (3.8%) 3 % 3.0%Other 2.1% 2.1% (2.4%) 0 % 0.9%Cash 0.5% 0.5% (0.3%) 0 % 0.5%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)SwitzerlandOther99.5% 0.0%(99.7%)(0.0%)0 -0.5% %0 % 0.0%Cash 0.5% (0.3%) 0 % 0.5%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNANOVARTIS (REGD) 8.5%UBS (REGD) 8.4%NESTLE (REGD) 8.0%ROCHE HOLDINGS 7.0%CIE FINANCIERE RICHEMONT ‘A’ 6.1%TRANSOCEAN (SWISS) 4.0%CREDIT SUISSE (REGD) 3.7%ADECCO (REGISTERED) 3.7%SONOVA HOLDING B (REGD) 3.7%SCHINDLER HOLDING P/C 3.6%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 1.11Sharpe ratio: -0.20Alpha: 0.00Beta: 1.06R 2 : 0.91Tracking error: 5.35This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX71

72FIDELITY FUNDSUNITED KINGDOM FUNDcb.eu.201101.2759.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEas at 31.01.11OBJECTIVEInvests principally in United Kingdom equity securities.PORTFOLIO CHARACTERISTICSThe fund is likely to invest across all market caps, including mid and smallcap, and can have up to 20% of the fund in non UK investments. Themanager will generally have between 40 to 60 holdings in the fund. Sectorweightings are the result of individual stock selection, although the managerwill review his overall sector weightings.INVESTMENT STYLEThe manager seeks out opportunities to buy good quality companies at an attractive price. Thesemay be both stable, established businesses or more cyclical companies, where he believes the stockto be undervalued due to temporary or cyclical factors. In terms of quality, he looks at the company’sreturns on capital and their sustainability; their products and market position; and the long termgrowth opportunities. He considers the strength of the balance sheet and the ability to deliver strongdividends and share buybacks. He evaluates the fundamental business drivers and assesses the rangeof possible earnings for a company. He then compares that with where the stock lies within the rangeof cross-cycle valuation multiples compared to their history and similar businesses. He then ranks thepossible opportunities on a matrix of quality and valuation to help portfolio construction. He alsoconsiders a number of momentum measures to confirm his thesis and to help in timing hisinvestments.FUND FACTSFund manager:James GriffinLocation:LondonAppointed to fund:01.12.09Years at Fidelity:16Launch date:01.10.90Currency:UK SterlingNAV price:£ 1.9112mnth NAV high:£ 1.9812mnth NAV low:£ 1.58Fund size:£ 113mBenchmark index:FTSE All Share IndexBloomberg code:FIDLUKIISIN code:LU0048621717SEDOL number:4341255WK-Nummer:973287PERFORMANCE YEAR BY YEAR21.4%20.9%11.2%12.8%22.7%22.0%6.3%16.8%3.0%5.3%-13.3%-13.3%-25.8%-22.7%-25.7%-29.9%28.0%30.1%14.3%14.5%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 01.10.90Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth -0.9% -0.9% 18.6% 18.8% 14.9% 23.9% 316.4%600%Index cumulative growth -0.5% -0.5% 18.1% 13.7% 24.1% 40.2% 494.6%500%Fund annualised growth - - 18.6% 5.9% 2.8% 2.2% 7.3%400%Index annualised growth - - 18.1% 4.4% 4.4% 3.4% 9.2%Value of £1,000 invested - 942 1,127 1,128 1,092 1,177 3,956Ranking within Morningstar GIF UK Large Cap Growth EquityPosition of fund 2 2 5 2 4 2 1Total number of funds 5 5 5 5 5 2 1Quartile ranking 2 2 4 2 3 - -300%200%100%0%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index72

PxFcb.eu.201101.2759_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsBasic Materials 23.7% 21.1%(23.1%)(22.1%)0 % 0.5%8 % 8.0%Consumer Services 16.3% (16.5%) 6 % 6.7%Oil & Gas 12.1% (11.4%) -5-5.4%%Health Care 8.4% 8.4% (8.6%) 1 % 1.6%Industrials 8.2% 8.2% (8.1%) 0 % 0.8%Telecommunications 7.9% 7.9% (7.5%) 1 % 1.6%Consumer Goods 1.5% 1.5% (1.7%) -9-9.2%%Other 0.7% 0.7% (0.7%) -4-4.5%%Cash 0.1% 0.1% (0.3%) 0 % 0.1%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)United KingdomSpain98.3% 1.2%(99.3%) -1-1.1%%0 % 0.9%Other 0.3% (0.3%) 0 -0.1% %Cash 0.1% (0.3%) 0 % 0.1%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAHSBC HOLDINGS (UK REG) 8.2%BG GROUP 6.4%VODAFONE GROUP 6.2%RIO TINTO 5.4%GLAXOSMITHKLINE 4.7%TESCO 4.5%BHP BILLITON 4.3%BARCLAYS 4.0%LLOYDS BANKING GROUP 4.0%XSTRATA 3.8%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 0.96Sharpe ratio: 0.28Alpha: 0.14Beta: 0.94R 2 : 0.96Tracking error: 3.96This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX73

74FIDELITY FUNDSAMERICA FUNDcb.eu.201101.2715.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in US equity securities.PORTFOLIO CHARACTERISTICSThe manager tends to have a bias toward mid- and small-cap stocks due to abottom up focus, and the portfolio exhibits a mild value bias due to valuationbeing a central requirement for investment. The portfolio generally holdsbetween 80 and 120 stocks. The fund’s sector positions are a function of thenumber of investment opportunities found in each area and levels of overallas at 31.01.11conviction. The manager aims to keep the portfolio’s active money relativelyhigh (between 65% and 75%) and is allowed to invest a maximum of 20% of the fund outside the US,drawing upon a global perspective when relative opportunities arise.INVESTMENT STYLEThe portfolio represents the manager’s highest conviction ideas according to two key criteria: strongvaluation upside, and catalysts to realise the upside. The manager’s global experience and positionwithin the Global equity team is used to identify the most attractive investment opportunities.Valuation methodologies depend on a company’s structure and sector. The aim is to establish highconvictionpragmatic share price targets for the buy/sell discipline. In identifying potential catalyststhat could lead to a stock re-rating, the manager focuses on three aspects: the macro-economicbackdrop; industry-specific drivers; and company-specific factors such as sales growth, profitabilityand reorganisation. Where these drivers are viewed as leading to a better-than-expectedfundamental outcome (ie higher earnings), combined with a strong valuation upside, positions aretaken.FUND FACTSFund manager:Adrian BrassLocation:LondonAppointed to fund:01.01.08Years at Fidelity:5Launch date:01.10.90Currency:US DollarNAV price:$ 5.1612mnth NAV high:$ 5.2012mnth NAV low:$ 3.96Fund size:$ 2,108mBenchmark index:Standard & Poor’s 500 IndexBloomberg code:FIDLAMIISIN code:LU0048573561SEDOL number:4341084WK-Nummer:973280PERFORMANCE YEAR BY YEAR29.5%28.7%15.1%10.9%11.1%4.9%7.6%15.8%6.6%5.5%-14.2%-11.9%-21.9%-22.1%-40.7%-37.0%40.2%26.5%12.3%15.1%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 01.10.90Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth 2.7% 2.7% 19.9% 3.6% 6.6% 22.7% 431.7%Index cumulative growth 2.4% 2.4% 22.2% -0.2% 11.7% 13.8% 523.2%Fund annualised growth - - 19.9% 1.2% 1.3% 2.1% 8.6%Index annualised growth - - 22.2% -0.1% 2.2% 1.3% 9.4%Value of $2,500 invested - 2,440 2,848 2,461 2,533 2,915 12,630700%600%500%400%300%Ranking within Morningstar GIF US Large Cap Blend EquityPosition of fund 43 43 72 17 39 10 6Total number of funds 243 243 226 180 150 95 20Quartile ranking 1 1 2 1 2 1 2200%100%0%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index74

PxFcb.eu.201101.2715_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)Information TechnologyEnergy 26.1% 14.2%(24.8%)(14.3%)7 % 7.1%1 % 1.5%Financials 13.3% (12.7%) -2-2.8%%Health Care 11.8% (11.1%) 1 % 1.1%Consumer Discretionary 10.6% (11.0%) 0 % 0.3%Consumer Staples 9.9% 9.9% (10.5%) 0 -0.3% %Industrials 9.2% 9.2% (10.6%) -2-2.0%%Materials 3.0% 3.0% (3.7%) 0 -0.7% %Other 0.0% 0.0% (1.0%) -6-6.2%%Cash 1.8% 1.8% (0.4%) 1 % 1.8%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USAUnited Kingdom84.6% 3.9%(86.7%)(3.6%)-15.4%%3 % 3.9%Canada 3.1% (3.0%) 3 % 3.1%Japan 1.9% (1.2%) 1 % 1.9%Israel 1.2% 1 % 1.2%Belgium 1.1% (1.2%) 1 % 1.1%Other 2.5% 2.5% (2.7%) 2 % 2.5%Cash 1.8% 1.8% (0.4%) 1 % 1.8%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAAPPLE 2.4%COCA-COLA 2.2%GOOGLE A 2.2%CISCO SYSTEMS 2.1%PHILIP MORRIS INTERNATIONAL 2.1%CITIGROUP 2.0%PFIZER 1.9%WELLS FARGO 1.9%EBAY 1.8%ORACLE 1.8%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingS&P Fund RatingsFERI rating★★★★A(B)VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error8.00Relative volatility: 1.05Sharpe ratio: 0.14Alpha: 0.12Beta: 1.02R 2 : 0.94Tracking error: 5.73This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.6.004.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX75

76FIDELITY FUNDSAMERICAN GROWTH FUNDcb.eu.201101.2729.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to achieve long-term capital growth, principally through afocused portfolio invested in companies having their head office or exercisinga predominant part of their activity in the US.PORTFOLIO CHARACTERISTICSThe manager has a “go-anywhere” unconstrained approach to stock pickingand is free to invest across a broad spectrum of large-, mid- and small-capstocks. The manager does not have an investment style bias - investing inas at 31.01.11either growth or value stocks or both. The prevailing market environment andmarket opportunities determine the style and positioning of the fund at any point in time. Theresulting portfolio can therefore vary in terms of sector exposure and growth/value orientation. Thefund will typically hold between 50 and 70 stocks.INVESTMENT STYLEProprietary research with a global perspective underpins the manager’s approach, which focuses onfinding companies with improving fundamentals that are not reflected in the share price. This mayinclude: stocks where expectations are too conservative, as the market underestimates both the sizeand duration of the company’s growth phase; secular change in the company not yet acknowledgedby the market; positive structural change in the industry; situations where a stock is under pressuredue to adverse short-term factors while long-term fundamentals remain positive; restructuringopportunities; and situations where a stock is undervalued because it is not well followed (mainlysmall-caps).The manager’s disciplined, bottom-up approach represents approximately 70-80% of the investmentprocess. This is then combined with top-down analysis which includes the use of screens, sentimentand technical inputs and macroeconomic analysis.FUND FACTSFund manager:Aris VatisLocation:LondonAppointed to fund:16.03.09Years at Fidelity:5Launch date:30.06.97Currency:US DollarNAV price:$ 24.3912mnth NAV high:$ 24.6412mnth NAV low:$ 18.68Fund size:$ 313mBenchmark index:Standard & Poor’s 500 IndexBloomberg code:FIDFAMGISIN code:LU0077335932SEDOL number:5261567WK-Nummer:907047PERFORMANCE YEAR BY YEAR35.1%28.7%5.5%10.9%8.6%4.9%3.4%15.8%16.2%5.5%-19.1%-11.9%-21.7%-22.1%-44.5%-37.0%23.3%26.5%14.0%15.1%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 07.07.97Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 07.07.97Fund cumulative growth 1.8% 1.8% 20.6% -10.7% -11.8% -9.6% 143.9%350%Index cumulative growth 2.4% 2.4% 22.2% -0.2% 11.7% 13.8% 78.8%300%Fund annualised growth - - 20.6% -3.7% -2.5% -1.0% 6.8%250%Index annualised growth - - 22.2% -0.1% 2.2% 1.3% 4.4%Value of $2,500 invested - 2,417 2,864 2,121 2,095 2,148 5,793Ranking within Morningstar GIF US Large Cap Blend EquityPosition of fund 142 142 60 145 135 53 2Total number of funds 243 243 226 180 150 95 48Quartile ranking 3 3 2 4 4 3 1200%150%100%50%12-9812-0012-0212-0412-0612-0812-10■ Fund■ Index76

PxFcb.eu.201101.2729_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsEnergy 20.0% 17.5%(19.9%)(19.3%)3 % 3.9%4 % 4.8%Information Technology 15.8% (15.5%) -3-3.2%%Consumer Discretionary 12.6% (12.5%) 2 % 2.3%Health Care 11.6% (11.2%) 0 % 0.9%Industrials 8.8% 8.8% (9.7%) -2-2.4%%Consumer Staples 5.9% 5.9% (6.4%) -4-4.3%%Materials 4.9% 4.9% (4.1%) 1 % 1.2%Other 1.5% 1.5% (0.9%) -4-4.7%%Cash 1.5% 1.5% (0.5%) 1 % 1.5%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USAChina90.1% 3.2%(90.3%)(3.8%)-9-9.9%%3 % 3.2%Canada 2.7% (2.4%) 2 % 2.7%Other 2.5% (1.8%) 2 % 2.5%Cash 1.5% (0.5%) 1 % 1.5%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNACISCO SYSTEMS 2.5%JPMORGAN CHASE 2.4%EXXON MOBIL 2.1%INTEL 2.1%APPLE 2.1%WELLS FARGO 1.9%COCA-COLA 1.9%HOME DEPOT 1.9%LOWES 1.8%NABORS INDUSTRIES 1.7%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error12.00Relative volatility: 0.98Sharpe ratio: -0.09Alpha: -0.30Beta: 0.92R 2 : 0.87Tracking error: 7.93This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.10.008.006.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX77

78FIDELITY FUNDSAMERICAN DIVERSIFIED FUNDcb.eu.201101.2769.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to provide long-term capital growth, principally throughinvestment in US equity securities of small, medium and large capitalisedcompanies. The fund aims to be diversified in terms of sectors and marketcapitalisation, offering a core exposure to the US stock market. Theinvestment manager seeks to add value primarily through stock selection.PORTFOLIO CHARACTERISTICSAsset allocation is broadly in line with the benchmark index and providesas at 31.01.11diversity in terms of sector, market capitalisation and investment approach.Style biases may vary with the stock picking environment. The fund has a slight mid-cap bias.INVESTMENT STYLEThe lead manager believes the optimal way to manage assets to a US benchmark is to adopt a submanagerapproach. Through this, he utilises the skills of individual sub-fund managers with differinginvestment styles and processes. It is the responsibility of the lead manager to identify the submanagersthat he expects to add the most value and then decide the proportion of assets to beallocated to each sub-manager. This should achieve the optimal return for the level of risk the leadmanager is willing to accept in the fund.FUND FACTSFund manager:Rita GrewalLocation:LondonAppointed to fund:26.01.09Years at Fidelity:16Launch date:01.03.04Currency:US DollarNAV price:$ 12.7812mnth NAV high:$ 12.9112mnth NAV low:$ 10.03Fund size:$ 121mBenchmark index:Standard & Poor’s 500 IndexBloomberg code:FIDFAMD.LXISIN code:LU0187121727SEDOL number:7786381PERFORMANCE YEAR BY YEAR13.8%4.9%10.6%15.8%7.8%5.5%29.1%26.5%10.7%15.1%■ Fund■ Index-40.1%-37.0%05 06 07 08 09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.03.04Fund cumulative growth 2.5% 2.5% 17.6% -4.8% 0.3% - 27.8%Index cumulative growth 2.4% 2.4% 22.2% -0.2% 11.7% - 27.9%Fund annualised growth - - 17.6% -1.6% 0.1% - 3.6%Index annualised growth - - 22.2% -0.1% 2.2% - 3.6%Value of $2,500 invested - 2,434 2,793 2,262 2,383 - 3,036PERFORMANCE SINCE 01.03.04160%140%120%100%Ranking within Morningstar GIF US Large Cap Blend EquityPosition of fund 62 62 132 80 82 - 9Total number of funds 243 243 226 180 150 - 132Quartile ranking 2 2 3 2 3 - 180%60%12-0412-0512-0612-0712-0812-0912-10■ Fund■ Index78

PxFcb.eu.201101.2769_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)Information TechnologyFinancials 23.0% 14.8%(22.3%)(14.7%)4 % 4.0%-1-1.3%%Health Care 12.0% (11.9%) 1 % 1.3%Energy 11.8% (11.5%) 0 -0.9% %Industrials 10.5% (10.7%) 0 -0.7% %Consumer Discretionary 10.5% (10.6%) 0 % 0.2%Consumer Staples 9.3% 9.3% (9.7%) 0 -0.9% %Materials 3.3% 3.3% (3.5%) 0 -0.4% %Other 3.4% 3.4% (3.8%) -2-2.8%%Cash 1.5% 1.5% (1.3%) 1 % 1.5%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USAUnited Kingdom94.9% 1.2%(95.3%)(1.0%)-5-5.1%%1 % 1.2%Other 2.4% (2.3%) 2 % 2.4%Cash 1.5% (1.3%) 1 % 1.5%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNACHEVRON 2.7%GOOGLE A 2.6%PFIZER 2.1%JPMORGAN CHASE 2.1%CISCO SYSTEMS 1.6%ORACLE 1.5%CVS CAREMARK 1.5%PHILIP MORRIS INTERNATIONAL 1.5%APPLE 1.5%WELLS FARGO 1.5%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 1.01Sharpe ratio: 0.01Alpha: -0.12Beta: 0.98R 2 : 0.94Tracking error: 5.37This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX79

80FIDELITY FUNDSLATIN AMERICA FUNDcb.eu.201101.2760.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in securities of Latin American issuers.PORTFOLIO CHARACTERISTICSThe fund managers are unconstrained; they run a bottom-up high convictionportfolio of typically 50 to 80 holdings, investing across the full marketcapitalisation. Stock weightings within the benchmark are capped at amaximum of 5% Ideas are generated through a range of sources leveragingFidelity’s unrivalled global research network, using quantitative screens,as at 31.01.11company meetings, industry experts and peer comparisons to identifypotential investment opportunities. Conviction is then enhanced through a rigorous analysis of thecompany’s financial position, the direction of the drivers of the business model and an innateunderstanding of the future value potential of the company. As an overlay to their fundamentalapproach, the managers use sentiment and macroeconomic analysis to form a rounded view on eachstock and market that they analyse.INVESTMENT STYLEThe managers adopt a disciplined bottom-up approach to stock selection in the search for underappreciated value and growth potential. While each manager specialises in a number of key sectors,maintaining their own fundamental and valuation models, portfolio construction is made by jointdecision to ensure only the highest conviction ideas are in the portfolio. They focus on stocks wherethe underlying earnings power of the business and the ability to grow those earnings are notreflected by the valuation of the stock. They favour companies with dominant market positions,strong balance sheets and the potential to deliver and increase free cash flow returns toshareholders.FUND FACTSFund manager:Alex Duffy,Angel OrtizLocation:London, LondonAppointed to fund:01.04.09, 01.04.09Years at Fidelity:7, 6Launch date:09.05.94Currency:US DollarNAV price:$ 46.7512mnth NAV high:$ 50.7012mnth NAV low:$ 35.26Fund size:$ 2,133mBenchmark index:MSCI Emerging Markets LatinAmerica Blend*Bloomberg code:FIDLLAIISIN code:LU0050427557SEDOL number:4397515WK-Nummer:973662*MSCI Latin America 5% CappedPERFORMANCE YEAR BY YEAR68.1%73.7%40.7%39.6%52.1%50.4%45.4%43.5%36.5%50.7%-7.9%-0.4%-23.2%-22.5%-52.1%-51.3%115.3%108.1%19.3%19.5%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 25.05.94Fund cumulative growth -5.9% -5.9% 24.3% 23.9% 95.2% 417.0% 423.6%Index cumulative growth -5.4% -5.4% 23.1% 22.1% 111.0% 509.0% 726.8%Fund annualised growth - - 24.3% 7.4% 14.3% 17.9% 10.4%Index annualised growth - - 23.1% 6.9% 16.1% 19.8% 13.5%Value of $2,500 invested - 2,234 2,953 2,943 4,637 12,279 12,438PERFORMANCE SINCE 25.05.941000%750%500%Ranking within Morningstar GIF Equity Latin America250%Position of fund 39 39 8 4 5 6 5Total number of funds 50 50 41 33 22 21 7Quartile ranking 4 4 1 1 1 2 30%12-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index80

PxFcb.eu.201101.2760_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsMaterials 26.5% 25.3%(27.1%)(24.3%)3 % 3.4%2 % 2.6%Consumer Staples 12.3% (12.2%) -2-2.6%%Energy 9.4% 9.4% (9.3%) 0 -0.1% %Telecommunication Services 7.0% 7.0% (6.2%) -1-1.2%%Consumer Discretionary 5.7% 5.7% (5.9%) -1-1.1%%Utilities 4.9% 4.9% (4.7%) -2-2.0%%Industrials 4.6% 4.6% (4.8%) 0 -0.9% %Other 3.7% 3.7% (3.5%) 1 % 1.4%Cash 0.7% 0.7% (2.1%) 0 % 0.7%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)BrazilMexico59.4% 22.1% (58.3%)(21.2%)-2-2.4%%0 % 0.4%Peru 4.0% (4.2%) 0 % 0.5%Colombia 3.4% (3.1%) -1-1.0%%Chile 3.1% (3.7%) -5-5.5%%Canada 2.5% (2.5%) 2 % 2.5%Panama 1.4% 1.4% (1.3%) 1 % 1.4%Luxembourg 1.1% 1.1% (1.1%) 1 % 1.1%Other 2.5% 2.5% (2.4%) 2 % 2.5%Cash 0.7% 0.7% (2.1%) 0 % 0.7%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAITAU UNIBANCO HOLDING ADR 7.5%AMERICA MOVIL ADR 5.8%GRUPO MEXICO SAB DE CV SER B 4.3%BANCO BRADESCO ADR 4.0%BEBIDAS DAS AM(CIA) ADR 3.8%VALE (PN) ADR 3.1%OGX PETROLEO E GAS PARTICIPACOES 2.3%CREDICORP 2.2%VALE (CIA) ADR 2.1%FOMENTO ECONOMICO MEXICANA SAB DE CV ADR 2.0%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingFERI rating★★★★(B)VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error8.00Relative volatility: 1.01Sharpe ratio: 0.37Alpha: 0.05Beta: 1.00R 2 : 0.97Tracking error: 6.49This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.6.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX81

82FIDELITY FUNDSJAPAN FUNDcb.eu.201101.2718.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in Japanese equity securities.PORTFOLIO CHARACTERISTICSThe portfolio is usually made up of around 60 to 110 stocks in diversifiedindustries. Sector allocation is a result of stock picking, though the fundmanager tries not to deviate exceedingly far off from the benchmark.Valuation levels determine the fund manager’s decisions regarding the size ofholdings in the portfolio.as at 31.01.11Companies that can deliver sustainable strong earnings growth over the mid-to-long term haveseveral key characteristics. They usually have a strong competitive position within a growing businesssegment. Many of the companies in the portfolio have a dominant market position within theirindustry, supported by technological advantage and a quick response to change. Their businessgenerates strong or improving free cash flow due to their strong pricing and purchasing power. Theirability to increase market share and profit margins is another key factor. The fund manager also paysclose attention to the quality of a company’s management, which is committed to raising shareholdervalue.INVESTMENT STYLEThe fund is managed on a strictly bottom-up basis via stock selection. Stock selection is influencedby growth prospects for each company. The objective is to either purchase great businesses atreasonable valuations or buy companies with cheap valuations where the company’s business eitherhas scope to improve or is in the process of improving. The key stock selection criteria include:• Sustainable strong earnings growth for mid-to-long term• Strong business franchise that generates strong free cash flow• Competent management who focus on raising shareholder returns• Reasonable share valuations measured against each company’s mid-to-long term earnings growthpotentialFUND FACTSFund manager:Robert RowlandLocation:TokyoAppointed to fund:01.01.04Years at Fidelity:16Launch date:01.10.90Currency:YenNAV price:¥ 123.9012mnth NAV high:¥ 138.6012mnth NAV low:¥ 106.40Fund size:¥ 66,978mBenchmark index:Tokyo Stock Exchange TOPIXTotal Return IndexBloomberg code:FIDLJPIISIN code:LU0048585144SEDOL number:4341170WK-Nummer:973284PERFORMANCE YEAR BY YEAR28.6%25.2%5.3%11.3%46.6%45.2%1.4%3.0%17.9%7.6%1.0%-24.0%-18.9%-14.3%-17.5%-13.2%-11.1%-50.3%-40.6%-0.7%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 01.10.90Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth 1.7% 1.7% 2.0% -34.6% -49.4% -33.1% -7.5%200%Index cumulative growth 1.3% 1.3% 3.0% -28.4% -42.3% -20.0% -25.9%175%Fund annualised growth - - 2.0% -13.2% -12.7% -3.9% -0.4%150%Index annualised growth - - 3.0% -10.5% -10.4% -2.2% -1.5%Value of ¥10,000 invested - 9,665 9,689 6,212 4,812 6,356 8,792Ranking within Morningstar GIF Japan Large Cap EquityPosition of fund 89 89 100 121 77 47 2Total number of funds 213 213 205 178 138 87 20Quartile ranking 2 2 2 3 3 3 1125%100%75%50%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index82

PxFcb.eu.201101.2718_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)Electrical MachineryBanks 15.3% 15.3%(14.3%)(15.1%)0 % 0.4%6 % 6.0%Transport Equipment 10.6% (11.4%) 0 % 0.3%Wholesale Trade 8.1% 8.1% (7.0%) 2 % 2.7%Retail Trade 7.4% 7.4% (6.7%) 3 % 3.9%Chemicals 6.0% 6.0% (5.9%) 0 % 0.0%Other Financing Business 4.5% 4.5% (4.3%) 3 % 3.7%Insurance 4.4% 4.4% (4.8%) 1 % 1.9%Other 27.7% (29.8%) -19.6%%Cash 0.8% 0.8% (0.7%) 0 % 0.8%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)JapanOther99.2% 0.0%(99.3%)(0.0%)0 -0.8% %0 % 0.0%Cash 0.8% (0.7%) 0 % 0.8%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAMITSUBISHI UFJ FINANCIAL GROUP 4.1%TOYOTA MOTOR 3.7%SUMITOMO MITSUI FINANCIAL GROUP 3.7%ORIX 3.0%SUMITOMO TRUST & BANKING 3.0%CANON 3.0%DENSO 2.7%MITSUI 2.6%HONDA MOTOR 2.4%MITSUBISHI 2.4%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error10.00Relative volatility: 1.21Sharpe ratio: -0.38Alpha: -0.03Beta: 1.17R 2 : 0.93Tracking error: 8.24This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.8.006.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX83

84cb.eu.201101.2723.pro.pdfFIDELITY FUNDSJAPAN SMALLER COMPANIES FUND31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in smaller and emerging companies in Japan, includingthose listed on regional stock exchanges in Japan and on the Tokyo over-thecountermarket.PORTFOLIO CHARACTERISTICSThe stocks held in the fund are predominantly ‘growth’ stocks – companiesthe fund manager believes are capable of delivering strong sales andearnings growth where there is good evidence that this could continue foras at 31.01.11several years.Preferred investments include:• Strong earnings growth for mid-to-long term.• Technological or operational competitive advantages to drive its sales and earnings growth overthe mid-to-long term• Realistic business strategies• Strong management focusing on shareholder value• Under-researched companies, whose growth potential is either uncovered or underestimated byinvestors• Attractive valuations relative to mid-to-long-term growth prospects• How are Fidelity’s forecasts for earnings changing and how they compare with the consensus?The fund also seeks to invest in initial public offerings that meet the fund manager’s stock pickingcriteria. The disposal of holdings is usually prompted by a change in fundamentals, if earnings areperceived to have peaked or on valuation grounds. The portfolio is generally made up of around120–200 stocks in diversified industries. There tends to be a high concentration in the top-twentyholdings. Sector allocation is a result of stock picking, although the fund manager tries not to deviatesubstantially from the benchmark index.INVESTMENT STYLECompany visits are a critical element of the investment process to find under-researched, undervaluedstocks. The fund manager evaluates the earnings potential of a company over the long term,focusing on understanding the business opportunities, identifying the company’s competitive edgeand forecasting its earnings power. The manager seeks investment opportunities in companies thatpresent attractive mid-to-long-term growth potential stemming from their technological oroperational advantages. Growth potential of a small company is often determined by its nichecompetitiveness. Frequent company contacts ensure that corporate fundamentals of the fund’sholdings are monitored and re-evaluated.FUND FACTSFund manager:Jun TanoLocation:TokyoAppointed to fund:01.04.06Years at Fidelity:9Launch date:06.12.91Currency:YenNAV price:¥ 971.4012mnth NAV high:¥ 1,066.0012mnth NAV low:¥ 825.40Fund size:¥ 10,105mBenchmark index:FF Japan Smaller Cos Blend*Bloomberg code:FIDJSCIISIN code:LU0048587603SEDOL number:4332549WK-Nummer:973263*Russell/Nom Mid Small CapPERFORMANCE YEAR BY YEAR28.1%45.8%16.4%15.0%62.0%50.6%8.5%10.0%1.9%-10.8%-10.8%-14.1%-11.4%-21.2%-5.2%-19.9%-11.6%-31.0%-37.7%-2.1%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 06.12.91Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 06.12.91Fund cumulative growth 2.8% 2.8% 2.4% -15.7% -53.2% -16.8% -1.6%300%Index cumulative growth 1.4% 1.4% 4.0% -21.8% -42.4% 14.3% -2.7%250%Fund annualised growth - - 2.4% -5.5% -14.1% -1.8% -0.1%200%Index annualised growth - - 4.0% -7.9% -10.4% 1.4% -0.1%Value of ¥10,000 invested - 9,771 9,733 8,011 4,450 7,909 9,349Ranking within Morningstar GIF Japan Small/Mid Cap EquityPosition of fund 14 14 28 14 17 12 5Total number of funds 40 40 39 36 30 18 7Quartile ranking 2 2 3 2 3 3 3150%100%50%0%12-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index84

PxFcb.eu.201101.2723_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)Electrical MachineryChemicals 12.8%9.5% 9.5%(14.6%)(8.7%)2 % 2.1%0 % 0.6%Machinery 9.3% 9.3% (8.4%) 2 % 2.0%Transport Equipment 8.6% 8.6% (8.6%) 2 % 2.7%Banks 6.9% 6.9% (6.9%) 0 -0.2% %Real Estate 6.7% 6.7% (5.7%) 4 % 4.8%Wholesale Trade 6.2% 6.2% (5.1%) 3 % 3.3%Retail Trade 6.1% 6.1% (4.9%) 0 % 0.3%Other 30.0% (32.8%) -19.5%%Cash 4.0% 4.0% (4.2%) 4 % 4.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)JapanOther96.0% 0.0%(95.8%)(0.0%)-4-4.0%%0 % 0.0%Cash 4.0% (4.2%) 4 % 4.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNASUMITOMO TRUST & BANKING 1.4%KAWASAKI HEAVY INDUSTRIES 1.4%MISUMI GROUP 1.3%IBIDEN 1.3%BANK OF YOKOHAMA 1.3%NIPPON CHEMI-CON 1.3%NTT URBAN DEVELOPMENT 1.3%AISIN SEIKI 1.3%ITOCHU 1.2%MARUI GROUP 1.2%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error10.00Relative volatility: 1.02Sharpe ratio: -0.16Alpha: 0.20Beta: 0.97R 2 : 0.90Tracking error: 7.15This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.8.006.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX85

86FIDELITY FUNDSJAPAN ADVANTAGE FUNDcb.eu.201101.2740.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in equity securities of Japanese companies listed on aJapanese stock exchange, including those listed on regional stock exchangesin Japan and on the Tokyo over-the-counter market. The fund will primarilyinvest in equity securities of companies Fidelity considers to be undervalued.PORTFOLIO CHARACTERISTICSThe portfolio is usually made of up around 60 to 100 stocks in diversifiedindustries. Sector allocation is a result of stock-picking. The manager aims toas at 31.01.11maintain a portfolio that offers superior returns for value largely based onprice-to-earnings (PER) or price-to-book (PBR) measures.INVESTMENT STYLEThe fund is managed through bottom-up stock selection.The manager selects stocks from a universethat includes Fidelity’s own research coverage and most benchmark constituents. The manager’sapproach places more emphasis on valuation analysis than qualitative analysis of companyfundamentals. He sets his own target price for each stock within the investment universe, using 12- to18-month forward earnings estimates by Fidelity’s internal research analysts. A stock’s inclusion in thefund is primarily a function of its price relative to the target price. The manager buys stocks that aretrading at a discount to the target price and tends to sell stocks that have either achieved or arenearing their target price.FUND FACTSFund manager:Ronald SlatteryLocation:TokyoAppointed to fund:01.02.07Years at Fidelity:8Launch date:30.01.03Currency:YenNAV price:¥ 18,616.0012mnth NAV high:¥ 19,391.0012mnth NAV low:¥ 15,617.00Fund size:¥ 100,449mBenchmark index:Russell/Nomura Total MarketValue IndexISIN code:LU0161332480PERFORMANCE YEAR BY YEAR7.7%17.5%49.9%45.2%5.0%14.0%12.1%5.3%2.3%■ Fund■ Index-8.6%-11.7%-9.7%-20.3%-38.0%04 05 06 07 08 09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 30.01.03Fund cumulative growth 2.6% 2.6% 7.8% 5.1% -22.0% - 86.4%Index cumulative growth 1.0% 1.0% 2.4% -22.3% -34.9% - 56.5%Fund annualised growth - - 7.8% 1.7% -4.9% - 8.1%Index annualised growth - - 2.4% -8.1% -8.2% - 5.8%Value of ¥10,000 invested - 9,749 10,240 9,983 7,409 - 17,707PERFORMANCE SINCE 30.01.03300%250%200%150%Ranking within Morningstar GIF Japan Large Cap EquityPosition of fund 29 29 9 1 1 - 1Total number of funds 213 213 205 178 138 - 98Quartile ranking 1 1 1 1 1 - 1100%50%12-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Index86

PxFcb.eu.201101.2740_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)BanksTransport Equipment 19.9% 18.8%(20.4%)(17.2%)2 % 2.6%9 % 9.4%Chemicals 15.9% (16.8%) 10.1% %Electrical Machinery 9.6% 9.6% (8.0%) 0 % 0.7%Wholesale Trade 7.5% 7.5% (7.5%) 2 % 2.8%Information & Communication 5.6% 5.6% (5.9%) 0 -0.3% %Pharmaceuticals 5.5% 5.5% (5.8%) 4 % 4.5%Nonferrous Metals 3.3% 3.3% (3.2%) 2 % 2.0%Other 10.7% (12.1%) -34.9%%Cash 3.3% 3.3% (3.0%) 3 % 3.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)JapanOther96.7% 0.0%(97.0%)(0.0%)-3-3.3%%0 % 0.0%Cash 3.3% (3.0%) 3 % 3.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNATOYOTA MOTOR 6.5%SUMITOMO MITSUI FINANCIAL GROUP 5.9%HONDA MOTOR 5.8%MITSUBISHI UFJ FINANCIAL GROUP 5.8%FUJIFILM HOLDINGS 4.6%MIZUHO FINANCIAL GROUP 4.2%CANON 4.1%MITSUI 3.6%SUMITOMO ELECTRIC INDUSTRIES 3.3%CHUO MITSUI TRUST HOLDINGS 2.8%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingFERI rating★★★★★(A)VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error10.00Relative volatility: 1.04Sharpe ratio: 0.17Alpha: 0.84Beta: 0.98R 2 : 0.88Tracking error: 8.14This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.8.006.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX87

88FIDELITY FUNDSASEAN FUNDcb.eu.201101.2748.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in equity securities quoted on stock exchanges inSingapore, Malaysia, Thailand, Philippines, Indonesia.PORTFOLIO CHARACTERISTICSThe manager focuses on large and medium-sized companies, which tend tohave a longer track record in terms of management capability, corporatestrategy and shareholder value creation, thereby rendering fundamentalanalysis more meaningful and useful. Moreover, these companies areas at 31.01.11generally more generous in paying out dividends. Meanwhile, smallercompanies in the region are typically more illiquid with higher business risks and are therefore lessattractive.INVESTMENT STYLEThe manager employs a fundamental, bottom-up approach to investment. Active country or sectorweightings are the result of the stock selection process. When picking stocks, the manager looks forcompanies that offer the most upside potential, based on in-depth fundamental and valuationanalysis. As such, the fund manager, together with Fidelity’s research analysts, conducts hundreds ofcompany visits a year in order to uncover attractive opportunities. The manager tends to invest inthose companies that have the ability to generate strong free cash flows, which are sustainable overthe long term. As a result, the portfolio is likely to be composed of companies with attractivedividend yields and strong earnings growth. Turnaround businesses may also be represented in thefund.FUND FACTSFund manager:Gillian KwekLocation:Hong KongAppointed to fund:01.04.08Years at Fidelity:7Launch date:01.10.90Currency:US DollarNAV price:$ 28.3912mnth NAV high:$ 30.0512mnth NAV low:$ 20.34Fund size:$ 1,597mBenchmark index:MSCI All Countries South EastAsia Gross TR USD Blend*Bloomberg code:FIDLAEIISIN code:LU0048573645SEDOL number:4341095WK-Nummer:973254*MSCI AC South East Asia (G)PERFORMANCE YEAR BY YEAR0.2%47.0%48.5%13.7%19.1%8.5%10.9%42.0%42.7%41.1%39.2%-12.6%-10.3%-2.8%-48.5%-47.6%67.0%75.0%35.4%32.4%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth -3.1% -3.1% 35.3% 19.8% 111.2% 234.1% 358.9%Index cumulative growth -3.4% -3.4% 32.3% 26.2% 118.0% 273.3% 339.8%Fund annualised growth - - 35.3% 6.2% 16.1% 12.8% 7.8%Index annualised growth - - 32.3% 8.1% 16.9% 14.1% 7.6%Value of $2,500 invested - 2,301 3,214 2,845 5,017 7,935 10,900PERFORMANCE SINCE 01.10.90500%400%300%200%Ranking within Morningstar GIF Equity ASEANPosition of fund 2 2 3 1 1 1 1Total number of funds 7 7 6 3 2 2 2Quartile ranking 2 2 2 - - - -100%0%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index88

PxFcb.eu.201101.2748_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsIndustrials 37.1% 18.9%(35.1%)(19.6%)-1-1.3%%2 % 2.8%Consumer Discretionary 8.6% 8.6% (8.9%) -1-1.2%%Consumer Staples 8.5% 8.5% (8.2%) -1-1.1%%Energy 7.9% 7.9% (9.4%) 0 % 0.0%Telecommunication Services 6.0% 6.0% (5.7%) -4-4.2%%Materials 4.8% 4.8% (4.3%) 1 % 1.2%Health Care 3.7% 3.7% (3.1%) 3 % 3.4%Other 2.9% 2.9% (3.4%) -1-1.3%%Cash 1.6% 1.6% (2.5%) 1 % 1.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)SingaporeMalaysia38.8% 21.8% (36.8%)(21.3%)-2-2.3%%-2-2.5%%Indonesia 17.8% (18.7%) 0 % 0.3%Thailand 12.3% (12.7%) 0 -0.8% %Philipines 4.8% (5.3%) 0 % 0.8%China 1.3% (1.4%) 1 % 1.3%Other 1.6% 1.6% (0.3%) 1 % 1.6%Cash 1.6% 1.6% (2.5%) 1 % 1.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAUNITED OVERSEAS BANK (L) 4.4%DBS GROUP HOLDINGS 3.9%OVERSEA-CHINESE BANKING (L) 3.8%SINGAPORE TELECOMMUNICATIONS 3.4%KEPPEL 3.2%CIMB GROUP HOLDINGS 3.1%GENTING (MALAYASIA) 2.4%GENTING SINGAPORE 2.4%BANK RAKYAT INDONESIA 2.1%NOBLE GROUP 1.9%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingFERI rating★★★★(A)VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 0.99Sharpe ratio: 0.33Alpha: -0.14Beta: 0.98R 2 : 0.99Tracking error: 3.58This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX89

90FIDELITY FUNDSASIAN AGGRESSIVE FUNDcb.eu.201101.3246.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to provide long-term capital growth from a portfolio primarilycomprised of securities of companies having their head office or exercising apredominant part of their activity in countries of the Asia Pacific (excludingJapan) region. The fund will invest in a mixture of larger, medium and smallersized companies. The Investment Manager is not restricted in his choice ofcompanies either by size or industry.The fund may also invest in other transferable securities, Money Marketas at 31.01.11Instruments, cash and deposits. The fund may make extensive use of financialderivative instruments and use more complex derivative instruments orstrategies. Financial derivative instruments will be used to achieve the investment objective of thefund. These instruments include but are not limited to futures, options, forwards, swaps, contracts fordifference and currency derivatives. The underlying exposures of derivatives include instruments suchas (but not limited to) equities and cash.The fund may also invest in UCITS and UCIs.PORTFOLIO CHARACTERISTICSThe manager prefers to run a concentrated, high conviction portfolio with high active money,typically investing in 55 to 85 holdings. A concentrated portfolio gives him the ability to ensure thatfor each individual stock the investment thesis is still valid and to manage any downside risk. He has ablend style with a growth tilt, investing across the market capitalisation spectrum with a bias towardslarge and mid-cap stocks as they tend to offer longer track records of corporate profit growth,management capability and trustworthiness. The fund is unconstrained by benchmark, any sector andcountry bets result from stock selection.INVESTMENT STYLEThe manager takes a fundamental, bottom-up approach to stock selection, constructing the portfoliostock by stock, ‘brick by brick’. He aims to maximise use of Fidelity’s unparalleled fundamentalresearch in the region with the focus on Fidelity analysts’ best ideas. He will rank the analystrecommendations in order of the highest potential return (and a key component) the likelihood of acompany achieving that return. This is a disciplined process that forces him to evaluate all new ideasagainst the industry peer group and then comparing it more broadly to the whole portfolio, whendeciding whether to include or exclude a stock. He filters the research to centre on ‘quality’companies, in attractive businesses, that can deliver high return on equity and assets.The bottom-up research process is augmented by quantitative analysis (screens) and face to facecompany meetings both in-house and at the company premises. While there is no top-down overlay,the manager takes a holistic view of each holding against the prevailing macroeconomic climate andhis conviction in sector or geographic exposure to ensure the portfolio consistently contains the bestideas.He favours companies where the earnings power is not yet reflected in the share price - typically thismeans they are mis-priced or misunderstood. He searches for: leaders in niche markets with a strongcompetitive advantage, high barriers to entry and pricing power; companies that generate a highreturn on equity invested (ROE); high quality management with a proven ability to deliver theirstrategy; and companies where change is occurring through new management, products ortechnology.FUND FACTSFund manager:David UrquhartLocation:SydneyAppointed to fund:18.02.08Years at Fidelity:15Launch date:18.02.08Currency:US DollarNAV price:$ 9.4712mnth NAV high:$ 9.8412mnth NAV low:$ 7.16Fund size:$ 51mBenchmark index:MSCI All Countries Asia Pacificex Japan Index (NetLuxembourg Tax)ISIN code:LU0345359904SEDOL number:B2PGD96PERFORMANCE YEAR BY YEAR68.8%73.2%17.3%18.1%■ Fund■ Index09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 18.02.08Fund cumulative growth -2.6% -2.6% 21.9% - - - -4.1%Index cumulative growth -1.3% -1.3% 24.4% - - - 8.1%Fund annualised growth - - 21.9% - - - -1.4%Index annualised growth - - 24.4% - - - 2.7%Value of $2,500 invested - 2,435 3,046 – - - 2,398PERFORMANCE SINCE 18.02.08120%100%80%Ranking within Morningstar GIF Asia-Pacific ex Japan Equity60%Position of fund 94 94 79 - - - 69Total number of funds 111 111 101 - - - 77Quartile ranking 4 4 4 - - - 440%06-0812-0806-0912-0906-1012-10■ Fund■ Index90

PxFcb.eu.201101.3246_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsInformation Technology 29.0% 20.5%(29.5%)(19.8%)-4-4.9%%6 % 6.5%Materials 11.2% (10.7%) -2-2.5%%Industrials 10.3% (10.3%) 0 % 0.9%Consumer Discretionary 10.1% (10.6%) 3 % 3.4%Energy 9.0% 9.0% (7.8%) 1 % 1.4%Consumer Staples 2.9% 2.9% (2.7%) -2-2.9%%Health Care 2.5% 2.5% (2.7%) 1 % 1.1%Other 3.2% 3.2% (3.2%) -4-4.2%%Cash 1.3% 1.3% (2.6%) 1 % 1.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)AustraliaChina24.9% 20.5% (23.5%)(19.6%)0 -0.8% %2 % 2.3%Korea (South) 15.2% (15.1%) 0 % 0.3%Hong Kong 12.4% (12.7%) 3 % 3.7%India 6.9% (8.2%) 0 -0.4% %Taiwan 6.2% (5.5%) -6-6.3%%Thailand 5.5% 5.5% (5.7%) 3 % 3.9%Singapore 2.9% 2.9% (2.7%) -2-2.2%%Other 4.4% 4.4% (4.4%) -1-1.6%%Cash 1.3% 1.3% (2.6%) 1 % 1.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNABHP BILLITON 5.1%SAMSUNG ELECTRONICS 4.5%AUSTRALIA & NEW ZEALAND BANKING GROUP (A 3.8%TAIWAN SEMICONDUCTOR MANUFACTURING 2.5%TENCENT HOLDINGS 2.4%INFOSYS TECHNOLOGIES 2.3%RIO TINTO (AU) 2.3%COSCO PACIFIC 2.2%CHINA CONSTRUCTION BANK H 2.1%BANK OF CHINA HONG KONG 2.1%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX91

92cb.eu.201101.9215.pro.pdfFIDELITY FUNDSASIA PACIFIC PROPERTY FUND – A-EUR31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to achieve a combination of income and long-term capitalgrowth primarily from investments in securities of companies principallyengaged in the real estate industry and other real estate related investmentsin the Asia Pacific region, including Australia, Japan and New Zealand.PORTFOLIO CHARACTERISTICSThe fund is principally constructed from the bottom up, with emphasis placedon identifying companies which meet the manager’s investment criteria ratheras at 31.01.11than showing any reference to benchmark weights. The portfolio is relativelyconcentrated with around 60 stocks and has no particular market capitalisation bias. Companyselection considers the total return possible from the investment and the fund targets a low turnoverthrough consideration of the long-term property market cycle rather than short-term trends. Theoverall portfolio shows a neutral-to-value oriented bias.The portfolio manager invests in Hong Kong, Singapore, Japan and other developing Asian countriesfor their high growth potential and invests in the more mature markets of Australia and New Zealandfor income potential.INVESTMENT STYLEThe portfolio manager applies specific stock evaluation criteria to identify companies she considersto have the greatest investment potential over the longer term. She pays particular attention toearnings growth, the quality of assets, management’s track record and the strength of the balancesheet.The portfolio manager also applies a top-down overlay which seeks to identify specific cyclical trendswithin property markets. A number of key macroeconomic indicators are considered, includingunemployment rates, wage growth, office and residential occupancy and consumption within theinvestment markets.FUND FACTSFund manager:Polly KwanLocation:Hong KongAppointed to fund:06.02.07Years at Fidelity:9Launch date:05.02.07Currency:EuroNAV price:€ 7.7512mnth NAV high:€ 8.3112mnth NAV low:€ 6.14Fund size:€ 52mBenchmark index:GPR General Asia Net Index w10% cap from 1/9/08*ISIN code:LU0270844607WK-Nummer:A0MJQ6*GPR General Asia Net Index 10%cappedPERFORMANCE YEAR BY YEAR30.1%37.5%28.0%31.8%■ Fund■ Index-47.0%-47.8%08 09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 06.02.07Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 06.02.07Fund cumulative growth -3.2% -3.2% 26.0% -5.5% - - -18.4%Index cumulative growth -3.0% -3.0% 29.1% 0.2% - - -12.3%Fund annualised growth - - 26.0% -1.9% - - -5.0%Index annualised growth - - 29.1% 0.1% - - -3.2%Value of €2,000 invested - 1,935 2,519 1,890 - - 1,632110%100%90%80%70%Ranking within SectorPosition of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -60%50%40%06-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index92

PxFcb.eu.201101.9215_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)OfficesDiversified 29.6% 29.1%(29.5%)(29.1%)4 % 4.4%3 % 3.5%Retail 19.2% (19.4%) -1-1.3%%Residential 9.1% 9.1% (9.0%) 0 -0.9% %Unclassified 7.2% 7.2% (8.2%) -4-4.5%%Industrial 4.1% 4.1% (4.0%) -2-2.4%%Other 1.0% 1.0% (0.0%) 0 % 0.4%Cash 0.7% 0.7% (0.8%) 0 % 0.7%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)JapanHong Kong33.0% 32.3% (32.9%)(32.4%)1 % 1.4%2 % 2.1%Australia 17.7% (17.5%) 0 -0.3% %Singapore 12.6% (12.6%) -3-3.0%%China 1.2% (1.2%) 0 % 0.6%Philipines 1.2% (1.3%) 0 % 0.1%Other 1.2% 1.2% (1.3%) -1-1.6%%Cash 0.7% 0.7% (0.8%) 0 % 0.7%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAMITSUBISHI ESTATE 7.7%WHARF HOLDINGS 7.0%WESTFIELD GROUP STAPLED UNITS 6.1%HONG KONG LAND HLDGS (SG) 5.8%MITSUI FUDOSAN (FORMERLY MITSUI REAL EST 5.5%HANG LUNG PROPERTIES 5.5%SUMITOMO REALTY & DEVELOPMENT 3.4%CAPITALAND 3.0%HYSAN DEVELOPMENT 2.8%STOCKLAND TRUST GROUP UNITS 2.7%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKTracking error6.00Relative volatility: 0.92Sharpe ratio: -0.06Alpha: -0.18Beta: 0.91R 2 : 0.97Tracking error: 4.264.00hidefsh2.0002-1004-1006-1008-1010-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshHIDECXX93

94cb.eu.201101.2726.pro.pdfFIDELITY FUNDSASIAN SPECIAL SITUATIONS FUND31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in special situations stocks and smaller growth companiesin Asia, excluding Japan. Special situations stocks generally have valuationswhich are attractive in relation to net assets or earnings potential withadditional factors which may have a positive influence on the share price. Upto 25% of the portfolio can consist of investments other than specialsituations stocks and smaller growth companies.PORTFOLIO CHARACTERISTICSas at 31.01.11The core portfolio consists of good quality companies trading at attractivevaluations; a significant portion of the fund will be devoted to special situations and theme investing.Geographical and sector allocation is primarily driven by stock picking. As the fund manager findsmore attractive holdings in a particular country, the fund’s investments there will grow. Rather thanusing macroeconomic data, he relies on the intelligence gathered from company visits to develop aview on the prospects of various economies in the region. Usually, he makes 200 company visits ayear, often alongside other Fidelity analysts, to keep abreast of the latest corporate developments.Examples of companies included in the portfolio are businesses in a recovery situation, launching anew product, undergoing restructuring or introducing new management. The manager may include asignificant exposure to smaller and medium-sized companies.INVESTMENT STYLEThe fund manager believes that buying good companies trading on reasonable share valuations willlead to superior performance in the long run. He likes to invest in companies and industries heunderstands well. Both growth and value stocks are held in the portfolio. However he will not buy astock just because the valuation makes it appear inexpensive.The fund manager favours globally competitive companies with a proven track record of creatingshareholder value on a sustainable basis. When the fundamentals of a stock deteriorate or valuationsbecome excessive, he will consider selling.The fund manager’s track record indicates that he is a highly risk aware investor. He believes that adisciplined approach to investing, coupled with the benefit of having experience of more than oneeconomic cycle will help him manage the portfolio at an appropriate level of risk.FUND FACTSFund manager:Joseph TseLocation:Hong KongAppointed to fund:01.05.01Years at Fidelity:21Launch date:03.10.94Currency:US DollarNAV price:$ 33.4612mnth NAV high:$ 34.2912mnth NAV low:$ 24.11Fund size:$ 2,464mBenchmark index:Asian Special Sits Composite*Bloomberg code:FIDASSIISIN code:LU0054237671SEDOL number:4343400WK-Nummer:974005*MSCI AC FE ex Jpn (N)PERFORMANCE YEAR BY YEAR44.6%44.5%16.4%17.2%27.0%21.3%39.8%31.7%36.9%36.5%-6.2%-2.2%-10.7%-9.4%-46.1%-50.6%64.0%68.9%20.6%19.4%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 03.10.94Fund cumulative growth 0.7% 0.7% 30.7% 24.1% 89.3% 228.1% 243.4%Index cumulative growth 0.6% 0.6% 28.0% 16.4% 68.2% 189.4% 94.1%Fund annualised growth - - 30.7% 7.5% 13.6% 12.6% 7.8%Index annualised growth - - 28.0% 5.2% 11.0% 11.2% 4.1%Value of $2,500 invested - 2,392 3,105 2,947 4,497 7,793 8,157PERFORMANCE SINCE 03.10.94400%300%200%Ranking within Morningstar GIF Asia ex Japan Equity100%Position of fund 16 16 18 15 12 10 2Total number of funds 127 127 122 107 90 68 35Quartile ranking 1 1 1 1 1 1 10%12-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index94

PxFcb.eu.201101.2726_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsInformation Technology 35.5% 18.3%(36.0%)(17.2%)3 % 3.8%0 -0.5% %Consumer Discretionary 13.5% (13.7%) 4 % 4.7%Industrials 11.2% (10.3%) 0 -0.1% %Materials 6.3% 6.3% (6.2%) -1-1.7%%Energy 5.8% 5.8% (5.9%) -1-1.6%%Telecommunication Services 5.1% 5.1% (4.4%) -1-1.3%%Consumer Staples 3.7% 3.7% (4.8%) 0 -0.6% %Other 0.8% 0.8% (0.9%) -2-2.6%%Cash 0.0% 0.0% (0.4%) 0 % 0.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)ChinaHong Kong29.2% 19.5% (31.3%)(17.6%)2 % 2.0%6 % 6.5%Taiwan 16.9% (15.1%) -1-1.9%%Korea (South) 16.9% (16.3%) -5-5.4%%Singapore 4.7% (4.7%) -3-3.0%%Indonesia 3.4% (3.7%) 0 % 0.1%Ireland 2.5% 2.5% (3.4%) 2 % 2.5%Thailand 1.9% 1.9% (2.1%) 0 -0.5% %Other 5.1% 5.1% (5.4%) 0 -0.2% %Cash 0.0% 0.0% (0.4%) 0 % 0.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNASAMSUNG ELECTRONICS 3.3%BANK OF CHINA HONG KONG 2.5%TENCENT HOLDINGS 2.5%SAMSUNG ELECTRONICS NV PFD 2.4%CNOOC 2.3%HTC 2.2%HONG KONG EXCHANGES & CLEARING 2.0%LI & FUNG 1.7%TAIWAN SEMICONDUCTOR MANUFACTURING 1.7%HON HAI PRECISION INDUSTRY 1.6%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingS&P Fund RatingsFERI rating★★★★AA(A)VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 0.93Sharpe ratio: 0.37Alpha: 0.19Beta: 0.92R 2 : 0.98Tracking error: 4.90This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX95

96FIDELITY FUNDSAUSTRALIA FUNDcb.eu.201101.2722.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEas at 31.01.11OBJECTIVEInvests principally in Australian equity securities.PORTFOLIO CHARACTERISTICSThe portfolio is characterised by an emphasis towards large and mediumsized companies as the fund manager sees more opportunities to invest incompanies with strong track records, management and creditworthiness.However, the manager will also consider smaller companies that meet theinvestment criteria. The top ten holdings comprise approximately 50% of theportfolio with the total number of stocks being in the range of 30 to 50.INVESTMENT STYLEThe fund manager’s approach is driven by fundamental research focusing on both value and growth.The manager looks to invest in stocks whose earnings potential is undiscovered by the broadinvestment community, favouring companies with superior management, a competitive edge, strongbrand name or technological advantage, sound balance sheet, strong free cashflow and low gearing.Substantial active positions in companies can be taken where the manager has strong conviction.Regular company visits are used in the stock selection process in order to assess a company’scorporate governance, business quality, earnings quality, financing strategy and long term growthoutlook.FUND FACTSFund manager:Paul TaylorLocation:AustraliaAppointed to fund:13.12.04Years at Fidelity:14Launch date:06.12.91Currency:Australian DollarNAV price:A$ 41.6612mnth NAV high:A$ 44.3312mnth NAV low:A$ 37.18Fund size:A$ 869mBenchmark index:Australia Composite*Bloomberg code:FIDLAUIISIN code:LU0048574536SEDOL number:4332538WK-Nummer:973281*S&P ASX 200 (G)PERFORMANCE YEAR BY YEAR5.4%10.5%15.7%14.6%28.9%28.0%26.3%22.8%24.8%24.2%15.0%16.1%-15.3%-8.7%-41.2%-38.4%41.6%37.0%0.8%1.6%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 06.12.91Fund cumulative growth 0.1% 0.1% 7.0% -6.6% 15.0% 93.8% 422.4%Index cumulative growth 0.2% 0.2% 8.5% -3.7% 19.6% 115.7% 539.7%Fund annualised growth - - 7.0% -2.2% 2.8% 6.8% 9.0%Index annualised growth - - 8.5% -1.3% 3.6% 8.0% 10.2%Value of A$2,500 invested - 2,376 2,542 2,219 2,730 4,604 12,408PERFORMANCE SINCE 06.12.91800%600%400%Ranking within Morningstar GIF Australia & New Zealand Equity200%Position of fund 10 10 4 7 6 3 3Total number of funds 15 15 12 10 8 7 4Quartile ranking 3 3 2 3 3 2 30%12-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index96

PxFcb.eu.201101.2722_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsMaterials 33.3% 29.2%(31.4%)(28.2%)-4-4.9%%1 % 1.1%Industrials 9.2% 9.2% (8.8%) 3 % 3.5%Energy 8.3% 8.3% (8.2%) 1 % 1.0%Consumer Discretionary 7.1% 7.1% (7.8%) 3 % 3.4%Consumer Staples 6.5% 6.5% (5.9%) -2-2.0%%Health Care 5.7% 5.7% (7.1%) 2 % 2.4%Other 0.0% 0.0% (0.0%) -5-5.1%%Cash 0.6% 0.6% (2.5%) 0 % 0.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)AustraliaCanada97.6% 1.7%(95.9%)(1.7%)-1-1.8%%1 % 1.4%Other 0.0% (0.0%) 0 -0.4% %Cash 0.6% (2.5%) 0 % 0.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNARIO TINTO (AU) 9.2%COMMONWEALTH BANK OF AUSTRALIA 9.0%BHP BILLITON 8.2%AUSTRALIA & NEW ZEALAND BANKING GROUP (A 8.2%WESFARMERS 6.5%SEEK 4.5%OIL SEARCH 4.5%WESTPAC BANKING 3.5%NATIONAL AUSTRALIA BANK 3.4%SUNCORP GROUP 3.0%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 1.04Sharpe ratio: -0.30Alpha: -0.07Beta: 1.01R 2 : 0.95Tracking error: 4.16This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX97

98FIDELITY FUNDSCHINA FOCUS FUNDcb.eu.201101.2741.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund will primarily focus on China through investment in securities ofChinese companies listed in China and Hong Kong, as well as securities innon-Chinese companies which have a significant portion of their activities inChina.PORTFOLIO CHARACTERISTICSThis fund aims to hold 100% direct exposure to China. The fund manager iswilling to invest in small and medium-sized companies which have solidas at 31.01.11corporate fundamentals and sustainable earnings growth. In stocks in which ahigh level of confidence is held, the manager is willing to take large positions. The manager isbenchmark aware, but overall stock weightings are driven solely by a bottom-up stock pickingprocess.INVESTMENT STYLEThe manager favours companies where management has a flexible mindset and strategy. These areessential requirements for capturing market share and driving earnings growth in China’s rapidlychanging environment. In terms of operations, the manager prefers companies which are industryleaders, which have high entry barriers and which have low costs of production. In view of the cyclicalnature of the Chinese stock market, the manager uses strict valuation criteria, such as price-to-bookratios.FUND FACTSFund manager:Martha WangLocation:Hong KongAppointed to fund:25.05.06Years at Fidelity:6Launch date:18.08.03Currency:US DollarNAV price:$ 45.8612mnth NAV high:$ 50.4812mnth NAV low:$ 37.82Fund size:$ 5,156mBenchmark index:China Focus Blend*Bloomberg code:FIDFDFOISIN code:LU0173614495WK-Nummer:A0CA6V*MSCI China Capped 10% (N)PERFORMANCE YEAR BY YEAR3.3%1.9%12.8%19.8%90.5%82.9%61.0%66.2%67.1%67.4%5.6%4.7%■ Fund■ Index-48.3%-51.1%04 05 06 07 08 09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 18.08.03Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 18.08.03Fund cumulative growth -0.1% -0.1% 15.6% 11.9% 140.7% - 361.5%700%Index cumulative growth -0.5% -0.5% 14.0% 8.7% 127.1% - 344.9%600%Fund annualised growth - - 15.6% 3.8% 19.2% - 22.8%500%Index annualised growth - - 14.0% 2.8% 17.8% - 22.2%Value of $2,500 invested - 2,372 2,745 2,659 5,717 - 10,961Ranking within Morningstar GIF Equity ChinaPosition of fund 20 20 34 20 12 - 4Total number of funds 101 101 81 57 30 - 19Quartile ranking 1 1 2 2 2 - 1400%300%200%100%12-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Index98

PxFcb.eu.201101.2741_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsConsumer Discretionary 35.6% 12.5%(36.6%)(12.6%)0 -0.9% %6 % 6.9%Energy 12.2% (13.4%) -5-5.9%%Information Technology 12.0% (10.2%) 5 % 5.9%Materials 6.7% 6.7% (6.7%) 0 % 0.5%Consumer Staples 6.5% 6.5% (6.2%) 1 % 1.6%Telecommunication Services 6.1% 6.1% (6.1%) -5-5.5%%Industrials 5.8% 5.8% (6.1%) -2-2.6%%Other 2.7% 2.7% (2.5%) 0 % 0.2%Cash 0.0% 0.0% (0.0%) 0 % 0.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)ChinaHong Kong90.0% 7.2%(89.9%)(7.6%)-10.0%%7 % 7.2%Ireland 2.7% (2.4%) 2 % 2.7%Other 0.2% (0.4%) 0 % 0.2%Cash 0.0% (0.0%) 0 % 0.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNATENCENT HOLDINGS 7.2%CHINA MOBILE 6.1%INDUSTRIAL & COMMERCIAL BANK OF CHINA 5.7%CNOOC 5.6%CHINA CONSTRUCTION BANK H 5.4%PING AN INSURANCE H 4.6%CHINA LIFE INSURANCE H 4.4%BELLE INTERNATIONAL HOLDINGS 3.7%CHINA MENGNIU DAIRY 3.1%CHINA COAL ENERGY H 2.4%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar Rating★★★★VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error8.00Relative volatility: 0.89Sharpe ratio: 0.25Alpha: 0.07Beta: 0.88R 2 : 0.97Tracking error: 6.62This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.6.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX99

100FIDELITY FUNDSEMERGING ASIA FUNDcb.eu.201101.3274.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe Fund aims to generate long-term capital growth through investingprincipally in securities of companies having their head office or exercising apredominant part of their activity in less developed countries of Asia that areconsidered as emerging markets according to the MSCI Emerging MarketsAsia Index.PORTFOLIO CHARACTERISTICSThe Fund focuses on high-conviction names across “true” Emerging Asianmarkets, excluding the more developed markets (such as Taiwan and Korea)as at 31.01.11investing in areas where high economic and earnings growth are evident andalso in new frontier countries.The fund has an actively managed portfolio of typically 80 to 120 ‘best ideas’ without anypredetermined style, industry or market cap bias. Country and sector weightings are a residual ofindividual stock selection. The fund has a customised benchmark, with a weighting of 33% China,33% India & Pakistan, 33% ASEAN ex Singapore. The Fund may also invest in countries not includedin the benchmark, such as Vietnam, Bangladesh and Sri Lanka.INVESTMENT STYLEThe manager takes a fundamental, bottom-up approach to stock selection, constructing the portfolioon a stock by stock basis. He favours companies with unappreciated earnings potential, where theearnings growth is not yet reflected in the share price and looks to invest in good businesses wherethere is a valuation anomaly; or buy companies on cheap valuations where fundamentals areimproving; and restructuring opportunities.While he is willing to explore opportunities in the frontier markets, he places high emphasis oncompany visits to assess profitability, attractiveness of a business, the track record and suitability ofmanagement structure and the level of returns given to shareholders. He looks for industry leaderswhich are best positioned to benefit from changes in industry structure or dynamics.FUND FACTSFund manager:Teera ChanpongsangLocation:Hong KongAppointed to fund:21.04.08Years at Fidelity:17Launch date:21.04.08Currency:US DollarNAV price:$ 11.8112mnth NAV high:$ 13.4012mnth NAV low:$ 9.22Fund size:$ 624mBenchmark index:MSCI Emerging AsiaComposite Index (Gross)*Bloomberg code:FFEMEAU LXISIN code:LU0329678170SEDOL number:B2QPDJ2WK-Nummer:AONFGL*33.33% MSCI China, 33.33%MSCI India & Pakistan, 33.33%MSCI Malaysia, Indonesia,Thailand & PhilippinesPERFORMANCE YEAR BY YEAR87.7%80.9%26.0%21.6%■ Fund■ Index09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 21.04.08Fund cumulative growth -6.9% -6.9% 23.8% - - - 18.1%Index cumulative growth -6.5% -6.5% 19.7% - - - 8.8%Fund annualised growth - - 23.8% - - - 6.2%Index annualised growth - - 19.7% - - - 3.1%Value of $2,500 invested - 2,329 3,095 – - - 2,953PERFORMANCE SINCE 21.04.08140%120%100%80%Ranking within Morningstar GIF Asia ex Japan EquityPosition of fund 127 127 66 - - - 17Total number of funds 127 127 122 - - - 109Quartile ranking 4 4 3 - - - 160%40%06-0812-0806-0912-0906-1012-10■ Fund■ Index100

PxFcb.eu.201101.3274_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsEnergy 34.5% 15.4%(34.7%)(16.0%)2 % 2.9%0 % 0.2%Information Technology 13.9% (12.0%) 6 % 6.1%Industrials 8.6% 8.6% (8.5%) 0 -0.8% %Consumer Discretionary 8.6% 8.6% (9.0%) 1 % 1.6%Materials 6.4% 6.4% (6.4%) -1-1.3%%Health Care 5.1% 5.1% (5.7%) 3 % 3.3%Consumer Staples 2.8% 2.8% (4.8%) -4-4.5%%Other 2.0% 2.0% (1.4%) -10.3%%Cash 2.7% 2.7% (1.3%) 2 % 2.7%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)IndiaChina29.4% 26.1% (31.5%)(25.0%)-1-1.5%%-7-7.5%%Indonesia 11.9% (12.7%) 1 % 1.4%Malaysia 10.0% (8.7%) -4-4.6%%Thailand 9.2% (10.4%) 1 % 1.3%Hong Kong 6.6% (6.2%) 6 % 6.6%Philipines 4.0% 4.0% (3.9%) 1 % 1.6%Other 0.0% 0.0% (0.4%) 0 % 0.0%Cash 2.7% 2.7% (1.3%) 2 % 2.7%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAINFOSYS TECHNOLOGIES 4.9%RELIANCE INDUSTRIES (DEMATERIALIZED) 3.9%TENCENT HOLDINGS 3.1%INDUSTRIAL & COMMERCIAL BANK OF CHINA 2.9%TATA CONSULTANCY SERVICES 2.8%CNOOC 2.5%GENTING (MALAYASIA) 2.3%CIMB GROUP HOLDINGS 2.2%HDFC BANK (DEMAT) 2.1%HOUSING DEVELOPMENT FINANCE 1.8%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX101

102FIDELITY FUNDSGREATER CHINA FUNDcb.eu.201101.2719.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in equity securities quoted on stock exchanges in HongKong, China and Taiwan.PORTFOLIO CHARACTERISTICSThe portfolio manager invests primarily in the Greater China markets. He mayat times invest in China plays listed outside of Hong Kong, China and Taiwan.While there is a focus on large- to mid-cap ideas, he is also interested inlooking at under-researched smaller companies. Although he is benchmarkas at 31.01.11aware, the portfolio manager’s resulting asset allocation in terms of sector,country and market capitalisation is primarily the result of stock selection.INVESTMENT STYLEThe portfolio manager employs a fundamental, bottom-up approach. He firmly believes that stockby-stockportfolio construction based on in-depth research is the key to achieving long-terminvestment performance. The portfolio manager focuses on investing in good companies orcompanies with improving fundamentals that are trading at reasonable valuations. He particularlyfavours regionally or globally competitive companies with a proven management track record ofcreating shareholder value on a sustainable basis. He also evaluates the valuations of companiesrelative to their own history as well as to their regional and global peers. In terms of style preference,the portfolio manager adopts a neutral approach and as a result, he invests in a combination of bothgrowth and value stocks.FUND FACTSFund manager:Joseph TseLocation:Hong KongAppointed to fund:18.01.10Years at Fidelity:21Launch date:01.10.90Currency:US DollarNAV price:$ 146.8012mnth NAV high:$ 150.4012mnth NAV low:$ 108.90Fund size:$ 531mBenchmark index:FF Greater China Blend*Bloomberg code:FIDLHKIISIN code:LU0048580855SEDOL number:4341136WK-Nummer:973265*MSCI Golden DragonPERFORMANCE YEAR BY YEAR46.0%50.2%11.2%12.8%13.3%6.1%30.1%34.8%44.2%35.4%-11.3%-17.9%-15.5%-14.4%-44.0%-49.4%64.8%67.1%16.4%13.6%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth 1.4% 1.4% 28.6% 27.8% 92.9% 166.1% 1,666.1%Index cumulative growth 1.1% 1.1% 24.3% 15.5% 67.6% 109.6% 1,581.7%Fund annualised growth - - 28.6% 8.5% 14.1% 10.3% 15.2%Index annualised growth - - 24.3% 4.9% 10.9% 7.7% 14.9%Value of $2,500 invested - 2,408 3,053 3,035 4,583 6,320 41,950PERFORMANCE SINCE 01.10.902000%1500%1000%Ranking within Morningstar GIF Equity Greater China500%Position of fund 6 6 3 5 17 10 2Total number of funds 50 50 45 33 30 15 4Quartile ranking 1 1 1 1 3 3 20%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index102

PxFcb.eu.201101.2719_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsInformation Technology 41.9% 16.1%(41.7%)(15.2%)6 % 6.2%-5-5.1%%Consumer Discretionary 10.5% (10.3%) 4 % 4.1%Industrials 9.4% 9.4% (9.1%) 1 % 1.8%Energy 8.0% 8.0% (8.1%) 0 -0.7% %Telecommunication Services 5.3% 5.3% (4.3%) -1-1.5%%Materials 4.8% 4.8% (5.0%) -2-2.4%%Consumer Staples 3.0% 3.0% (4.8%) 0 % 0.2%Other 0.6% 0.6% (0.4%) -3-3.0%%Cash 0.5% 0.5% (1.1%) 0 % 0.5%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)ChinaHong Kong44.3% 25.8% (48.7%)(23.3%)-1-1.9%%3 % 3.7%Taiwan 23.2% (21.9%) -8-8.6%%Ireland 2.9% (2.0%) 2 % 2.9%Other 3.3% (1.0%) 3 % 3.3%Cash 0.5% (1.1%) 0 % 0.5%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNACNOOC 3.3%TENCENT HOLDINGS 3.2%HONG KONG EXCHANGES & CLEARING 3.1%BANK OF CHINA HONG KONG 3.0%HTC 2.8%TAIWAN SEMICONDUCTOR MANUFACTURING 2.8%HON HAI PRECISION INDUSTRY 2.8%BANK OF CHINA ‘H’ 2.7%INDUSTRIAL & COMMERCIAL BANK OF CHINA 2.5%CHINA CONSTRUCTION BANK H 2.4%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error8.00Relative volatility: 0.95Sharpe ratio: 0.41Alpha: 0.29Beta: 0.94R 2 : 0.98Tracking error: 4.71This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.6.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX103

104FIDELITY FUNDSINDONESIA FUNDcb.eu.201101.0368.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEas at 31.01.11OBJECTIVEInvests principally in Indonesian equity securities.PORTFOLIO CHARACTERISTICSThe portfolio manager’s primary goal is to add value through a selection ofstocks that can capitalise on the increasing liberalization in the economy. Theportfolio manager tends to prefer specific sectors where selected companieshave very strong prospects. There may be a bias towards certain sectorswhere the portfolio manager can find more attractive investmentopportunities.INVESTMENT STYLEThe portfolio manager employs a bottom-up analysis and builds the portfolios stock by stock. Theportfolio may hold a larger than index exposure if the portfolio manager is positive on prospects of aparticular company. The fund manager favours medium and large stocks, mainly because of higherliquidity and more professional management. Meanwhile, smaller companies in Indonesia aregenerally illiquid, and therefore less attractive.FUND FACTSFund manager:Dhananjay PhadnisLocation:Hong KongAppointed to fund:01.04.08Years at Fidelity:6Launch date:05.12.94Currency:US DollarNAV price:$ 24.1712mnth NAV high:$ 27.8212mnth NAV low:$ 17.84Fund size:$ 956mBenchmark index:FF Indonesia Fund Blend*Bloomberg code:FIDINDIISIN code:LU0055114457SEDOL number:4405935WK-Nummer:974129*MSCI Indonesia IMA 8% CappedPERFORMANCE YEAR BY YEAR32.3%26.0%66.7%73.0%35.6%31.2%5.9%9.7%65.2%69.9%41.1%45.6%-11.8%-12.4%-52.4%-57.5%124.8%116.9%44.7%47.9%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 05.12.94Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 05.12.94Fund cumulative growth -8.6% -8.6% 26.9% 44.5% 189.9% 780.3% 149.0%300%Index cumulative growth -9.4% -9.4% 29.4% 27.2% 175.3% 702.4% 67.4%250%Fund annualised growth - - 26.9% 13.1% 23.7% 24.3% 5.8%200%Index annualised growth - - 29.4% 8.4% 22.5% 23.2% 3.2%Value of $2,500 invested - 2,172 3,015 3,432 6,886 20,910 5,913Ranking within Morningstar GIF Equity IndonesiaPosition of fund 3 3 4 1 1 1 1Total number of funds 4 4 4 4 3 3 2Quartile ranking 3 3 4 1 - - -150%100%50%0%12-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index104

PxFcb.eu.201101.0368_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsEnergy 30.8% 15.1%(33.1%)(16.2%)0 % 0.3%0 -0.9% %Industrials 10.5% (9.6%) 5 % 5.1%Consumer Discretionary 10.1% (10.0%) 0 % 0.5%Consumer Staples 8.9% 8.9% (8.0%) -3-3.5%%Materials 8.8% 8.8% (9.1%) 0 -0.7% %Telecommunication Services 7.3% 7.3% (7.1%) -2-2.0%%Utilities 6.3% 6.3% (6.2%) 0 % 0.6%Other 0.0% 0.0% (0.2%) -1-1.6%%Cash 2.3% 2.3% (0.5%) 2 % 2.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)IndonesiaOther97.1% 0.7%(95.4%)(0.7%)-2-2.9%%0 % 0.7%Cash 2.3% (0.5%) 2 % 2.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNABANK RAKYAT INDONESIA 8.3%BANK MANDIRI 6.8%BANK CENTRAL ASIA 6.6%ASTRA INTERNATIONAL 6.3%PERUSAHAAN GAS NEGARA B 6.3%BUMI RESOURCES 5.3%UNITED TRACTORS 4.9%TELEKOMUNIKASI INDONESIA 4.8%BANK NEGARA INDONESIA (L) 3.8%GUDANG GARAM 2.9%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error8.00Relative volatility: 0.99Sharpe ratio: 0.50Alpha: 0.35Beta: 0.98R 2 : 0.99Tracking error: 5.08This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.6.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX105

106FIDELITY FUNDSINDIA FOCUS FUND – USDcb.eu.201101.2742.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEFidelity Funds - India Focus Fund aims to provide long-term growth,principally through investment in equity securities listed in India, as well assecurities in non-Indian companies that derive a significant portion ofearnings from India.PORTFOLIO CHARACTERISTICSThe fund manager does not have a particular market capitalisation bias;however, relative to the benchmark the fund will typically have a higheras at 31.01.11allocation in small and medium-sized companies. The fund will typically bewell diversified across a broad range of sectors. The manager is benchmark aware, but overall stockweightings are largely determined by bottom-up stock selection.INVESTMENT STYLEThe manager favours companies with the potential to deliver superior earnings growth over a one-totwoyear time horizon, in particular, either emerging growth or unrecognised growth. However, themanager will also consider balance sheet strength and the company’s ability to generate cashflows.When considering investment opportunities, valuation plays a key role in stock selection, with therelative attractiveness of portfolio holdings continually assessed against new investment ideas.FUND FACTSFund manager:Teera ChanpongsangLocation:Hong KongAppointed to fund:20.03.09Years at Fidelity:17Launch date:23.08.04Currency:US DollarNAV price:$ 31.0012mnth NAV high:$ 37.8712mnth NAV low:$ 25.50Fund size:$ 3,271mBenchmark index:FF India Focus Fund Blend*Bloomberg code:FIDINAD LXISIN code:LU0197229882WK-Nummer:A0B8SP*MSCI India (G) 8% CappedPERFORMANCE YEAR BY YEAR39.2%37.6%41.0%51.0%57.1%73.1%92.6%108.1%27.6%21.6%■ Fund■ Index-67.4%-64.6%05 06 07 08 09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 23.08.04Fund cumulative growth -12.4% -12.4% 15.8% -19.8% 42.5% - 210.0%Index cumulative growth -13.0% -13.0% 11.8% -9.1% 89.2% - 289.4%Fund annualised growth - - 15.8% -7.1% 7.3% - 19.2%Index annualised growth - - 11.8% -3.1% 13.6% - 23.5%Value of $2,500 invested - 2,080 2,750 1,905 3,386 - 7,363PERFORMANCE SINCE 23.08.04500%400%300%Ranking within Morningstar GIF Equity India200%Position of fund 37 37 9 34 26 - 17Total number of funds 59 59 48 42 29 - 18Quartile ranking 3 3 1 4 4 - 4100%12-0412-0512-0612-0712-0812-0912-10■ Fund■ Index106

PxFcb.eu.201101.2742_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsInformation Technology 29.5% 18.6%(31.0%)(18.3%)1 % 1.9%3 % 3.2%Consumer Discretionary 12.8% (13.7%) 8 % 8.0%Industrials 12.4% (13.3%) 1 % 1.9%Energy 9.2% 9.2% (9.7%) -3-3.6%%Materials 6.5% 6.5% (4.9%) -5-5.4%%Health Care 4.8% 4.8% (4.7%) 0 -0.1% %Consumer Staples 2.3% 2.3% (1.6%) -3-3.7%%Other 1.2% 1.2% (0.7%) -5-5.0%%Cash 2.6% 2.6% (2.1%) 2 % 2.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)IndiaOther96.7% 0.1%(97.7%)(0.2%)-3-3.3%%0 % 0.1%Cash 3.1% (2.1%) 3 % 3.1%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAINFOSYS TECHNOLOGIES 9.3%RELIANCE INDUSTRIES (DEMATERIALIZED) 8.1%ICICI BANK (DEMAT) 6.2%TATA CONSULTANCY SERVICES 6.2%HDFC BANK (DEMAT) 4.2%HOUSING DEVELOPMENT FINANCE 4.1%TATA MOTORS 2.9%MAHINDRA & MAHINDRA 2.8%LARSEN & TOURBO 2.6%STERLITE INDUSTRIES (DEMAT) 2.4%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error12.00Relative volatility: 1.04Sharpe ratio: 0.04Alpha: -0.26Beta: 1.02R 2 : 0.96Tracking error: 9.20This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.10.008.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX107

108FIDELITY FUNDSKOREA FUNDcb.eu.201101.2727.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in Korean equity securities.PORTFOLIO CHARACTERISTICSThe manager favours large and medium sized companies as they tend tohave longer track records in terms of trends in corporate operations andprofits, management capability and creditworthiness.INVESTMENT STYLEas at 31.01.11The manager is a growth-oriented investor looking to invest in stocks that canoffer earnings growth or recovery momentum greater than the sector or market average. Companieswith superior management quality, globally competitive edge, sound balance sheet, strong cash flowand low gearing are favoured. The manager is willing to position substantial active weights incompanies where there is strong conviction. Company visits are regularly used in the stock selectionprocess, as it helps the assessment of a company’s corporate governance, business quality, earningsquality, financing strategy and long term growth outlook. Portfolio risk is controlled throughdiversification across sectors and the number of stocks held.FUND FACTSFund manager:Taewoo KimLocation:S KoreaAppointed to fund:01.10.07Years at Fidelity:7Launch date:23.10.95Currency:US DollarNAV price:$ 21.3312mnth NAV high:$ 22.0412mnth NAV low:$ 14.79Fund size:$ 922mBenchmark index:KOSPI BlendBloomberg code:FIDFKLIISIN code:LU0061324488SEDOL number:4553038WK-Nummer:974646PERFORMANCE YEAR BY YEAR27.4%28.5%1.9%29.3%29.1%16.5%27.3%67.9%57.9%14.4%13.1%36.9%31.8%-4.7%-57.5%-55.9%66.2%61.9%24.2%25.1%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 06.11.95Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 06.11.95Fund cumulative growth 1.9% 1.9% 35.3% 6.4% 32.9% 250.8% 114.1%300%Index cumulative growth 2.1% 2.1% 33.8% 7.3% 27.8% 286.5% 43.1%250%Fund annualised growth - - 35.3% 2.1% 5.9% 13.4% 5.1%200%Index annualised growth - - 33.8% 2.4% 5.0% 14.5% 2.4%Value of $2,500 invested - 2,421 3,215 2,528 3,157 8,332 5,085Ranking within Morningstar GIF Equity KoreaPosition of fund 14 14 8 7 4 7 5Total number of funds 16 16 15 14 12 9 9Quartile ranking 4 4 3 2 2 3 3150%100%50%0%12-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index108

PxFcb.eu.201101.2727_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)Information TechnologyConsumer Discretionary 21.1% 20.5%(22.3%)(20.4%)1 % 1.4%5 % 5.7%Materials 18.6% (17.2%) 3 % 3.6%Industrials 15.7% (17.6%) -5-5.1%%Financials 12.8% (9.6%) -3-3.0%%Consumer Staples 4.7% 4.7% (4.9%) 0 % 0.0%Energy 4.4% 4.4% (5.6%) 0 % 0.9%Other 1.0% 1.0% (0.0%) -4-4.7%%Cash 1.3% 1.3% (1.3%) 1 % 1.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)Korea (South)Other98.1% 0.5%(97.3%)(0.0%)-1-1.9%%0 % 0.5%Cash 1.3% (1.3%) 1 % 1.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNASAMSUNG ELECTRONICS 10.8%HYNIX SEMICONDUCTOR 6.4%HYUNDAI MOTOR 6.3%LG CHEMICAL 6.0%HYUNDAI HEAVY INDUSTRIES 4.9%KIA MOTORS 4.6%SK INNOVATION 4.4%HYUNDAI MOBIS 4.2%HANWHA CHEMICAL 4.1%KB FINANCIAL GROUP 3.9%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error8.00Relative volatility: 1.01Sharpe ratio: 0.24Alpha: -0.01Beta: 1.00R 2 : 0.97Tracking error: 6.63This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.6.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX109

110FIDELITY FUNDSMALAYSIA FUNDcb.eu.201101.2749.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in Malaysian equity securities.PORTFOLIO CHARACTERISTICSManagement of the fund is characterised by an emphasis on stock picking.The manager’s approach is based upon strict selection criteria, driven by anassessment of corporate fundamentals. High relative stock positions may beheld where the fund manager has a high level of conviction.as at 31.01.11INVESTMENT STYLEThe manager looks for high-quality companies that are trading on attractive valuations. Preference isgiven to low-risk companies which have potential for sustainable long-term growth that has yet to berecognized by the market. The manager seeks companies with solid business models, offeringcompetitive advantages such as dominant market share, or a strong franchise. Companies withattractive returns on capital and strong cash flow generation are favoured. Other important criteriainclude good corporate governance and strong management.FUND FACTSFund manager:Gillian KwekLocation:Hong KongAppointed to fund:01.05.06Years at Fidelity:7Launch date:01.10.90Currency:US DollarNAV price:$ 44.6912mnth NAV high:$ 46.8012mnth NAV low:$ 31.19Fund size:$ 280mBenchmark index:FF Malaysia Linked Benchmark*Bloomberg code:FIDLMAIISIN code:LU0048587868SEDOL number:4341192WK-Nummer:973266*MSCI IMI MalaysiaPERFORMANCE YEAR BY YEAR2.4%27.8%22.8%12.7%14.3%43.0%30.5%48.4%40.6%-0.8%-2.8%-7.2%-1.0%-0.3%-38.9%-42.0%43.8%47.3%38.5%38.5%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 01.10.90Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth 0.6% 0.6% 39.4% 22.4% 154.4% 239.9% 531.9%Index cumulative growth 1.3% 1.3% 41.1% 21.7% 115.0% 173.6% 207.9%Fund annualised growth - - 39.4% 7.0% 20.5% 13.0% 9.5%Index annualised growth - - 41.1% 6.8% 16.5% 10.6% 5.7%Value of $2,500 invested - 2,390 3,311 2,906 6,043 8,075 15,009700%600%500%400%300%Ranking within Morningstar GIF Equity MalaysiaPosition of fund 2 2 1 1 1 2 1Total number of funds 4 4 3 3 2 2 1Quartile ranking 2 2 - - - - -200%100%0%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index110

PxFcb.eu.201101.2749_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsIndustrials 31.7% 23.2%(31.6%)(23.9%)1 % 1.1%4 % 4.1%Consumer Discretionary 15.9% (16.8%) 3 % 3.6%Consumer Staples 9.5% 9.5% (10.1%) -3-3.0%%Telecommunication Services 7.3% 7.3% (7.3%) -1-1.9%%Materials 4.2% 4.2% (3.2%) 0 -0.3% %Health Care 3.4% 3.4% (1.5%) 2 % 2.3%Utilities 2.9% 2.9% (3.4%) -4-4.8%%Other 0.3% 0.3% (0.3%) -2-2.7%%Cash 1.5% 1.5% (1.9%) 1 % 1.5%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)MalaysiaOther97.8% 0.6%(98.0%)(0.2%)-2-2.2%%0 % 0.6%Cash 1.5% (1.9%) 1 % 1.5%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNACIMB GROUP HOLDINGS 10.0%GENTING (MALAYASIA) 7.8%MALAYAN BANKING (MY) 6.9%SIME DARBY BERHAD 5.7%PETRONAS CHEMICALS 4.2%IOI 4.1%AXIATA GROUP BERHAD 3.5%AMMB HOLDINGS(FORMERLY ARAB-MALAYSIAN ME 3.5%KUALA LUMPUR KEPONG (ML) 3.4%IJM(FORMER IJM ENGRNG & CONSTRUC) 3.4%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error4.00Relative volatility: 0.95Sharpe ratio: 0.39Alpha: 0.04Beta: 0.94R 2 : 0.98Tracking error: 3.35This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.2.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX111

112FIDELITY FUNDSPACIFIC FUNDcb.eu.201101.2725.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in an actively managed portfolio of equities in countrieshaving a Pacific sea coast, primarily Japan, South East Asia and the UnitedStates of America.PORTFOLIO CHARACTERISTICSThe fund can be invested in non-benchmark countries as well as in theconstituent countries of the benchmark. Stock selection dictates the portfoliopositioning at country as well as sector level. Accordingly, both country andas at 31.01.11sector allocations can differ significantly from those of the benchmark,reflecting the number of attractive investment opportunities to be found within different countriesand sectors.INVESTMENT STYLEThe fund manager adopts a methodology of bottom-up stock selection, with an emphasis on firsthandresearch. He favours companies that offer the best value relative to their respective long-termgrowth prospects, returns on capital, and management quality. When assessing a company, hefocuses on understanding how each of these factors will change over time. The fund tends to have asmall- to mid-cap bias, as the manager generally finds in this category more under-researched stocks,whose potential value has yet to be fully recognised by the market.FUND FACTSFund manager:Dale NichollsLocation:Hong KongAppointed to fund:01.09.03Years at Fidelity:15Launch date:10.01.94Currency:US DollarNAV price:$ 21.9812mnth NAV high:$ 22.6512mnth NAV low:$ 15.94Fund size:$ 789mBenchmark index:Pacific Fund Composite*Bloomberg code:FIDLPFIISIN code:LU0049112450SEDOL number:4392639WK-Nummer:973285*MSCI AC Pacific (G)PERFORMANCE YEAR BY YEAR39.9%40.4%16.0%18.6%32.1%23.5%16.2%16.0%24.2%12.7%-20.4%-20.7%-8.7%-8.5%-56.4%-40.4%58.8%35.8%30.5%17.1%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 10.01.94Fund cumulative growth -1.0% -1.0% 30.5% 2.4% 22.2% 99.4% 121.8%Index cumulative growth -0.1% -0.1% 20.4% 3.8% 17.1% 80.0% 66.2%Fund annualised growth - - 30.5% 0.8% 4.1% 7.1% 4.8%Index annualised growth - - 20.4% 1.2% 3.2% 6.1% 3.0%Value of $2,500 invested - 2,353 3,099 2,433 2,903 4,736 5,269PERFORMANCE SINCE 10.01.94300%250%200%150%Ranking within Morningstar GIF Asia-Pacific inc Japan EquityPosition of fund 46 46 2 20 18 5 3Total number of funds 78 78 73 63 46 27 14Quartile ranking 3 3 1 2 2 1 1100%50%12-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index112

PxFcb.eu.201101.2725_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsInformation Technology 21.0% 20.1%(20.5%)(19.7%)-6-6.4%%6 % 6.5%Industrials 19.3% (19.6%) 5 % 5.4%Consumer Discretionary 17.6% (17.2%) 5 % 5.5%Materials 10.3% (10.6%) -1-1.1%%Health Care 4.1% 4.1% (3.9%) 1 % 1.1%Consumer Staples 3.2% 3.2% (2.8%) -2-2.3%%Telecommunication Services 2.3% 2.3% (2.6%) -2-2.3%%Other 2.5% 2.5% (2.6%) -6-6.0%%Cash 0.0% 0.0% (0.6%) 0 % 0.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)JapanChina35.1% 23.2% (33.6%)(25.2%)-6-6.6%%11 11.8% %Korea (South) 10.7% (10.4%) 1 % 1.3%Australia 8.1% (8.7%) -8-8.1%%Hong Kong 7.0% (4.8%) 1 % 1.5%Singapore 4.4% (4.4%) 1 % 1.2%India 3.4% 3.4% (3.8%) 3 % 3.4%Indonesia 2.9% 2.9% (3.0%) 1 % 1.5%Other 5.6% 5.6% (5.7%) -5-5.7%%Cash 0.0% 0.0% (0.6%) 0 % 0.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAORIX 3.8%EVA PRECISION INDL HOLDINGS 2.4%SOFTBANK 1.9%PING AN INSURANCE H 1.8%SAMSUNG ELECTRONICS 1.6%MIZUHO FINANCIAL GROUP 1.6%TENCENT HOLDINGS 1.5%KENEDIX REALTY INVESTMENT REIT 1.5%GOODPACK 1.5%DAOU TECHNOLOGY 1.3%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error12.00Relative volatility: 1.33Sharpe ratio: 0.17Alpha: 0.06Beta: 1.31R 2 : 0.96Tracking error: 9.77This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.10.008.006.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX113

114FIDELITY FUNDSSINGAPORE FUNDcb.eu.201101.2757.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEas at 31.01.11OBJECTIVEInvests principally in equity securities quoted on the stock exchange inSingapore.PORTFOLIO CHARACTERISTICSThe portfolio manager’s primary goal is to add value through stock selectionon companies with under-recognised potential. The portfolio manager payscareful attention to a stock’s percentage in the benchmark index: the degreeof deviation from the benchmark depends on the level of conviction and thevaluation of a stock.INVESTMENT STYLEThe portfolio manager employs a bottom-up investment approach and has no particular styleconstraints. The portfolio manager generally prefers those companies with accelerating or improvingprofitability, based on measures such as return on equity and return on capital invested. The basis forearnings growth for a company will also be looked at; whether it is founded on sustainabledevelopments as opposed to one-off improvements.FUND FACTSFund manager:Gillian KwekLocation:Hong KongAppointed to fund:01.05.06Years at Fidelity:7Launch date:01.10.90Currency:US DollarNAV price:$ 50.3912mnth NAV high:$ 52.4412mnth NAV low:$ 37.01Fund size:$ 270mBenchmark index:FF Singapore Blend*Bloomberg code:FIDLSGIISIN code:LU0048588163SEDOL number:4341211WK-Nummer:973273*FTSE Straits Times All ShareIndex Capped. With effect from10 January 2008, underlyingstocks in custom Index arereweighted by Fidelity.PERFORMANCE YEAR BY YEAR42.7%38.0%23.1%22.4%15.8%16.2%43.4%47.1%34.5%31.8%-22.2%-20.7%-12.2%-11.1%-48.0%-51.6%74.6%85.9%25.3%26.7%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 01.10.90Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth -0.9% -0.9% 31.5% 28.3% 105.4% 204.0% 467.1%Index cumulative growth -0.7% -0.7% 32.4% 31.5% 107.3% 202.7% 516.6%Fund annualised growth - - 31.5% 8.7% 15.5% 11.8% 8.9%Index annualised growth - - 32.4% 9.6% 15.7% 11.7% 9.4%Value of $2,500 invested - 2,353 3,124 3,048 4,878 7,220 13,471700%600%500%400%300%Ranking within Morningstar GIF Equity SingaporePosition of fund 4 4 1 1 1 1 1Total number of funds 4 4 4 4 4 3 2Quartile ranking 4 4 1 1 1 - -200%100%0%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index114

PxFcb.eu.201101.2757_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsIndustrials 40.9% 24.3%(38.0%)(24.7%)-3-3.3%%-3-3.5%%Consumer Staples 11.4% (12.7%) 2 % 2.0%Consumer Discretionary 6.5% 6.5% (7.5%) -2-2.3%%Telecommunication Services 5.2% 5.2% (4.0%) 0 -0.2% %Health Care 5.2% 5.2% (5.8%) 4 % 4.6%Information Technology 2.4% 2.4% (2.7%) 1 % 1.0%Materials 1.0% 1.0% 0 % 0.5%Other 1.0% 1.0% (0.0%) 0 -0.9% %Cash 1.9% 1.9% (2.1%) 1 % 1.9%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)SingaporeHong Kong85.4% 8.9%(84.0%)(9.4%)-6-6.1%%1 % 1.6%China 1.9% (2.4%) 1 % 1.0%Other 1.9% (1.0%) 1 % 1.6%Cash 1.9% (2.1%) 1 % 1.9%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAOVERSEA-CHINESE BANKING (L) 7.4%UNITED OVERSEAS BANK (L) 7.2%HONG KONG LAND HLDGS (SG) 5.6%JARDINE MATHESON HOLDINGS (SG) 4.6%SINGAPORE TELECOMMUNICATIONS 4.6%NOBLE GROUP 4.4%DBS GROUP HOLDINGS 4.3%GENTING SINGAPORE 4.1%KEPPEL 3.7%JARDINE STRATEGIC HOLDINGS 3.3%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar Rating★★★★VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 0.93Sharpe ratio: 0.40Alpha: -0.04Beta: 0.92R 2 : 0.99Tracking error: 4.60This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX115

116FIDELITY FUNDSSOUTH EAST ASIA FUNDcb.eu.201101.2716.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in equity securities quoted on stock exchanges in thePacific Basin excluding Japan.PORTFOLIO CHARACTERISTICSThe focus tends to be on “blue-chip” companies thus allowing a fairly highdegree of liquidity to be maintained in the fund. The fund manager is agrowth-oriented investor and uses a bottom-up stock picking approach with afocus on companies with above average earnings growth relative to theiras at 31.01.11sector or the market. He looks for companies with high quality management,a globally competitive edge, strong finances and positive cash flow. This approach means that thefund may deviate substantially from the benchmark index in terms of market allocation. Indeed attimes a large proportion of the portfolio may be held in one specific market.INVESTMENT STYLEThe fund manager prefers large and medium size companies as they tend to offer longer trackrecords of corporate profit growth, management capability and trustworthiness. However, he mayinvest in small caps if they are well managed and have promising long-term prospects. Wheninvesting in a company, he usually takes a one to two year view and believes that this time frameshould be sufficient for the fundamental qualities of any company to be appreciated by the market.The track record of the management is a key stock selection criterion. This is crucial in helping thefund manager understand the management’s capability to grow profits and enhance shareholdervalue.When examining the valuation of a company, the fund manager tends to assess cash flow andearnings growth prospects rather than asset or book value. He believes that earnings and cash floware better determinants of a company’s long-term growth prospects.Company visits are used to assess management’s capability, business quality, earnings quality, thelong-term growth outlook and financial strategy. The scope of company visits also coverscompetitors, suppliers and customers of the companies held in the portfolio. After digesting theinformation and views from these visits, the fund manager can then determine the key drivers of acompany’s earnings and share price.FUND FACTSFund manager:Allan LiuLocation:Hong KongAppointed to fund:01.04.01Years at Fidelity:24Launch date:01.10.90Currency:US DollarNAV price:$ 7.1312mnth NAV high:$ 7.3512mnth NAV low:$ 5.13Fund size:$ 8,754mBenchmark index:South East Asia Comp*Bloomberg code:FIDLSEIISIN code:LU0048597586SEDOL number:4341222WK-Nummer:973276*MSCI AC FE ex Jpn (N)PERFORMANCE YEAR BY YEAR51.8%44.5%11.7%17.2%32.4%21.3%36.6%31.7%53.5%36.5%-7.3%-2.2%-12.6%-9.4%-50.7%-50.6%70.9%68.9%21.1%19.4%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth 1.0% 1.0% 31.7% 21.9% 97.8% 255.7% 678.5%Index cumulative growth 0.6% 0.6% 28.0% 16.4% 68.2% 189.4% 327.9%Fund annualised growth - - 31.7% 6.8% 14.6% 13.5% 10.6%Index annualised growth - - 28.0% 5.2% 11.0% 11.2% 7.4%Value of $2,500 invested - 2,399 3,129 2,894 4,698 8,449 18,491PERFORMANCE SINCE 01.10.901000%750%500%Ranking within Morningstar GIF Asia ex Japan Equity250%Position of fund 12 12 12 19 5 7 2Total number of funds 127 127 122 107 90 68 12Quartile ranking 1 1 1 1 1 1 10%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index116

PxFcb.eu.201101.2716_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsIndustrials 30.1% 20.0%(29.8%)(20.8%)-1-1.6%%8 % 8.7%Information Technology 15.8% (14.2%) -3-3.0%%Consumer Discretionary 12.8% (13.6%) 4 % 4.0%Materials 8.5% 8.5% (7.3%) 0 % 0.5%Energy 5.2% 5.2% (7.2%) -2-2.2%%Consumer Staples 2.5% 2.5% (2.9%) -1-1.8%%Utilities 1.3% 1.3% -1-1.7%%Other 2.5% 2.5% (2.3%) -4-4.3%%Cash 1.3% 1.3% (0.0%) 1 % 1.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)ChinaKorea (South)27.1% 24.5% (28.3%)(24.3%)0 -0.1% %2 % 2.2%Taiwan 14.7% (12.7%) -4-4.1%%Hong Kong 14.6% (12.0%) 1 % 1.6%Singapore 7.8% (8.0%) 0 % 0.1%Thailand 3.9% (5.2%) 1 % 1.5%Malaysia 3.2% 3.2% (5.1%) -1-1.3%%Indonesia 2.6% 2.6% (3.4%) 0 -0.7% %Other 0.2% 0.2% (1.0%) 0 -0.5% %Cash 1.3% 1.3% (0.0%) 1 % 1.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNASAMSUNG ELECTRONICS 4.3%TENCENT HOLDINGS 3.0%HYUNDAI MOTOR 2.3%INDUSTRIAL & COMMERCIAL BANK OF CHINA 1.8%SINA CHINA 1.8%HYUNDAI HEAVY INDUSTRIES 1.8%CHINA CONSTRUCTION BANK H 1.7%BANK OF CHINA ‘H’ 1.7%TAIWAN SEMICONDUCTOR MANUFACTURING 1.6%KEPPEL 1.5%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingS&P Fund RatingsFERI rating★★★★AA(A)VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error8.00Relative volatility: 0.99Sharpe ratio: 0.35Alpha: 0.13Beta: 0.98R 2 : 0.98Tracking error: 4.58This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.6.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX117

118FIDELITY FUNDSSOUTH EAST ASIA FUND – EURcb.eu.201101.9566.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in equity securities quoted on stock exchanges in thePacific Basin excluding Japan.PORTFOLIO CHARACTERISTICSThe focus tends to be on “blue-chip” companies thus allowing a fairly highdegree of liquidity to be maintained in the fund. The fund manager is agrowth-oriented investor and uses a bottom-up stock picking approach with afocus on companies with above average earnings growth relative to theiras at 31.01.11sector or the market. He looks for companies with high quality management,a globally competitive edge, strong finances and positive cash flow. This approach means that thefund may deviate substantially from the benchmark index in terms of market allocation. Indeed attimes a large proportion of the portfolio may be held in one specific market.INVESTMENT STYLEThe fund manager prefers large and medium size companies as they tend to offer longer trackrecords of corporate profit growth, management capability and trustworthiness. However, he mayinvest in small caps if they are well managed and have promising long-term prospects. Wheninvesting in a company, he usually takes a one to two year view and believes that this time frameshould be sufficient for the fundamental qualities of any company to be appreciated by the market.The track record of the management is a key stock selection criterion. This is crucial in helping thefund manager understand the management’s capability to grow profits and enhance shareholdervalue.When examining the valuation of a company, the fund manager tends to assess cash flow andearnings growth prospects rather than asset or book value. He believes that earnings and cash floware better determinants of a company’s long-term growth prospects.Company visits are used to assess management’s capability, business quality, earnings quality, thelong-term growth outlook and financial strategy. The scope of company visits also coverscompetitors, suppliers and customers of the companies held in the portfolio. After digesting theinformation and views from these visits, the fund manager can then determine the key drivers of acompany’s earnings and share price.FUND FACTSFund manager:Allan LiuLocation:Hong KongAppointed to fund:16.02.04Years at Fidelity:24Launch date:16.02.04Currency:EuroNAV price:€ 5.2012mnth NAV high:€ 5.6012mnth NAV low:€ 3.80Fund size:€ 6,385mBenchmark index:South East Asia Comp*ISIN code:LU0069452877SEDOL number:986394*MSCI AC FE ex Jpn (N)PERFORMANCE YEAR BY YEAR51.5%39.8%22.6%17.9%38.7%23.1%66.0%63.6%29.7%27.7%■ Fund■ Index-48.3%-48.0%05 06 07 08 09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 16.02.04Fund cumulative growth -1.4% -1.4% 33.2% 31.9% 75.4% - 169.8%Index cumulative growth -1.6% -1.6% 29.7% 25.7% 49.0% - 116.1%Fund annualised growth - - 33.2% 9.7% 11.9% - 15.3%Index annualised growth - - 29.7% 7.9% 8.3% - 11.7%Value of €2,000 invested - 1,973 2,665 2,639 3,508 - 5,396PERFORMANCE SINCE 16.02.04300%250%200%150%Ranking within SectorPosition of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -100%50%12-0412-0512-0612-0712-0812-0912-10■ Fund■ Index118

PxFcb.eu.201101.9566_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsIndustrials 30.1% 20.0%(29.8%)(20.8%)-1-1.6%%8 % 8.7%Information Technology 15.8% (14.2%) -3-3.0%%Consumer Discretionary 12.8% (13.6%) 4 % 4.0%Materials 8.5% 8.5% (7.3%) 0 % 0.5%Energy 5.2% 5.2% (7.2%) -2-2.2%%Consumer Staples 2.5% 2.5% (2.9%) -1-1.8%%Utilities 1.3% 1.3% -1-1.7%%Other 2.5% 2.5% (2.3%) -4-4.3%%Cash 1.3% 1.3% (0.0%) 1 % 1.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)ChinaKorea (South)27.1% 24.5% (28.3%)(24.3%)0 -0.1% %2 % 2.2%Taiwan 14.7% (12.7%) -4-4.1%%Hong Kong 14.6% (12.0%) 1 % 1.6%Singapore 7.8% (8.0%) 0 % 0.1%Thailand 3.9% (5.2%) 1 % 1.5%Malaysia 3.2% 3.2% (5.1%) -1-1.3%%Indonesia 2.6% 2.6% (3.4%) 0 -0.7% %Other 0.2% 0.2% (1.0%) 0 -0.5% %Cash 1.3% 1.3% (0.0%) 1 % 1.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNASAMSUNG ELECTRONICS 4.3%TENCENT HOLDINGS 3.0%HYUNDAI MOTOR 2.3%INDUSTRIAL & COMMERCIAL BANK OF CHINA 1.8%SINA CHINA 1.8%HYUNDAI HEAVY INDUSTRIES 1.8%CHINA CONSTRUCTION BANK H 1.7%BANK OF CHINA ‘H’ 1.7%TAIWAN SEMICONDUCTOR MANUFACTURING 1.6%KEPPEL 1.5%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingS&P Fund RatingsFERI rating★★★★AA(A)VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error8.00Relative volatility: 0.96Sharpe ratio: 0.43Alpha: 0.17Beta: 0.94R 2 : 0.96Tracking error: 4.52This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.6.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX119

120FIDELITY FUNDSTAIWAN FUNDcb.eu.201101.2728.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEas at 31.01.11OBJECTIVEInvests principally in Taiwanese equities.PORTFOLIO CHARACTERISTICSThe portfolio will typically have a bias towards large and medium sizedcompanies with long track records. Sector and stock allocation may deviateaggressively from the benchmark index. Small sectors may not berepresented at all in the fund while large sectors may be significantly underrepresentedperhaps by as much as half the index exposure.INVESTMENT STYLEThe manager adopts an aggressive growth-oriented approach, believing that the key attraction indeveloping markets is the strong growth potential of companies compared to more developedmarkets. Preferred companies are those which the manager believes are outstanding when comparedto their industry peers in terms of management quality and their ability to generate new business.These companies tend to have an excellent management team which in effect makes it difficult forother companies to compete successfully.FUND FACTSFund manager:Stephen MaLocation:Hong KongAppointed to fund:01.04.06Years at Fidelity:6Launch date:24.03.97Currency:US DollarNAV price:$ 9.8412mnth NAV high:$ 9.9012mnth NAV low:$ 7.12Fund size:$ 635mBenchmark index:FF Taiwan Blend*Bloomberg code:FIDTAIWISIN code:LU0075458603SEDOL number:5220513WK-Nummer:986903*MSCI Taiwan 8% CappedPERFORMANCE YEAR BY YEAR10.2%10.6%29.3%35.5%5.5%11.7%18.5%2.9%13.8%20.4%7.9%9.2%-27.8%-19.3%-44.7%-46.7%71.3%82.9%12.3%23.2%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 07.04.97Fund cumulative growth 0.8% 0.8% 24.4% 17.4% 29.2% 31.9% 4.2%Index cumulative growth 2.9% 2.9% 35.6% 38.8% 58.9% 77.0% 11.7%Fund annualised growth - - 24.4% 5.5% 5.3% 2.8% 0.3%Index annualised growth - - 35.6% 11.5% 9.7% 5.9% 0.8%Value of $2,500 invested - 2,394 2,955 2,788 3,069 3,133 2,475PERFORMANCE SINCE 07.04.97150%125%100%75%Ranking within Morningstar GIF Taiwan Large Cap EquityPosition of fund 10 10 9 7 5 3 2Total number of funds 10 10 9 7 5 3 2Quartile ranking 4 4 4 4 4 - -50%25%12-9812-0012-0212-0412-0612-0812-10■ Fund■ Index120

PxFcb.eu.201101.2728_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)Information TechnologyFinancials 50.6% 17.5%(50.3%)(15.0%)-3-3.1%%0 % 0.1%Materials 12.8% (13.1%) -2-2.0%%Industrials 7.6% 7.6% (7.9%) 3 % 3.6%Consumer Discretionary 6.2% 6.2% (7.0%) 2 % 2.9%Energy 3.3% 3.3% (3.5%) 2 % 2.4%Consumer Staples 1.6% 1.6% (2.4%) 0 -0.1% %Other 0.2% 0.2% (0.2%) -4-4.1%%Cash 0.2% 0.2% (0.5%) 0 % 0.2%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)TaiwanChina92.4% 3.1%(92.2%)(3.0%)-7-7.6%%3 % 3.1%Singapore 2.7% (2.7%) 2 % 2.7%Hong Kong 1.1% (1.1%) 1 % 1.1%Other 0.5% (0.5%) 0 % 0.5%Cash 0.2% (0.5%) 0 % 0.2%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAHTC 6.2%TAIWAN SEMICONDUCTOR MANUFACTURING 6.1%HON HAI PRECISION INDUSTRY 5.7%FORMOSA PLASTICS 5.4%DELTA ELECTRONICS 3.9%CHINATRUST FINANCIAL HOLDINGS 3.6%FAR EASTERN NEW CENTURY 3.2%MEDIA TEK 2.9%FUBON FINANCIAL HOLDING 2.8%UNITED MICROELECTRONICS 2.8%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error8.00Relative volatility: 0.99Sharpe ratio: 0.30Alpha: -0.45Beta: 0.98R 2 : 0.96Tracking error: 6.34This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.6.004.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX121

122FIDELITY FUNDSTHAILAND FUNDcb.eu.201101.2758.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEas at 31.01.11OBJECTIVEInvests principally in equity securities quoted on the stock exchange inThailand.PORTFOLIO CHARACTERISTICSThe portfolio manager’s primary goal is to add value through stock selectionon companies with under-recognised potential. While sector allocations arean outcome of the manager’s bottom-up approach, sector deviations fromthe benchmark index are monitored to control risk.INVESTMENT STYLEThe Portfolio Manager, Anthony Srom, employs a fundamental, bottom-up approach to investmentmanagement. He firmly believes that stock-by-stock portfolio construction based on in-depth stockspecific research is the key to achieving strong performance in the longer term. Although he isbenchmark aware, sector allocation will largely be driven by the stock selection process.The fund manager in general, does not adhere to particular sector themes, but favours companiesthat have above-average earnings growth relative to their sector and/or market; with a compellingbusiness model; that can demonstrate the ability to allocate capital resources effectively, and a trackrecord of increasing returns on equity over time. He also evaluates the execution ability of companymanagement and the valuations of companies relative to their own history as well as to their peers.FUND FACTSFund manager:Anthony SromLocation:Hong KongAppointed to fund:01.04.08Years at Fidelity:5Launch date:01.10.90Currency:US DollarNAV price:$ 30.9012mnth NAV high:$ 35.7312mnth NAV low:$ 19.77Fund size:$ 670mBenchmark index:Bangkok SET Price ReturnIndex cut 02/02 to BangkokSET Total Return Index*Bloomberg code:FIDLTHIISIN code:LU0048621477SEDOL number:4341244WK-Nummer:973268*Bangkok SET Capped IndexPERFORMANCE YEAR BY YEAR3.8%10.7%27.5%24.0%130.3%146.2%8.7%5.4%9.7%13.2%36.9%41.0%-5.4%-8.9%-44.8%-45.7%69.6%81.9%61.8%64.0%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth -8.9% -8.9% 55.2% 45.5% 84.1% 416.8% 258.8%Index cumulative growth -9.3% -9.3% 55.8% 57.4% 107.9% 502.5% 82.0%Fund annualised growth - - 55.2% 13.3% 13.0% 17.9% 6.5%Index annualised growth - - 55.8% 16.3% 15.8% 19.7% 3.0%Value of $2,500 invested - 2,163 3,686 3,455 4,373 12,275 8,522PERFORMANCE SINCE 01.10.90500%400%300%200%Ranking within Morningstar GIF Equity ThailandPosition of fund 3 3 2 2 1 3 3Total number of funds 5 5 5 5 5 5 3Quartile ranking 3 3 2 2 1 3 -100%0%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index122

PxFcb.eu.201101.2758_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsEnergy 45.1% 22.4%(42.9%)(23.2%) 15.0% %3 % 3.5%Materials 12.4% (12.3%) 0 % 0.3%Consumer Staples 5.6% 5.6% (5.3%) -3-3.7%%Consumer Discretionary 4.9% 4.9% (6.7%) -4-4.4%%Industrials 4.4% 4.4% (4.3%) -1-1.5%%Telecommunication Services 4.2% 4.2% (4.4%) -3-3.2%%Other 0.9% 0.9% (0.4%) -6-6.1%%Cash 0.0% 0.0% (0.5%) 0 % 0.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)ThailandIreland95.8% 3.7%(96.9%)(2.2%)-4-4.2%%3 % 3.7%Other 0.5% (0.4%) 0 % 0.5%Cash 0.0% (0.5%) 0 % 0.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAPTT (F) 9.2%SIAM COMMERCIAL BANK (F) 7.2%SIAM CEMENT (F) 6.9%BANGKOK BANK (FOR) 6.2%KASIKORNBANK (F) 4.6%PTT EXPLORATION & PRODUCTION (F) 4.4%BANPU PUBLIC (F) 4.0%PTT CHEMICAL (F) 3.8%KRUNG THAI BANK (F) 3.5%BEC WORLD (FOR) 2.4%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 1.01Sharpe ratio: 0.53Alpha: -0.22Beta: 1.00R 2 : 0.98Tracking error: 4.45This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX123

124cb.eu.201101.9158.pro.pdfFIDELITY FUNDSEMERGING EUROPE, MIDDLE EAST & AFRICA FUND – A-ACC-EUR31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to generate long-term capital growth through investingprimarily in securities of companies having their head office or exercising apredominant part of their activity in less developed countries of Central,Eastern and Southern Europe (including Russia), Middle East and Africa thatare considered as emerging markets according to the MSCI EM Europe,Middle East and Africa Index.PORTFOLIO CHARACTERISTICSas at 31.01.11The fund invests across the full capitalisation spectrum, unconstrained bybenchmark, typically holding between 50 and 70 stocks. Any industry sector, country or market capbias results from bottom-up stock selection. As well as investing in constituent countries of thebenchmark, the fund can also invest in non-benchmark countries. Holding outside the benchmark aretypically in companies with significant revenue generation or exposure to the region. Stockweightings within the benchmark are capped at a maximum of 5%.INVESTMENT STYLEThe manager is a bottom-up stock picker who takes a value-based approach and actively seeksopportunities to invest in undervalued, unloved companies with the potential to deliver solid returnsfor long-term investors. The manager looks to buy cheap stocks on low PE multiples and avoidschasing momentum or stocks that are flavour of the month. The manager looks to invest incompanies that typically have one or more of the following characteristics: a strong franchise; robustfree cash flow generation; balance sheet strength; low enterprise value to sales; high dividend yields;low price-to-book; and low price-to-earnings. The manager looks to purchase stocks at a significantdiscount to their intrinsic values, and the EMEA region provides a rich hunting ground for suchstocks. To generate ideas, the manager utilises Fidelity’s extensive research resources includingdedicated analysts aligned across industry sleeves. As an absolute/total return investor, the managersets target prices for each holding and monitors ‘sell’ target screens to prompt exit when pricetargets are reached.FUND FACTSFund manager:Nick PriceLocation:LondonAppointed to fund:11.06.07Years at Fidelity:13Launch date:11.06.07Currency:EuroNAV price:€ 13.5812mnth NAV high:€ 15.1712mnth NAV low:€ 10.65Fund size:€ 1,141mBenchmark index:MSCI Emerging EMEA Index(Capped 5%)ISIN code:LU0303816705SEDOL number:B1YCB50PERFORMANCE YEAR BY YEAR76.8%66.0%38.6%32.9%■ Fund■ Index-48.0%-51.4%08 09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 11.06.07Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 11.06.07Fund cumulative growth -8.4% -8.4% 24.1% 30.8% - - 35.8%160%Index cumulative growth -7.0% -7.0% 20.7% 16.7% - - 10.5%140%Fund annualised growth - - 24.1% 9.4% - - 8.8%120%Index annualised growth - - 20.7% 5.3% - - 2.8%Value of €2,000 invested - 1,833 2,483 2,617 - - 2,716Ranking within SectorPosition of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -100%80%60%40%06-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index124

PxFcb.eu.201101.9158_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)MaterialsEnergy 25.0% 22.6%(23.6%)(18.1%)6 % 6.4%-1-1.1%%Financials 21.3% (22.7%) -6-6.9%%Consumer Discretionary 14.4% (15.8%) 8 % 8.8%Industrials 5.2% 5.2% (5.5%) 2 % 2.1%Consumer Staples 5.0% 5.0% (4.6%) 0 % 0.3%Utilities 1.7% 1.7% (1.9%) -2-2.7%%Telecommunication Services 1.6% 1.6% (3.0%) -8-8.6%%Other 1.0% 1.0% (1.3%) 0 -0.4% %Cash 2.2% 2.2% (3.5%) 2 % 2.2%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)South AfricaRussia39.4% 34.7% (43.5%)(29.6%)-1-1.0%%0 % 0.3%United Kingdom 6.5% (6.6%) 6 % 6.5%Turkey 6.0% (6.4%) -2-2.0%%Nigeria 4.0% (3.2%) 4 % 4.0%Canada 1.9% (1.6%) 1 % 1.9%Hungary 1.6% 1.6% (1.4%) 0 -0.7% %Other 3.8% 3.8% (2.7%) -11.0%%Cash 2.2% 2.2% (3.5%) 2 % 2.2%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNANASPERS N 6.4%SBERBANK OF RUSSIA 5.7%GAZPROM O A O 5.4%SASOL 4.4%JSC MMC NORILSK NICKEL 3.3%URALKALIY JSC 3.0%ANGLOGOLD ASHANTI 2.9%AFRICAN BANK INVESTMENTS 2.5%NOVATEK JT STOCK GDR REGS 2.3%ROSNEFT 2.1%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingS&P Fund Ratings★★★★AAVOLATILITY AND RISKTracking error8.00Relative volatility: 1.03Sharpe ratio: 0.39Alpha: 0.34Beta: 1.00R 2 : 0.95Tracking error: 6.42hidefsh6.0006-1008-1010-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshHIDECXX125

126cb.eu.201101.9157.pro.pdfFIDELITY FUNDSEMERGING EUROPE, MIDDLE EAST & AFRICA FUND – A-EUR31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to generate long-term capital growth through investingprimarily in securities of companies having their head office or exercising apredominant part of their activity in less developed countries of Central,Eastern and Southern Europe (including Russia), Middle East and Africa thatare considered as emerging markets according to the MSCI EM Europe,Middle East and Africa Index.PORTFOLIO CHARACTERISTICSas at 31.01.11The fund invests across the full capitalisation spectrum, unconstrained bybenchmark, typically holding between 50 and 70 stocks. Any industry sector, country or market capbias results from bottom-up stock selection. As well as investing in constituent countries of thebenchmark, the fund can also invest in non-benchmark countries. Holding outside the benchmark aretypically in companies with significant revenue generation or exposure to the region. Stockweightings within the benchmark are capped at a maximum of 5%.INVESTMENT STYLEThe manager is a bottom-up stock picker who takes a value-based approach and actively seeksopportunities to invest in undervalued, unloved companies with the potential to deliver solid returnsfor long-term investors. The manager looks to buy cheap stocks on low PE multiples and avoidschasing momentum or stocks that are flavour of the month. The manager looks to invest incompanies that typically have one or more of the following characteristics: a strong franchise; robustfree cash flow generation; balance sheet strength; low enterprise value to sales; high dividend yields;low price-to-book; and low price-to-earnings. The manager looks to purchase stocks at a significantdiscount to their intrinsic values, and the EMEA region provides a rich hunting ground for suchstocks. To generate ideas, the manager utilises Fidelity’s extensive research resources includingdedicated analysts aligned across industry sleeves. As an absolute/total return investor, the managersets target prices for each holding and monitors ‘sell’ target screens to prompt exit when pricetargets are reached.FUND FACTSFund manager:Nick PriceLocation:LondonAppointed to fund:11.06.07Years at Fidelity:13Launch date:11.06.07Currency:EuroNAV price:€ 13.4712mnth NAV high:€ 15.0512mnth NAV low:€ 10.56Fund size:€ 1,141mBenchmark index:MSCI Emerging EMEA Index(Capped 5%)ISIN code:LU0303816028SEDOL number:B1YCB38WK-Nummer:A0MWZLPERFORMANCE YEAR BY YEAR76.9%66.0%38.6%32.9%■ Fund■ Index-48.0%-51.4%08 09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 11.06.07Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 11.06.07Fund cumulative growth -8.4% -8.4% 24.2% 30.8% - - 36.0%160%Index cumulative growth -7.0% -7.0% 20.7% 16.7% - - 10.5%140%Fund annualised growth - - 24.2% 9.4% - - 8.8%120%Index annualised growth - - 20.7% 5.3% - - 2.8%Value of €2,000 invested - 1,833 2,483 2,615 - - 2,720Ranking within SectorPosition of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -100%80%60%40%06-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index126

PxFcb.eu.201101.9157_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)MaterialsEnergy 25.0% 22.6%(23.6%)(18.1%)6 % 6.4%-1-1.1%%Financials 21.3% (22.7%) -6-6.9%%Consumer Discretionary 14.4% (15.8%) 8 % 8.8%Industrials 5.2% 5.2% (5.5%) 2 % 2.1%Consumer Staples 5.0% 5.0% (4.6%) 0 % 0.3%Utilities 1.7% 1.7% (1.9%) -2-2.7%%Telecommunication Services 1.6% 1.6% (3.0%) -8-8.6%%Other 1.0% 1.0% (1.3%) 0 -0.4% %Cash 2.2% 2.2% (3.5%) 2 % 2.2%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)South AfricaRussia39.4% 34.7% (43.5%)(29.6%)-1-1.0%%0 % 0.3%United Kingdom 6.5% (6.6%) 6 % 6.5%Turkey 6.0% (6.4%) -2-2.0%%Nigeria 4.0% (3.2%) 4 % 4.0%Canada 1.9% (1.6%) 1 % 1.9%Hungary 1.6% 1.6% (1.4%) 0 -0.7% %Other 3.8% 3.8% (2.7%) -11.0%%Cash 2.2% 2.2% (3.5%) 2 % 2.2%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNANASPERS N 6.4%SBERBANK OF RUSSIA 5.7%GAZPROM O A O 5.4%SASOL 4.4%JSC MMC NORILSK NICKEL 3.3%URALKALIY JSC 3.0%ANGLOGOLD ASHANTI 2.9%AFRICAN BANK INVESTMENTS 2.5%NOVATEK JT STOCK GDR REGS 2.3%ROSNEFT 2.1%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingS&P Fund Ratings★★★★AAVOLATILITY AND RISKTracking error8.00Relative volatility: 1.03Sharpe ratio: 0.39Alpha: 0.34Beta: 1.00R 2 : 0.95Tracking error: 6.44hidefsh6.0006-1008-1010-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshHIDECXX127

128cb.eu.201101.9160.pro.pdfFIDELITY FUNDSEMERGING EUROPE, MIDDLE EAST & AFRICA FUND – A-ACC-USD31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to generate long-term capital growth through investingprimarily in securities of companies having their head office or exercising apredominant part of their activity in less developed countries of Central,Eastern and Southern Europe (including Russia), Middle East and Africa thatare considered as emerging markets according to the MSCI EM Europe,Middle East and Africa Index.PORTFOLIO CHARACTERISTICSas at 31.01.11The fund invests across the full capitalisation spectrum, unconstrained bybenchmark, typically holding between 50 and 70 stocks. Any industry sector, country or market capbias results from bottom-up stock selection. As well as investing in constituent countries of thebenchmark, the fund can also invest in non-benchmark countries. Holding outside the benchmark aretypically in companies with significant revenue generation or exposure to the region. Stockweightings within the benchmark are capped at a maximum of 5%.INVESTMENT STYLEThe manager is a bottom-up stock picker who takes a value-based approach and actively seeksopportunities to invest in undervalued, unloved companies with the potential to deliver solid returnsfor long-term investors. The manager looks to buy cheap stocks on low PE multiples and avoidschasing momentum or stocks that are flavour of the month. The manager looks to invest incompanies that typically have one or more of the following characteristics: a strong franchise; robustfree cash flow generation; balance sheet strength; low enterprise value to sales; high dividend yields;low price-to-book; and low price-to-earnings. The manager looks to purchase stocks at a significantdiscount to their intrinsic values, and the EMEA region provides a rich hunting ground for suchstocks. To generate ideas, the manager utilises Fidelity’s extensive research resources includingdedicated analysts aligned across industry sleeves. As an absolute/total return investor, the managersets target prices for each holding and monitors ‘sell’ target screens to prompt exit when pricetargets are reached.FUND FACTSFund manager:Nick PriceLocation:LondonAppointed to fund:11.06.07Years at Fidelity:13Launch date:11.06.07Currency:US DollarNAV price:$ 13.9112mnth NAV high:$ 14.9112mnth NAV low:$ 10.37Fund size:$ 1,565mBenchmark index:MSCI Emerging EMEA Index(Capped 5%)ISIN code:LU0303823156SEDOL number:B1YCB49PERFORMANCE YEAR BY YEAR82.1%71.3%29.5%24.2%■ Fund■ Index-50.4%-53.8%08 09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 11.06.07Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 11.06.07Fund cumulative growth -6.2% -6.2% 22.7% 21.0% - - 39.1%160%Index cumulative growth -4.9% -4.9% 19.1% 8.0% - - 13.5%140%Fund annualised growth - - 22.7% 6.6% - - 9.5%120%Index annualised growth - - 19.1% 2.6% - - 3.5%Value of $2,500 invested - 2,345 3,067 3,024 - - 3,478Ranking within SectorPosition of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -100%80%60%40%06-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index128

PxFcb.eu.201101.9160_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)MaterialsEnergy 25.0% 22.6%(23.6%)(18.1%)6 % 6.4%-1-1.1%%Financials 21.3% (22.7%) -6-6.9%%Consumer Discretionary 14.4% (15.8%) 8 % 8.8%Industrials 5.2% 5.2% (5.5%) 2 % 2.1%Consumer Staples 5.0% 5.0% (4.6%) 0 % 0.3%Utilities 1.7% 1.7% (1.9%) -2-2.7%%Telecommunication Services 1.6% 1.6% (3.0%) -8-8.6%%Other 1.0% 1.0% (1.3%) 0 -0.4% %Cash 2.2% 2.2% (3.5%) 2 % 2.2%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)South AfricaRussia39.4% 34.7% (43.5%)(29.6%)-1-1.0%%0 % 0.3%United Kingdom 6.5% (6.6%) 6 % 6.5%Turkey 6.0% (6.4%) -2-2.0%%Nigeria 4.0% (3.2%) 4 % 4.0%Canada 1.9% (1.6%) 1 % 1.9%Hungary 1.6% 1.6% (1.4%) 0 -0.7% %Other 3.8% 3.8% (2.7%) -11.0%%Cash 2.2% 2.2% (3.5%) 2 % 2.2%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNANASPERS N 6.4%SBERBANK OF RUSSIA 5.7%GAZPROM O A O 5.4%SASOL 4.4%JSC MMC NORILSK NICKEL 3.3%URALKALIY JSC 3.0%ANGLOGOLD ASHANTI 2.9%AFRICAN BANK INVESTMENTS 2.5%NOVATEK JT STOCK GDR REGS 2.3%ROSNEFT 2.1%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingS&P Fund Ratings★★★★AAVOLATILITY AND RISKTracking error8.00Relative volatility: 1.00Sharpe ratio: 0.34Alpha: 0.33Beta: 0.98R 2 : 0.97Tracking error: 6.246.00hidefsh4.0006-1008-1010-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshHIDECXX129

130cb.eu.201101.3082.pro.pdfFIDELITY FUNDSEMERGING EUROPE, MIDDLE EAST & AFRICA FUND – A-USD31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to generate long-term capital growth through investingprimarily in securities of companies having their head office or exercising apredominant part of their activity in less developed countries of Central,Eastern and Southern Europe (including Russia), Middle East and Africa thatare considered as emerging markets according to the MSCI EM Europe,Middle East and Africa Index.PORTFOLIO CHARACTERISTICSas at 31.01.11The fund invests across the full capitalisation spectrum, unconstrained bybenchmark, typically holding between 50 and 70 stocks. Any industry sector, country or market capbias results from bottom-up stock selection. As well as investing in constituent countries of thebenchmark, the fund can also invest in non-benchmark countries. Holding outside the benchmark aretypically in companies with significant revenue generation or exposure to the region. Stockweightings within the benchmark are capped at a maximum of 5%.INVESTMENT STYLEThe manager is a bottom-up stock picker who takes a value-based approach and actively seeksopportunities to invest in undervalued, unloved companies with the potential to deliver solid returnsfor long-term investors. The manager looks to buy cheap stocks on low PE multiples and avoidschasing momentum or stocks that are flavour of the month. The manager looks to invest incompanies that typically have one or more of the following characteristics: a strong franchise; robustfree cash flow generation; balance sheet strength; low enterprise value to sales; high dividend yields;low price-to-book; and low price-to-earnings. The manager looks to purchase stocks at a significantdiscount to their intrinsic values, and the EMEA region provides a rich hunting ground for suchstocks. To generate ideas, the manager utilises Fidelity’s extensive research resources includingdedicated analysts aligned across industry sleeves. As an absolute/total return investor, the managersets target prices for each holding and monitors ‘sell’ target screens to prompt exit when pricetargets are reached.FUND FACTSFund manager:Nick PriceLocation:LondonAppointed to fund:11.06.07Years at Fidelity:13Launch date:11.06.07Currency:US DollarNAV price:$ 13.8012mnth NAV high:$ 14.7812mnth NAV low:$ 10.29Fund size:$ 1,565mBenchmark index:MSCI Emerging EMEA Index(Capped 5%)Bloomberg code:FIEMEAAISIN code:LU0303821028SEDOL number:B1YCB27PERFORMANCE YEAR BY YEAR82.2%71.3%29.4%24.2%■ Fund■ Index-50.4%-53.8%08 09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 11.06.07Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 11.06.07Fund cumulative growth -6.1% -6.1% 22.8% 21.0% - - 39.1%160%Index cumulative growth -4.9% -4.9% 19.1% 8.0% - - 13.5%140%Fund annualised growth - - 22.8% 6.6% - - 9.5%120%Index annualised growth - - 19.1% 2.6% - - 3.5%Value of $2,500 invested - 2,230 2,916 2,873 - - 3,304Ranking within Morningstar GIF Equity Global Emerging MarketsPosition of fund 243 243 61 10 - - 5Total number of funds 251 251 205 152 - - 132Quartile ranking 4 4 2 1 - - 1100%80%60%40%06-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index130

PxFcb.eu.201101.3082_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)MaterialsEnergy 25.0% 22.6%(23.6%)(18.1%)6 % 6.4%-1-1.1%%Financials 21.3% (22.7%) -6-6.9%%Consumer Discretionary 14.4% (15.8%) 8 % 8.8%Industrials 5.2% 5.2% (5.5%) 2 % 2.1%Consumer Staples 5.0% 5.0% (4.6%) 0 % 0.3%Utilities 1.7% 1.7% (1.9%) -2-2.7%%Telecommunication Services 1.6% 1.6% (3.0%) -8-8.6%%Other 1.0% 1.0% (1.3%) 0 -0.4% %Cash 2.2% 2.2% (3.5%) 2 % 2.2%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)South AfricaRussia39.4% 34.7% (43.5%)(29.6%)-1-1.0%%0 % 0.3%United Kingdom 6.5% (6.6%) 6 % 6.5%Turkey 6.0% (6.4%) -2-2.0%%Nigeria 4.0% (3.2%) 4 % 4.0%Canada 1.9% (1.6%) 1 % 1.9%Hungary 1.6% 1.6% (1.4%) 0 -0.7% %Other 3.8% 3.8% (2.7%) -11.0%%Cash 2.2% 2.2% (3.5%) 2 % 2.2%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNANASPERS N 6.4%SBERBANK OF RUSSIA 5.7%GAZPROM O A O 5.4%SASOL 4.4%JSC MMC NORILSK NICKEL 3.3%URALKALIY JSC 3.0%ANGLOGOLD ASHANTI 2.9%AFRICAN BANK INVESTMENTS 2.5%NOVATEK JT STOCK GDR REGS 2.3%ROSNEFT 2.1%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingS&P Fund Ratings★★★★AAVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error8.00Relative volatility: 1.00Sharpe ratio: 0.34Alpha: 0.33Beta: 0.98R 2 : 0.97Tracking error: 6.27This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.6.004.0006-1008-1010-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX131

132FIDELITY FUNDSEMERGING MARKETS FUNDcb.eu.201101.2724.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in areas experiencing rapid economic growth includingcountries in Latin America, South East Asia, Africa, Eastern Europe (includingRussia) and the Middle East.PORTFOLIO CHARACTERISTICSThe fund manager is unconstrained; he runs a bottom up high convictionportfolio of typically 100 to 150 holdings, investing across the full marketcapitalisation. Any industry sector, country or market cap bias results fromas at 31.01.11bottom-up stock selection. As well as investing in the 750 constituentcompanies in the benchmark the fund may invest in non-benchmark holdings; although suchcompanies typically have a large exposure to or significant operations in global emerging markets.INVESTMENT STYLEThe manager is a bottom-up stock picker who takes a value based approach and actively seeksopportunities to invest in undervalued or unloved companies with the potential to deliver solidreturns for long-term investors. The manager exercises a conservative disciplined approach to buyingand selling stocks, setting price targets for each holding. Typically, companies within the portfolio willhave the following characteristics: dominant franchises with a proven track record; high return onequity; a sustainable competitive advantage; strong free cash flow generation; high dividend yields;low price to earnings multiples. To generate ideas, the manager has the support of a dedicatedglobal emerging market team including regional emerging market portfolio managers and specialistindustry research analysts across the globe.FUND FACTSFund manager:Nick PriceLocation:LondonAppointed to fund:01.07.09Years at Fidelity:13Launch date:18.10.93Currency:US DollarNAV price:$ 21.2912mnth NAV high:$ 22.2812mnth NAV low:$ 16.05Fund size:$ 3,296mBenchmark index:MSCI Emerging Markets FreeTotal Return cut 12/00 to MSCIEmerging Markets Free Net ofLux TaxBloomberg code:FIDLEMIISIN code:LU0048575426SEDOL number:4384807WK-Nummer:973267PERFORMANCE YEAR BY YEAR49.1%55.8%20.9%25.6%43.8%34.0%32.7%32.2%43.1%39.4%-4.1%-2.5%-7.9%-6.2%-59.9%-53.3%73.9%78.5%19.6%18.9%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 18.10.93Fund cumulative growth -2.7% -2.7% 24.6% -6.9% 36.6% 215.6% 117.5%Index cumulative growth -2.7% -2.7% 22.5% 10.1% 59.7% 273.7% 274.6%Fund annualised growth - - 24.6% -2.3% 6.4% 12.2% 4.6%Index annualised growth - - 22.5% 3.3% 9.8% 14.1% 7.9%Value of $2,500 invested - 2,312 2,959 2,213 3,245 7,496 5,166PERFORMANCE SINCE 18.10.93500%400%300%200%Ranking within Morningstar GIF Equity Global Emerging MarketsPosition of fund 118 118 37 130 68 35 15Total number of funds 251 251 205 152 103 65 16Quartile ranking 2 2 1 4 3 3 4100%0%12-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index132

PxFcb.eu.201101.2724_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsInformation Technology 24.6% 20.0%(27.3%)(19.9%)0 % 0.2%6 % 6.3%Materials 17.9% (16.7%) 2 % 2.7%Energy 11.6% (11.3%) -3-3.0%%Consumer Discretionary 11.4% (11.4%) 4 % 4.7%Telecommunication Services 4.0% 4.0% (4.2%) -3-3.4%%Consumer Staples 3.8% 3.8% (3.7%) -2-2.5%%Industrials 2.8% 2.8% (2.5%) -4-4.5%%Other 2.2% 2.2% (2.5%) -2-2.1%%Cash 1.6% 1.6% (0.5%) 1 % 1.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)ChinaKorea (South)26.9% 11.2% (24.8%)(12.5%)9 % 9.2%-3-3.3%%Russia 11.1% (10.7%) 4 % 4.2%South Africa 7.9% (10.2%) 0 % 0.9%Taiwan 7.7% (7.0%) -4-4.5%%Brazil 7.3% (6.9%) -8-8.3%%India 6.0% 6.0% (6.7%) -1-1.1%%United Kingdom 3.9% 3.9% 3 % 3.9%Other 16.4% (17.0%) -2-2.6%%Cash 1.6% 1.6% (0.5%) 1 % 1.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNASAMSUNG ELECTRONICS 6.1%TENCENT HOLDINGS 3.4%SBERBANK OF RUSSIA 2.8%TAIWAN SEMICONDUCTOR MANUFACTURING 2.6%CNOOC 2.5%INDUSTRIAL & COMMERCIAL BANK OF CHINA 2.5%KAZAKHMYS 2.3%RELIANCE INDUSTRIES (DEMATERIALIZED) 2.3%NASPERS N 1.9%LARGAN PRECISION 1.7%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 1.06Sharpe ratio: 0.09Alpha: -0.44Beta: 1.05R 2 : 0.98Tracking error: 4.87This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX133

134FIDELITY FUNDSGLOBAL FOCUS FUND – A-USDcb.eu.201101.2768.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to achieve long-term capital growth from a portfolio primarilyinvested in stocks across the world’s stock markets. The manager is free toselect any company regardless of size, industry or location and willconcentrate its investments in a more limited number of companies andtherefore the resulting portfolio will be less diversified.PORTFOLIO CHARACTERISTICSThe fund typically holds between 80 and 120 stocks. Sector and countryas at 31.01.11exposure are a by-product of where the portfolio manager finds the bestinvestment opportunities and may deviate significantly from the benchmark. Risk is controlledthrough holding a well diversified selection of thoroughly researched companies, and limiting sectorover/underweights to +/-10% versus the index. Similarly, regional exposure is not expected to exceed+/-20%, with the maximum weighting in emerging market-listed stocks limited to 20% of the fund.INVESTMENT STYLEThe manager adopts a go-anywhere, bottom-up approach to portfolio construction, which is thenoverlaid with a macro view. He is style-agnostic. The backbone of the portfolio is focused on longterminvestment themes. Within that framework, he favours companies able to demonstrate a keycompetitive advantage and pricing power over their peers. He focuses on those opportunities wherehe can identify a catalyst for value realisation, such as positive structural changes in the industry, animproving margin outlook and the likelihood of earnings upgrades.The manager is advised by six global sector experts and makes extensive use of Fidelity’s network ofregional research analysts based around the world. He likes to meet/visit as many of the companieshe invests in as possible, in order to assess the quality of their management team and gain convictionin the investment thesis. He travels extensively in order to do so.FUND FACTSFund manager:Amit LodhaLocation:LondonAppointed to fund:01.10.10Years at Fidelity:7Launch date:14.01.03Currency:US DollarNAV price:$ 39.0912mnth NAV high:$ 39.7312mnth NAV low:$ 30.01Fund size:$ 173mBenchmark index:MSCI World Index (NetLuxembourg tax)Bloomberg code:FIDGFAUISIN code:LU0157215616SEDOL number:7531644WK-Nummer:164538PERFORMANCE YEAR BY YEAR10.5%14.7%14.0%9.5%15.7%20.1%19.5%9.0%38.9%30.0%19.2%11.8%■ Fund■ Index-46.7%-40.7%04 05 06 07 08 09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 14.01.03Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 14.01.03Fund cumulative growth -0.4% -0.4% 24.6% -3.9% 14.5% - 95.9%Index cumulative growth 2.3% 2.3% 19.2% -4.6% 10.4% - 83.8%Fund annualised growth - - 24.6% -1.3% 2.7% - 8.7%Index annualised growth - - 19.2% -1.6% 2.0% - 7.9%Value of $2,500 invested - 2,367 2,960 2,284 2,719 - 4,654250%225%200%175%150%Ranking within Morningstar GIF Global Large-Cap Growth EquityPosition of fund 64 64 6 16 15 - 10Total number of funds 89 89 87 77 55 - 41Quartile ranking 3 3 1 1 2 - 1125%100%75%12-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Index134

PxFcb.eu.201101.2768_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsInformation Technology 18.7% 18.6%(13.9%)(15.2%)-1-1.8%%6 % 6.7%Energy 13.0% (13.9%) 1 % 1.6%Industrials 9.6% 9.6% (9.1%) -1-1.9%%Health Care 8.7% 8.7% (8.5%) 0 -0.4% %Consumer Discretionary 7.8% 7.8% (7.7%) -2-2.4%%Consumer Staples 7.3% 7.3% (7.5%) -2-2.1%%Materials 6.9% 6.9% (9.6%) -1-1.1%%Other 6.1% 6.1% (7.6%) -2-2.0%%Cash 3.3% 3.3% (6.9%) 3 % 3.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USAUnited Kingdom40.5% 9.9%(39.2%)(9.2%)-8-8.7%%0 % 0.2%Canada 6.4% (6.9%) 1 % 1.2%Japan 6.3% (5.2%) -3-3.6%%Switzerland 4.7% (2.9%) 1 % 1.1%Netherlands 3.5% (2.2%) 2 % 2.3%Australia 2.7% 2.7% (2.5%) -1-1.1%%China 2.3% 2.3% (2.6%) 2 % 2.3%Other 20.4% (22.1%) 2 % 2.9%Cash 3.3% 3.3% (7.1%) 3 % 3.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNACITIGROUP 2.3%EBAY 2.0%CISCO SYSTEMS 1.8%HSBC HOLDINGS (UK REG) 1.8%NESTLE (REGD) 1.7%NOVO-NORDISK B 1.7%UNITED TECHNOLOGIES 1.6%COCA-COLA 1.5%WELLS FARGO 1.5%NEWCREST MINING 1.4%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingS&P Fund Ratings★★★★TRVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error8.00Relative volatility: 1.06Sharpe ratio: 0.05Alpha: 0.05Beta: 1.03R 2 : 0.94Tracking error: 6.06This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.6.004.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX135

136cb.eu.201101.3528.pro.pdfFIDELITY FUNDSGLOBAL REAL ASSET SECURITIES FUND – A-ACC-USD31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEIts objective is to create a long term thematic recovery vehicle for investors wantingto take advantage of current depressed ‘real asset’ valuations. This will be achievedthrough investment in sectors with both high cyclical recovery characteristics andstrong book price ratios. The fund aims to achieve long-term capital growth from aportfolio primarily invested in equity securities of companies across the world thatprovide exposure to commodities, property, industrials, utilities, energy, materialsand infrastructure. Up to 20% of the portfolio can consist of investments inExchange Traded Funds (‘ETFs’), Exchange Traded Commodities qualifying astransferable securities (‘ETCs’), bonds, warrants and convertibles.as at 31.01.11PORTFOLIO CHARACTERISTICSThe manager aims to own 40-60 stocks within utilities, materials, industrials, energy & real estate sectors, with20% of the fund’s exposure permitted in other sectors, as long as the holdings demonstrate genuinerecovery/real asset characteristics. The manager is free to select any company regardless of size, industry orlocation and will concentrate investment in a more limited number of companies and therefore the resultingportfolio will be less diversified.INVESTMENT STYLEThe manager is first and foremost a bottom up stock-picker. He identifies promising individual stocks basedon the fundamental equity analysis which leverages Fidelity’s global research team. In addition, he applies amacroeconomic, thematic approach where changes in the direction of commodity prices play a central role.At certain points in the market cycle, for example when there is strong positive or negative price momentumin resources and oil, macroeconomic considerations will be more prevalent in the portfolio, as evidenced bylarger relative positive and negative sector bets. At other points, for example when resources prices are morerange bound, with lower momentum, the fund will contain more individual stock-specific ideas with lowersector biases. As such, the portfolio is designed to offer superior returns relative to the benchmark index atall points in the cycle, driven by longer term economic drivers, importantly not just when there is aresources/commodities bull market.FUND FACTSFund manager:Amit LodhaLocation:LondonAppointed to fund:02.09.09Years at Fidelity:7Launch date:02.09.09Currency:US DollarNAV price:$ 14.6212mnth NAV high:$ 14.7812mnth NAV low:$ 10.64Fund size:$ 81mBenchmark index:MSCI All Countries World RealAsset Composite Index (Net ofLux)ISIN code:LU0417495479PERFORMANCE YEAR BY YEAR23.9%16.1%■ Fund■ Index10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 02.09.09Fund cumulative growth 1.7% 1.7% 31.7% - - - 46.2%Index cumulative growth 2.1% 2.1% 25.4% - - - 35.4%Fund annualised growth - - 31.7% - - - 30.8%Index annualised growth - - 25.4% - - - 23.9%Value of $2,500 invested - 2,542 3,293 – - - 3,655PERFORMANCE SINCE 02.09.09150%140%130%120%Ranking within Morningstar GIF Global Large Cap Blend EquityPosition of fund 283 283 5 - - - 7Total number of funds 691 691 617 - - - 590Quartile ranking 2 2 1 - - - 1110%100%10-0912-0902-1004-1006-1008-1010-1012-10■ Fund■ Index136

PxFcb.eu.201101.3528_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)EnergyIndustrials 34.8% 19.3%(40.2%)(13.9%)4 % 4.5%0 -0.6% %Materials 18.9% (21.1%) -1-1.0%%Financials 15.1% (12.8%) -4-4.8%%Utilities 2.8% 2.8% (2.9%) -7-7.2%%Information Technology 1.2% 1.2% (1.3%) 1 % 1.2%Consumer Discretionary 1.1% 1.1% (2.7%) 1 % 1.1%Other 0.0% 0.0% (0.0%) 0 % 0.0%Cash 6.9% 6.9% (5.2%) 6 % 6.9%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USAUnited Kingdom34.3% 14.4% (34.3%)(16.5%)-1-1.8%%5 % 5.0%Canada 10.8% (10.9%) 4 % 4.1%Japan 7.7% (8.6%) -1-1.0%%Australia 4.6% (4.1%) 0 -0.3% %Germany 3.1% (3.2%) 0 % 0.2%Hong Kong 2.9% 2.9% (2.4%) -1-1.2%%Singapore 2.2% 2.2% 1 % 1.1%Other 13.2% (12.8%) -12.8%%Cash 6.9% 6.9% (5.2%) 6 % 6.9%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAEXXON MOBIL 4.9%ROYAL DUTCH SHELL A (UK) 3.2%GENERAL ELECTRIC (US) 2.4%UNITED TECHNOLOGIES 2.4%TALISMAN ENERGY 2.3%BG GROUP 2.2%SUNCOR ENERGY 2.1%SIMON PROPERTY GROUP REIT 1.8%INTERNATIONAL POWER 1.8%WHARF HOLDINGS 1.6%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.VOLATILITY AND RISKRisk/return rating: (Equity funds)This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX137

138FIDELITY FUNDSINTERNATIONAL FUNDcb.eu.201101.2588.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in equities in markets throughout the world including majormarkets and smaller emerging markets.PORTFOLIO CHARACTERISTICSThe fund comprises a wide range of securities across the world’s stockmarkets and is benchmarked against the MSCI World Index. The portfolio’sgeographical split is broadly in line with the regional weights of thebenchmark, but may be tilted in order to add incremental value toas at 31.01.11performance through asset allocation decisions. The resulting portfolioprovides diversity in terms of investment approach, company size, as well as geography.INVESTMENT STYLEThe lead managers believe the optimal way to deal with a global benchmark is to adopt a submanagerapproach, where individual sub-fund managers with differing investment styles areresponsible for stock selection within each region. Indeed, in some cases it may be prudent to havemore than one sub-manager within each region. Intensive, bottom-up research through companymeetings and balance sheet analysis helps the individual sub-managers choose the top-performingcompanies within each region. It is the responsibility of the lead managers to identify the submanagersthat will add the most value and decide which global markets they consider will generatethe greatest relative returns. The lead managers must then decide the proportion of assets to beallocated to each manager and each region, based on the level of risk they are willing to accept inthe fund.Fidelity Funds International Fund aims to generate a greater proportion of returns through stockselection and as a result, regional weightings are normally within +/-3% of the benchmark weightingwith a maximum deviation of 5%. This limits the impact of returns derived from asset allocationdecisions. The overall strategy is set following the recommendations of the ‘Asset Allocation Group’while taking into account the fund’s benchmark and investment objective. This dual-level approachallows investors to benefit from the strong stock selection expertise of Fidelity’s analysts and regionalmanagers, as well as the asset allocation skills of the lead manager in selecting the appropriatecombination of managers in the correct proportion to generate outperformance.FUND FACTSFund manager:Richard SkeltLocation:LondonAppointed to fund:01.01.05Years at Fidelity:20Launch date:31.12.91Currency:US DollarNAV price:$ 34.1412mnth NAV high:$ 34.5112mnth NAV low:$ 26.38Fund size:$ 1,661mBenchmark index:International Fund Composite*Bloomberg code:FIDLINIISIN code:LU0048584097SEDOL number:4405980WK-Nummer:973269*MSCI World (N)PERFORMANCE YEAR BY YEAR28.4%33.1%15.1%14.7%16.2%9.5%15.0%20.1%13.2%9.0%-21.6%-16.8%-25.1%-19.9%-44.4%-40.7%33.6%30.0%11.6%11.8%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 31.12.91Fund cumulative growth 2.2% 2.2% 18.8% -6.5% 4.2% 8.8% 242.5%Index cumulative growth 2.3% 2.3% 19.2% -4.6% 10.4% 26.0% 233.3%Fund annualised growth - - 18.8% -2.2% 0.8% 0.8% 6.7%Index annualised growth - - 19.2% -1.6% 2.0% 2.3% 6.5%Value of $2,500 invested - 2,428 2,822 2,220 2,475 2,584 8,136PERFORMANCE SINCE 31.12.91500%400%300%200%Ranking within Morningstar GIF Global Large Cap Blend EquityPosition of fund 204 204 114 182 180 108 8Total number of funds 691 691 617 468 335 181 35Quartile ranking 2 2 1 2 3 3 1100%0%12-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index138

PxFcb.eu.201101.2588_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsInformation Technology 20.0% 15.4%(19.3%)(14.9%)0 -0.5% %3 % 3.5%Consumer Discretionary 13.5% (13.9%) 3 % 3.3%Energy 11.6% (11.7%) 0 % 0.2%Industrials 11.5% (11.9%) 0 % 0.0%Health Care 9.0% 9.0% (8.8%) 0 -0.1% %Materials 7.9% 7.9% (8.4%) 0 -0.1% %Consumer Staples 6.4% 6.4% (7.0%) -3-3.0%%Other 3.4% 3.4% (3.5%) -4-4.7%%Cash 1.3% 1.3% (0.7%) 1 % 1.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USAUnited Kingdom46.0% 11.2% (46.1%)(11.2%)-3-3.2%%1 % 1.5%Japan 10.3% (10.4%) 0 % 0.4%Canada 6.0% (6.2%) 0 % 0.8%Germany 5.1% (5.2%) 1 % 1.3%France 3.7% (3.5%) 0 -0.8% %China 2.9% 2.9% (3.1%) 2 % 2.9%Switzerland 1.7% 1.7% (1.6%) -1-1.9%%Other 11.8% (12.0%) -2-2.4%%Cash 1.3% 1.3% (0.7%) 1 % 1.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAGOOGLE A 1.2%CISCO SYSTEMS 1.1%PFIZER 1.1%APPLE 0.9%WELLS FARGO 0.9%CHEVRON 0.8%JPMORGAN CHASE 0.8%PHILIP MORRIS INTERNATIONAL 0.7%ORACLE 0.7%TD AMERITRADE HOLDING 0.7%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 1.04Sharpe ratio: 0.01Alpha: -0.04Beta: 1.02R 2 : 0.97Tracking error: 3.95This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX139

140FIDELITY FUNDSWORLD FUNDcb.eu.201101.2587.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in worldwide equities with the geographical weightingsbased upon the relative attractiveness of the different regions, and is unlikelyto vary significantly from the index neutral weightings.PORTFOLIO CHARACTERISTICSGeographic and asset class allocation within the fund will be in line with thebenchmark index. Stock selection is carried out at a local level by regionaland specialist Fidelity fund managers, giving investors access to many ofas at 31.01.11Fidelity’s most experienced investment professionals. The fund will typicallyhold several hundred stocks at any one time. This fund is Euro denominated.INVESTMENT STYLEAssets are allocated among the world’s major stock markets, following the Asset Allocation Groupmeeting, tailoring the group’s findings in accordance with the fund’s benchmark and investmentobjective. The manager then delegates stock selection to regional and specialist Fidelity fundmanagers, balancing their individual investment styles to maximise returns and reduce volatility.FUND FACTSFund manager:Richard SkeltLocation:LondonAppointed to fund:08.10.96Years at Fidelity:20Launch date:06.09.96Currency:EuroNAV price:€ 10.4712mnth NAV high:€ 10.8212mnth NAV low:€ 8.58Fund size:€ 529mBenchmark index:World Composite Benchmark*Bloomberg code:FIDWRLIISIN code:LU0069449576WK-Nummer:986378*60% MSCI World (N), 40% MSCIEur ex UK (N)PERFORMANCE YEAR BY YEAR10.2%13.9%10.4%9.0%27.2%26.7%8.5%12.7%4.7%1.1%-17.3%-14.6%-31.8%-32.1%-44.1%-39.7%29.3%27.0%15.9%15.2%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 08.10.96Fund cumulative growth 0.7% 0.7% 19.0% -4.5% -7.8% -17.7% 107.4%Index cumulative growth 1.1% 1.1% 18.9% -0.6% -0.7% -9.4% 110.6%Fund annualised growth - - 19.0% -1.5% -1.6% -1.9% 5.2%Index annualised growth - - 18.9% -0.2% -0.1% -1.0% 5.3%Value of €2,000 invested - 1,913 2,261 1,816 1,753 1,565 3,942PERFORMANCE SINCE 08.10.96300%250%200%150%Ranking within Morningstar GIF Global Large Cap Blend EquityPosition of fund 108 108 198 303 183 69 16Total number of funds 691 691 617 468 335 181 66Quartile ranking 1 1 2 3 3 2 1100%50%12-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index140

PxFcb.eu.201101.2587_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsConsumer Discretionary 20.9% 14.5%(19.2%)(15.7%)0 -0.6% %4 % 4.4%Industrials 12.9% (13.1%) 0 % 0.3%Information Technology 12.1% (11.9%) 3 % 3.3%Energy 10.1% (10.2%) 0 % 0.5%Health Care 8.8% 8.8% (8.7%) 0 -0.7% %Materials 8.6% 8.6% (9.2%) 0 % 0.5%Consumer Staples 5.9% 5.9% (6.7%) -4-4.0%%Other 4.5% 4.5% (4.5%) -5-5.4%%Cash 1.6% 1.6% (0.8%) 1 % 1.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USAGermany28.9% 14.1% (29.3%)(14.3%)0 -0.6% %4 % 4.1%United Kingdom 10.9% (11.1%) 5 % 5.1%France 9.9% (9.6%) -2-2.0%%Japan 6.4% (6.5%) 0 % 0.5%Italy 4.7% (4.7%) 1 % 1.3%Canada 3.6% 3.6% (3.7%) 0 % 0.5%Spain 3.5% 3.5% (3.1%) 0 -0.8% %Other 16.5% (16.9%) -9-9.6%%Cash 1.6% 1.6% (0.9%) 1 % 1.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNASIEMENS 1.5%SAP 1.2%BASF 1.1%SOCIETE GENERALE 1.0%SAIPEM 1.0%NOVO-NORDISK B 1.0%BNP PARIBAS 0.9%GOOGLE A 0.9%UBS (REGD) 0.8%ING GROEP 0.8%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 1.07Sharpe ratio: -0.08Alpha: -0.09Beta: 1.05R 2 : 0.95Tracking error: 4.33This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX141

142cb.eu.201101.2736.pro.pdfFIDELITY FUNDSGLOBAL CONSUMER INDUSTRIES FUND31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEAims to provide investors with long-term capital growth, principally throughinvestment in the equity securities of companies throughout the world whichare involved in the manufacture and distribution of goods to consumers.PORTFOLIO CHARACTERISTICSThe fund’s composition is a function of the manager’s investment process andwhere the fund manager finds investment opportunities. The fund manageraims to hold between 60 and 90 stocks. The size of the holdings areas at 31.01.11determined by the fund manager’s level of conviction. There are no formalrestrictions in terms of industry or geographical weightings and there are no ties to any market capbias.INVESTMENT STYLEThe fund manager’s investment process combines a top-down approach with bottom-up stockselection. The fund manager first takes into consideration economic cycles as well as industry cyclesin order to identify investment opportunities across the globe. The fund manager favoursgeographies and sub-sectors which are at an advantage structurally or where prospects are about toimprove. The fund manager then looks for the best ways to exploit these trends through stockpicking, leveraging Fidelity’s extensive research resources to help identify the companies which standto benefit the most. This bottom-up approach is augmented by the use of quantitative filters to assistin the process of identification and selection of investments.FUND FACTSFund manager:Nicola StaffordLocation:LondonAppointed to fund:01.01.08Years at Fidelity:10Launch date:01.09.00Currency:EuroNAV price:€ 23.3612mnth NAV high:€ 24.8112mnth NAV low:€ 19.22Fund size:€ 207mBenchmark index:Consumer Industries Blend*Bloomberg code:FIDCIFEISIN code:LU0114721508SEDOL number:4362182WK-Nummer:941083*MSCI AC Wld Cons Dis+StapPERFORMANCE YEAR BY YEAR11.8%6.0%9.2%7.1%21.6%18.7%8.7%8.4%2.8%-8.7%-3.0%-28.4%-28.4%-3.5%-28.0%-29.6%29.6%29.5%25.4%28.5%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.09.00Fund cumulative growth -3.2% -3.2% 20.2% 26.0% 25.5% 25.0% 17.0%Index cumulative growth -3.3% -3.3% 23.4% 22.8% 19.0% 8.3% 5.9%Fund annualised growth - - 20.2% 8.0% 4.6% 2.3% 1.5%Index annualised growth - - 23.4% 7.1% 3.5% 0.8% 0.6%Value of €2,000 invested - 1,840 2,283 2,394 2,384 2,375 2,223PERFORMANCE SINCE 01.09.00150%125%100%Ranking within Morningstar GIF Sector Eq Con Goods & Services75%Position of fund 21 21 24 8 7 7 8Total number of funds 52 52 45 30 26 15 14Quartile ranking 2 2 3 2 2 2 350%12-0012-0112-0212-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Index142

PxFcb.eu.201101.2736_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)Consumer DiscretionaryConsumer Staples 51.4% 40.5%(49.2%)(42.0%)0 -0.7% %-7-7.4%%Information Technology 3.0% 3.0% (3.5%) 3 % 3.0%Industrials 1.1% 1.1% (1.6%) 1 % 1.1%Other 0.0% 0.0% (0.0%) 0 % 0.0%Cash 4.0% 4.0% (3.7%) 4 % 4.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USAUnited Kingdom40.0% 12.3% (42.6%)(10.9%)-11.8%%2 % 2.8%Japan 12.1% (11.4%) 0 -0.2% %Switzerland 6.0% (5.9%) 1 % 1.0%China 5.1% (5.0%) 5 % 5.1%France 5.0% (5.0%) 0 -0.9% %Germany 4.2% 4.2% (4.6%) 0 % 0.2%Korea (South) 2.3% 2.3% 2 % 2.3%Other 9.1% 9.1% (8.8%) -2-2.4%%Cash 4.0% 4.0% (3.7%) 4 % 4.0%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAPROCTER & GAMBLE 4.6%NESTLE (REGD) 4.2%COCA-COLA 3.4%PHILIP MORRIS INTERNATIONAL 3.2%HONDA MOTOR 2.8%WALT DISNEY 2.4%DANONE 2.2%TESCO 2.2%WALGREEN 2.2%ANHEUSER BUSCH INBEV 2.1%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar Rating★★★★VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 0.94Sharpe ratio: 0.45Alpha: 0.11Beta: 0.93R 2 : 0.97Tracking error: 2.90This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX143

144FIDELITY FUNDSGLOBAL OPPORTUNITIES FUNDcb.eu.201101.2926.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEAims to provide investors with long-term capital growth, primarily throughinvestment in the equity securities of companies throughout the world in industrysectors including, but not limited to Consumer Industry, Financial Services, HealthCare, Industrials, Natural Resources, Technology and Telecommunication.PORTFOLIO CHARACTERISTICSThe FF Global Opportunities Fund is the ultimate expression of Fidelity’s sectordrivenstock picking expertise, whereby our clients can access our very best ideasas at 31.01.11worldwide.The FF Global Opportunities Fund is the ultimate expression of Fidelity’s sector-driven stock pickingexpertise, whereby our clients can access our very best ideas worldwide.The Fund Manager is advised by six global sector experts, who make extensive use of Fidelity’s network ofregional research analysts based around the world. They put forward their best global ideas for theirrespective sectors: consumer, financial services, healthcare, energy/materials/industrials, technology andtelecommunications/utilities.When building conviction on a particular stock, the Fund Manager draws on Fidelity’s extensive globalresearch capabilities by working closely with the relevant sector expert in the London-based Global Equityteam. Typically the Fund Manager will look for stocks which 1) have a durable business model 2) are currentlyout of favour but are undergoing restructuring/recovery, and/or 3) have hidden strategic assets which canonly be identified by having a truly deep understanding of the company and its operating environment. Theultimate decision and the size of the bet will take into account the fund’s existing sector/ regional profile andits overall shape.INVESTMENT STYLEThe team employs a bottom-up stock selection approach. They search for companies that offer growth notrecognised by the market. The focus is on firms that are likely to generate above industry average earningsgrowth and improve profitability, and are led by a strong and shareholder friendly management. Theindividual stock should be valued attractively relative to mid-term earnings outlook, historical ranges and itsdomestic and global industry peers. It is targeted that over time at least half of the fund’s risk budget will bederived from stock specific factors, with the fund expected to be relatively style neutral.FUND FACTSFund manager:Sudipto BanerjiLocation:LondonAppointed to fund:01.10.10Years at Fidelity:11Launch date:30.10.06Currency:US DollarNAV price:$ 11.3412mnth NAV high:$ 11.4212mnth NAV low:$ 9.04Fund size:$ 451mBenchmark index:MSCI All Countries World Index(Net Luxembourg tax)Bloomberg code:FIDGSAU.LXISIN code:LU0267386448SEDOL number:B1G3KF4PERFORMANCE YEAR BY YEAR13.8%11.7%48.2%34.6%9.8%12.7%■ Fund■ Index-43.8%-42.2%07 08 09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 30.10.06Fund cumulative growth 1.4% 1.4% 17.4% 0.5% - - 13.5%Index cumulative growth 1.6% 1.6% 19.6% -3.0% - - 4.8%Fund annualised growth - - 17.4% 0.2% - - 3.0%Index annualised growth - - 19.6% -1.0% - - 1.1%Value of $2,500 invested - 2,536 2,934 2,511 - - 2,838PERFORMANCE SINCE 30.10.06150%125%100%Ranking within Morningstar GIF Global Large-Cap Growth Equity75%Position of fund 28 28 32 8 - - 11Total number of funds 89 89 87 77 - - 60Quartile ranking 2 2 2 1 - - 150%12-0606-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index144

PxFcb.eu.201101.2926_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsEnergy 18.0% 14.9%(17.5%)(14.1%)-3-3.0%%3 % 3.1%Information Technology 14.1% (11.7%) 2 % 2.0%Health Care 10.5% (11.1%) 2 % 2.5%Industrials 8.9% 8.9% (8.6%) -2-2.0%%Consumer Staples 8.9% 8.9% (11.6%) 0 -0.1% %Telecommunication Services 7.3% 7.3% (6.7%) 2 % 2.7%Materials 6.8% 6.8% (8.7%) -2-2.1%%Other 5.0% 5.0% (4.4%) -8-8.6%%Cash 5.8% 5.8% (5.6%) 5 % 5.8%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USAUnited Kingdom44.0% 11.6% (43.4%)(11.8%)1 % 1.4%3 % 3.2%Japan 11.1% (8.9%) 2 % 2.5%Switzerland 4.9% (4.1%) 1 % 1.8%Canada 4.8% (5.2%) 0 % 0.3%Italy 2.3% (2.1%) 1 % 1.2%Germany 2.0% 2.0% (2.1%) -1-1.3%%South Africa 1.7% 1.7% (3.2%) 0 % 0.8%Other 11.8% (13.5%) -15.6%%Cash 5.8% 5.8% (5.6%) 5 % 5.8%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAEXXON MOBIL 2.2%ROYAL DUTCH SHELL B (UK) 2.1%VODAFONE GROUP 1.9%CITIGROUP 1.9%CISCO SYSTEMS 1.8%SUNCOR ENERGY 1.7%EBAY 1.6%APPLIED MATERIALS 1.6%US BANCORP 1.5%DENSO 1.5%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingS&P Fund Ratings★★★★TRVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 1.01Sharpe ratio: 0.11Alpha: 0.10Beta: 1.00R 2 : 0.97Tracking error: 4.34This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0012-0903-1006-1009-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX145

146cb.eu.201101.2785.pro.pdfFIDELITY FUNDSGLOBAL PROPERTY FUND – A-USD31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe Fund’s investment objective is to achieve a combination of income andlong term capital growth from a portfolio primarily made up of the securitiesof companies principally involved in the real estate industry and other realestate-related investments.NB: Derivatives may also be used for efficient portfolio managementpurposesas at 31.01.11 PORTFOLIO CHARACTERISTICSThe portfolio manager aims to run a concentrated portfolio of 50 to 80 stocks. The primary goal is toadd value through stock selection, with sector allocations purely a residual of this process. As such,stock and sector weightings may differ significantly from the fund’s benchmark. However, atgeographical level, variance will be no more than +/-5% against the benchmark.INVESTMENT STYLEThe fund manager adopts a bottom-up approach to stock selection. The investment process is veryresearch intensive, based on thorough analysis of companies’ assets, the quality of their propertytenants, the track record of their management team and the environment in which they operate. Themanager leverages Fidelity’s extensive research resources to identify new investment opportunitiesand monitor his holdings on a daily basis. The manager marries the findings from our local propertyanalysts with input from other property specialists within Fidelity and its affiliates, as well as their ownexperience to construct the portfolio.FUND FACTSFund manager:Steve BullerLocation:BostonAppointed to fund:05.12.05Years at Fidelity:19Launch date:05.12.05Currency:US DollarNAV price:$ 10.3312mnth NAV high:$ 10.4712mnth NAV low:$ 7.97Fund size:$ 224mBenchmark index:FTSE EPRA/NAREIT DevelopedIndex (Gross)Bloomberg code:FIDGLAU LXISIN code:LU0237698245SEDOL number:B0QZ7X0PERFORMANCE YEAR BY YEAR39.2%38.3%17.6%20.4%■ Fund■ Index-13.9%-7.0%-47.7%-47.7%39.0%42.4%06 07 08 09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 05.12.05Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 05.12.05Fund cumulative growth 1.4% 1.4% 27.9% -11.3% -2.3% - 7.7%160%Index cumulative growth 1.3% 1.3% 29.4% -7.9% 9.5% - 20.5%140%Fund annualised growth - - 27.9% -3.9% -0.5% - 1.5%120%Index annualised growth - - 29.4% -2.7% 1.8% - 3.7%Value of $2,500 invested - 2,408 3,038 2,107 2,320 - 2,559Ranking within Morningstar GIF Property - Indirect GlobalPosition of fund 28 28 7 14 9 - 9Total number of funds 61 61 52 38 17 - 17Quartile ranking 2 2 1 2 3 - 3100%80%60%40%12-0506-0612-0606-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index146

PxFcb.eu.201101.2785_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)DiversifiedRetail 27.9% 24.1%(28.3%)(24.2%)2 % 2.7%0 % 0.0%Offices 20.7% (20.9%) -2-2.9%%Residential 17.2% (17.3%) 0 % 0.4%Industrial 4.7% 4.7% (4.5%) 0 -0.4% %Hotels 3.4% 3.4% (3.3%) 0 % 0.2%Other 0.3% 0.3% (0.0%) -1-1.6%%Cash 1.6% 1.6% (1.5%) 1 % 1.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USAHong Kong41.2% 14.6% (40.6%)(12.7%)0 -0.3% %2 % 2.5%Japan 12.9% (13.8%) 2 % 2.7%Australia 8.8% (10.5%) 0 % 0.2%United Kingdom 7.4% (6.6%) 2 % 2.0%Singapore 3.9% (4.3%) -1-1.0%%France 3.0% 3.0% (3.6%) 0 -0.9% %China 2.0% 2.0% (1.7%) 0 -0.9% %Other 4.5% 4.5% (4.7%) -5-5.9%%Cash 1.6% 1.6% (1.5%) 1 % 1.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNASUN HUNG KAI PROPERTIES 5.8%SIMON PROPERTY GROUP REIT 4.7%MITSUI FUDOSAN (FORMERLY MITSUI REAL EST 3.7%MITSUBISHI ESTATE 3.6%PUBLIC STORAGE 3.6%HOST HOTELS AND RESORTS REIT 3.4%EQUITY RESIDENTIAL REIT 3.3%WESTFIELD GROUP STAPLED UNITS 3.3%WHARF HOLDINGS 2.7%BOSTON PROPERTIES REIT 2.7%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 1.00Sharpe ratio: 0.02Alpha: -0.11Beta: 0.99R 2 : 0.99Tracking error: 3.83This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0012-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX147

148cb.eu.201101.2737.pro.pdfFIDELITY FUNDSGLOBAL FINANCIAL SERVICES FUND31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEAims to provide investors with long-term capital growth, principally throughinvestment in the equity securities of companies throughout the world whichare involved in providing financial services to consumers and industry.PORTFOLIO CHARACTERISTICSThe fund aims to invest in quality businesses, but only at the right price. It is aconcentrated portfolio composed of 50 to 60 stocks. The size of the holdingsis determined by the manager’s level of conviction. This in turn drives theas at 31.01.11fund’s sector and geographical exposure, which may differ significantly fromthe benchmark. The manager is not tied to any market cap bias.INVESTMENT STYLEThe fund manager’s investment approach combines bottom-up stock picking with top-downcountry/sector analysis, and the fund’s sub-sector and regional positions are the result of this twoprongedstrategy. First and foremost, the manager looks for stocks he is comfortable owning -excellent companies, with durable business models, strong balance sheets and credible managementteams. A stock’s valuation is a key element of the manager’s decision process, and he will only investin a stock if the downside risk is not significant. He follows a disciplined buy/sell strategy using pricetargets.FUND FACTSFund manager:Sotiris BoutsisLocation:LondonAppointed to fund:01.01.10Years at Fidelity:9Launch date:01.09.00Currency:EuroNAV price:€ 18.3312mnth NAV high:€ 19.1712mnth NAV low:€ 14.95Fund size:€ 279mBenchmark index:Financial Services Blend*Bloomberg code:FIDFSFEISIN code:LU0114722498SEDOL number:4362450WK-Nummer:941116*MSCI AC World Financials (N)PERFORMANCE YEAR BY YEAR10.5%16.1%9.8%10.9%37.2%28.8%14.9%12.1%-11.5%-9.9%-24.3%-28.4%-11.8%-14.7%-44.3%-51.6%31.5%32.4%14.9%13.9%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 01.09.00Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.09.00Fund cumulative growth 0.2% 0.2% 19.0% -9.2% -18.1% -4.9% -6.2%140%Index cumulative growth 0.3% 0.3% 16.3% -20.1% -31.0% -25.8% -25.3%120%Fund annualised growth - - 19.0% -3.2% -3.9% -0.5% -0.6%100%Index annualised growth - - 16.3% -7.2% -7.2% -2.9% -2.8%Value of €2,000 invested - 1,904 2,261 1,725 1,556 1,806 1,782Ranking within Morningstar GIF Sector Equity Financials ServicesPosition of fund 33 33 10 7 7 2 3Total number of funds 42 42 40 33 30 24 20Quartile ranking 4 4 1 1 1 1 180%60%40%20%12-0012-0112-0212-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Index148

PxFcb.eu.201101.2737_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)FinancialsOther 95.5%0.4% 0.4%(97.6%)(0.5%)-4-4.5%%0 % 0.4%Cash 4.1% 4.1% (1.9%) 4 % 4.1%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USAUnited Kingdom32.8% 14.1% (34.3%)(15.8%)1 % 1.0%5 % 5.6%Japan 10.8% (9.9%) 3 % 3.7%Switzerland 6.2% (5.9%) 2 % 2.8%Korea (South) 4.0% 2 % 2.6%China 3.7% (3.9%) 0 -0.4% %Netherlands 3.5% 3.5% (2.7%) 2 % 2.5%France 3.5% 3.5% 0 % 0.1%Other 17.4% (19.1%) -22.0%%Cash 4.1% 4.1% (1.9%) 4 % 4.1%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNACITIGROUP 3.9%JPMORGAN CHASE 3.9%HSBC HOLDINGS (UK REG) 3.8%WELLS FARGO 3.7%BANK OF AMERICA 2.7%UBS (REGD) 2.3%SUMITOMO MITSUI FINANCIAL GROUP 2.2%COMMONWEALTH BANK OF AUSTRALIA 2.1%ORIX 2.0%SOCIETE GENERALE 1.8%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar Rating★★★★VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error12.00Relative volatility: 0.73Sharpe ratio: -0.15Alpha: 0.11Beta: 0.71R 2 : 0.93Tracking error: 9.97This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.10.008.006.004.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX149

150FIDELITY FUNDSGLOBAL HEALTH CARE FUNDcb.eu.201101.2734.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEAims to provide investors with long-term capital growth, principally throughinvestment in the equity securities of companies throughout the world whichare involved in the design, manufacture, or sale of products and services usedfor or in connection with health care, medicine or biotechnology.PORTFOLIO CHARACTERISTICSThe fund’s composition is a function of stock picking. Geographical and subsectorweightings will vary based on the number of investment opportunitiesas at 31.01.11found in each area as well as the manager’s level of conviction in eachholding; they will typically fall within a range of +/-5% of the benchmark. There are no predeterminedstyle or market cap biases. The fund typically holds between 70 and 90 stocks.INVESTMENT STYLEThe portfolio manager adopts a bottom-up approach to stock selection. She typically favourscompanies that offer above average growth relative to peers, may be subject to positive news flowand are trading at attractive valuations. She focuses on businesses with unique products, strongpipelines, pricing power and minimal exposure to regulatory pressures. She leverages Fidelity’sextensive research resources across the globe to find new investment opportunities and monitor herholdings on a daily basis.FUND FACTSFund manager:Hilary NatoffLocation:LondonAppointed to fund:09.01.06Years at Fidelity:11Launch date:01.09.00Currency:EuroNAV price:€ 16.0612mnth NAV high:€ 17.0712mnth NAV low:€ 14.88Fund size:€ 350mBenchmark index:Health Care Blend*Bloomberg code:FIDHCFEISIN code:LU0114720955SEDOL number:4363055WK-Nummer:941117*MSCI AC World Health Care (N)PERFORMANCE YEAR BY YEAR2.3%0.3%28.5%28.1%-10.3%-9.0%-33.9%-29.8%-2.1%-0.1%-4.1%-1.4%-1.3%-5.8%-21.2%-17.4%21.4%15.7%12.0%10.0%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 01.09.00Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.09.00Fund cumulative growth -2.5% -2.5% 7.2% 12.4% 0.2% -17.8% -19.7%Index cumulative growth -1.7% -1.7% 5.6% 9.8% -3.4% -14.4% -14.7%Fund annualised growth - - 7.2% 4.0% 0.0% -1.9% -2.1%Index annualised growth - - 5.6% 3.2% -0.7% -1.6% -1.5%Value of €2,000 invested - 1,853 2,037 2,136 1,904 1,563 1,526120%110%100%90%80%Ranking within Morningstar GIF Sector Equity HealthcarePosition of fund 45 45 26 16 13 9 7Total number of funds 60 60 55 44 39 28 25Quartile ranking 3 3 2 2 2 2 270%60%50%12-0012-0112-0212-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Index150

PxFcb.eu.201101.2734_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)Health CareOther 96.1%2.3% 2.3%(96.1%)(2.2%)-3-3.9%%2 % 2.3%Cash 1.6% 1.6% (1.7%) 1 % 1.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USASwitzerland53.3% 8.9%(52.4%)(11.4%)-5-5.2%%-2-2.0%%United Kingdom 6.9% (6.4%) -1-1.3%%Germany 5.0% (4.7%) 0 % 0.9%France 4.6% (4.3%) 0 % 0.8%Denmark 3.5% (3.7%) 1 % 1.2%Israel 3.5% 3.5% (3.1%) 1 % 1.3%Japan 3.4% 3.4% (3.5%) -2-2.6%%Other 9.3% 9.3% (8.8%) 5 % 5.3%Cash 1.6% 1.6% (1.7%) 1 % 1.6%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAJOHNSON & JOHNSON 7.6%GLAXOSMITHKLINE 5.3%MERCK NEW 5.0%TEVA PHARMACEUTICAL INDUSTRIES ADR 3.5%BAYER 3.2%NOVARTIS (REGD) 3.2%SANOFI-AVENTIS 3.2%ROCHE HOLDINGS 3.1%NOVO-NORDISK B 2.8%MEDCO HEALTH SOLUTIONS 2.6%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar RatingFERI rating★★★★(A)VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 0.96Sharpe ratio: 0.21Alpha: 0.09Beta: 0.91R 2 : 0.90Tracking error: 4.42This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX151

152FIDELITY FUNDSGLOBAL INDUSTRIALS FUNDcb.eu.201101.2738.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEAims to provide investors with long-term capital growth, principally throughinvestment in the equity securities of companies throughout the world whichare involved in the research, development, manufacture, distribution, supply,or sale of materials, equipment, products or services related to cyclical andnatural resources industries.PORTFOLIO CHARACTERISTICSThe manager is not restricted to a particular style bias. The fund may also beas at 31.01.11invested across small, medium-sized and larger companies. The fundmanager makes full use of Fidelity’s global research resources. The fund may deviate significantlyfrom its benchmark +/- 10% and there are no sub-sector or geographic constraintsINVESTMENT STYLEThe fund manager follows a bottom-up investment approach, based on individual stock selection.The fund manager focuses on companies with improving fundamentals driven by macro industryfactors, mergers and acquisitions, management changes and restructuring. A key component in theevaluation of his stock ideas is to focus on the end markets. A company exposed to good endmarkets is well placed to secure healthy earnings growth and outperform peers on a relative basis.FUND FACTSFund manager:Angel Agudo,Christopher MooreLocation:LON, LondonAppointed to fund:17.01.11, 17.01.11Years at Fidelity:0, 6Launch date:01.09.00Currency:EuroNAV price:€ 38.4112mnth NAV high:€ 40.2912mnth NAV low:€ 28.91Fund size:€ 328mBenchmark index:Industrials Blend*Bloomberg code:FIDINFEISIN code:LU0114722902SEDOL number:4363312WK-Nummer:941119*MSCI AC Wld Ind+Mat+En’gyPERFORMANCE YEAR BY YEAR12.1%14.5%9.5%14.0%49.2%38.6%14.2%10.2%17.4%16.7%-1.1%-2.9%-20.6%-24.5%-44.5%-42.6%51.4%36.5%29.8%27.3%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 01.09.00Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.09.00Fund cumulative growth -0.6% -0.6% 30.7% 21.6% 34.0% 106.6% 92.6%Index cumulative growth 0.0% 0.0% 30.0% 11.7% 21.1% 68.5% 60.4%Fund annualised growth - - 30.7% 6.7% 6.0% 7.5% 6.5%Index annualised growth - - 30.0% 3.8% 3.9% 5.4% 4.6%Value of €2,000 invested - 1,888 2,483 2,311 2,547 3,926 3,661200%180%160%140%120%Ranking within Morningstar GIF Sector Equity Industrial MaterialsPosition of fund 19 19 12 2 2 1 1Total number of funds 34 34 31 17 15 4 2Quartile ranking 3 3 2 1 1 1 -100%80%60%12-0012-0112-0212-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Index152

PxFcb.eu.201101.2738_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)EnergyIndustrials 36.6% 29.0%(38.2%)(28.0%)0 -0.7% %-5-5.5%%Materials 25.5% (27.0%) -2-2.6%%Information Technology 1.6% 1.6% 1 % 1.6%Other 1.0% 1.0% (0.5%) 1 % 1.0%Cash 6.3% 6.3% (5.1%) 6 % 6.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USAUnited Kingdom39.1% 16.3% (39.6%)(14.0%)2 % 2.4%5 % 5.8%Canada 8.4% (8.6%) 0 % 0.5%Japan 5.6% (5.5%) -2-2.4%%Australia 3.7% (3.7%) 0 -0.5% %France 3.4% (3.2%) 0 -0.9% %Brazil 3.3% 3.3% 0 -0.2% %Germany 2.9% 2.9% (2.8%) 0 -0.3% %Other 10.9% (14.8%) -10.8%%Cash 6.3% 6.3% (5.1%) 6 % 6.3%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAEXXON MOBIL 4.5%ROYAL DUTCH SHELL B (UK) 3.7%GENERAL ELECTRIC (US) 3.1%UNITED TECHNOLOGIES 2.7%VALE PREFERRED A 2.2%CHEVRON 2.1%SUNCOR ENERGY 1.9%OCCIDENTAL PETROLEUM 1.8%BAKER HUGHES 1.7%SCHLUMBERGER (US) 1.7%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar Rating★★★★VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 1.08Sharpe ratio: 0.31Alpha: 0.24Beta: 1.06R 2 : 0.97Tracking error: 4.43This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX153

154FIDELITY FUNDSGLOBAL TECHNOLOGY FUNDcb.eu.201101.2731.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEAims to provide investors with long-term capital growth, principally throughinvestment in the equity securities of companies throughout the world thathave, or will, develop products, processes or services that will provide, or willbenefit significantly from, technological advances and improvements.PORTFOLIO CHARACTERISTICSThe portfolio is constructed from the bottom up. Individual portfolio positionsare driven by the fund manager’s assessment of their risk-adjusted upsideas at 31.01.11potential and their impact on the portfolio’s overall risk structure. There is nopre-determined style (although we typically expect a Growth at ReasonablePrice outcome) or market cap bias. The fund normally holds between 50 and 70 stocks.INVESTMENT STYLEThe fund manager uses research from a global team of dedicated analysts based in four regionaloffices. He is responsible for overall strategy and asset allocation and is aided by regional sectorleaders in Boston, Hong Kong, London and Tokyo. The fund manager is very research-oriented andbases his decisions on in-depth company research over long periods.He favours a bottom-up approach, based on individual stock selection, and prefers companies withstrong cash flow, good earnings growth and a solid balance sheet. The fund manager has no specificstyle bias towards growth or value. He aims to focus on individual companies, and exposure tocountries or sectors, relative to the benchmark index, are the product of individual stock selection.The geographical breakdown of the portfolio can deviate significantly from the benchmark, and thesize of the positions held in portfolio reflects the fund manager’s level of conviction in each individualcompany.FUND FACTSFund manager:Dmitry SolomakhinLocation:LondonAppointed to fund:20.11.08Years at Fidelity:5Launch date:01.09.99Currency:EuroNAV price:€ 6.9712mnth NAV high:€ 7.2612mnth NAV low:€ 5.43Fund size:€ 493mBenchmark index:Technology Blend*Bloomberg code:FIDFTEIISIN code:LU0099574567SEDOL number:5752771WK-Nummer:921800*MSCI AC World Technology (N)PERFORMANCE YEAR BY YEAR19.7%25.1%22.7%24.5%1.2%0.8%5.0%2.5%-23.3%-27.8%-45.5%-46.3%-10.3%-2.1%-44.0%-41.8%57.5%53.2%20.8%19.1%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 30.09.99Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 30.09.99Fund cumulative growth 2.1% 2.1% 27.4% 28.9% 12.5% -42.8% -30.3%Index cumulative growth 1.4% 1.4% 24.6% 23.6% 8.6% -41.8% -29.4%Fund annualised growth - - 27.4% 8.8% 2.4% -5.4% -3.1%Index annualised growth - - 24.6% 7.3% 1.7% -5.3% -3.0%Value of €2,000 invested - 1,940 2,421 2,449 2,137 1,087 1,324200%175%150%125%100%Ranking within Morningstar GIF Sector Equity TechnologyPosition of fund 11 11 21 21 18 12 7Total number of funds 67 67 61 58 54 45 22Quartile ranking 1 1 2 2 2 2 275%50%25%12-0012-0212-0412-0612-0812-10■ Fund■ Index154

PxFcb.eu.201101.2731_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)Information TechnologyConsumer Discretionary 92.6%2.8% 2.8%(93.8%)(2.8%)-7-7.4%%2 % 2.8%Financials 1.2% 1.2% (1.4%) 1 % 1.2%Other 0.0% 0.0% (0.0%) 0 % 0.0%Cash 3.4% 3.4% (1.9%) 3 % 3.4%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USAJapan66.7% 16.0% (65.3%)(17.5%)0 -0.9% %6 % 6.5%Korea (South) 3.1% (4.3%) -1-1.4%%Taiwan 2.9% (2.9%) -4-4.7%%United Kingdom 2.5% (2.2%) 1 % 1.9%Finland 1.6% (1.2%) 0 % 0.4%China 1.5% 1.5% (1.5%) 0 % 0.3%Other 2.3% 2.3% (1.9%) -5-5.5%%Cash 3.4% 3.4% (1.9%) 3 % 3.4%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNACISCO SYSTEMS 6.1%MICROSOFT 5.2%APPLE 4.8%GOOGLE A 4.1%APPLIED MATERIALS 3.8%EBAY 3.7%ORACLE 3.6%HEWLETT-PACKARD 3.5%CORNING 3.3%SAMSUNG ELECTRONICS 3.1%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSFERI rating(B)VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 1.08Sharpe ratio: 0.39Alpha: 0.11Beta: 1.05R 2 : 0.95Tracking error: 5.11This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX155

156cb.eu.201101.2732.pro.pdfFIDELITY FUNDSGLOBAL TELECOMMUNICATIONS FUND31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEAims to provide investors with long-term capital growth, principally throughinvestment in the equity securities of companies throughout the world whichare involved in the development, manufacture or sale of telecommunicationsservices or equipment.PORTFOLIO CHARACTERISTICSThe fund’s composition is a function of stock picking. There are no formalrestrictions in respect of geographical and sub-sector exposure; weightingsas at 31.01.11will vary based on the number of investment opportunities found in each areaas well as the manager’s level of conviction in each holding. There are no pre-determined style ormarket cap biases. The fund typically holds less than 100 stocks.INVESTMENT STYLEThe portfolio manager adopts a bottom-up approach to stock selection. He favours companiesexpected to generate higher-than-average earnings growth, firms that appear undervalued andbusinesses that are well positioned to benefit from anticipated changes in industry structures. Theassessment of companies’ management teams also play an important role in his decision makingprocess. He leverages Fidelity’s extensive research resources across the globe to find new investmentopportunities and monitor his holdings on a daily basis.FUND FACTSFund manager:Aditya ShivramLocation:LondonAppointed to fund:20.11.08Years at Fidelity:8Launch date:01.09.99Currency:EuroNAV price:€ 7.2412mnth NAV high:€ 7.5812mnth NAV low:€ 6.09Fund size:€ 303mBenchmark index:Telecommunication Blend*Bloomberg code:FIDFTLIISIN code:LU0099575291SEDOL number:5752793WK-Nummer:921801*MSCI AC WorldTelecommunications (N)PERFORMANCE YEAR BY YEAR14.5%7.2%3.5%15.0%21.4%14.3%24.5%20.3%15.4%14.9%-20.3%-19.8%-36.1%-38.8%-34.8%-32.2%13.0%12.8%19.2%19.0%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 30.09.99Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 30.09.99Fund cumulative growth -1.5% -1.5% 19.9% -3.7% 20.2% -18.8% -22.4%Index cumulative growth -1.3% -1.3% 20.6% -0.8% 25.2% -23.8% -21.6%Fund annualised growth - - 19.9% -1.2% 3.8% -2.1% -2.2%Index annualised growth - - 20.6% -0.3% 4.6% -2.7% -2.1%Value of €2,000 invested - 1,871 2,279 1,830 2,285 1,544 1,476200%175%150%125%100%Ranking within Morningstar GIF Sector Equity CommunicationsPosition of fund 15 15 10 9 6 2 2Total number of funds 16 16 16 12 12 10 7Quartile ranking 4 4 3 3 2 1 275%50%25%12-0012-0212-0412-0612-0812-10■ Fund■ Index156

PxFcb.eu.201101.2732_B.pro.pdf31 MAY 2010INDUSTRY BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)Telecommunication ServicesConsumer Discretionary 89.9%6.8% 6.8%(89.9%)(5.0%)-10.1%%6 % 6.8%Other 0.7% 0.7% (1.1%) 0 % 0.7%Cash 2.5% 2.5% (4.0%) 2 % 2.5%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to sector remains in“other” and is therefore not represented in the rest of the categories.GEOGRAPHIC BREAKDOWNas at 31.01.11 % TNA Deviation from index(as at 31.12.10 in brackets)USAUnited Kingdom19.8% 17.5% (24.8%)(15.4%)-8-8.1%%3 % 3.9%Spain 7.6% (6.5%) 0 -0.3% %Japan 7.5% (7.5%) 0 % 0.2%China 6.1% (6.0%) 0 % 0.1%Mexico 5.2% (5.0%) 0 % 0.5%France 4.2% 4.2% 1 % 1.0%Germany 4.2% 4.2% (3.6%) 1 % 1.3%Other 25.4% (23.8%) -1-1.2%%Cash 2.5% 2.5% (4.0%) 2 % 2.5%Where derivative instruments are held they are shown as a component of the category labelled “other”. Any exposure to geographyremains in “other” and is therefore not represented in the rest of the categories.TOP SECURITY HOLDINGSas at 31.01.11% TNAVODAFONE GROUP 10.3%AT&T 9.0%TELEFONICA 7.6%VERIZON COMMUNICATIONS 6.0%AMERICA MOVIL ADR 5.2%CHINA MOBILE 4.9%NTT DOCOMO 3.5%KONINKLIJKE KPN 3.4%DEUTSCHE TELEKOM (REGD) 3.1%FRANCE TELECOM 3.0%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. Holdings in different securities issued by the same companyare listed separately and any exposure achieved by derivatives is not shown. Thismeans that the data may not always represent the total exposure of the portfolio to anygiven company. A full list of holdings, including derivatives, can be found in the fund’sannual and/or semi-annual report and accounts.RATINGSOverall Morningstar Rating★★★★VOLATILITY AND RISKRisk/return rating: (Equity funds)Tracking error6.00Relative volatility: 1.00Sharpe ratio: -0.17Alpha: -0.08Beta: 0.97R 2 : 0.95Tracking error: 3.25This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.4.002.0006-0812-0806-0912-0906-1012-10The chart above shows the tracking error of the fund against itsbenchmark. The calculation uses rolling three year periods. The chartshows a maximum of 36 monthy data points, starting no earlier thanthree yrs after the fund’s performance start date.hidefshhidefshHIDECXX157

PxFFIDELITY FUNDSFPS MODERATE GROWTH FUNDcb.eu.201101.2772.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEManaged with a more conservative approach towards providing capitalgrowth primarily through investment in a combination of equities and bondswith an emphasis on European or Euro denominated securities. This fund willappeal to investors seeking capital growth but who would prefer a lower levelof risk than that normally associated with equity investment only.PORTFOLIO CHARACTERISTICSGeographic and asset class allocation within the fund will be in line with theas at 31.01.11benchmark index. Stock selection is carried out at a local level by regionaland specialist Fidelity fund managers, giving investors access to many of Fidelity’s most experiencedinvestment professionals. The portfolio will typically hold several hundred stocks at any one time. Thisfund is Euro denominated.INVESTMENT STYLEAssets are allocated between European bonds and the world’s major stock markets, following theAsset Allocation Group meeting, tailoring the group’s findings in accordance with the fund’sbenchmark and investment objective. The fund manager then delegates stock selection to regionaland specialist Fidelity fund managers, balancing their individual investment styles to maximise returnsand reduce volatility.FUND FACTSFund manager:Rita GrewalLocation:LondonAppointed to fund:01.01.06Years at Fidelity:16Launch date:26.06.95Currency:Euro (XDEM)NAV price:€ 9.3312mnth NAV high:€ 9.5312mnth NAV low:€ 8.62Fund size:€ 115mBenchmark index:Moderate Growth FundComposite*ISIN code:LU0056886558WK-Nummer:974357*60% BofA ML Euro Lg Cap InvGrade, 20% MSCI World (N), 20%MSCI Europe (N)PERFORMANCE YEAR BY YEAR8.6%8.7%6.9%8.2%13.5%12.8%2.7%5.1%1.3%-3.9%-2.1%-9.1%-8.8%-0.2%-27.2%-15.1%21.5%15.7%10.2%7.4%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 26.06.95Fund cumulative growth -0.5% -0.5% 9.1% 0.9% -1.8% 14.5% 127.6%Index cumulative growth 0.1% 0.1% 7.8% 8.6% 11.7% 31.2% 186.9%Fund annualised growth - - 9.1% 0.3% -0.4% 1.4% 5.4%Index annualised growth - - 7.8% 2.8% 2.2% 2.8% 7.0%Value of €2,000 invested - 1,923 2,107 1,949 1,899 2,212 4,399PERFORMANCE SINCE 26.06.95300%250%200%150%Ranking within Morningstar GIF EUR Moderate AllocationPosition of fund 201 201 108 145 131 25 5Total number of funds 404 404 357 245 191 92 17Quartile ranking 2 2 2 3 3 2 2100%50%12-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index158

PxFcb.eu.201101.2772_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Bonds 57.2% (57.2%)Equity - Europe ex UK 26.5% (26.4%)Equity - North America 11.9% (12.0%)Equity - Emerging Markets 2.3% 2.3% (2.4%)Equity - Japan 2.1% 2.1% (2.2%)Other 0.0% 0.0% (0.0%)Uninvested Cash 0.0% 0.0% (-0.2%)TOP SECURITY HOLDINGSas at 31.01.11% TNAITALY 3.75% 01/03/2021 1.4%ITALY 3% 15/06/2015 1.4%EUROPEAN UNION 2.5% 04/12/2015 0.9%ITALY 2.25% 01/11/2013 0.9%RABOBANK NEDERLAND 4.125% 14/01/2020 0.9%SPAIN 3.9% 31/10/2012 0.7%USTN 2.625% 15/11/2020 0.6%SPAIN 3.25% 30/04/2016 0.6%KONINKLIJKE KPN 3.75% 21/09/2020 0.6%GENERAL ELECTRIC 5.25% 06/12/2017 0.6%RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Relative volatility: 1.40Sharpe ratio: -0.11Alpha: -0.26Beta: 1.33R 2 : 0.91Tracking error: 4.22This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX159

PxFFIDELITY FUNDSFPS GROWTH FUNDcb.eu.201101.2771.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEAims to provide long-term capital growth primarily through investment inequities with an emphasis on European or Euro denominated securities. Thisfund will suit those investors who are looking for the longer-term rewards ofequity investment and are prepared to accept the higher levels of risknormally associated with this type of investment.PORTFOLIO CHARACTERISTICSGeographic and asset class allocation within the fund will be in line with theas at 31.01.11benchmark index. Stock selection is carried out at a local level by regionaland specialist Fidelity fund managers, giving investors access to many of Fidelity’s most experiencedinvestment professionals. The fund will typically hold several hundred stocks at any one time. Thisfund is Euro denominated.INVESTMENT STYLEAssets are allocated among the world’s major stock markets, following the Asset Allocation Groupmeeting, tailoring the group’s findings in accordance with the fund’s benchmark and investmentobjective. The fund manager then delegates stock selection to regional and specialist Fidelity fundmanagers, balancing their individual investment styles to maximise returns and reduce volatility.FUND FACTSFund manager:Rita GrewalLocation:LondonAppointed to fund:01.01.06Years at Fidelity:16Launch date:30.05.95Currency:Euro (XDEM)NAV price:€ 13.3812mnth NAV high:€ 13.9812mnth NAV low:€ 10.98Fund size:€ 179mBenchmark index:Growth Fund Composite*ISIN code:LU0056886475WK-Nummer:974358*60% MSCI World (N), 40% MSCIEurope (N)PERFORMANCE YEAR BY YEAR15.5%14.3%8.8%9.1%30.2%25.3%7.4%12.2%2.4%0.1%-17.1%-14.6%-30.1%-32.6%-44.3%-40.1%27.8%28.2%17.9%16.2%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 22.06.95Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 22.06.95Fund cumulative growth -0.1% -0.1% 19.0% -5.7% -11.2% -12.4% 162.2%Index cumulative growth 0.7% 0.7% 19.2% -0.2% -1.3% -11.3% 172.2%Fund annualised growth - - 19.0% -1.9% -2.4% -1.3% 6.4%Index annualised growth - - 19.2% -0.1% -0.3% -1.2% 6.6%Value of €2,000 invested - 1,899 2,262 1,793 1,687 1,664 4,982400%350%300%250%200%Ranking within Morningstar GIF Global Large Cap Blend EquityPosition of fund 213 213 196 326 221 52 10Total number of funds 691 691 617 468 335 181 54Quartile ranking 2 2 2 3 3 2 1150%100%50%12-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index160

PxFcb.eu.201101.2771_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Equity - Pan Europe 56.7% % (56.4%)Equity - North America 33.4% % (33.5%)Equity - Japan 66.2% % (6.3%)Equity - Emerging Markets 44.0% % (4.1%)Other 00.0% % (0.0%)Uninvested Cash 0 -0.3% % (-0.2%)TOP SECURITY HOLDINGSas at 31.01.11% TNANOVO-NORDISK B 1.1%SANOFI-AVENTIS 1.0%VODAFONE GROUP 1.0%HSBC HOLDINGS (UK REG) 1.0%PPR 1.0%SIEMENS 1.0%BRITISH AMERICAN TOBACCO 0.9%UBS (REGD) 0.9%BARCLAYS 0.9%GOOGLE A 0.9%VOLATILITY AND RISKRisk/return rating: (Equity funds)Relative volatility: 1.04Sharpe ratio: -0.11Alpha: -0.15Beta: 1.02R 2 : 0.96Tracking error: 3.98This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX161

PxFFIDELITY FUNDSFPS GLOBAL GROWTH FUNDcb.eu.201101.2776.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEAims to provide long-term capital growth primarily through investment inequities. The fund will suit those investors who are looking for the longertermrewards of equity investment and are prepared to accept the higher riskassociated with this type of investment.PORTFOLIO CHARACTERISTICSGeographic and asset class allocation within the portfolio will be similar tothe benchmark index. Stock selection is carried out at a local level by regionalas at 31.01.11and specialist Fidelity fund managers giving investors access to many ofFidelity’s most experienced investment professionals. The portfolio will typically hold several hundredstocks at any one time. This fund is US dollar denominated.INVESTMENT STYLEAssets are allocated among the world’s major stock markets, following the Asset Allocation Groupmeeting, tailoring the group’s findings in accordance with the fund’s benchmark and investmentobjective. The fund manager then delegates stock selection to regional and specialist Fidelity fundmanagers balancing their individual investment styles to maximise returns and reduce volatility.FUND FACTSFund manager:David GanozziLocation:ParisAppointed to fund:01.07.06Years at Fidelity:11Launch date:31.12.97Currency:US DollarNAV price:$ 17.9012mnth NAV high:$ 18.1212mnth NAV low:$ 13.86Fund size:$ 239mBenchmark index:MSCI World Index (NetLuxembourg tax)Bloomberg code:FIDGGFIISIN code:LU0080751232SEDOL number:5361746WK-Nummer:987399PERFORMANCE YEAR BY YEAR34.2%33.1%13.6%14.7%13.9%9.5%14.5%20.1%11.6%9.0%-19.3%-16.8%-18.4%-19.9%-44.7%-40.7%33.8%30.0%11.8%11.8%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 06.01.98Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 06.01.98Fund cumulative growth 2.0% 2.0% 18.6% -7.1% 1.6% 23.4% 79.0%225%Index cumulative growth 2.3% 2.3% 19.2% -4.6% 10.4% 26.0% 74.1%200%Fund annualised growth - - 18.6% -2.4% 0.3% 2.1% 4.6%175%Index annualised growth - - 19.2% -1.6% 2.0% 2.3% 4.3%Value of $6,000 invested - 5,787 6,730 5,270 5,764 6,999 10,156Ranking within Morningstar GIF Global Large-Cap Growth EquityPosition of fund 15 15 25 32 34 13 5Total number of funds 89 89 87 77 55 34 13Quartile ranking 1 1 2 2 3 2 2150%125%100%75%12-9812-0012-0212-0412-0612-0812-10■ Fund■ Index162

PxFcb.eu.201101.2776_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Equity - North America 46.3% (48.2%)Equity - Pan Europe 26.5% (26.3%)Equity - International 11.9% (10.2%)Equity - Japan 7.1% 7.1% (7.1%)Equity - Pacific Basin ex Japan 5.4% 5.4% (5.5%)Equity - Emerging Markets 2.8% 2.8% (2.9%)Other 0.0% 0.0% (0.0%)Uninvested Cash 0.0% 0.0% (-0.2%)TOP SECURITY HOLDINGSas at 31.01.11% TNAAPPLE 1.2%PFIZER 1.0%JPMORGAN CHASE 1.0%GOOGLE A 1.0%CISCO SYSTEMS 1.0%WELLS FARGO 1.0%CHEVRON 0.8%VODAFONE GROUP 0.8%EXXON MOBIL 0.7%CITIGROUP 0.7%RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Relative volatility: 1.02Sharpe ratio: 0.00Alpha: -0.06Beta: 1.01R 2 : 0.98Tracking error: 3.77This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX163

PxFFIDELITY FUNDSFIDELITY GESTION DYNAMIQUEcb.eu.201101.2774.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEFUND FACTSas at 31.01.11Aims to provide long-term capital growth primarily through investment inequities with an emphasis on European securities. The fund will suit thoseinvestors who are looking for the longer-term rewards of equity investmentand are prepared to accept the higher risk associated with this type ofinvestment.Fund manager:David GanozziLocation:ParisAppointed to fund:01.03.01Years at Fidelity:11Launch date:31.12.97Benchmark index:Gestion Dynamic Composite*Bloomberg code:FIDGEDIISIN code:LU0080749764SEDOL number:5361672WK-Nummer:987387Currency:Euro (XFRF)NAV price:€ 11.60*50% MSCI EMU (N), 50% MSCIWld ex EMU (N)12mnth NAV high:€ 11.9512mnth NAV low:€ 9.55Fund size:€ 19mPERFORMANCE YEAR BY YEAR15.1%14.3%9.0%9.1%30.4%25.9%8.2%13.2%3.4%2.0%-17.2%-14.6%-30.5%-32.6%-42.0%-40.5%28.3%26.7%14.5%12.5%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 21.01.98Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 21.01.98Fund cumulative growth 0.7% 0.7% 18.0% -2.6% -7.8% -9.5% 52.7%200%Index cumulative growth 2.0% 2.0% 17.7% -3.5% -2.6% -11.8% 48.7%180%Fund annualised growth - - 18.0% -0.9% -1.6% -1.0% 3.3%160%Index annualised growth - - 17.7% -1.2% -0.5% -1.3% 3.1%Value of €2,000 invested - 1,904 2,231 1,842 1,743 1,712 2,889Ranking within Morningstar GIF Global Large Cap Blend EquityPosition of fund 59 59 135 142 116 34 14Total number of funds 325 325 317 270 221 143 80Quartile ranking 1 1 2 3 3 1 1140%120%100%80%12-9812-0012-0212-0412-0612-0812-10■ Fund■ Index164

PxFcb.eu.201101.2774_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Equity - Europe 55.4% (54.9%)Equity - US 31.3% (31.7%)Equity - Japan 3.9% 3.9% (3.9%)Equity - Pacific 3.6% 3.6% (3.7%)Equity - Emerging Markets 2.8% 2.8% (3.0%)Equity - UK 2.5% 2.5% (2.5%)Other 0.5% 0.5% (0.5%)Uninvested Cash 0.0% 0.0% (-0.2%)TOP SECURITY HOLDINGSas at 31.01.11% TNASIEMENS 2.0%BASF 1.5%SAP 1.4%BNP PARIBAS 1.3%SOCIETE GENERALE 1.2%NOVO-NORDISK B 1.1%SAIPEM 1.1%ALLIANZ 1.1%BAYER 1.0%ING GROEP 1.0%VOLATILITY AND RISKRelative volatility: 0.99Sharpe ratio: -0.06Alpha: 0.02Beta: 0.97R 2 : 0.97Tracking error: 3.46hidefshhidefshHIDECXX165

PxFFIDELITY FUNDSFIDELITY GESTION EQUILIBREcb.eu.201101.2775.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEFUND FACTSas at 31.01.11Aims to provide a more conservative approach through providing capitalgrowth primarily through investment in a combination of equities and bondswith an emphasis on European or Euro denominated securities. The fund willappeal to investors seeking capital growth but who would prefer a lower levelof risk than that normally associated with equity investment only.Fund manager:David GanozziLocation:ParisAppointed to fund:01.03.01Years at Fidelity:11Launch date:31.12.97Benchmark index:Gestion Equilibre Composite*Bloomberg code:FIDGEEIISIN code:LU0080749848SEDOL number:5361456WK-Nummer:987388Currency:Euro (XFRF)NAV price:€ 9.97*60% BofA ML Euro Lg Cap InvGrade, 20% MSCI EMU (N), 20%MSCI Wld ex EMU (N)12mnth NAV high:€ 10.1212mnth NAV low:€ 9.22Fund size:€ 24mPERFORMANCE YEAR BY YEAR8.4%8.7%6.8%8.2%14.5%13.0%2.6%5.1%0.3%1.9%-4.1%-2.1%-9.9%-8.8%-22.6%-15.0%20.4%15.0%8.8%6.4%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 22.01.98Fund cumulative growth -0.2% -0.2% 8.5% 5.2% 2.7% 19.1% 58.3%Index cumulative growth 0.5% 0.5% 7.4% 7.6% 11.2% 30.8% 79.1%Fund annualised growth - - 8.5% 1.7% 0.5% 1.8% 3.6%Index annualised growth - - 7.4% 2.5% 2.1% 2.7% 4.6%Value of €2,000 invested - 1,901 2,067 2,004 1,955 2,268 3,016PERFORMANCE SINCE 22.01.98180%160%140%Ranking within Morningstar GIF EUR Moderate Allocation120%Position of fund 238 238 118 94 130 30 16Total number of funds 369 369 355 294 256 172 87Quartile ranking 3 3 2 2 3 1 1100%12-9812-0012-0212-0412-0612-0812-10■ Fund■ Index166

PxFcb.eu.201101.2775_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Bonds - Euro Bonds 56.8% (56.9%)Equity - Europe 24.4% (24.0%)Equity - US 12.8% (12.9%)Equity - Emerging Markets 2.9% 2.9% (3.1%)Other 1.7% 1.7% (1.8%)Equity - Pacific 1.5% 1.5% (1.5%)Uninvested Cash 0.0% 0.0% (-0.2%)TOP SECURITY HOLDINGSas at 31.01.11% TNAITALY 3.75% 01/03/2021 3.2%ITALY 3% 15/06/2015 2.9%ITALY 2.25% 01/11/2013 2.0%SPAIN 3.9% 31/10/2012 1.5%SPAIN 3.25% 30/04/2016 1.4%EUROPEAN UNION 2.5% 04/12/2015 1.2%BELGIUM 3.75% 28/09/2015 1.2%ITALY 5% 01/09/2040 1.2%GERMANY 4.75% 04/07/2040 08 1.0%SIEMENS 1.0%RATINGSOverall Morningstar Rating★★★★VOLATILITY AND RISKRisk/return rating: (Equity funds)Relative volatility: 1.23Sharpe ratio: 0.01Alpha: -0.09Beta: 1.19R 2 : 0.94Tracking error: 2.94This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX167

PxFcb.eu.201101.9163.pro.pdfFIDELITY FUNDSMULTI ASSET NAVIGATOR FUND – A-ACC-USD31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to provide moderate long-term capital growth by investing in arange of global assets providing exposure to bonds, equities, commodities,property and cash. The currency exposure will aim to make this fund suitablefor investors with an Asian currency bias.PORTFOLIO CHARACTERISTICSThe Fund Manager sets the most appropriate weighting in each asset classfor the current stage of the global economic cycle, making judgments withas at 31.01.11reference to a top-down Investment Clock model. The flexible guidelinesallow exposure to the riskier growth-oriented asset classes (stocks, property and commodities) to varyin a range from 0% to 100% of the fund’s value, with the balance held in bonds and cash. To ensurediversification is always maintained at all times there are maximum exposure limits for each assetclass as follows: equities 75%, commodities 30%, real estate 20%, bonds 65% and cash 25%. Theassets are allocated to other Fidelity portfolio managers who specialise within the various investmentdisciplines, with the exception of the exposure to commodities, which is achieved through third-partycontracts.INVESTMENT STYLEFund alpha will be generated from both the application of a tactical asset allocation overlay and fromstock selection by the underlying portfolio managers. The asset allocation overlay is based on acombination of the Fund Manager’s own modelling, consideration of economic indicators, input fromother members of Fidelity’s Asset Allocation Group, and the findings of Fidelity’s extensiveproprietary research team. The alpha-generation opportunities uncovered by proprietary research arealso reflected in the sub-portfolios managed within each asset class. In choosing portfolio managerswithin each of these asset class allocations, the Fund Manager draws upon specialist advice frommembers of Fidelity’s Investment Strategies Group (ISG).FUND FACTSFund manager:Trevor GreethamLocation:LondonAppointed to fund:08.05.07Years at Fidelity:5Launch date:08.05.07Currency:US DollarNAV price:$ 10.8212mnth NAV high:$ 10.9012mnth NAV low:$ 9.36Fund size:$ 14mBenchmark index:Fidelity Funds - Multi-AssetNavigator Fund Blend*Bloomberg code:FDMANAV LXISIN code:LU0286670517SEDOL number:B1WSMF7*40% BC Global Aggregate G5ex-MBS, 25% MSCI AC World (N),10% MSCI AC Asia ex-Japan (N),10% DJ - UBS Commodity IndTR, 10% USD 1 Week LIBID, 5%FTSE EPRA/NAREIT Glb (G)PERFORMANCE YEAR BY YEAR23.8%20.7%4.9%10.1%■ Fund■ Index-20.5%-20.6%08 09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 08.05.07Fund cumulative growth 0.4% 0.4% 10.4% 5.2% - - 8.2%Index cumulative growth 0.5% 0.5% 13.6% 7.7% - - 11.4%Fund annualised growth - - 10.4% 1.7% - - 2.1%Index annualised growth - - 13.6% 2.5% - - 2.9%Value of $2,500 invested - 2,509 2,759 2,629 - - 2,705PERFORMANCE SINCE 08.05.07120%110%100%90%Ranking within SectorPosition of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -80%70%06-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index168

PxFcb.eu.201101.9163_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Bonds 35.2% % (43.1%)Commodities 20.0% % (16.2%)Cash 10.2% % (5.9%)Property 10.0% % (9.2%)Equity - Global Sector Funds 88.3% % (6.0%)Equity - Emerging Markets 77.2% % (7.6%)Equity - Asia Pacific ex Japan 55.2% % (5.3%)Equity - North America 44.3% % (5.9%)Other 00.9% % (0.3%)Uninvested Cash -1 -1.3% % (0.5%)TOP SECURITY HOLDINGSas at 31.01.11% TNAETFS ALL COMMODITY DJ-UBSSM 2.9%GERMANY 2.5% 04/01/2021 2.2%JAPAN #109 1.9% 20/03/2029 1.2%ETFS AGRICULTURE DJ-UBSSM 1.0%ITALY 3.75% 01/03/2021 0.7%SPAIN 5.5% 30/04/2021 0.6%UK GILT 4% 07/03/2022 0.6%SUN HUNG KAI PROPERTIES 0.5%SAMSUNG ELECTRONICS 0.5%ETFS PHYSICAL SILVER 0.5%RATINGSOverall Morningstar RatingS&P Fund Ratings★★★★AVOLATILITY AND RISKRisk/return rating: (Equity funds)Relative volatility: 1.00Sharpe ratio: 0.15Alpha: -0.05Beta: 0.96R 2 : 0.92Tracking error: 3.99This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX169

PxFcb.eu.201101.3431.pro.pdfFIDELITY FUNDSMULTI ASSET STRATEGIC DEFENSIVE FUND – A-ACC-EUR31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to provide stable growth over the longer term by investing in arange of global assets providing exposure to bonds, equities, commodities,properties and cash. Under normal market conditions, the fund will invest atleast 65% of its total assets in bonds and cash. Any commodity exposure forthis fund will be obtained through eligible instruments and derivatives such as(but not limited to) units/shares of UCITS/or other UCIs, Exchange TradedFunds and commodity index swap transactions. Any property exposure willbe obtained through investments in securities of companies principallyengaged in the real estate industry and other real estate related investments.as at 31.01.11The fund may also invest in other transferable securities, units in collectiveinvestment schemes, Money Market Instruments, cash and deposits.Investments in other UCIs that do not comply with the requirements of article 41 (1) e) will be limitedto 10% of the net assets of the fund. The fund may make extensive use of financial derivativeinstruments and use more complex derivative instruments or strategies. Financial derivativeinstruments will be used to achieve the investment objective of the fund. These instruments includebut are not limited to futures, options, forwards, swaps, contracts for difference and currencyderivatives. The underlying exposures of derivatives include instruments such as (but not limited to)equities, commodities and cash.PORTFOLIO CHARACTERISTICSThe Fund Manager sets the most appropriate weighting in each asset class for the current stage ofthe economic cycle. The guidelines allow riskier growth-oriented asset classes (stocks, property andcommodities) to vary in a range from 0% to 35%, with the balance held in bonds and cash.INVESTMENT STYLEFund alpha will be generated from the application of a tactical asset allocation overlay and fromstock selection by the underlying managers. In choosing portfolio managers within each of theseasset class allocations, the Fund Manager draws upon specialist advice from members of Fidelity’sInvestment Strategies Group.FUND FACTSFund manager:Trevor GreethamLocation:LondonAppointed to fund:19.01.09Years at Fidelity:5Launch date:19.01.09Currency:EuroNAV price:€ 11.3512mnth NAV high:€ 11.6012mnth NAV low:€ 10.96Fund size:€ 244mBenchmark index:Fidelity Funds - Multi-AssetStrategic Defensive FundBlend*Bloomberg code:FFMLEACISIN code:LU0393653166SEDOL number:B3FC2J4*50% BofA ML Euro Large CapInvestment Grade, 25% Euro 1Week LIBID, 15% MSCI AC World(N), 5% DJ - UBS Commodity, 5%EPRA/NAREIT DevelopedPERFORMANCE YEAR BY YEAR3.2%6.7%■ Fund■ Index10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 19.01.09Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 19.01.09Fund cumulative growth -0.8% -0.8% 3.1% - - - 13.5%Index cumulative growth -0.4% -0.4% 6.4% - - - 17.8%Fund annualised growth - - 3.1% - - - 6.4%Index annualised growth - - 6.4% - - - 8.4%Value of €2,000 invested - 1,984 2,062 – - - 2,270125%120%115%110%105%Ranking within Morningstar GIF EUR Cautious AllocationPosition of fund 225 225 163 - - - 125Total number of funds 301 301 283 - - - 254Quartile ranking 3 3 3 - - - 2100%95%90%03-0906-0909-0912-0903-1006-1009-1012-10■ Fund■ Index170

PxFcb.eu.201101.3431_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Bonds 47.1% (51.8%)Cash 24.6% (22.9%)Commodities 10.1% (8.0%)Property 7.5% 7.5% (7.0%)Equity - Global Sector Funds 7.2% 7.2% (5.5%)Equity - North America 1.6% 1.6% (2.7%)Equity - Emerging Markets 1.5% 1.5% (1.5%)Other 0.5% 0.5% (0.2%)Uninvested Cash 0.0% 0.0% (0.2%)TOP SECURITY HOLDINGSas at 31.01.11% TNABUNDESSCHATZANWEISUN 1% 14/12/2012 4.9%ITALY 3% 15/06/2015 2.4%ITALY 3.75% 01/03/2021 2.3%ETFS ALL COMMODITY DJ-UBSSM 1.5%ITALY 2.25% 01/11/2013 1.3%BNP PARIBAS 4.75% 04/04/2011 1.2%CREDIT AGRIC SACD 0% 01/04/2011 1.1%SPAIN 3.9% 31/10/2012 1.1%RABOBANK FRN 22/05/2011CPN= 3MO EURIBOR 1.1%SPAIN 3.25% 30/04/2016 1.0%RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX171

PxFFIDELITY FUNDSTARGET 2015 (EURO) FUNDcb.eu.201101.2744.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEas at 31.01.11OBJECTIVEThe fund aims to provide long-term capital growth for investors planning towithdraw substantial portions of their investment in the year 2015. The fundwill invest primarily in European or Euro denominated equities, bonds,interest bearing debt securities and money market securities, in accordancewith an asset allocation that will become increasingly conservative as the year2015 is approached. The Euro to which the name of the fund refers is acurrency of reference and not a currency of investments. Accordingly, thefund may also invest its assets in currencies other than the Euro.PORTFOLIO CHARACTERISTICSOver time, the underlying asset classes move from higher-risk, with higher anticipated returns, tolower-risk, relatively safer, investments. In this way, the proportion of the fund invested in equities willbe reduced in favour of high-yield bonds, moving into more conservative government issues, moneymarket instruments and, ultimately, into cash.INVESTMENT STYLEThe fund effectively offers a controlled approach to achieving consistent returns, reducing theprobability of mistiming market movements. Diversification is key to achieving less volatile returnsand this is facilitated through exposure to international investments and the use of multiple submanagers.Returns will primarily be generated through sub-manager selection and those managers’ underlyingstock selection, with incremental value added through asset allocation. The proportion of the fund’sassets allocated to each manager and asset class will vary over time in accordance with the fund’sinvestment objective and market developments.FUND FACTSFund manager:Joo Hee LeeLocation:LondonAppointed to fund:01.07.10Years at Fidelity:4Launch date:05.09.03Currency:EuroNAV price:€ 26.6312mnth NAV high:€ 27.2312mnth NAV low:€ 24.19Fund size:€ 166mBenchmark index:FF Target 2015 Euro Blend*ISIN code:LU0172516436WK-Nummer:357498*49% BofA ML Euro Large CapInv Grade, 38.25% MSCI Europe(N), 12.75% MSCI World ex-Europe (N) - 31.10.10PERFORMANCE YEAR BY YEAR12.1%9.4%22.6%18.2%7.0%8.7%1.3%1.6%23.4%19.9%10.6%8.4%■ Fund■ Index-29.7%-21.5%04 05 06 07 08 09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 05.09.03Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 05.09.03Fund cumulative growth -0.4% -0.4% 10.4% 1.3% 0.8% - 45.7%Index cumulative growth 0.2% 0.2% 9.4% 7.1% 11.0% - 49.2%Fund annualised growth - - 10.4% 0.4% 0.2% - 5.2%Index annualised growth - - 9.4% 2.3% 2.1% - 5.6%Value of €2,000 invested - 1,925 2,133 1,958 1,948 - 2,815160%150%140%130%120%Ranking within SectorPosition of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -110%100%90%12-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Index172

PxFcb.eu.201101.2744_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Bonds - Euro Bonds 52.0% % (50.0%)Equity - Europe 35.3% % (36.5%)Equity - North America 66.4% % (6.7%)Equity - Asia ex Japan 22.6% % (2.7%)Equity - Japan 11.9% % (2.0%)Equity - Emerging Markets 11.9% % (2.0%)Other 00.0% % (0.0%)Uninvested Cash 0 -0.1% % (0.0%)TOP SECURITY HOLDINGSas at 31.01.11% TNAITALY 3.75% 01/03/2021 2.1%ITALY 3% 15/06/2015 2.0%ITALY 2.25% 01/11/2013 1.3%BUNDESSCHATZANWEISUN 1% 14/12/2012 1.1%SPAIN 3.9% 31/10/2012 1.0%EUROPEAN UNION 2.5% 04/12/2015 0.9%SPAIN 3.25% 30/04/2016 0.9%VODAFONE GROUP 0.8%ROYAL DUTCH SHELL A (NL) 0.8%BELGIUM 3.75% 28/09/2015 0.8%RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Relative volatility: 1.19Sharpe ratio: -0.07Alpha: -0.17Beta: 1.16R 2 : 0.94Tracking error: 3.34This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX173

PxFFIDELITY FUNDSTARGET 2020 (EURO) FUNDcb.eu.201101.2745.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEas at 31.01.11OBJECTIVEThe fund aims to provide long-term capital growth for investors planning towithdraw substantial portions of their investment in the year 2020. The fundwill invest primarily in European or Euro denominated equities, bonds,interest bearing debt securities and money market securities, in accordancewith an asset allocation that will become increasingly conservative as the year2020 is approached. The Euro to which the name of the fund refers is acurrency of reference and not a currency of investments. Accordingly, thefund may also invest its assets in currencies other than the Euro.PORTFOLIO CHARACTERISTICSOver time, the underlying asset classes move from higher-risk, with higher anticipated returns, tolower-risk, relatively safer, investments. In this way, the proportion of the fund invested in equities willbe reduced in favour of high-yield bonds, moving into more conservative government issues, moneymarket instruments and, ultimately, into cash.INVESTMENT STYLEThe fund effectively offers a controlled approach to achieving consistent returns, reducing theprobability of mistiming market movements. Diversification is key to achieving less volatile returnsand this is facilitated through exposure to international investments and the use of multiple submanagers.Returns will primarily be generated through sub-manager selection and those managers’ underlyingstock selection, with incremental value added through asset allocation. The proportion of the fund’sassets allocated to each manager and asset class will vary over time in accordance with the fund’sinvestment objective and market developments.FUND FACTSFund manager:Joo Hee LeeLocation:LondonAppointed to fund:01.07.10Years at Fidelity:4Launch date:05.09.03Currency:EuroNAV price:€ 29.3012mnth NAV high:€ 30.2312mnth NAV low:€ 25.59Fund size:€ 225mBenchmark index:FF Target 2020 Euro Blend*Bloomberg code:FI2020EISIN code:LU0172516865SEDOL number:7666870WK-Nummer:357499*54% MSCI Europe (N), 28% BofAML Euro Large Cap Inv Grade,18% MSCI World ex-Europe (N) -31.10.10PERFORMANCE YEAR BY YEAR14.0%9.8%32.2%22.8%11.5%12.4%3.4%1.3%24.4%24.2%12.2%10.9%■ Fund■ Index-38.1%-32.4%04 05 06 07 08 09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 05.09.03Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 05.09.03Fund cumulative growth -0.3% -0.3% 13.0% -5.2% -5.0% - 53.0%200%Index cumulative growth 0.5% 0.5% 13.0% 1.7% 4.0% - 47.1%180%Fund annualised growth - - 13.0% -1.8% -1.0% - 5.9%160%Index annualised growth - - 13.0% 0.6% 0.8% - 5.3%Value of €2,000 invested - 1,926 2,183 1,832 1,836 - 2,957Ranking within SectorPosition of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -140%120%100%80%12-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Index174

PxFcb.eu.201101.2745_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Equity - Europe 52.0% (53.3%)Bonds - Euro Bonds 29.7% (27.6%)Equity - North America 9.2% 9.2% (9.6%)Equity - Asia ex Japan 3.7% 3.7% (3.9%)Equity - Japan 2.7% 2.7% (2.9%)Equity - Emerging Markets 2.7% 2.7% (2.9%)Other 0.0% 0.0% (0.0%)Uninvested Cash 0.0% 0.0% (-0.1%)TOP SECURITY HOLDINGSas at 31.01.11% TNABUNDESSCHATZANWEISUN 1% 14/12/2012 1.8%ITALY 3.75% 01/03/2021 1.5%ITALY 3% 15/06/2015 1.5%VODAFONE GROUP 1.2%ROYAL DUTCH SHELL A (NL) 1.2%UBS (REGD) 1.1%ANGLO AMERICAN (UK) 1.1%SIEMENS 1.1%SAIPEM 1.0%HSBC HOLDINGS (UK REG) 0.9%RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Relative volatility: 1.08Sharpe ratio: -0.17Alpha: -0.19Beta: 1.05R 2 : 0.95Tracking error: 3.57This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX175

PxFFIDELITY FUNDSTARGET 2025 (EURO) FUNDcb.eu.201101.2746.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEas at 31.01.11OBJECTIVEThe fund aims to provide long-term capital growth for investors planning towithdraw substantial portions of their investment in the year 2025. The fundwill invest primarily in European or Euro denominated equities, bonds,interest bearing debt securities and money market securities, in accordancewith an asset allocation that will become increasingly conservative as the year2025 is approached. The Euro to which the name of the fund refers is acurrency of reference and not a currency of investments. Accordingly, thefund may also invest its assets in currencies other than the Euro.PORTFOLIO CHARACTERISTICSOver time, the underlying asset classes move from higher-risk, with higher anticipated returns, tolower-risk, relatively safer, investments. In this way, the proportion of the fund invested in equities willbe reduced in favour of high-yield bonds, moving into more conservative government issues, moneymarket instruments and, ultimately, into cash.INVESTMENT STYLEThe fund effectively offers a controlled approach to achieving consistent returns, reducing theprobability of mistiming market movements. Diversification is key to achieving less volatile returnsand this is facilitated through exposure to international investments and the use of multiple submanagers.Returns will primarily be generated through sub-manager selection and those managers’ underlyingstock selection, with incremental value added through asset allocation. The proportion of the fund’sassets allocated to each manager and asset class will vary over time in accordance with the fund’sinvestment objective and market developments.FUND FACTSFund manager:Joo Hee LeeLocation:LondonAppointed to fund:01.07.10Years at Fidelity:4Launch date:16.05.05Currency:EuroNAV price:€ 23.7212mnth NAV high:€ 24.6412mnth NAV low:€ 20.10Fund size:€ 101mBenchmark index:FF Target 2025 Euro Blend*Bloomberg code:FID2025ISIN code:LU0215158840WK-Nummer:A0EAD2*65.25% MSCI Europe (N),21.75% MSCI World ex-Europe(N), 13% BofA ML Euro Large CapInv Grade - 31.10.10PERFORMANCE YEAR BY YEAR12.0%13.8%3.9%1.0%26.9%27.6%14.2%12.8%■ Fund■ Index-42.5%-39.0%06 07 08 09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 16.05.05Fund cumulative growth -0.3% -0.3% 15.4% -7.0% -7.5% - 21.5%Index cumulative growth 0.7% 0.7% 15.7% -1.8% -1.1% - 21.4%Fund annualised growth - - 15.4% -2.4% -1.6% - 3.5%Index annualised growth - - 15.7% -0.6% -0.2% - 3.5%Value of €2,000 invested - 1,926 2,230 1,798 1,787 - 2,347PERFORMANCE SINCE 16.05.05175%150%125%Ranking within Sector100%Position of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -75%12-0512-0612-0712-0812-0912-10■ Fund■ Index176

PxFcb.eu.201101.2746_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Equity - Europe 65.2% % (64.9%)Bonds - Euro Bonds 12.2% % (12.1%)Equity - North America 11.4% % (11.5%)Equity - Asia ex Japan 44.5% % (4.7%)Equity - Japan 33.4% % (3.4%)Equity - Emerging Markets 33.3% % (3.4%)Other 00.0% % (0.0%)Uninvested Cash 0 -0.1% % (-0.1%)TOP SECURITY HOLDINGSas at 31.01.11% TNAVODAFONE GROUP 1.6%ROYAL DUTCH SHELL A (NL) 1.5%ANGLO AMERICAN (UK) 1.4%UBS (REGD) 1.4%SIEMENS 1.3%SAIPEM 1.3%HSBC HOLDINGS (UK REG) 1.2%PPR 1.2%SANOFI-AVENTIS 1.2%BARCLAYS 1.2%RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Relative volatility: 1.04Sharpe ratio: -0.16Alpha: -0.14Beta: 1.02R 2 : 0.96Tracking error: 3.79This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX177

PxFFIDELITY FUNDSTARGET 2030 (EURO) FUNDcb.eu.201101.2747.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEas at 31.01.11OBJECTIVEThe fund aims to provide long-term capital growth for investors planning towithdraw substantial portions of their investment in the year 2030. The fundwill invest primarily in European or Euro denominated equities, bonds,interest bearing debt securities and money market securities, in accordancewith an asset allocation that will become increasingly conservative as the year2030 is approached. The Euro to which the name of the fund refers is acurrency of reference and not a currency of investments. Accordingly, thefund may also invest its assets in currencies other than the Euro.PORTFOLIO CHARACTERISTICSOver time, the underlying asset classes move from higher-risk, with higher anticipated returns, tolower-risk, relatively safer, investments. In this way, the proportion of the fund invested in equities willbe reduced in favour of high-yield bonds, moving into more conservative government issues, moneymarket instruments and, ultimately, into cash.INVESTMENT STYLEThe fund effectively offers a controlled approach to achieving consistent returns, reducing theprobability of mistiming market movements. Diversification is key to achieving less volatile returnsand this is facilitated through exposure to international investments and the use of multiple submanagers.Returns will primarily be generated through sub-manager selection and those managers’ underlyingstock selection, with incremental value added through asset allocation. The proportion of the fund’sassets allocated to each manager and asset class will vary over time in accordance with the fund’sinvestment objective and market developments.FUND FACTSFund manager:Joo Hee LeeLocation:LondonAppointed to fund:01.07.10Years at Fidelity:4Launch date:16.05.05Currency:EuroNAV price:€ 23.8712mnth NAV high:€ 24.8712mnth NAV low:€ 19.83Fund size:€ 54mBenchmark index:FF Target 2030 Euro Blend*Bloomberg code:FID2030ISIN code:LU0215159145WK-Nummer:A0EAD3*73.5% MSCI Europe (N), 24.5%MSCI World ex-Europe (N), 2%BofA ML Euro Large Cap InvGrade - 31.10.10PERFORMANCE YEAR BY YEAR12.0%13.8%3.9%1.0%28.6%29.7%15.3%14.1%■ Fund■ Index-43.8%-39.7%06 07 08 09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 16.05.05Fund cumulative growth -0.2% -0.2% 17.2% -6.4% -7.3% - 21.8%Index cumulative growth 0.9% 0.9% 17.5% 0.0% 0.6% - 23.5%Fund annualised growth - - 17.2% -2.2% -1.5% - 3.5%Index annualised growth - - 17.5% 0.0% 0.1% - 3.8%Value of €2,000 invested - 1,929 2,265 1,808 1,792 - 2,354PERFORMANCE SINCE 16.05.05160%140%120%100%Ranking within SectorPosition of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -80%60%12-0512-0612-0712-0812-0912-10■ Fund■ Index178

PxFcb.eu.201101.2747_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Equity - Europe 76.9% % (76.4%)Equity - North America 10.7% % (10.8%)Equity - Asia ex Japan 44.1% % (4.3%)Equity - Japan 33.3% % (3.3%)Equity - Emerging Markets 33.1% % (3.3%)Bonds - Euro Bonds 22.0% % (2.0%)Other 00.0% % (0.0%)Uninvested Cash 0 -0.1% % (0.0%)TOP SECURITY HOLDINGSas at 31.01.11% TNAVODAFONE GROUP 1.8%ROYAL DUTCH SHELL A (NL) 1.8%ANGLO AMERICAN (UK) 1.6%UBS (REGD) 1.6%SIEMENS 1.5%SAIPEM 1.5%HSBC HOLDINGS (UK REG) 1.4%PPR 1.4%SANOFI-AVENTIS 1.4%BARCLAYS 1.4%RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Relative volatility: 1.04Sharpe ratio: -0.13Alpha: -0.17Beta: 1.02R 2 : 0.96Tracking error: 4.04This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX179

PxFFIDELITY FUNDSTARGET 2035 (EURO) FUNDcb.eu.201101.2819.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEas at 31.01.11OBJECTIVEThe fund aims to provide long-term capital growth for investors planning towithdraw substantial portions of their investment in the year 2035. The fundwill invest primarily in European or Euro denominated equities, bonds,interest bearing debt securities and money market securities, in accordancewith an asset allocation that will become increasingly conservative as the year2035 is approached. The Euro to which the name of the fund refers is acurrency of reference and not a currency of investments. Accordingly, thefund may also invest its assets in currencies other than the Euro.PORTFOLIO CHARACTERISTICSOver time, the underlying asset classes move from higher-risk, with higher anticipated returns, tolower-risk, relatively safer, investments. In this way, the proportion of the fund invested in equities willbe reduced in favour of high-yield bonds, moving into more conservative government issues, moneymarket instruments and, ultimately, into cash.INVESTMENT STYLEThe fund effectively offers a controlled approach to achieving consistent returns, reducing theprobability of mistiming market movements. Diversification is key to achieving less volatile returnsand this is facilitated through exposure to international investments and the use of multiple submanagers.Returns will primarily be generated through sub-manager selection and those managers’ underlyingstock selection, with incremental value added through asset allocation. The proportion of the fund’sassets allocated to each manager and asset class will vary over time in accordance with the fund’sinvestment objective and market developments.FUND FACTSFund manager:Joo Hee LeeLocation:LondonAppointed to fund:01.07.10Years at Fidelity:4Launch date:26.06.06Currency:EuroNAV price:€ 19.4412mnth NAV high:€ 20.2712mnth NAV low:€ 16.11Fund size:€ 12mBenchmark index:FF Target 2035 Euro Blend*Bloomberg code:FI2035IISIN code:LU0251118260WK-Nummer:A0J22A*75% MSCI Europe (N), 25%MSCI World ex-Europe (N) -31.10.10PERFORMANCE YEAR BY YEAR3.4%1.0%29.3%29.9%15.6%14.3%■ Fund■ Index-43.4%-39.7%07 08 09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 26.06.06Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 26.06.06Fund cumulative growth -0.2% -0.2% 17.4% -5.1% - - -1.4%Index cumulative growth 0.9% 0.9% 17.9% 0.4% - - 3.9%Fund annualised growth - - 17.4% -1.7% - - -0.3%Index annualised growth - - 17.9% 0.1% - - 0.8%Value of €2,000 invested - 1,928 2,269 1,833 - - 1,906130%120%110%100%90%Ranking within SectorPosition of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -80%70%60%06-0612-0606-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index180

PxFcb.eu.201101.2819_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Equity - Europe 78.2% (78.0%)Equity - North America 10.9% (11.0%)Equity - Asia ex Japan 4.3% 4.3% (4.5%)Equity - Japan 3.3% 3.3% (3.3%)Equity - Emerging Markets 3.2% 3.2% (3.4%)Other 0.0% 0.0% (0.0%)Uninvested Cash 0.0% 0.0% (-0.2%)TOP SECURITY HOLDINGSas at 31.01.11% TNAVODAFONE GROUP 1.9%ROYAL DUTCH SHELL A (NL) 1.8%ANGLO AMERICAN (UK) 1.7%UBS (REGD) 1.7%SIEMENS 1.6%SAIPEM 1.5%HSBC HOLDINGS (UK REG) 1.4%PPR 1.4%SANOFI-AVENTIS 1.4%BARCLAYS 1.4%RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Relative volatility: 1.04Sharpe ratio: -0.10Alpha: -0.15Beta: 1.01R 2 : 0.95Tracking error: 4.11This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX181

PxFFIDELITY FUNDSTARGET 2040 (EURO) FUNDcb.eu.201101.2820.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEas at 31.01.11OBJECTIVEThe fund aims to provide long-term capital growth for investors planning towithdraw substantial portions of their investment in the year 2040. The fundwill invest primarily in European or Euro denominated equities, bonds,interest bearing debt securities and money market securities, in accordancewith an asset allocation that will become increasingly conservative as the year2040 is approached. The Euro to which the name of the fund refers is acurrency of reference and not a currency of investments. Accordingly, thefund may also invest its assets in currencies other than the Euro.PORTFOLIO CHARACTERISTICSOver time, the underlying asset classes move from higher-risk, with higher anticipated returns, tolower-risk, relatively safer, investments. In this way, the proportion of the fund invested in equities willbe reduced in favour of high-yield bonds, moving into more conservative government issues, moneymarket instruments and, ultimately, into cash.INVESTMENT STYLEThe fund effectively offers a controlled approach to achieving consistent returns, reducing theprobability of mistiming market movements. Diversification is key to achieving less volatile returnsand this is facilitated through exposure to international investments and the use of multiple submanagers.Returns will primarily be generated through sub-manager selection and those managers’ underlyingstock selection, with incremental value added through asset allocation. The proportion of the fund’sassets allocated to each manager and asset class will vary over time in accordance with the fund’sinvestment objective and market developments.FUND FACTSFund manager:Joo Hee LeeLocation:LondonAppointed to fund:01.07.10Years at Fidelity:4Launch date:26.06.06Currency:EuroNAV price:€ 19.4412mnth NAV high:€ 20.2712mnth NAV low:€ 16.11Fund size:€ 10mBenchmark index:FF Target 2040 Euro Blend*Bloomberg code:FI2040IISIN code:LU0251119318WK-Nummer:A0J22D*75% MSCI Europe (N), 25%MSCI World ex-Europe (N) -31.10.10PERFORMANCE YEAR BY YEAR3.1%1.0%29.7%29.9%15.6%14.3%■ Fund■ Index-43.4%-39.7%07 08 09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 26.06.06Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 26.06.06Fund cumulative growth -0.2% -0.2% 17.4% -5.0% - - -1.5%Index cumulative growth 0.9% 0.9% 17.9% 0.4% - - 3.9%Fund annualised growth - - 17.4% -1.7% - - -0.3%Index annualised growth - - 17.9% 0.1% - - 0.8%Value of €2,000 invested - 1,928 2,269 1,837 - - 1,904130%120%110%100%90%Ranking within SectorPosition of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -80%70%60%06-0612-0606-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index182

PxFcb.eu.201101.2820_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Equity - Europe 78.4% % (77.9%)Equity - North America 10.9% % (11.0%)Equity - Asia ex Japan 44.3% % (4.5%)Equity - Japan 33.3% % (3.3%)Equity - Emerging Markets 33.2% % (3.3%)Other 00.1% % (0.1%)Uninvested Cash 0 -0.2% % (-0.2%)TOP SECURITY HOLDINGSas at 31.01.11% TNAVODAFONE GROUP 1.9%ROYAL DUTCH SHELL A (NL) 1.8%UBS (REGD) 1.7%ANGLO AMERICAN (UK) 1.7%SIEMENS 1.6%SAIPEM 1.5%HSBC HOLDINGS (UK REG) 1.4%PPR 1.4%SANOFI-AVENTIS 1.4%BARCLAYS 1.4%RATINGSS&P Fund RatingsAVOLATILITY AND RISKRisk/return rating: (Equity funds)Relative volatility: 1.04Sharpe ratio: -0.10Alpha: -0.14Beta: 1.02R 2 : 0.95Tracking error: 4.13This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX183

PxFFIDELITY FUNDSEURO BALANCED FUNDcb.eu.201101.2761.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEFUND FACTSas at 31.01.11Invests primarily in equities and bonds denominated in Euro. The fund willinvest at least 30% and a maximum of 60% of the total assets in equities. Theremainder (minimum 40%, maximum 70%) will be invested in bonds.Fund manager:David Simner,Alexandra HartmannLocation:London, London/FrankfurtAppointed to fund:19.03.09, 01.01.07Years at Fidelity:15, 17Launch date:17.10.94Benchmark index:Fidelity Euro BalancedComposite Index*Bloomberg code:FIDLEBIISIN code:LU0052588471SEDOL number:4425654WK-Nummer:973811Currency:Euro (XDEM)NAV price:€ 12.72*59% MSCI EMU (N), 41% CGEMU GBI Index12mnth NAV high:€ 12.8012mnth NAV low:€ 11.32Distribution yield:1.02%Fund size:€ 536mPERFORMANCE YEAR BY YEAR13.6%13.4%9.5%10.7%18.8%17.2%9.7%12.6%5.0%5.5%-10.6%-8.6%-15.7%-17.8%-28.9%-26.0%20.3%18.2%8.2%2.2%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 17.10.94Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 17.10.94Fund cumulative growth 1.0% 1.0% 11.6% 0.2% 4.5% 21.4% 217.4%Index cumulative growth 2.5% 2.5% 7.5% -2.0% 6.5% 18.8% 222.6%Fund annualised growth - - 11.6% 0.1% 0.9% 2.0% 7.3%Index annualised growth - - 7.5% -0.7% 1.3% 1.7% 7.5%Value of €2,000 invested - 1,952 2,156 1,936 2,019 2,346 6,132400%350%300%250%200%Ranking within Morningstar GIF EUR Moderate AllocationPosition of fund 43 43 52 157 68 15 1Total number of funds 404 404 357 245 191 92 14Quartile ranking 1 1 1 3 2 1 1150%100%50%12-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index184

PxFcb.eu.201101.2761_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Equity - Europe 59.7% % (59.3%)Bonds - Euro Bonds 40.4% % (40.8%)Other 00.0% % (0.0%)Uninvested Cash 0 -0.1% % (-0.1%)TOP SECURITY HOLDINGSas at 31.01.11% TNASIEMENS 2.7%SAP 2.3%ING GROEP 2.3%ITALY 3.75% 01/03/2021 2.1%BASF 2.0%NOVO-NORDISK B 2.0%ITALY 3% 15/06/2015 1.9%SOCIETE GENERALE 1.9%BNP PARIBAS 1.8%SAIPEM 1.7%RATINGSFERI rating(B)VOLATILITY AND RISKRisk/return rating: (Equity funds)Relative volatility: 1.00Sharpe ratio: -0.08Alpha: 0.06Beta: 0.96R 2 : 0.92Tracking error: 3.84This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX185

PxFFIDELITY FUNDSGROWTH & INCOME FUNDcb.eu.201101.2780.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEFUND FACTSThis fund will be managed with a more conservative approach towardsseeking high current income and capital growth primarily through investmentin a combination of equities and bonds. This fund will appeal to investorsseeking regular income and moderate capital growth but who prefer a lowerlevel of risk than that normally associated with equity investment only.Fund manager:Trevor GreethamLocation:LondonAppointed to fund:01.05.06Benchmark index:Growth & Income Composite*ISIN code:LU0138981039WK-Nummer:766453as at 31.01.11Years at Fidelity:5Launch date:20.11.01*50% MSCI AC World, 50%Barclays Capital Global AggregateG5 ex-MBSCurrency:US DollarNAV price:$ 16.0712mnth NAV high:$ 16.2312mnth NAV low:$ 13.92Fund size:$ 130mPERFORMANCE YEAR BY YEAR26.4%25.5%13.9%12.2%5.7%1.3%9.4%13.4%10.9%11.0%-6.6%-5.8%-25.0%-21.1%25.2%20.3%7.6%9.1%02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 20.11.01Fund cumulative growth 0.6% 0.6% 11.1% 4.7% 18.8% - 76.3%Index cumulative growth 0.9% 0.9% 12.4% 7.2% 27.9% - 75.3%Fund annualised growth - - 11.1% 1.5% 3.5% - 6.4%Index annualised growth - - 12.4% 2.4% 5.1% - 6.3%Value of $2,500 invested - 2,431 2,684 2,528 2,869 - 4,259PERFORMANCE SINCE 20.11.01180%160%140%120%Ranking within Morningstar GIF USD Moderate AllocationPosition of fund 58 58 40 23 18 - 12Total number of funds 109 109 87 70 59 - 34Quartile ranking 3 3 2 2 2 - 2100%80%12-0112-0212-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Index186

PxFcb.eu.201101.2780_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Bonds 47.7% % (49.4%)Equity - Global Sector Funds 18.9% % (14.6%)Equity - North America 15.5% % (17.2%)Equity - Emerging Markets 77.0% % (7.4%)Equity - Europe ex UK 55.0% % (4.0%)Commodities 44.5% % (3.1%)Equity - UK 11.9% % (2.9%)Equity - Japan 11.6%%Other 00.8% % (1.2%)Uninvested Cash -2 -2.9% % (0.2%)TOP SECURITY HOLDINGSas at 31.01.11% TNAGERMANY 2.5% 04/01/2021 3.0%JAPAN #109 1.9% 20/03/2029 1.6%ITALY 3.75% 01/03/2021 1.3%SPAIN 5.5% 30/04/2021 1.0%UK GILT 4% 07/03/2022 0.8%BUNDESSCHATZANWEISUN 1% 14/12/2012 0.7%ETFS ALL COMMODITY DJ-UBSSM 0.7%OBL 159 2% 26/02/2016 0.6%UK GILT 4% 07/09/2016 0.6%USTB 3.5% 15/02/2039 0.5%VOLATILITY AND RISKRisk/return rating: (Equity funds)Relative volatility: 1.05Sharpe ratio: 0.14Alpha: -0.07Beta: 1.04R 2 : 0.97Tracking error: 2.91This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshhidefshHIDECXX187

188FIDELITY FUNDSASIAN HIGH YIELD – A-ACC-USDcb.eu.201101.3030.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThis fund seeks a high level of current income and capital appreciation by investing primarily in highyielding, sub investment grade securities of issuers that have their principal business activities in theAsian region. This fund will suit those investors seeking high income and capital appreciation andwho are prepared to accept the risks associated with this type of investment. The type of debtsecurities in which the fund will primarily invest will be subject to high risk and will not be required tomeet a minimum rating standard. Most but not all will be rated for creditworthiness by aninternationally recognised rating agency. Sub investment grade securities mean securities with arating of BB+ or less from Standard & Poor’s or equivalent rating from an internationally recognisedrating agency.PORTFOLIO CHARACTERISTICSThe fund primarily invests in USD denominated Asian high yield corporate and government bonds,diversified across a number of Asian countries and sectors. Emphasis is put on bottom up issuerselection and ensuring adequate diversity due to the asymmetric nature of high yield bond returns.The manager also retains a degree of flexibility to invest in out-of-index strategies as a means ofadding performance but adherence to the investment objective remains imperative.INVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.FUND FACTSFund manager:Bryan CollinsLocation:Hong KongAppointed to fund:01.10.09Years at Fidelity:5Launch date:02.04.07Currency:US DollarNAV price:$ 12.1112mnth NAV high:$ 12.2312mnth NAV low:$ 10.43Distribution yield:6.87%Fund size:$ 2,153mBenchmark index:FF Asian High Yield Blend*Bloomberg code:FFASIAU LXISIN code:LU0286668453SEDOL number:B1VN800*BofA ML Asian Dollar High YieldCorporate ConstrainedPERFORMANCE YEAR BY YEAR73.8%76.6%19.0%22.6%■ Fund■ Index-40.7%-34.4%08 09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 02.04.07Fund cumulative growth 0.3% 0.3% 13.3% 26.0% - - 21.1%Index cumulative growth -0.1% -0.1% 17.2% 46.2% - - 44.2%Fund annualised growth - - 13.3% 8.0% - - 5.1%Index annualised growth - - 17.2% 13.5% - - 10.0%Value of $2,500 invested - 2,508 2,832 3,150 - - 3,028PERFORMANCE SINCE 02.04.07150%125%100%Ranking within Morningstar GIF Asia Bond75%Position of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -50%06-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index188

PxFcb.eu.201101.3030_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Industrial 55.1% (53.2%)Financial 38.6% (37.9%)Utility 4.0% 4.0% (4.5%)Treasury 1.1% 1.1% (1.2%)Unclassified 0.6% (0.2%)Cash 0.5% (3.0%)Securitised 0.0% 0.0% (0.0%)Quasi / Sov / Supra / Agncy 0.0% (0.0%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAUS Dollar 95.2%(97.4%)Other 4.8% 4.8% (2.6%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.FIXED INCOME CHARACTERISTICSRedemption yield: 6.26%Distribution yield: 6.87%Effective duration of fund: 3.4Effective duration reflects any derivative usage.TOP SECURITY HOLDINGSas at 31.01.11% TNAEVERGRANDE REAL ESTATE 13% 27/01/2015 RE 2.9%CITIC RESOURCES FINANCE 6.75% 15/05/2014 2.3%BUMI INVESTMENT 10.75% 06/10/17 REGS 2.2%ADARO INDONESIA 7.625% 22/10/2019 REGS 2.2%WOORI BANK 6.21% VRN 02/05/2037 144A CPN 2.2%STATS CHIPPAC 7.5% 12/08/2015 REGS 2.1%CHINA ORIENTAL 8% 18/08/2015 REGS 2.1%BERAU CAPITAL RESOURCES 12.5% 08/07/2015 2.0%INDOSAT PALAPA 7.375% 29/07/2020 REGS 1.9%ICICI BANK 6.375% VRN 30/04/2022 REGSCPN 1.8%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.Relative volatility: 1.15Tracking error: 4.95S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaABBB/BaaBB/BaBCC/CaCashNot Rated1.1% (1.1%)0.4% (0.4%)3.1% (3.1%)49.2% (-10.4%)36.8% (-1.7%)4.1% (2.2%)0.5% (0.5%)4.8% (4.8%)Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.VOLATILITY AND RISKRisk/return rating: (Bond funds)hidefshThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshHIDECXX189

190cb.eu.201101.2604.pro.pdfFIDELITY FUNDSEMERGING MARKET DEBT FUND – A-ACC-EUR31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to achieve income and capital appreciation through primarily investing in globalemerging-markets debt securities. The fund may also invest in other types of securities, includinglocal market debt instruments, fixed income, equity securities and corporate bonds of emergingmarket issuers, and lower quality debt securities. Investments will be made within, although notlimited to, Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the MiddleEast.PORTFOLIO CHARACTERISTICSThe fund primarily invests in US dollar denominated emerging market sovereign debt securities. Themanager also retains a degree of flexibility to invest in out-of-index strategies including, but notlimited to, local currency and corporate emerging market debt securities as a means of addingperformance but adherence to the investment objective remains imperative.INVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.FUND FACTSFund manager:John CarlsonLocation:BostonAppointed to fund:23.01.06Years at Fidelity:16Launch date:23.01.06Currency:EuroNAV price:€ 12.9912mnth NAV high:€ 14.5312mnth NAV low:€ 11.75Fund size:€ 639mBenchmark index:JP Morgan Emerging MarketsBond Index GlobalBloomberg code:FFEMDAE LXISIN code:LU0238205289SEDOL number:B0T9S47PERFORMANCE YEAR BY YEAR42.0%24.2%18.7%19.8%■ Fund■ Index-5.4%-4.2%-15.7%-6.3%07 08 09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 23.01.06Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 23.01.06Fund cumulative growth -3.1% -3.1% 10.5% 39.7% 28.6% - 29.9%Index cumulative growth -2.7% -2.7% 12.6% 36.3% 30.0% - 31.1%Fund annualised growth - - 10.5% 11.8% 5.2% - 5.3%Index annualised growth - - 12.6% 10.9% 5.4% - 5.5%Value of €2,000 invested - 1,937 2,209 2,795 2,572 - 2,598150%140%130%120%110%Ranking within SectorPosition of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -100%90%80%06-0612-0606-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index190

PxFcb.eu.201101.2604_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)All Bonds 95.6% (92.6%)Other (Cash, Property, Uninvested) 3.4% 3.4% (7.3%)North America Equities 1.0% 1.0%Emerging Markets Equities 0.0% 0.0% (0.0%)European Equities 0.0% (0.0%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAUS Dollar 99.8%(100.0%)Other 0.2% 0.2% (0.0%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.FIXED INCOME CHARACTERISTICSRelative volatility: 1.25Tracking error: 6.00Effective duration reflects any derivative usage.TOP SECURITY HOLDINGSas at 31.01.11% TNARUSSIA 5% 31/03/2030 REGSCPN RATE = 5% U 5.6%VENEZUELA REPUBLIC 12.75% 23/08/2022 INT 2.1%USTB 4.25% 15/11/2040 1.6%COLOMBIA 6.125% 18/01/2041 1.1%LEBANESE REP 4% 31/12/2017 1.0%REPUBLIC OF ARGENTINA 8.28% 31/12/2033 U 1.0%TURKEY 5.625% 30/03/2021 1.0%REPUBLIC OF PHILIPPINES 7.75% 14/01/2031 1.0%RUSSIA 12.75% 24/06/2028 REGS 1.0%PETROLEOS DE VENEZUELA 5.375% 12/04/2027 1.0%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaAA/AaABBB/BaaBB/BaBCashNot RatedNONE1.6%1.7%4.4%36.9%34.9%12.7%1.7%3.5%2.6%Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.VOLATILITY AND RISKRATINGSRisk/return rating: (Bond funds)Overall Morningstar RatingS&P Fund Ratings★★★★AAhidefshThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshHIDECXX191

192cb.eu.201101.8729.pro.pdfFIDELITY FUNDSEMERGING MARKET DEBT FUND - A-ACC-EUR (HEDGED)31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to achieve income and capital appreciation through primarily investing in globalemerging-markets debt securities. The fund may also invest in other types of securities, includinglocal market debt instruments, fixed income, equity securities and corporate bonds of emergingmarket issuers, and lower quality debt securities. Investments will be made within, although notlimited to, Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the MiddleEast.PORTFOLIO CHARACTERISTICSThe fund primarily invests in US dollar denominated emerging market sovereign debt securities. Themanager also retains a degree of flexibility to invest in out-of-index strategies including, but notlimited to, local currency and corporate emerging market debt securities as a means of addingperformance but adherence to the investment objective remains imperative.INVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.FUND FACTSFund manager:John CarlsonLocation:BostonAppointed to fund:30.06.10Years at Fidelity:16Launch date:30.06.10Currency:EuroNAV price:€ 10.46Fund size:€ 639mBenchmark index:JP Morgan Emerging MarketsBond Index Global - HedgedEURBloomberg code:FEMAEAH LXISIN code:LU0337572712SEDOL number:B5PGJQ6PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 30.06.10Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 30.06.10Fund cumulative growth -1.0% -1.0% - - - - 4.6%130%Index cumulative growth -0.5% -0.5% - - - - 5.3%125%Fund annualised growth - - - - - - -120%Index annualised growth - - - - - - -Value of €2,000 invested - 1,979 - – - - 2,092Ranking within SectorPosition of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -115%110%105%100%06-1007-1008-1009-1010-1011-1012-1001-11■ Fund■ Index192

PxFcb.eu.201101.8729_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)All Bonds 95.6% (92.6%)Other (Cash, Property, Uninvested) 3.4% 3.4% (7.3%)North America Equities 1.0% 1.0%Emerging Markets Equities 0.0% 0.0% (0.0%)European Equities 0.0% (0.0%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAUS Dollar 99.8%(100.0%)Other 0.2% 0.2% (0.0%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.TOP SECURITY HOLDINGSas at 31.01.11% TNARUSSIA 5% 31/03/2030 REGSCPN RATE = 5% U 5.6%VENEZUELA REPUBLIC 12.75% 23/08/2022 INT 2.1%USTB 4.25% 15/11/2040 1.6%COLOMBIA 6.125% 18/01/2041 1.1%LEBANESE REP 4% 31/12/2017 1.0%REPUBLIC OF ARGENTINA 8.28% 31/12/2033 U 1.0%TURKEY 5.625% 30/03/2021 1.0%REPUBLIC OF PHILIPPINES 7.75% 14/01/2031 1.0%RUSSIA 12.75% 24/06/2028 REGS 1.0%PETROLEOS DE VENEZUELA 5.375% 12/04/2027 1.0%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaAA/AaABBB/BaaBB/BaBCashNot RatedNONE1.6%1.7%4.4%36.9%34.9%12.7%1.7%3.5%2.6%Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.VOLATILITY AND RISKRATINGSRisk/return rating: (Bond funds)S&P Fund RatingsAAhidefshThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshHIDECXX193

194cb.eu.201101.2623.pro.pdfFIDELITY FUNDSEMERGING MARKET DEBT FUND – A-USD31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to achieve income and capital appreciation through primarily investing in globalemerging-markets debt securities. The fund may also invest in other types of securities, includinglocal market debt instruments, fixed income, equity securities and corporate bonds of emergingmarket issuers, and lower quality debt securities. Investments will be made within, although notlimited to, Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the MiddleEast.PORTFOLIO CHARACTERISTICSThe fund primarily invests in US dollar denominated emerging market sovereign debt securities. Themanager also retains a degree of flexibility to invest in out-of-index strategies including, but notlimited to, local currency and corporate emerging market debt securities as a means of addingperformance but adherence to the investment objective remains imperative.INVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.FUND FACTSFund manager:John CarlsonLocation:BostonAppointed to fund:23.01.06Years at Fidelity:16Launch date:23.01.06Currency:US DollarNAV price:$ 11.3912mnth NAV high:$ 12.0212mnth NAV low:$ 10.93Distribution yield:5.11%Fund size:$ 875mBenchmark index:JP Morgan Emerging MarketsBond Index GlobalISIN code:LU0238205446PERFORMANCE YEAR BY YEAR4.6%6.3%45.6%28.2%10.8%12.0%■ Fund■ Index-19.5%-10.9%07 08 09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 23.01.06Fund cumulative growth -0.9% -0.9% 8.9% 28.5% 44.3% - 44.0%Index cumulative growth -0.5% -0.5% 11.0% 26.2% 46.8% - 46.4%Fund annualised growth - - 8.9% 8.7% 7.6% - 7.5%Index annualised growth - - 11.0% 8.1% 8.0% - 7.9%Value of $2,500 invested - 2,478 2,723 3,212 3,607 - 3,599PERFORMANCE SINCE 23.01.06160%140%120%Ranking within Morningstar GIF Global Emerging Markets Bond100%Position of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -80%06-0612-0606-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index194

PxFcb.eu.201101.2623_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)All Bonds 95.6% (92.6%)Other (Cash, Property, Uninvested) 3.4% 3.4% (7.3%)North America Equities 1.0% 1.0%Emerging Markets Equities 0.0% 0.0% (0.0%)European Equities 0.0% (0.0%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAUS Dollar 99.8%(100.0%)Other 0.2% 0.2% (0.0%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.FIXED INCOME CHARACTERISTICSRedemption yield: 4.86%Distribution yield: 5.11%Relative volatility: 1.30Effective duration reflects any derivative usage.TOP SECURITY HOLDINGSas at 31.01.11% TNARUSSIA 5% 31/03/2030 REGSCPN RATE = 5% U 5.6%VENEZUELA REPUBLIC 12.75% 23/08/2022 INT 2.1%USTB 4.25% 15/11/2040 1.6%COLOMBIA 6.125% 18/01/2041 1.1%LEBANESE REP 4% 31/12/2017 1.0%REPUBLIC OF ARGENTINA 8.28% 31/12/2033 U 1.0%TURKEY 5.625% 30/03/2021 1.0%REPUBLIC OF PHILIPPINES 7.75% 14/01/2031 1.0%RUSSIA 12.75% 24/06/2028 REGS 1.0%PETROLEOS DE VENEZUELA 5.375% 12/04/2027 1.0%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.Tracking error: 5.67S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaAA/AaABBB/BaaBB/BaBCashNot RatedNONE1.6%1.7%4.4%36.9%34.9%12.7%1.7%3.5%2.6%Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.VOLATILITY AND RISKRATINGSRisk/return rating: (Bond funds)Overall Morningstar RatingS&P Fund Ratings★★★★AAhidefshThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshHIDECXX195

196cb.eu.201101.2603.pro.pdfFIDELITY FUNDSEMERGING MARKET DEBT FUND – A-ACC-USD31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund aims to achieve income and capital appreciation through primarily investing in globalemerging-markets debt securities. The fund may also invest in other types of securities, includinglocal market debt instruments, fixed income, equity securities and corporate bonds of emergingmarket issuers, and lower quality debt securities. Investments will be made within, although notlimited to, Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the MiddleEast.PORTFOLIO CHARACTERISTICSThe fund primarily invests in US dollar denominated emerging market sovereign debt securities. Themanager also retains a degree of flexibility to invest in out-of-index strategies including, but notlimited to, local currency and corporate emerging market debt securities as a means of addingperformance but adherence to the investment objective remains imperative.INVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.FUND FACTSFund manager:John CarlsonLocation:BostonAppointed to fund:23.01.06Years at Fidelity:16Launch date:23.01.06Currency:US DollarNAV price:$ 14.3612mnth NAV high:$ 15.1112mnth NAV low:$ 13.06Fund size:$ 875mBenchmark index:JP Morgan Emerging MarketsBond Index GlobalBloomberg code:FFEMDAU LXISIN code:LU0238205958SEDOL number:B0T9S36PERFORMANCE YEAR BY YEAR4.8%6.3%45.3%28.2%10.7%12.0%■ Fund■ Index-19.6%-10.9%07 08 09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 23.01.06Fund cumulative growth -0.8% -0.8% 9.0% 28.2% 43.9% - 43.6%Index cumulative growth -0.5% -0.5% 11.0% 26.2% 46.8% - 46.4%Fund annualised growth - - 9.0% 8.6% 7.6% - 7.5%Index annualised growth - - 11.0% 8.1% 8.0% - 7.9%Value of $2,500 invested - 2,481 2,726 3,205 3,598 - 3,590PERFORMANCE SINCE 23.01.06160%140%120%Ranking within Sector100%Position of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -80%06-0612-0606-0712-0706-0812-0806-0912-0906-1012-10■ Fund■ Index196

PxFcb.eu.201101.2603_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)All Bonds 95.6% (92.6%)Other (Cash, Property, Uninvested) 3.4% 3.4% (7.3%)North America Equities 1.0% 1.0%Emerging Markets Equities 0.0% 0.0% (0.0%)European Equities 0.0% (0.0%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAUS Dollar 99.8%(100.0%)Other 0.2% 0.2% (0.0%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.FIXED INCOME CHARACTERISTICSRelative volatility: 1.30Tracking error: 5.66Effective duration reflects any derivative usage.TOP SECURITY HOLDINGSas at 31.01.11% TNARUSSIA 5% 31/03/2030 REGSCPN RATE = 5% U 5.6%VENEZUELA REPUBLIC 12.75% 23/08/2022 INT 2.1%USTB 4.25% 15/11/2040 1.6%COLOMBIA 6.125% 18/01/2041 1.1%LEBANESE REP 4% 31/12/2017 1.0%REPUBLIC OF ARGENTINA 8.28% 31/12/2033 U 1.0%TURKEY 5.625% 30/03/2021 1.0%REPUBLIC OF PHILIPPINES 7.75% 14/01/2031 1.0%RUSSIA 12.75% 24/06/2028 REGS 1.0%PETROLEOS DE VENEZUELA 5.375% 12/04/2027 1.0%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaAA/AaABBB/BaaBB/BaBCashNot RatedNONE1.6%1.7%4.4%36.9%34.9%12.7%1.7%3.5%2.6%Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.VOLATILITY AND RISKRATINGSRisk/return rating: (Bond funds)S&P Fund RatingsAAhidefshThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshHIDECXX197

198FIDELITY FUNDSEURO BOND FUNDcb.eu.201101.2721.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests primarily in bonds denominated in Euro.PORTFOLIO CHARACTERISTICSThe fund primarily invests in a high quality portfolio of euro denominated government andinvestment grade corporate bonds. Returns are predominately driven by yield curve positioning,asset allocation, sector allocation and security selection. With the corporate bond allocation,emphasis is put on bottom up issuer selection and ensuring adequate diversity due to theasymmetric nature of returns. The manager has wide flexibility to invest in out-of-index strategies as ameans of adding performance but adherence to the investment objective remains imperative.INVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.FUND FACTSFund manager:David SimnerLocation:LondonAppointed to fund:19.03.09Years at Fidelity:15Launch date:01.10.90Currency:Euro (XXEU)NAV price:€ 11.1812mnth NAV high:€ 11.7112mnth NAV low:€ 11.15Distribution yield:2.68%Fund size:€ 778mBenchmark index:FF Euro Bond CompositeIndex*Bloomberg code:FIDEUBIISIN code:LU0048579097SEDOL number:4341288WK-Nummer:973275*BofA ML Euro Lg Cap Inv GradePERFORMANCE YEAR BY YEAR-0.5%-0.2%-1.7%-6.7%5.2%6.1%8.1%9.5%4.4%4.4%6.3%7.5%4.4%4.9%1.6%6.2%15.9%7.0%5.6%2.1%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 22.10.90Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 22.10.90Fund cumulative growth -0.6% -0.6% 2.9% 11.3% 11.6% 45.2% 215.2%350%Index cumulative growth -0.5% -0.5% 0.8% 13.1% 17.8% 59.0% 305.8%300%Fund annualised growth - - 2.9% 3.6% 2.2% 3.8% 5.8%250%Index annualised growth - - 0.8% 4.2% 3.3% 4.8% 7.2%Value of €2,000 invested - 1,920 1,988 2,150 2,156 2,806 6,090Ranking within Morningstar GIF EUR Diversified BondPosition of fund 183 183 46 83 101 35 3Total number of funds 292 292 264 214 173 94 12Quartile ranking 3 3 1 2 3 2 1200%150%100%50%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Sector average198

PxFcb.eu.201101.2721_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Treasury 41.4% (51.5%)Industrial 22.2% (19.7%)Financial 17.2% (15.9%)Securitised 10.7% (8.4%)Quasi / Sov / Supra / Agncy 4.1% (1.5%)Utility 3.6% (2.3%)Cash 0.8% 0.8% (0.5%)Unclassified 0.0% (0.0%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAEuro 99.8%(99.8%)Other 0.2% 0.2% (0.3%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.FIXED INCOME CHARACTERISTICSRedemption yield: 3.18%Distribution yield: 2.68%Effective duration of fund: 5.3Effective duration reflects any derivative usage.TOP SECURITY HOLDINGSas at 31.01.11% TNAITALY 3.75% 01/03/2021 5.7%ITALY 3% 15/06/2015 5.0%ITALY 2.25% 01/11/2013 3.6%SPAIN 3.9% 31/10/2012 2.7%SPAIN 3.25% 30/04/2016 2.5%EUROPEAN UNION 2.5% 04/12/2015 2.1%BELGIUM 3.75% 28/09/2015 2.1%ITALY 5% 01/09/2040 2.1%GERMANY 4.75% 04/07/2040 08 1.7%OBL 159 2% 26/02/2016 1.6%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.Effective duration of index: 5.3Relative volatility: 1.63Tracking error: 4.44S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaAA/AaABBB/BaaBB/BaBCC/CaCashNot Rated24.0% (-24.3%)26.3% (7.7%)28.7% (2.9%)17.5% (10.3%)1.8% (1.6%)0.3% (0.3%)0.2% (0.2%)0.8% (0.8%)0.5% (0.5%)Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.VOLATILITY AND RISKRATINGSRisk/return rating: (Bond funds)S&P Fund RatingsAhidefshThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshHIDECXX199

200cb.eu.201101.3493.pro.pdfFIDELITY FUNDSEURO CORPORATE BOND FUND – A-ACC-EUR31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe fund will invest primarily in Euro denominated corporate debt securities. The fund may invest upto 30% of its assets in non-Euro denominated debt securities and/or non-corporate debt securities.Exposure to non-Euro denominated debt securities may be hedged back into Euro (as described inthe Prospectus).PORTFOLIO CHARACTERISTICSThe fund primarily invests in a high quality portfolio of predominantly euro denominated investmentgrade corporate bonds. Emphasis is put on bottom up issuer selection and ensuring adequatediversity due to the asymmetric nature of corporate bond returns. The manager also retains a degreeof flexibility to invest in out-of-index strategies as a means of adding performance but adherence tothe investment objective remains imperative.INVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.FUND FACTSFund manager:David SimnerLocation:LondonAppointed to fund:19.03.09Years at Fidelity:15Launch date:14.01.03Currency:EuroNAV price:€ 22.8012mnth NAV high:€ 23.6512mnth NAV low:€ 21.94Distribution yield:3.15%Fund size:€ 74mBenchmark index:The BofA Merrill Lynch EuroCorporate IndexBloomberg code:FECBAAE LXISIN code:LU0370787193SEDOL number:B42FLH4PERFORMANCE YEAR BY YEAR6.6%7.6%3.8%4.0%0.2%0.6%0.2%21.5%14.9%6.8%4.8%■ Fund■ Index-2.5%-22.2%-3.3%04 05 06 07 08 09 10PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 14.01.03Fund cumulative growth -0.5% -0.5% 4.0% -0.9% -1.6% - 14.0%Index cumulative growth -0.5% -0.5% 2.7% 14.3% 17.3% - 38.8%Fund annualised growth - - 4.0% -0.3% -0.3% - 1.6%Index annualised growth - - 2.7% 4.6% 3.3% - 4.2%Value of €2,000 invested - 1,990 2,080 1,982 1,968 - 2,280PERFORMANCE SINCE 14.01.03130%120%110%100%Ranking within Morningstar GIF EUR Corporate BondPosition of fund 123 123 31 87 75 - 44Total number of funds 158 158 141 95 83 - 51Quartile ranking 4 4 1 4 4 - 490%80%12-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Sector average200

PxFcb.eu.201101.3493_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Industrial 46.6% % (44.5%)Financial 30.8% % (30.7%)Securitised 99.6% % (10.0%)Utility 77.5% % (5.4%)Quasi / Sov / Supra / Agncy 22.4% % (1.8%)Treasury 22.2% % (6.2%)Cash 00.9% % (1.3%)Unclassified 00.0% % (0.0%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAEuro 99.8%(99.8%)Other 0.1% 0.1% (0.2%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.FIXED INCOME CHARACTERISTICSRedemption yield: 3.53%Distribution yield: 3.15%Effective duration of fund: 4.0Effective duration reflects any derivative usage.TOP SECURITY HOLDINGSas at 31.01.11% TNARABOBANK NEDERLAND 4.125% 14/01/2020 2.3%KONINKLIJKE KPN 3.75% 21/09/2020 1.6%GENERAL ELECTRIC 5.25% 06/12/2017 1.6%ROCHE HOLDINGS 6.5% 04/03/2021 1.6%HUTCHISON WHAMPOA FINANCE 4.75% 14/11/20 1.4%SOCIETE GENERALE 3% 31/03/2015 1.3%HSBC BANK 3.75% 30/11/2016 1.3%WESTPAC BANKING 4.25% 22/09/2016 1.3%BP CAPITAL MARKETS 3.83% 06/10/2017 1.3%MERCK FINANCIAL SERVICES 4.5% 24/03/2020 1.2%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.Effective duration of index: 4.1Relative volatility: 2.17Tracking error: 7.09S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaAA/AaABBB/BaaBB/BaBCC/CaCashNot Rated9.0% (5.4%)15.4% (-2.6%)37.5% (-13.2%)33.5% (6.6%)2.4% (1.6%)0.3% (0.3%)0.5% (0.5%)0.9% (0.9%)0.5% (0.5%)Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.VOLATILITY AND RISKRATINGSRisk/return rating: (Bond funds)S&P Fund RatingsAhidefshThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshHIDECXX201

202cb.eu.201101.3251.pro.pdfFIDELITY FUNDSEURO SHORT TERM BOND FUND – A-ACC-EUR31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests primarily in Euro-denominated debt securities, focusing its investments in investment gradeEuropean fixed-rate bonds with less than five years to maturity. The average duration of the fund’sinvestments will not exceed three years and the residual duration of each investment five years. Forbonds with a variable interest rate, the next adaptation of the rate replaces the maturity. The fundmay invest up to 30% of its assets in non-Euro denominated debt securities. Exposure to non-Eurodenominated debt securities may be hedged back into Euro (as described in the Prospectus).PORTFOLIO CHARACTERISTICSThe fund primarily invests in short maturity euro denominated investment grade government andcorporate bonds. Returns are predominately driven by yield curve positioning, asset allocation, sectorallocation and security selection. With the corporate bond allocation, emphasis is put on bottom upissuer selection and ensuring adequate diversity due to the asymmetric nature of returns. Themanager has flexibility to invest in out-of-index strategies as a means of adding performance butadherence to the investment objective remains imperative.INVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.FUND FACTSFund manager:Peter KhanLocation:LondonAppointed to fund:01.01.10Years at Fidelity:11Launch date:27.02.04Currency:EuroNAV price:€ 22.4912mnth NAV high:€ 22.6912mnth NAV low:€ 21.91Distribution yield:2.63%Fund size:€ 121mBenchmark index:The BofA Merrill Lynch 1-3 YearEuro Broad Market IndexBloomberg code:FFEUSBA LXISIN code:LU0267388220SEDOL number:B3DD4C6PERFORMANCE YEAR BY YEAR-3.6%1.2%2.1%1.2%1.8%1.2%3.7%5.6%6.7%5.9%4.4%1.8%■ Fund■ Index05 06 07 08 09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 27.02.04Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 27.02.04Fund cumulative growth -0.4% -0.4% 2.8% 5.8% 9.3% - 12.3%Index cumulative growth -0.2% -0.2% 1.2% 12.2% 19.7% - 25.3%Fund annualised growth - - 2.8% 1.9% 1.8% - 1.7%Index annualised growth - - 1.2% 3.9% 3.7% - 3.3%Value of €2,000 invested - 1,925 1,986 2,045 2,113 - 2,170130%125%120%115%110%Ranking within Morningstar GIF EUR Diversified Bond - ShortPosition of fund 95 95 5 58 53 - 41Total number of funds 119 119 110 92 74 - 53Quartile ranking 4 4 1 3 3 - 4105%100%95%12-0412-0512-0612-0712-0812-0912-10■ Fund■ Index202

PxFcb.eu.201101.3251_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Treasury 39.5% (53.9%)Financial 15.5% (16.4%)Quasi / Sov / Supra / Agncy 15.0% (4.5%)Industrial 14.5% (13.4%)Securitised 10.1% (7.4%)Cash 4.5% (2.5%)Utility 0.9% 0.9% (1.8%)Unclassified 0.0% (0.0%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAEuro 98.8%(99.8%)Other 1.2% 1.2% (0.2%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.FIXED INCOME CHARACTERISTICSRedemption yield: 1.93%Distribution yield: 2.63%Effective duration of fund: 1.5Effective duration reflects any derivative usage.TOP SECURITY HOLDINGSas at 31.01.11% TNAGERMANY 3.75% 04/01/2015 04 17.8%ITALY BTPS 4.25% 01/08/2013 8.9%AUSTRIA 3.8% 20/10/2013 5.7%EUROPEAN UNION 2.5% 04/12/2015 5.2%KFW 4.25% 04/07/2014 4.2%EURO COMMUNITY 3.125% 03/04/2014 3.3%BANCO BILBAO VIZCAYA ARGENTINA 3.5% 26/0 3.1%ITALY 3% 15/06/2015 2.3%BUNDESSCHATZANWEISUN 1% 14/12/2012 2.1%BELGIUM 3.75% 28/09/2015 1.6%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.Effective duration of index: 1.8Relative volatility: 1.90Tracking error: 2.89S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaAA/AaABBB/BaaBB/BaBCashNot Rated47.8% (1.2%)7.7% (-12.9%)29.3% (3.4%)8.8% (2.1%)0.9% (0.7%)0.1% (0.1%)4.5% (4.5%)0.8% (0.7%)Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.VOLATILITY AND RISKRisk/return rating: (Bond funds)hidefshThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshHIDECXX203

204FIDELITY FUNDSEUROPEAN HIGH YIELD FUNDcb.eu.201101.2733.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThis fund seeks a high level of current income and capital appreciation by investing primarily in highyielding, sub investment grade securities of issuers that have their head office or who exercise apredominant part of their activity in Western, Central and Eastern Europe (including Russia). The typeof debt securities in which the fund will primarily invest will be subject to high risk and will not berequired to meet a minimum rating standard. Most but not all will be rated for creditworthiness by aninternationally recognised rating agency. Sub investment grade securities mean securities with arating of BB+ or less from Standard & Poor’s or equivalent rating from an internationally recognisedrating agency.PORTFOLIO CHARACTERISTICSThe fund primarily invests in high yield bonds of European and Eastern European domiciled issuers,diversified across a number of countries and sectors. Emphasis is put on bottom up issuer selectionand ensuring adequate diversity due to the asymmetric nature of high yield bond returns. Themanager also retains a degree of flexibility to invest in out-of-index strategies as a means of addingperformance but adherence to the investment objective remains imperative.INVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.FUND FACTSFund manager:Ian SpreadburyLocation:LondonAppointed to fund:01.07.02Years at Fidelity:16Launch date:26.06.00Currency:EuroNAV price:€ 9.4312mnth NAV high:€ 9.7412mnth NAV low:€ 8.89Distribution yield:5.34%Fund size:€ 1,895mBenchmark index:Euro High Yield Composite*Bloomberg code:FIDEUHGISIN code:LU0110060430SEDOL number:5987335WK-Nummer:939979*BofA ML Global High YieldEuropean Issuers Constrained(Euro hedged)PERFORMANCE YEAR BY YEAR3.4%22.0%26.4%10.6%14.7%4.7%6.8%7.5%8.9%-2.6%-13.9%-6.6%-1.1%-2.1%-32.8%-33.7%67.8%81.1%13.2%14.3%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 27.06.00Fund cumulative growth 1.3% 1.3% 10.7% 34.1% 35.6% 84.2% 76.0%Index cumulative growth 2.3% 2.3% 13.0% 48.0% 47.5% 70.6% 59.4%Fund annualised growth - - 10.7% 10.3% 6.3% 6.3% 5.5%Index annualised growth - - 13.0% 14.0% 8.1% 5.5% 4.5%Value of €2,000 invested - 1,958 2,140 2,591 2,620 3,559 3,401PERFORMANCE SINCE 27.06.00180%160%140%120%Ranking within Morningstar GIF EUR High Yield BondPosition of fund 80 80 70 14 12 5 8Total number of funds 96 96 82 70 62 32 23Quartile ranking 4 4 4 1 1 1 2100%80%12-0012-0112-0212-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Sector average204

PxFcb.eu.201101.2733_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Industrial 64.1% (63.9%)Financial 22.5% (20.4%)Cash 5.5% 5.5% (7.7%)Treasury 4.8% 4.8% (5.1%)Securitised 1.2% (1.2%)Unclassified 0.8% (0.8%)Utility 0.8% 0.8% (0.5%)Quasi / Sov / Supra / Agncy 0.4% (0.4%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAEuro 98.2%(97.9%)Other 1.9% 1.9% (2.1%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.FIXED INCOME CHARACTERISTICSRedemption yield: 5.81%Distribution yield: 5.34%Effective duration of fund: 3.4Effective duration reflects any derivative usage.TOP SECURITY HOLDINGSas at 31.01.11% TNAGERMANY 3.75% 04/01/2017 06 2.8%VIRGIN MEDIA FINANCE 7% 15/01/2018 2.2%BOATS INVESTMENT NETHERLANDS 11% 31/03/2 2.1%WIND ACQUISTION FINANCE 7.375% 15/02/201 2.0%ING GROEP 5.14% VRN PERPETUAL CPN RATE = 1.8%OBL 159 2% 26/02/2016 1.7%HEIDELBERGCEMENT 8% 31/01/2017 1.6%ART FIVE FRN 16/12/2014CPN RATE = 3MO EU 1.4%UPC GERMANY 8.125% 01/12/2017 REGS 1.3%SIGNUM LUX 0% (FS FUNDING) 18/06/2015 20 1.1%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.Effective duration of index: 3.6Relative volatility: 0.91Tracking error: 5.52S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaABBB/BaaBB/BaBCC/CaCashNot Rated4.8% (4.8%)0.2% (0.2%)5.4% (4.9%)35.0% (-17.4%)31.5% (-4.5%)9.8% (-1.2%)5.5% (5.5%)7.8% (7.7%)Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.VOLATILITY AND RISKRATINGSRisk/return rating: (Bond funds)Overall Morningstar RatingS&P Fund Ratings★★★★AAhidefshThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshHIDECXX205

206cb.eu.201101.8860.pro.pdfFIDELITY FUNDSEUROPEAN HIGH YIELD FUND A – ACC - SEK (HEDGED)31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThis fund seeks a high level of current income and capital appreciation by investing primarily in highyielding, sub investment grade securities of issuers that have their head office or who exercise apredominant part of their activity in Western, Central and Eastern Europe (including Russia). The typeof debt securities in which the fund will primarily invest will be subject to high risk and will not berequired to meet a minimum rating standard. Most but not all will be rated for creditworthiness by aninternationally recognised rating agency. Sub investment grade securities mean securities with arating of BB+ or less from Standard & Poor’s or equivalent rating from an internationally recognisedrating agency.PORTFOLIO CHARACTERISTICSThe fund primarily invests in high yield bonds of European and Eastern European domiciled issuers,diversified across a number of countries and sectors. Emphasis is put on bottom up issuer selectionand ensuring adequate diversity due to the asymmetric nature of high yield bond returns. Themanager also retains a degree of flexibility to invest in out-of-index strategies as a means of addingperformance but adherence to the investment objective remains imperative.INVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.FUND FACTSFund manager:Ian SpreadburyLocation:LondonAppointed to fund:23.02.09Years at Fidelity:16Launch date:23.02.09Currency:Swedish KronaNAV price:SEK 183.2012mnth NAV high:SEK 183.6012mnth NAV low:SEK 163.20Fund size:SEK 16,705mBenchmark index:The BofA Merrill Lynch GlobalHigh Yield European IssuersConstrained Index Hedged toSEKBloomberg code:FFEHYASISIN code:LU0413545426SEDOL number:B53V0Q0PERFORMANCE YEAR BY YEAR13.4%14.5%■ Fund■ Index10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 23.02.09Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 23.02.09Fund cumulative growth 1.4% 1.4% 11.0% - - - 83.2%200%Index cumulative growth 2.4% 2.4% 13.3% - - - 93.1%180%Fund annualised growth - - 11.0% - - - 36.7%160%Index annualised growth - - 13.3% - - - 40.5%Value of SEK15,000 invested - 15,207 16,655 – - - 27,480Ranking within SectorPosition of fund - - - - - - -Total number of funds - - - - - - -Quartile ranking - - - - - - -140%120%100%80%03-0906-0909-0912-0903-1006-1009-1012-10■ Fund■ Index206

PxFcb.eu.201101.8860_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Industrial 64.1% (63.9%)Financial 22.5% (20.4%)Cash 5.5% 5.5% (7.7%)Treasury 4.8% 4.8% (5.1%)Securitised 1.2% (1.2%)Unclassified 0.8% (0.8%)Utility 0.8% 0.8% (0.5%)Quasi / Sov / Supra / Agncy 0.4% (0.4%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAEuro 98.2%(97.9%)Other 1.9% 1.9% (2.1%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.TOP SECURITY HOLDINGSas at 31.01.11% TNAGERMANY 3.75% 04/01/2017 06 2.8%VIRGIN MEDIA FINANCE 7% 15/01/2018 2.2%BOATS INVESTMENT NETHERLANDS 11% 31/03/2 2.1%WIND ACQUISTION FINANCE 7.375% 15/02/201 2.0%ING GROEP 5.14% VRN PERPETUAL CPN RATE = 1.8%OBL 159 2% 26/02/2016 1.7%HEIDELBERGCEMENT 8% 31/01/2017 1.6%ART FIVE FRN 16/12/2014CPN RATE = 3MO EU 1.4%UPC GERMANY 8.125% 01/12/2017 REGS 1.3%SIGNUM LUX 0% (FS FUNDING) 18/06/2015 20 1.1%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaABBB/BaaBB/BaBCC/CaCashNot Rated4.8% (4.8%)0.2% (0.2%)5.4% (4.9%)35.0% (-17.4%)31.5% (-4.5%)9.8% (-1.2%)5.5% (5.5%)7.8% (7.7%)Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.RATINGSS&P Fund RatingsAAhidefshhidefshHIDECXX207

208cb.eu.201101.3277.pro.pdfFIDELITY FUNDSGLOBAL INFLATION LINKED FUND - A-ACC-USD31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThe aim of the fund is to generate an attractive real level of income and capital appreciation byutilising a range of strategies from within, amongst others, the global inflation-linked, interest rateand credit markets. These strategies include, but are not limited to, active yield curve strategies,sector rotation, security selection, relative value management and duration management. The fundprimarily invests in bonds and short-term securities. It may also invest in derivatives. The fund investsprimarily in inflation-linked bonds, nominal bonds and other debt securities of worldwide issuers indeveloped and emerging markets including but not limited to those issued by governments,agencies, supranationals, corporations and banks. The fund may invest up to 30% in Money MarketInstruments and bank deposits, up to 25% in convertible bonds and up to 10% in shares and otherparticipations rights. These investments include investment grade and non-investment grade assets.The fund may make extensive use of financial derivative instruments and use more complexderivative instruments or strategies. Financial derivative instruments will be used to achieve theinvestment objective of the fund. These instruments include but are not limited to futures, options,forwards, swaps, credit linked instruments, mortgage derivatives (including but not limited toderivatives based on mortgage-related bonds such as To Be Announced (TBA) contracts and totalreturn swaps on mortgage indices) and other fixed income, currency and credit derivatives (includingbut not limited to total return swaps, foreign exchange forward contracts, non-deliverable forwards,single name credit default swaps and indices of credit default swaps. Indices of credit default swapsinclude but are not limited to iTraxx and CDX). The underlying exposures of derivatives includeinstruments such as (but not limited to) government bonds, agency bonds, Money MarketInstruments, interest-rates, inflation, currencies, corporate bonds and structured bonds. The fund willhold sufficient liquid assets (including, if applicable, sufficiently liquid long positions) to cover at alltimes the fund’s obligations arising from its credit derivative positions (including short positions). Thefund may also invest in UCITS and UCIs.PORTFOLIO CHARACTERISTICSThe fund primarily invests in a high quality portfolio of index-linked government bonds acrosscountries and actively traded currencies. The fund is suitable for investors that require protectionagainst inflation but with the added benefit of active management. Returns are predominately drivenby inflation expectations, yield curve positioning, asset allocation, sector allocation and securityselection. The manager has flexibility to invest in out-of-index strategies as a means of addingperformance but adherence to the investment objective remains imperative.FUND FACTSFund manager:Andy WeirLocation:LondonAppointed to fund:29.05.08Years at Fidelity:14Launch date:29.05.08Currency:US DollarNAV price:$ 10.5912mnth NAV high:$ 11.0312mnth NAV low:$ 9.61Distribution yield:1.21%Fund size:$ 297mBenchmark index:FF Global Inflation LinkedBlend USD*Bloomberg code:FIDILAUISIN code:LU0353648891SEDOL number:B39MXC0*BC World Government Inflation-Linked BondINVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.PERFORMANCE YEAR BY YEAR14.2%13.2%3.9%3.8%■ Fund■ Index09 10PERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 29.05.08Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 29.05.08Fund cumulative growth 0.9% 0.9% 5.3% - - - 5.9%Index cumulative growth 0.6% 0.6% 5.0% - - - 4.7%Fund annualised growth - - 5.3% - - - 2.2%Index annualised growth - - 5.0% - - - 1.7%Value of $2,500 invested - 2,522 2,632 – - - 2,648110%105%100%Ranking within Morningstar GIF USD Inflation LinkedPosition of fund 4 4 3 - - - 10Total number of funds 21 21 18 - - - 11Quartile ranking 1 1 1 - - - 495%90%85%80%06-0812-0806-0912-0906-1012-10■ Fund■ Index208

PxFcb.eu.201101.3277_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Treasury 94.0% % (90.3%)Financial 22.7% % (2.6%)Industrial 22.2% % (2.0%)Utility 00.5% % (0.5%)Quasi / Sov / Supra / Agncy 00.5% % (0.5%)Securitised 00.5% % (0.5%)Unclassified 00.1% % (0.0%)Cash 0 -0.4% % (3.6%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAUS Dollar 39.3%(41.5%)Euro 26.1%(25.0%)UK Pound 23.9%(23.5%)Japanese Yen 3.4% 3.4% (3.7%)Canadian Dollar 3.0% 3.0% (3.1%)Other 4.3% 4.3% (3.1%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.FIXED INCOME CHARACTERISTICSRedemption yield: 0.59%Distribution yield: 1.21%Effective duration reflects any derivative usage.TOP SECURITY HOLDINGSas at 31.01.11% TNAUSTN 1.375% I/L 15/01/2020 16.3%USTN TII 1.625% 15/01/2018 6.2%USTN .5% I/L 15/04/2015 6.0%UK TREASURY 2.5% I/L 16/04/2020CPN RATE 5.3%UK GILT I/L 1.25% 22/11/2027 3MOCPN RATE 5.2%USTB 2.5% 15/01/2029 5.1%UK GILT I/L 1.25% 22/11/2032 3MO 4.6%ITALY I/L 2.1% 15/09/2021 3.9%FRANCE OAT I/L 2.1% 25/07/2023 3.1%UK GILT I/L 1.875% 22/11/2022 3MO 2.9%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaAA/AaABBB/BaaBB/BaNot Rated83.3% (-4.4%)3.7% (0.2%)9.1% (0.5%)2.9% (2.9%)0.1% (0.1%)1.2% (1.0%)Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.VOLATILITY AND RISKRATINGSRisk/return rating: (Bond funds)S&P Fund RatingsAhidefshThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshHIDECXX209

210FIDELITY FUNDSINTERNATIONAL BOND FUNDcb.eu.201101.2750.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests in international markets to maximise performance measured in US Dollars.PORTFOLIO CHARACTERISTICSThe fund primarily invests in a high quality portfolio of government and investment grade corporatebonds across countries and actively traded currencies. Returns are predominately driven by yieldcurve positioning, asset allocation, sector allocation and security selection. With the corporate bondallocation, emphasis is put on bottom up issuer selection and ensuring adequate diversity due to theasymmetric nature of returns. The manager has flexibility to invest in out-of-index strategies as ameans of adding performance but adherence to the investment objective remains imperative.INVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.FUND FACTSFund manager:Andy WeirLocation:LondonAppointed to fund:02.05.05Years at Fidelity:14Launch date:01.10.90Currency:US DollarNAV price:$ 1.2512mnth NAV high:$ 1.3012mnth NAV low:$ 1.16Distribution yield:3.12%Fund size:$ 317mBenchmark index:International Bond FundComposite*Bloomberg code:FIDITBDISIN code:LU0048582984SEDOL number:4341158WK-Nummer:973261*Barclays Capital GlobalAggregate G5 ex-MBSPERFORMANCE YEAR BY YEAR-2.2%-1.0%-5.4%-5.8%-5.3%18.6%19.5%15.4%14.0%9.2%9.8%5.7%6.5%7.0%10.1%5.4%14.9%6.5%6.7%4.9%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth 0.6% 0.6% 6.3% 13.8% 30.7% 83.2% 214.5%Index cumulative growth 0.2% 0.2% 4.9% 14.5% 36.6% 93.3% 345.2%Fund annualised growth - - 6.3% 4.4% 5.5% 6.2% 5.8%Index annualised growth - - 4.9% 4.6% 6.4% 6.8% 7.6%Value of $2,500 invested - 2,431 2,567 2,748 3,157 4,424 7,595PERFORMANCE SINCE 01.10.90350%300%250%200%Ranking within Morningstar GIF Global BondPosition of fund 29 29 36 49 54 35 11Total number of funds 122 122 113 94 85 59 18Quartile ranking 1 1 2 3 3 3 3150%100%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Sector average210

PxFcb.eu.201101.2750_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Treasury 38.2% (41.9%)Financial 27.0% (25.1%)Industrial 15.9% (15.2%)Quasi / Sov / Supra / Agncy 7.4% 7.4% (5.8%)Securitised 6.0% (6.3%)Utility 3.5% (3.9%)Cash 1.9% 1.9% (1.9%)Unclassified 0.0% (0.0%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAUS Dollar 33.2%(33.9%)Euro 31.9%(31.7%)Japanese Yen 23.9%(24.4%)UK Pound 6.3% 6.3% (6.4%)Canadian Dollar 3.4% 3.4% (3.4%)Other 1.3% 1.3% (0.2%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.FIXED INCOME CHARACTERISTICSRedemption yield: 2.75%Distribution yield: 3.12%Effective duration of fund: 5.7Effective duration reflects any derivative usage.TOP SECURITY HOLDINGSas at 31.01.11% TNAGERMANY 2.5% 04/01/2021 8.1%JAPAN #109 1.9% 20/03/2029 4.4%ITALY 3.75% 01/03/2021 2.7%SPAIN 5.5% 30/04/2021 2.4%UK GILT 4% 07/03/2022 2.2%UK GILT 4% 07/09/2016 1.7%USTB 3.5% 15/02/2039 1.5%JAPAN #288 1.7% 20/09/2017 1.5%OBL 159 2% 26/02/2016 1.3%AUSTRALIA I/L 4% 20/08/2020 20CI 1.2%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.Effective duration of index: 5.8Relative volatility: 1.19Tracking error: 3.98S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaAA/AaABBB/BaaBB/BaBCC/CaCashNot Rated30.5% (-13.2%)19.8% (-11.1%)20.7% (5.2%)20.3% (12.3%)2.4% (2.1%)1.2% (1.2%)0.9% (0.9%)1.9% (1.9%)2.3% (0.8%)Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.VOLATILITY AND RISKRisk/return rating: (Bond funds)hidefshThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshHIDECXX211

212FIDELITY FUNDSSTERLING BOND FUNDcb.eu.201101.2752.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in Sterling denominated debt securities.PORTFOLIO CHARACTERISTICSThe fund primarily invests in a high quality portfolio of UK Gilts and sterling denominated investmentgrade corporate bonds. Returns are predominately driven by yield curve positioning, asset allocation,sector allocation and security selection. With the corporate bond allocation, emphasis is put onbottom up issuer selection and ensuring adequate diversity due to the asymmetric nature of returns.The manager also retains a degree of flexibility to invest in out-of-index strategies as a means ofadding performance but adherence to the investment objective remains imperative.INVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.FUND FACTSFund manager:Ian SpreadburyLocation:LondonAppointed to fund:01.06.95Years at Fidelity:16Launch date:12.11.90Currency:UK SterlingNAV price:£ 0.2812mnth NAV high:£ 0.3012mnth NAV low:£ 0.27Distribution yield:3.66%Fund size:£ 198mBenchmark index:Sterling Bond Blend*Bloomberg code:FIDSTBIISIN code:LU0048620586SEDOL number:4341385WK-Nummer:973286*BofA ML Sterling Large CapIndexPERFORMANCE YEAR BY YEAR-2.3%4.9%3.0%8.4%9.2%4.8%3.6%6.0%6.7%7.3%8.3%0.2%0.6%2.7%3.5%5.1%12.2%3.4%9.3%7.8%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 12.11.90Fund cumulative growth -1.4% -1.4% 5.5% 18.2% 20.7% 63.5% 306.5%Index cumulative growth -1.5% -1.5% 4.9% 15.5% 19.2% 60.9% 378.0%Fund annualised growth - - 5.5% 5.7% 3.8% 5.0% 7.2%Index annualised growth - - 4.9% 4.9% 3.6% 4.9% 8.0%Value of £1,000 invested - 953 1,019 1,142 1,166 1,580 3,928PERFORMANCE SINCE 12.11.90500%400%300%Ranking within Morningstar GIF GBP Diversified Bond200%Position of fund 32 32 10 6 7 2 2Total number of funds 49 49 46 41 32 19 6Quartile ranking 3 3 1 1 1 1 2100%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index212

PxFcb.eu.201101.2752_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Treasury 38.6% (38.2%)Industrial 24.7% (23.9%)Financial 11.1% (10.3%)Securitised 8.8% 8.8% (8.6%)Quasi / Sov / Supra / Agncy 6.3% (6.3%)Utility 5.7% (5.6%)Cash 4.9% 4.9% (7.1%)Unclassified 0.0% (0.0%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAUK Pound 98.9%(98.8%)Other 1.1% 1.1% (1.2%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.FIXED INCOME CHARACTERISTICSRedemption yield: 3.65%Distribution yield: 3.66%Effective duration of fund: 6.9Effective duration reflects any derivative usage.TOP SECURITY HOLDINGSas at 31.01.11% TNAUK GILT 5.25% 07/06/2012 8.8%UK GILT 4.75% 07/03/2020 7.0%UK GILT 5% 07/03/2025 4.6%UK GILT 4.75% 07/12/2030 4.6%UK GILT 4.5% 07/09/2034 3.0%EUROPEAN INVESTMENT BANK 4.75% 15/10/201 2.7%EUROPEAN INVESTMENT BANK 5.625% 07/06/20 2.6%UK GILT 4.25% 07/06/2032 2.4%UK GILT 5% 07/09/2014 1.8%UK TREASURY 6% 7/12/2028 1.7%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.Effective duration of index: 8.1Relative volatility: 1.20Tracking error: 3.85S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaAA/AaABBB/BaaBB/BaBCC/CaCashNot Rated45.2% (-30.8%)3.1% (-0.4%)17.1% (5.8%)25.3% (16.4%)1.3% (1.0%)0.1% (0.1%)0.5% (0.5%)4.9% (4.9%)2.5% (2.5%)Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.VOLATILITY AND RISKRATINGSRisk/return rating: (Bond funds)Overall Morningstar Rating★★★★hidefshThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshHIDECXX213

214FIDELITY FUNDSUS HIGH YIELD FUND – A-USDcb.eu.201101.2739.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEThis fund seeks a high level of current income and capital appreciation by investing primarily in highyielding, lower-quality securities of issuers that have their principal business activities in the UnitedStates. This fund will suit those investors seeking high income and capital appreciation and who areprepared to accept the risks associated with this type of investment. The type of debt securities inwhich the fund will primarily invest will be subject to high risk, will not be required to meet aminimum rating standard and may not be rated for creditworthiness by any internationally recognisedrating agency.PORTFOLIO CHARACTERISTICSThe fund primarily invests in US dollar high yield bonds. Emphasis is put on bottom up issuerselection and ensuring adequate diversity due to the asymmetric nature of high yield bond returns.The manager also retains a degree of flexibility to invest in out-of-index strategies as a means ofadding performance but adherence to the investment objective remains imperative.INVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.FUND FACTSFund manager:Harley LankLocation:BostonAppointed to fund:08.05.03Years at Fidelity:16Launch date:05.09.01Currency:US DollarNAV price:$ 12.0812mnth NAV high:$ 12.0812mnth NAV low:$ 10.85Distribution yield:5.36%Fund size:$ 6,403mBenchmark index:The BofA Merrill Lynch US HighYield Blended IndexBloomberg code:FIDUSHBISIN code:LU0132282301WK-Nummer:798601PERFORMANCE YEAR BY YEAR22.3%28.2%10.4%10.9%3.3%2.7%10.2%11.1%1.2%2.5%-0.1%-1.9%-25.3%-26.1%51.5%58.1%14.5%15.1%02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 05.09.01Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 05.09.01Fund cumulative growth 2.1% 2.1% 15.9% 34.6% 45.7% - 104.3%225%Index cumulative growth 2.1% 2.1% 15.7% 39.3% 53.9% - 120.9%200%Fund annualised growth - - 15.9% 10.4% 7.8% - 7.9%175%Index annualised growth - - 15.7% 11.7% 9.0% - 8.8%Value of $2,500 invested - 2,553 2,897 3,364 3,641 - 5,109Ranking within Morningstar GIF USD High Yield BondPosition of fund 25 25 15 4 2 - 4Total number of funds 44 44 39 32 28 - 21Quartile ranking 3 3 2 1 1 - 1150%125%100%75%12-0112-0212-0312-0412-0512-0612-0712-0812-0912-10■ Fund■ Index214

PxFcb.eu.201101.2739_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)All Bonds 85.3% (84.8%)Other (Cash, Property, Uninvested) 7.8% 7.8% (7.3%)North America Equities 6.7% 6.7% (7.5%)Emerging Markets Equities 0.3% 0.3% (0.4%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAUS Dollar 100.0% (100.0%)Other 0.0% 0.0% (0.0%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.FIXED INCOME CHARACTERISTICSRedemption yield: 5.53%Distribution yield: 5.36%Relative volatility: 0.91Effective duration reflects any derivative usage.TOP SECURITY HOLDINGSas at 31.01.11% TNACIT GROUP 7% 01/05/2017 1.4%CALPINE 7.875% 15/01/2023 144A 1.3%GMAC 8% 31/12/2018 1.1%CIT GROUP 7% 01/05/2015 1.1%NEXTEL COMMUNICATION 5.95% 15/03/2014 SE 1.1%HCA HOLDINGS 7.75% 15/05/2021 144A 1.0%CCH II /CCH CAPITA 13.5% 30/11/2016 1.0%ENERGY FUTURE INTERMEDIATE HOLDING 10% 0 1.0%ENERGY FUTURE HOLDINGS 10% 15/01/2020 14 0.9%GMAC 8% 01/11/2031 0.9%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.Tracking error: 3.61S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaBBB/BaaBB/BaBCCC/CaaCC/CaCashNot RatedWROther4.8%3.3%24.6%46.9%12.8%1.4%1.4%3.1%1.0%0.8%Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.VOLATILITY AND RISKRATINGSRisk/return rating: (Bond funds)Overall Morningstar RatingS&P Fund RatingsFERI rating★★★★AAA(B)hidefshThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshHIDECXX215

216FIDELITY FUNDSUS DOLLAR BOND FUNDcb.eu.201101.2751.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in US Dollar denominated debt securities.PORTFOLIO CHARACTERISTICSThe fund primarily invests in a high quality portfolio of US dollar denominated government andinvestment grade corporate bonds. Returns are predominately driven by yield curve positioning,asset allocation, sector allocation and security selection. With the corporate bond allocation,emphasis is put on bottom up issuer selection and ensuring adequate diversity due to theasymmetric nature of returns. The manager has flexibility to invest in out-of-index strategies as ameans of adding performance but adherence to the investment objective remains imperative.INVESTMENT STYLEFidelity applies a multi-strategy approach to bond investing such that no single position dominatesreturns. Portfolio managers have ultimate accountability for performance of a portfolio, but willleverage off specialist trading, credit and quantitative research teams to guide construction. Havingspecialist disciplines allows us to form a uniquely rounded view of every bond and add diversitywithin a portfolio. Our emphasis is on adding value through detailed proprietary research, whichreduces reliance on external rating agencies to assess credit risk or subjective benchmark rules todecide on appropriate investments. The investment process is supplemented by a layered approachto risk control which avoids reliance on a single framework. Our suite of proprietary risk managementtools ensures that portfolios reflect research ideas efficiently and risk is calculated and budgetedaccordingly.FUND FACTSFund manager:Rick PatelLocation:LondonAppointed to fund:19.03.09Years at Fidelity:11Launch date:12.11.90Currency:US DollarNAV price:$ 6.2812mnth NAV high:$ 6.4712mnth NAV low:$ 5.95Distribution yield:2.34%Fund size:$ 413mBenchmark index:US Dollar Bond FundComposite*Bloomberg code:FIDDLBIISIN code:LU0048622798SEDOL number:4341266WK-Nummer:973282*BofA ML US Corp/Gov Mst LgCapPERFORMANCE YEAR BY YEAR-3.4%7.7%9.9%10.9%11.2%3.7%4.1%3.6%4.0%2.8%2.5%3.2%3.8%4.1%7.5%6.1%11.2%3.7%8.2%6.7%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 12.11.90Fund cumulative growth 0.2% 0.2% 6.5% 14.2% 25.3% 63.2% 215.5%Index cumulative growth 0.1% 0.1% 5.1% 15.0% 31.2% 73.8% 303.6%Fund annualised growth - - 6.5% 4.5% 4.6% 5.0% 5.8%Index annualised growth - - 5.1% 4.8% 5.6% 5.7% 7.1%Value of $2,500 invested - 2,420 2,572 2,758 3,027 3,943 7,620PERFORMANCE SINCE 12.11.90350%300%250%200%Ranking within Morningstar GIF USD Diversified BondPosition of fund 51 51 13 23 36 18 4Total number of funds 85 85 85 82 69 47 10Quartile ranking 3 3 1 2 3 2 2150%100%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Sector average216

PxFcb.eu.201101.2751_B.pro.pdf31 MAY 2010ASSET ALLOCATION BREAKDOWNas at 31.01.11% TNA(as at 31.12.10 in brackets)Treasury 38.1% (43.5%)Industrial 28.1% (22.7%)Financial 20.1% (22.9%)Quasi / Sov / Supra / Agncy 5.7% 5.7% (2.6%)Securitised 4.1% (3.9%)Utility 3.5% (3.0%)Cash 0.4% 0.4% (1.4%)Unclassified 0.0% (0.0%)Asset allocation exposure can be affected by the use of derivatives and this is not reflected in the table.CURRENCY BREAKDOWNas at 31.01.11(as at 31.12.10 in brackets)% TNAUS Dollar 97.3%(98.8%)Euro 1.1% 1.1%Other 1.6% 1.6% (1.2%)This table does not include the effects of derivatives, such as FX forwards, and therefore is the unhedged currency position of the portfolio.FIXED INCOME CHARACTERISTICSRedemption yield: 2.68%Distribution yield: 2.34%Effective duration of fund: 5.6Effective duration reflects any derivative usage.TOP SECURITY HOLDINGSas at 31.01.11% TNAUSTN 3.5% 15/05/2020 5.8%USTN 0.625% 31/07/2012 4.7%USTN 2.625% 15/08/2020 3.6%USTN 3.875% 15/08/2040 3.5%USTB 4.375% 15/05/2040 3.3%USTN 2.125% 31/12/2015 3.3%USTN 2.625% 15/11/2020 2.6%USTN .375% 31/08/2012 2.3%USTN 3.125% 30/04/2017 1.9%USTN 2.25% 30/11/2017 1.7%Top security holdings are those securities in which the largest percentage of the fund’stotal assets are invested. They do not include FX forwards, derivative positions anddeposits. A full list of holdings, including derivatives, can be found in the fund’s annualand/or semi-annual report and accounts.Effective duration of index: 5.1Relative volatility: 1.31Tracking error: 3.42S&P/MOODY’S CREDIT RATINGDeviation from index in bracketsAAA/AaaAA/AaABBB/BaaBB/BaBCash44.6% (-25.2%)8.6% (4.3%)24.2% (10.3%)18.0% (6.5%)4.1% (3.6%)0.1% (0.1%)0.4% (0.4%)Securities are assigned their applicable ratings from the Moody’s,Standard & Poor’s and Fitch rating agencies. The lowest of the threeratings is used to classify the security in the above table.VOLATILITY AND RISKRATINGSRisk/return rating: (Bond funds)Overall Morningstar RatingS&P Fund Ratings★★★★AhidefshThis rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5) funds only in relation to Fidelity’s range of funds within each asset class. A higher numbersignifies a higher risk fund. They are intended only as a guide and are based on our quarterlyrating review process which uses information about a fund manager’s investment approach, aswell as quantitative measures based on the fund’s historic performance and its currentholdings.hidefshHIDECXX217

218FIDELITY FUNDSEURO CASH FUNDcb.eu.201101.2765_B.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEFidelity Euro Cash Fund (formerly known as CapitalBuilder DM Cash Fund) aims to achievecontinuous growth at minimal risk through investment primarily in transferable securities. The assetsof the various funds will comprise, primarily, interest bearing transferable debt securities, treasury billsand money market instruments. With due consideration of legal restrictions and on an ancillary basiseach fund may hold cash and cash equivalents of up to 49% of net assets.FUND FACTSFund manager:Tim FosterLocation:LondonAppointed to fund:17.11.08Years at Fidelity:6Launch date:20.09.93Currency:Euro (XDEM)NAV price:€ 9.2712mnth NAV high:€ 9.2712mnth NAV low:€ 9.27Distribution yield:0.05%Fund size:€ 294mBloomberg code:FIDCDMIISIN code:LU0064964074SEDOL number:4398789WK-Nummer:986373PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 20.09.93Fund cumulative growth 0.0% 0.0% 0.1% 3.9% 9.9% 21.7% 54.3%12 MONTH YIELD0.20%Fund annualised growth - - 0.1% 1.3% 1.9% 2.0% 2.5%Value of €2,000 invested - 2,000 2,001 2,078 2,197 2,433 3,086Ranking within Morningstar GIF Money Market EURPosition of fund 114 114 126 83 68 51 16Total number of funds 158 158 154 115 101 66 21Quartile ranking 3 3 4 3 3 4 30.15%0.10%0.05%0.00%■ FundPERFORMANCE YEAR BY YEAR02-1003-1004-1005-1006-1007-1008-1009-1010-1011-1012-1001-113.7%2.6%1.6%1.3%1.4%2.1%3.4%3.7%0.4%0.1%■ Fund01 02 03 04 05 06 07 08 09 10VOLATILITY AND RISKRisk/return rating: (Cash funds)Sharpe ratio: -1.57This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5)funds only in relation to Fidelity’s range of funds within each asset class. A higher number signifies ahigher risk fund. They are intended only as a guide and are based on our quarterly rating reviewprocess which uses information about a fund manager’s investment approach, as well asquantitative measures based on the fund’s historic performance and its current holdings.218HIDECXX

220FIDELITY FUNDSUS DOLLAR CASH FUNDcb.eu.201101.2764_B.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEFidelity US Dollar Cash Fund (formerly known as Fidelity Cash Funds – US Dollar Fund), aims toachieve continuous growth at minimal risk through investment primarily in transferable securities. Theassets of the various funds will comprise, primarily, interest bearing transferable debt securities,treasury bills and money market instruments. With due consideration of legal restrictions and on anancillary basis each fund may hold cash and cash equivalents up to 49% of net assets.FUND FACTSFund manager:Tim FosterLocation:LondonAppointed to fund:17.11.08Years at Fidelity:6Launch date:20.09.93Currency:US DollarNAV price:$ 11.7112mnth NAV high:$ 11.7212mnth NAV low:$ 11.71Distribution yield:0.05%Fund size:$ 486mBloomberg code:FIDCUSIISIN code:LU0064963852SEDOL number:4398778WK-Nummer:986376PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 20.09.93Fund cumulative growth 0.0% 0.0% 0.1% 2.1% 11.5% 20.6% 69.9%12 MONTH YIELD0.20%Fund annualised growth - - 0.1% 0.7% 2.2% 1.9% 3.1%Value of $2,500 invested - 2,500 2,501 2,553 2,788 3,015 4,246Ranking within Morningstar GIF Money Market USDPosition of fund 74 74 76 61 62 50 19Total number of funds 144 144 140 115 110 79 35Quartile ranking 3 3 3 3 3 3 30.15%0.10%0.05%0.00%■ FundPERFORMANCE YEAR BY YEAR02-1003-1004-1005-1006-1007-1008-1009-1010-1011-1012-1001-113.5%1.0%0.4%0.6%2.5%4.3%4.7%2.3%0.1%0.1%■ Fund01 02 03 04 05 06 07 08 09 10VOLATILITY AND RISKRisk/return rating: (Cash funds)Sharpe ratio: 0.35This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5)funds only in relation to Fidelity’s range of funds within each asset class. A higher number signifies ahigher risk fund. They are intended only as a guide and are based on our quarterly rating reviewprocess which uses information about a fund manager’s investment approach, as well asquantitative measures based on the fund’s historic performance and its current holdings.219HIDECXX

222cb.eu.201101.0744_B.pro.pdfFIDELITY FUNDS IIAUSTRALIAN DOLLAR CURRENCY FUND31 JANUARY 2011FUND APPROACH AND STYLEThe aim of the Currency funds is to provide through the individual funds, a wholesale rate of returnfor a currency chosen by the investor with the opportunity to convert at any time between Currencyfunds, without conversion charge at competitive rates of foreign exchange. The overall investmentobjective of each Currency fund will not be altered at any time without the consent of itsShareholders.For the purpose of Efficient Portfolio Management, the Fund may, in each fund, unless otherwiseprovided for in the investment policy and/or investment objective of the relevant fund, use thetechniques and instruments relating to Transferable Securities and Money Market Instruments asdescribed in Appendix A, D of the prospectus.FF II Australian Dollar Currency Fund invests primarily in Australian Dollar denominated debtsecurities and other permitted assets.FUND FACTSFund manager:Tim FosterLocation:LondonAppointed to fund:17.11.08Years at Fidelity:6Launch date:25.11.91Currency:Australian DollarNAV price:A$ 34.0912mnth NAV high:A$ 34.0912mnth NAV low:A$ 32.95Distribution yield:3.79%Fund size:A$ 115mBenchmark index:AUD 1W LIBIDISIN code:LU0115013202SEDOL number:4151948PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 25.11.91Fund cumulative growth 0.3% 0.3% 3.5% 12.0% 23.6% 49.5% 127.3%Index cumulative growth 0.4% 0.4% 4.4% 14.6% 28.9% 63.6% -Fund annualised growth - - 3.5% 3.8% 4.3% 4.1% 4.4%Index annualised growth - - 4.4% 4.7% 5.2% 5.1% -Value of A$2,500 invested - 2,508 2,587 2,799 3,091 3,738 5,682Ranking within Morningstar GIF Money Market AUDPosition of fund 4 4 3 3 4 4 2Total number of funds 5 5 4 4 4 4 2Quartile ranking 3 3 3 3 4 4 -12 MONTH YIELD3.8%3.6%3.4%3.2%3.0%2.8%■ FundPERFORMANCE YEAR BY YEAR02-1003-1004-1005-1006-1007-1008-1009-1010-1011-1012-1001-113.8%4.8%3.4%4.4%3.5%4.7%4.2%5.2%4.4%5.4%4.7%5.8%5.4%6.2%6.1%6.5%2.2%3.3%3.4%4.3%01 02 03 04 05 06 07 08 09 10■ Fund■ IndexVOLATILITY AND RISKRisk/return rating: (Cash funds)Relative volatility: 1.14Sharpe ratio: -2.54Alpha: -0.11Beta: 1.11R 2 : 0.94Tracking error: 0.12This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5)funds only in relation to Fidelity’s range of funds within each asset class. A higher number signifies ahigher risk fund. They are intended only as a guide and are based on our quarterly rating reviewprocess which uses information about a fund manager’s investment approach, as well asquantitative measures based on the fund’s historic performance and its current holdings.220HIDECXX

223FIDELITY FUNDS IIEURO CURRENCY FUNDcb.eu.201101.0714_B.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEThe aim of the Currency funds is to provide through the individual funds, a wholesale rate of returnfor a currency chosen by the investor with the opportunity to convert at any time between Currencyfunds, without conversion charge at competitive rates of foreign exchange. The overall investmentobjective of each Currency fund will not be altered at any time without the consent of itsShareholders.For the purpose of Efficient Portfolio Management, the Fund may, in each fund, unless otherwiseprovided for in the investment policy and/or investment objective of the relevant fund, use thetechniques and instruments relating to Transferable Securities and Money Market Instruments asdescribed in Appendix A, D of the prospectus.FF II Euro Currency Fund invests primarily in Euro denominated debt securities and other permittedassets.FUND FACTSFund manager:Tim FosterLocation:LondonAppointed to fund:17.11.08Years at Fidelity:6Launch date:25.11.91Currency:EuroNAV price:€ 17.8412mnth NAV high:€ 17.8412mnth NAV low:€ 17.83Distribution yield:0.05%Fund size:€ 51mISIN code:LU0115010877SEDOL number:4152060PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 25.11.91Fund cumulative growth 0.0% 0.0% 0.1% 3.4% 8.5% 17.8% 78.4%Index cumulative growth - - - - - - -Fund annualised growth - - 0.1% 1.1% 1.6% 1.7% 3.1%Index annualised growth - - - - - - -Value of €2,000 invested - 2,000 2,001 2,069 2,170 2,357 3,568Ranking within Morningstar GIF Money Market EURPosition of fund 114 114 124 96 84 62 13Total number of funds 158 158 154 115 101 66 17Quartile ranking 3 3 4 4 4 4 312 MONTH YIELD0.20%0.15%0.10%0.05%0.00%■ FundPERFORMANCE YEAR BY YEAR02-1003-1004-1005-1006-1007-1008-1009-1010-1011-1012-1001-113.3%2.2%1.2%0.9%1.0%1.7%3.0%3.4%0.3%0.1%■ Fund01 02 03 04 05 06 07 08 09 10VOLATILITY AND RISKRisk/return rating: (Cash funds)Sharpe ratio: -2.06This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5)funds only in relation to Fidelity’s range of funds within each asset class. A higher number signifies ahigher risk fund. They are intended only as a guide and are based on our quarterly rating reviewprocess which uses information about a fund manager’s investment approach, as well asquantitative measures based on the fund’s historic performance and its current holdings.221HIDECXX

224FIDELITY FUNDS IISTERLING CURRENCY FUNDcb.eu.201101.0705_B.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEThe aim of the Currency funds is to provide through the individual funds, a wholesale rate of returnfor a currency chosen by the investor with the opportunity to convert at any time between Currencyfunds, without conversion charge at competitive rates of foreign exchange. The overall investmentobjective of each Currency fund will not be altered at any time without the consent of itsShareholders.For the purpose of Efficient Portfolio Management, the Fund may, in each fund, unless otherwiseprovided for in the investment policy and/or investment objective of the relevant fund, use thetechniques and instruments relating to Transferable Securities and Money Market Instruments asdescribed in Appendix A, D of the prospectus.FF II Sterling Currency Fund invests primarily in United Kingdom Pounds Sterling denominated debtsecurities and other permitted assets.FUND FACTSFund manager:Tim FosterLocation:LondonAppointed to fund:01.09.07Years at Fidelity:6Launch date:25.11.91Currency:UK SterlingNAV price:£ 21.5612mnth NAV high:£ 21.5612mnth NAV low:£ 21.55Distribution yield:0.05%Fund size:£ 147mBenchmark index:GBP 1M LIBIDISIN code:LU0115012063SEDOL number:4152703PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 25.11.91Fund cumulative growth 0.0% 0.0% 0.1% 4.1% 13.0% 32.2% 115.6%Index cumulative growth 0.0% 0.0% 0.4% 5.8% 17.3% 44.6% 157.9%Fund annualised growth - - 0.1% 1.4% 2.5% 2.8% 4.1%Index annualised growth - - 0.4% 1.9% 3.3% 3.8% 5.1%Value of £1,000 invested - 1,000 1,001 1,041 1,130 1,322 2,156Ranking within Morningstar GIF Money Market GBPPosition of fund 35 35 48 40 33 22 10Total number of funds 63 63 61 50 44 28 13Quartile ranking 3 3 4 4 3 4 312 MONTH YIELD0.20%0.15%0.10%0.05%0.00%■ FundPERFORMANCE YEAR BY YEAR02-1003-1004-1005-1006-1007-1008-1009-1010-1011-1012-1001-114.0%4.9%2.8%3.9%2.4%3.6%3.3%4.5%3.6%4.6%3.5%4.7%4.7%5.8%4.3%5.1%0.2%0.7%0.1%0.4%01 02 03 04 05 06 07 08 09 10■ Fund■ IndexVOLATILITY AND RISKRisk/return rating: (Cash funds)Relative volatility: 0.92Sharpe ratio: -1.50Alpha: -0.03Beta: 0.92R 2 : 0.99Tracking error: 0.08This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5)funds only in relation to Fidelity’s range of funds within each asset class. A higher number signifies ahigher risk fund. They are intended only as a guide and are based on our quarterly rating reviewprocess which uses information about a fund manager’s investment approach, as well asquantitative measures based on the fund’s historic performance and its current holdings.222HIDECXX

225FIDELITY FUNDS IISWISS FRANC CURRENCY FUNDcb.eu.201101.0713_B.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEThe aim of the Currency funds is to provide through the individual funds, a wholesale rate of returnfor a currency chosen by the investor with the opportunity to convert at any time between Currencyfunds, without conversion charge at competitive rates of foreign exchange. The overall investmentobjective of each Currency fund will not be altered at any time without the consent of itsShareholders.For the purpose of Efficient Portfolio Management, the Fund may, in each fund, unless otherwiseprovided for in the investment policy and/or investment objective of the relevant fund, use thetechniques and instruments relating to Transferable Securities and Money Market Instruments asdescribed in Appendix A, D of the prospectus.FF II Swiss Franc Currency Fund invests primarily in Swiss Franc denominated debt securities andother permitted assets.FUND FACTSFund manager:Tim FosterLocation:LondonAppointed to fund:01.09.07Years at Fidelity:6Launch date:25.11.91Currency:Swiss FrancNAV price:CHF 31.5912mnth NAV high:CHF 31.5912mnth NAV low:CHF 31.59Distribution yield:0.01%Fund size:CHF 33mBenchmark index:CHF 1W LIBIDISIN code:LU0115011925SEDOL number:4151982PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 25.11.91Fund cumulative growth 0.0% 0.0% 0.0% 1.1% 2.5% 4.8% 26.4%Index cumulative growth - - - - - - -Fund annualised growth - - 0.0% 0.4% 0.5% 0.5% 1.2%Index annualised growth - - - - - - -Value of CHF2,500 invested - 2,500 2,500 2,527 2,563 2,620 3,159Ranking within Morningstar GIF Money Market CHFPosition of fund 20 20 20 17 16 11 3Total number of funds 28 28 26 20 19 13 4Quartile ranking 3 3 3 4 4 4 312 MONTH YIELD0.20%0.15%0.10%0.05%0.00%■ FundPERFORMANCE YEAR BY YEAR02-1003-1004-1005-1006-1007-1008-1009-1010-1011-1012-1001-11-0.1%1.9%2.9%0.2%1.0%0.1%0.2%0.1%0.2%0.1%0.6%0.2%1.2%1.1%2.2%1.2%1.9%0.0%0.0%0.0%01 02 03 04 05 06 07 08 09 10■ Fund■ IndexVOLATILITY AND RISKRisk/return rating: (Cash funds)Sharpe ratio: -3.47This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5)funds only in relation to Fidelity’s range of funds within each asset class. A higher number signifies ahigher risk fund. They are intended only as a guide and are based on our quarterly rating reviewprocess which uses information about a fund manager’s investment approach, as well asquantitative measures based on the fund’s historic performance and its current holdings.223HIDECXX

226FIDELITY FUNDS IIUS DOLLAR CURRENCY FUNDcb.eu.201101.0706_B.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEThe aim of the Currency funds is to provide through the individual funds, a wholesale rate of returnfor a currency chosen by the investor with the opportunity to convert at any time between Currencyfunds, without conversion charge at competitive rates of foreign exchange. The overall investmentobjective of each Currency fund will not be altered at any time without the consent of itsShareholders.For the purpose of Efficient Portfolio Management, the Fund may, in each fund, unless otherwiseprovided for in the investment policy and/or investment objective of the relevant fund, use thetechniques and instruments relating to Transferable Securities and Money Market Instruments asdescribed in Appendix A, D of the prospectus.FF II US Dollar Currency Fund invests primarily in US Dollar denominated debt securities and otherpermitted assets.FUND FACTSFund manager:Tim FosterLocation:LondonAppointed to fund:17.11.08Years at Fidelity:6Launch date:25.11.91Currency:US DollarNAV price:$ 33.3712mnth NAV high:$ 33.3712mnth NAV low:$ 33.35Distribution yield:0.05%Fund size:$ 159mBenchmark index:USD 1M LIBIDISIN code:LU0115011255SEDOL number:4152877PERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 25.11.91Fund cumulative growth 0.0% 0.0% 0.1% 1.7% 10.2% 17.0% 66.9%Index cumulative growth 0.0% 0.0% 0.2% 2.7% 13.5% 26.8% 97.9%Fund annualised growth - - 0.1% 0.6% 2.0% 1.6% 2.7%Index annualised growth - - 0.2% 0.9% 2.6% 2.4% 3.6%Value of $2,500 invested - 2,500 2,501 2,543 2,754 2,926 4,171Ranking within Morningstar GIF Money Market USDPosition of fund 71 71 73 75 77 65 21Total number of funds 144 144 140 115 110 79 26Quartile ranking 2 2 3 3 3 4 412 MONTH YIELD0.20%0.15%0.10%0.05%0.00%■ FundPERFORMANCE YEAR BY YEAR02-1003-1004-1005-1006-1007-1008-1009-1010-1011-1012-1001-113.2%3.6%0.7%1.7%0.1%1.1%0.3%1.5%2.1%3.4%3.9%5.1%4.2%5.2%1.9%2.7%0.1%0.2%0.1%0.2%01 02 03 04 05 06 07 08 09 10■ Fund■ IndexVOLATILITY AND RISKRisk/return rating: (Cash funds)Relative volatility: 0.71Sharpe ratio: -0.11Alpha: 0.00Beta: 0.68R 2 : 0.94Tracking error: 0.12This rating gives an indication of the risk level of Cash (A1-A2), Bond (B1-B3) and Equity (E1-E5)funds only in relation to Fidelity’s range of funds within each asset class. A higher number signifies ahigher risk fund. They are intended only as a guide and are based on our quarterly rating reviewprocess which uses information about a fund manager’s investment approach, as well asquantitative measures based on the fund’s historic performance and its current holdings.224HIDECXX

AWARDS FOR RESEARCH AND PERFORMANCEFidelity International has won numerous awards, recognising the performance of our funds, the quality of our research and ourcustomer service. We are committed to translating this recognition into the best possible investment returns. The most recentawards are listed below.2010 BELGIUM Morningstar Best Large Equity Fund HouseMorningstar1 Fund AwardLUXEMBOURG Thomson Reuters 1 Fund AwardNETHERLANDS Lipper 2 Fund AwardsNORWAY Morningstar Best Large Equity Fund HouseFINLAND Morningstar Best Large Equity Fund HouseSWEDEN Lipper 7 Fund AwardsSWITZERLAND Feri EuroRating Best Asset Manager - Complete Product RangeMorningstarBest Large Equity Fund HouseMorningstarBest Multi-Asset Fund HouseLipper10 Fund Awards2009 EUROPE Thomson Extel Leading Pan-European Fund Management FirmNORWAYSWEDENMorningstarMorningstarLipperSWITZERLAND Morningstar Best Large Equity Fund HouseLipper5 Fund AwardsCONTACTING FIDELITY INTERNET www.fidelity-international.comE-MAILLUXEMBOURGFINLANDNORWAYSWEDENSWITZERLANDfidinvlux@fil.comFIL (Luxembourg) S.A.,2a, rue Albert Borschette, BP 2174L-1021 LuxembourgTel: +352 250 4041Fax: +352 26 38 39 38FIL Investments International (UK),Sverige, filial, Luntmakargatan 18, 1st floorSE-111 37 Stockholm, SwedenTel: +46 (0)8 5052 5700Fax: +46 (0)8 5052 5725FIL Investments InternationalHildenborough, Zurich BranchMühlebachstrasse 54CH-8008 ZurichTel: +41 (43) 210 13 00Fax: +41 (43) 268 06 51FIL Investments InternationalHildenborough, Zurich Branch,Geneva Office, Rue du Port 12CH-1204 GenevaTel: +41 (22) 596 19 50Fax: +41 (22) 596 19 51For further information, please visit our international website:www.fidelity-international.comCB35354/na