1. FAST – Global Fund
Dmitry Solomakhin
Portfolio Manager
May 2014

2. FAST – Equity fund range
Fidelity Active STrategy
UCITS SICAV
FAST EQUITY FUNDS
Long equity exposure*
Short equity exposure*
FAST Europe Fund
FAST
Japan Fund
FAST
UK Fund
FAST Emerging Markets Fund
FAST European Opportunities Fund
FAST
Asia Fund
FAST US Fund
FAST Global Fund 0%
100% 0%
100% 0%
100% 0%
100% 0%
100% 0%
100% 0%
100% 0%
100%
Comparison indices and launch dates
MSCI Europe
MSCI Japan
FTSE All Share
MSCI EM
MSCI AC Asia ex Japan
S&P 500
MSCI AC World
1 Oct 2004
14 Mar 2011
31 Oct 2011
31 Jan 2012
31 Jan 2013
25 Jun 2013
30 Sep 2013
* Shaded areas highlight flexible nature of extensions.
Source: FIL Limited, 31 March Holdings can vary from those in the index quoted. For this reason the comparison index is used for reference only.

3. FAST – Evolution timeline
Oct 2004
Jan 2007
Feb 2008
Apr 2009
Mar 2011
Jan 2012
Jan 2013
Sep 2013
FAST Europe & FAST Japan launched
Short extension increased from 15% to 30%
UCITS conversion
Daily liquidity introduced
FAST UK launched
FAST European Opportunities launched
FAST Asia launched
FAST Global launched
Apr 2006
Jun 2007
Jun 2008
Oct 2009
Oct 2011
Jan 2013
Jun 2013
Daily valuation introduced
Opportunistic hedging strategies introduced
Enhanced reporting
Capacity management programme introduced for FAST Europe
FAST Emerging Markets launched
Capacity management programme re-introduced for FAST Europe
FAST US launched
Source: FIL Limited as at 31 March 2014.

4. Dmitry Solomakhin Portfolio Manager - FAST Global
Funds under management
FAST Global*
Jan 2012 – Present**
Experience at Fidelity
Fidelity Global Technology Fund
Nov 2008 – Oct 2013
Portfolio Manager Assistant, Global Equities
Jan 2008 – Nov 2008
Research Analyst (European Aerospace & Defence; Airlines and Logistics)
2006 – 2008
Previous experience
IT Project Manager, Gillette
2002 – 2004
IT Project Manager, Nestle (Russia/Poland)
1999 – 2001
Dmitry Solomakhin Portfolio Manager
Based in: London
Years of investment experience: 8
Education:
MBA (Hons), INSEAD, France
MSc (Hons), Applied Mathematics & Computer Sciences, Moscow State University, Russia
Source: FIL Limited. *Fund was not available for purchase by clients until Sept 2013, when it was launched officially. **The representative track record for FAST Global began in January 2012 when it was run as an internal/pilot fund. Proof of concept phase from March 2011 to January 2012.

5. Global Equity Team Shorting Analysts Derivatives Team Traders / PSG
Global Equities
Global Diversified
Global Sector/Thematic
Amit Lodha
Global Focus/Real Assets
Aditya Shivram
Telecoms/Income
Japan
Dan Roberts
Global Dividend
Chris Moore
Industrials, Natural Res.
9 Portfolio Managers
25 Equity Research
United States
Emerging Markets
Europe
5 Portfolio Managers
17 Equity Research
5 Portfolio Managers
53 Equity Research*
Dmitry Solomakhin
FAST Global
Dirk Philippa
Property Securities
31 Portfolio Managers
42 Equity Research
Asia
Jeremy Podger
Global Special Situations
Hilary Natoff
Health Care/Demographics
25 Portfolio Managers
52 Equity Research
Sudipto Banerji
Global Opportunities
HyunHo Sohn
Technology
Nicky Stafford
Consumer/Demographics
Sotiris Boutsis
Financial Services
Shorting Analysts
Derivatives Team
Traders / PSG
Quant
5 Shorting Analysts Find and analyse shorting opportunities
5 Derivative Specialists Advise and monitor use of derivative instruments
Portfolio trading and monitoring
3 Technical Strategists Advise and monitor technical/market indicators
Source: FIL Limited, 31 December *The number of Equity Research resources responsible for Emerging Markets coverage includes analysts with dual research coverage which are also counted under the other regions listed in this graphic.

6. FAST – Global Strategy
Active long and short extensions to maximise risk adjusted returns
Unconstrained and benchmark unaware global equity fund
Long term investment horizon, but with dynamic stock position management
Fundamental bottom up stock selection drives high conviction, concentrated positions:
Typically stocks in total
Long position sizes 1.0% - 5.0%
Short position sizes 0.5% - 2.0%
No exposure to illiquid or binary outcome stocks
Source: FIL Limited.

7. Long positions – what I look for
Where normalised earnings are much higher than current earnings
Recovery
Beat the Fade
Where the long term earnings power of the franchise is not appreciated by the market
Special Situations
Where the market is using an inappropriate fundamental approach to analyse the stock
Source: FIL Limited.

8. Short positions – looking for absolute downside
Broken business models (usually in an industry undergoing structural change)
Weak balance sheet, poor management & questionable track record
Structural shorts (~ 2/3 of the positions)
Common considerations
Ownership structure
Takeout probability
Sentiment, technical indicators, short interest and borrow cost
Shorter term in nature
Specific catalyst
Tactical shorts (~ 1/3 of the positions)
Source: FIL Limited.

9. Idea generation & validation
Investment Universe
c5,000 listed stocks worldwide
Idea Generation - both Long and Short
Fidelity Research
Meetings, conferences, trips
Global Sector PMs
Idea Validation - both Long and Short
Internal research
Hypothesis challenges iteration
Financial statements & annual reports
Downside risk + stress test
Sell side and technical research
Portfolio construction
Long Book
Long / Short Book
Source: FIL Limited.

10. Long position – Recovery
CME Group
Price
Great quality franchise with very high barriers to entry.
Strong management team with very shareholder friendly approach.
Earnings currently depressed by a variety of factors.
Several important catalysts over the next two years.
Core position in the fund. *
Bought
Sold
Stock/CFD:
Source: Datastream/FIL Limited, 31 March 2014.*Reduced on portfolio construction considerations
Performance shown might represent trade initially deployed in the FAST Global Pilot. For illustration purposes only. Pilots are funded entirely by Fidelity and are not available for client investment.

11. Long position – Special Situation
Bank Rakyat
Price
Indonesian bank with a strong microfinance-focused business model.
Micro underwriting acumen a key differentiator and harder to replicate than the market believes.
Enjoys sustainable high returns in a country with low credit penetration.
Liquid and well capitalised B/S.
Core position in the fund.
Bank Rakyat Stock + CFD Bought Aug 2013; increased CFD Oct 2013 and Nov 2013, Increased stock Nov 2013
Bought
Sold
Stock/CFD:
Source: Datastream/FIL Limited, 31 March 2014.
Performance shown might represent trade initially deployed in the FAST Global Pilot. For illustration purposes only. Pilots are funded entirely by Fidelity and are not available for client investment.

12. Bank Rakyat – Macro forces matter
Exchange Rate
Price to Book Relative
Bank Rakyat Stock + CFD Bought Aug 2013; increased CFD Oct 2013 and Nov 2013, Increased stock Nov 2013
Source: Datastream, 31 March 2014.
Source: Bloomberg, Datastream 31 March End month data used.

13. Long Position – Special Situation
Serco Group
Price
Leading outsourcing firm under pressure from ongoing government investigations.
Solid underlying business with high earnings visibility, margin expansion via improving mix and M&A .
ROIC in excess of 15%.
Compelling valuations; stock expected to re-rate once overhang dissipates.
Serco: Stock bought Nov 2013 and Feb 2014
Stock/CFD:
Bought
Sold
Source: Datastream/FIL Limited, 31 March 2014.
Performance shown might represent trade deployed in the FAST Global Pilot. For illustration purposes only. Pilots are funded entirely by Fidelity and are not available for client investment.

14. Short position - Structural
BlackBerry
Price
Handset hardware and software vendor.
Initiated short position on expectations that BlackBerry10 product cycle would disappoint.
Service revenues under pressure and possibility of company becoming irrelevant within next few years.
Added to short position on weak sell through data.
Closed short position on profit taking.
BlackBerry-
10/04/2013
Hedge fund
New short 50bps
Blackberry
14.85
BB10 product cycle likely to disappoint, service revenues will remain under pressure, company can become irrlevant in three years
25/04/2013
Increase short by 30bps
Poor Z10 sell thru data
03/07/2013
Close short
9.61
Taking profit
CFD:
Open Short
Close Short
Source: Datastream/FIL Limited, 31 March 2014.
Performance shown might represent trade deployed in the FAST Global Pilot. For illustration purposes only. Pilots are funded entirely by Fidelity and are not available for client investment.

15. Risk management Portfolio level risk (Barra) Portfolio level risk
Statistical risk analysis including factor exposures of the total fund and each ‘book’
‘Real’ risks at the portfolio level
Stock level risk
Statistical risk analysis
‘Real’ risks at the stock level
Additional risk control for short positions
dynamic positioning & stop loss discipline
Source: FIL Limited, 31 March Comparative index = MSCI AC World. Data includes any derivative exposures as an economically equivalent position in the underlying asset.

16. Exposure – total equity level - life of FAST Global
Pilot
Fund
Current positioning*
% TNA
Long positions (44 stocks)
113.0
Short positions (25 stocks)
-18.6
Net equity exposure
94.4
Gross equity exposure
131.6 %
Active money
112.8
Ex-ante tracking error
4.0
Source: FIL Limited, 31 March *After the aggregation of all investments, including derivatives on an exposure basis, linked to a particular issuing company or basket security (e.g. index futures and options). The aggregate holding is referred to as a position. Chart data shows the net equity exposure of the FAST Global Pilot from January 2012 to September 2013 and the live fund thereafter.

17. FAST Global – Performance vs. comparative index & peers
97% of peers beaten on performance
94% of peers beaten on IR at 1.13*
Performance vs. comparative index and peer group
Risk/return vs comparative index and peer group
+60.7%
+44.2%
+39.3%
Pilot
Fund
Source: FIL Limited, Morningstar Direct, nav-nav, gross income reinvested, in USD, 31 December 2011 to 31 March 2014 vs Morningstar Offshore Global Large-Cap Blend Equity category. While the FAST Global pilot launched in March 2011, the representative track record commences following a proof of concept phase. The FAST Global Composite reflects composited performance data constructed from the FAST Global pilot from 31 December 2011 to 30 September 2013, and thereafter the A-ACC-USD class of the live FAST Global Fund. While no fees were applied to the FAST Global pilot, its performance has been adjusted to reflect the 206bps predicted Ongoing Charges Figure of the A-ACC-USD class of the live fund, plus has also been adjusted for an estimation of performance fee had the live fund methodology been applied to the pilot. Live fund performance may differ from this pilot performance based on the impact of actual expenses associated with live fund administration, transaction costs, shareholder inflows and outflows, and performance fees. Pilots are funded entirely by Fidelity and are not available for client investment. All trading for pilots is transacted via Fidelity’s centralised dealing desk, in the same way as a live fund. However, in the absence of sufficient liquidity, all client orders must be completed in full before a pilot receives any allocation. Pilots may also not trade with client accounts. Past performance is not a reliable indicator of future results. Numbers may not sum due to rounding. *Risk measures based on time periods less than 3 years are not statistically significant.

18. Fund Positioning
Incrementally increasing Emerging Market exposure at the expense of the US
Not a macro call but driven by bottom-up stock selection
Emerging market-listed companies e.g. Bank Rakyat, and developed market-listed companies e.g. Volkswagen, Diageo
Select large capitalization banks e.g. UBS, Credit Suisse, Citi
Telecommunications equipment companies e.g. Cisco Systems, Ericsson, Altera
Biotechnology companies e.g. Amgen, Abbvie
Stock-specific ‘special situations’
Remain negative on US telecommunication operators, mining CAPEX and extremely overvalued technology companies
Source: FIL Limited

19. Appendix

20. Performance - as at 31 March 2014 - FAST Global
Standard period excess returns (%)
Calendar year excess returns (%)
Net of Fees (%) 1m 3m 6m
YTD 1Y
Since inception (p.a.)
Composite
1.7
2.7
6.2
19.7
23.5
MSCI ACWI
0.4
1.1
8.5
16.6
17.7
Excess returns
+1.3
+1.7
-2.3
+3.1
+5.8
Net of Fees (%)
2012
2013
2014 YTD
Composite
22.4
27.8
2.7
MSCI ACWI
16.1
22.8
1.1
Excess returns
+6.3
+5.0
+1.7
Source: FIL Limited, nav-nav, gross income reinvested, in USD, 31 December 2011 to 31 March While the FAST Global pilot launched in March 2011, the representative track record commences following a proof of concept phase. The FAST Global Composite reflects composited performance data constructed from the FAST Global pilot from 31 December 2011 to 30 September 2013, and thereafter the A-ACC-USD class of the live FAST Global Fund. While no fees were applied to the FAST Global pilot, its performance has been adjusted to reflect the 206bps predicted Ongoing Charges Figure of the A-ACC-USD class of the live fund, plus has also been adjusted for an estimation of performance fee had the live fund methodology been applied to the pilot. Live fund performance may differ from this pilot performance based on the impact of actual expenses associated with live fund administration, transaction costs, shareholder inflows and outflows, and performance fees. Pilots are funded entirely by Fidelity and are not available for client investment. All trading for pilots is transacted via Fidelity’s centralised dealing desk, in the same way as a live fund. However, in the absence of sufficient liquidity, all client orders must be completed in full before a pilot receives any allocation. Pilots may also not trade with client accounts. Past performance is not a reliable indicator of future results.

21. Attribution vs. comparative index as at March 2014
Delta adjusted average relative weights (%)
Relative contribution (bps)
Strategy
Pilot
Fund
Total Primary Assets (Incl Cash)
0.0
2601
-78
- Long Book
-4.6
-2.8
2353
-177
- Long / Short Book
-0.9
-0.2
516
124
- of which Short only
-19.1
-21.6
122
145
Cash + FX (Incl Hedging)
5.5
2.9
-269
-25
Fund Fees
-760
-113
Other Expenses / Adjustments 5
-17
1845
-209
Source: FIL Limited, 31 March Data represents FAST Global Pilot from 1 January 2012 – 30 September 2013, and the live FAST Global Fund from 02 October Comparative Index is MSCI AC World (N). Data includes any derivative exposures as an economically equivalent position in the underlying asset. The pilot attribution data includes an estimation of the effect of fund fees, but live fund performance may differ from this pilot performance based on the impact of actual expenses associated with live fund administration, transaction costs, shareholder inflows and outflows, performance fees and taxation. The fund attribution analysis is based on the overall portfolio’s holdings and may therefore differ from individual share class returns.

22. Exposure – beta adjusted total equity level as at March 2014 – life of FAST Global
Pilot
Fund
Source: FIL Limited, 31 March Data shows the month-end beta-adjusted net equity exposure of the FAST Global Pilot from 31 January 2012 to 30 September 2013 and the live fund thereafter.

23. Exposure – sector - FAST Global Fund as at March 2014
Total Book
Long Book
Long/Short Book
Index weight
% TNA
Consumer Staples
9.7%
I.T.
12.7%
Materials
6.1%
Industrials
10.8%
Energy
Financials
21.5%
Utilities
3.3%
Health Care
10.6%
Telecoms
3.9%
Cons. Discretionary
11.7%
Long
Short
Relative
Source: FIL Limited, 31 March Comparison Index is MSCI AC World (N). Data includes any derivative exposures as an economically equivalent position in the underlying asset. Holdings in different securities of the same asset are also aggregated, therefore classifications are that of the main issuer.

24. Exposure – regions - FAST Global Fund as at March 2014
Total Book
Long Book
Long/Short Book
Index weight
% TNA
Europe ex UK
17.0% UK
7.8%
North America
52.7%
Pacific Basin ex JP
4.5%
Japan
7.3%
Emerging Markets
10.7%
[keep same scale on all 3 charts]
Long
Short
Relative
Source: FIL Limited, 31 March Comparison Index is MSCI AC World (N). Data includes any derivative exposures as an economically equivalent position in the underlying asset. Holdings in different securities of the same asset are also aggregated, therefore classifications are that of the main issuer.

25. Exposure – country and currency - FAST Global Fund as at March 2014
Relative country exposure: Top 5 / Bottom 5
Relative currency weights: Top 5 / Bottom 5
Index weight
% TNA
Switzerland
3.4%
Indonesia
0.3%
Sweden
1.2%
Austria
0.1%
United Kingdom
7.9%
Netherlands
1.0%
USA
48.9%
Korea (South)
1.7%
Japan
7.3%
China
2.0%
Index weight
% TNA
Swiss Franc
3.4%
Indonesian Rupiah
0.3%
Swedish Krona
1.2%
Pound Sterling
7.8%
Turkish Lira
0.2%
Taiwanese Dollar
1.3%
Korean Won
1.7%
Euro
11.7%
Japanese Yen
7.3%
Hong Kong Dollar
3.0%
Long
Short
Relative
Source: FIL Limited, 31 March Comparison Index is MSCI AC World (N). Data includes any derivative exposures as an economically equivalent position in the underlying asset. Holdings in different securities of the same asset are also aggregated, therefore classifications are that of the main issuer.
Source: FIL Limited, 31 March Comparison Index is MSCI AC World (N). Instrument-specific currency adjustments applied where appropriate to model equity derivative currency exposures.

26. Exposure – stock – Top 10 overweight / underweight – FAST Global Fund as at March 2014
Name
Sector
Region
(% TNA)
Index
Relative
Cisco Systems IT
North America
5.2
0.3
4.9
Altera
4.8
0.0
Praxair
Materials
4.7
0.1
4.6
Ericsson
Europe ex UK
4.5
CME Group
Financials
4.1
4.0
Monsanto
3.9
0.2
3.7
Danone
Cons. Staples
3.6
JSR
Japan
Volkswagen
Cons. Discretionary
3.5
3.4
Citigroup
0.4
3.2
Short Position - name withheld
-1.0
1.3
-2.3
Telecoms
-1.6
0.5
-2.1
0.9
-1.9 UK
-1.7
-1.8
Exxon Mobil
Energy
1.2
-1.2
-1.1
Microsoft
-0.9
Industrials
-0.8
Source: FIL Limited 31 March Comparison Index is MSCI AC World (N). Data includes any derivative exposures as an economically equivalent position in the underlying asset. Excludes index positions. In the underweight table, any short position names have been withheld in line with FIL’s disclosure policy.

27. Risk – life of FAST Global as at March 2014
Tracking error (ex ante, %)
Beta (ex ante)
Active money (%)
Volatility (ex ante, %)
Source: FIL Limited, 31 March Comparative index = MSCI AC World. Data represents the FAST Global Pilot from January 2012 to September 2013 and the live fund thereafter. Data includes any derivative exposures as an economically equivalent position in the underlying asset.

28. Quarterly Attribution – FAST Global as at March 2014
Delta adjusted average relative weights (%)
Relative contribution (bps)
Strategy
1Q-12
2Q-12
3Q-12
4Q-12
1Q-13
2Q-13
3Q-13
4Q-13
1Q-14
Total Primary Assets (Incl Cash)
0.0
468
133
114
169
388
594 36
-294
211
- Long Book
-4.2
-5.7
-5.5
-5.1
-4.7
-2.7
-2.5
-3.0
543 16
117
188
235
176
-229 54
- Long / Short Book
-0.1
1.4
-0.2
-1.3
-1.9
-2.8
-1.5
0.1
-0.5
-18
103 49 19
202
134
-129
-49
166
- of which Short only
-13.8
-12.5
-12.1
-19.2
-24.5
-26.9
-24.4
-23.2
-20.1
-90 68 22 27 23
-29 35
104
Cash + FX (Incl Hedging)
4.3
4.4
5.8
5.5
7.0
7.5
2.4
3.5
-57 14
-52
-39 -8
-11
-16 -9
Effect of Fund Fees
-65
-41
-78
-68
-143 1
-59
-51
Other Expenses / Adjustments 5 4 -3 -2
-10 -7
330 73 77 91
317
455
-363
154
Source: FIL Limited, 1 January 2012 – 31 March Comparative Index is MSCI AC World (N). Data includes any derivative exposures as an economically equivalent position in the underlying asset. While the FAST Global pilot launched in March 2011, the representative track record commences following a proof of concept phase. While no fees are applied to the FAST Global pilot, its performance has been adjusted from 31 December 2011 to reflect the 206bps predicted Ongoing Charges Figure of the A-ACC-USD class of the live fund, plus has also been adjusted for an estimation of performance fee had the live fund methodology been applied to the pilot. This attribution data includes an estimation of the effect of fund fees, but live fund performance may differ from this pilot performance based on the impact of actual expenses associated with live fund administration, transaction costs, shareholder inflows and outflows, performance fees and taxation. Pilots are funded entirely by Fidelity and are not available for client investment. All trading for pilots is transacted via Fidelity’s centralised dealing desk, in the same way as a live fund. However, in the absence of sufficient liquidity, all client orders must be completed in full before a pilot receives any allocation. Pilots may also not trade with client accounts. Past performance is not a reliable indicator of future results. Numbers may not sum due to rounding.

29. Global Equity – research resources
Global research coverage across all industry verticals and geographies
Healthcare
Financials / Real Estate
TMT
Consumer
Natural Resources & Utilities
Industrials / Cyclicals2 US 2 4 3 3 3 2
Europe 2 7 6 7 7 10
EMEA & LatAm - 1 1 1 2 2
Japan1 2 4 4 4 1 10
Asia ex Japan team1 3 10 8 18 17 21 9 26 22 33 30 45
Equity Support
12 Specialists
Global Sector PMs
Sotiris Boutsis
Dirk Philippa
Hyun Ho Sohn
Aditya Shivram
Nicky Stafford
Hilary Natoff
Chris Moore
160+ research analysts and 7 global sector portfolio managers
Source: FIL Limited as at 31 December Equity analysts only. 1 Analysts in Japan and Asia cover more than 1 sector. 2 Japan & Asia ex Japan “Cyclicals” includes Energy & Trading and Steel, Paper Metal and Mining.

30. A proprietary source of high value global ideas
Proprietary fundamental research
Relative value added by Fidelity’s research recommendations, rolling 1-year performance
Source: FIL as at 31 December 2013, all stocks equal weighted. Raw data from Analyst Rating Metrics (ARM) system. Europe includes EMEA & Lat-Am.

31. Important notes
ATTENTION: If this fund is not registered in your jurisdiction, the distribution of this document and the offering of Shares may be restricted. Accordingly, it is only directed at and issued to specially selected persons such as qualifying investment professionals to whom it may be lawfully promoted. This document does not constitute an offer or solicitation to any person in any jurisdiction in which to make such an offer or solicitation may be unlawful and should not be relied upon by persons who do not have professional experience of participating in such offers. This document is for Professional Investors only and should not be relied upon by private investors. This document is intended only for the person or entity to which it is provided. It must not be reproduced or circulated without prior permission. Distribution or reproduction of this document, in whole or in part, or the divulgence of any of its content, is strictly prohibited. This document is protected by copyright and may not be photocopied, amended or reproduced in any manner without Fidelity Worldwide Investment's written permission. Fidelity Active STrategy (‘FAST’ or the ‘Fund’) is an open-ended investment company (SICAV) established in Luxembourg with different classes of shares. The Fund is registered under Part I of the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment, as amended (the “Law of 2010”). The Fund therefore qualifies as an undertaking for collective investment in transferable securities (‘UCITS’) and has obtained recognition under the Directive 2009/65/EC. Investments should be made on the basis of the current Key Investor Information Document (KIID) and prospectus, which are available along with any current annual and semi-annual reports free of charge from our European Service Centre in Luxembourg or from the offices of FIL as outlined below. Any investment activity described or referred to in this document is available only to qualifying investment professionals and will be engaged in only with qualifying investment professionals. Fidelity Worldwide Investment only gives information about its own products and services and does not provide investment advice based on individual circumstances. Any reference to specific securities is included for the purposes of illustration only and should not be construed as a recommendation to buy or sell the same. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity Worldwide Investment. Unless otherwise stated, all views are those of Fidelity Worldwide Investment. Past performance is not a reliable indicator of future returns. The value of investments can go down as well as up and investors may not get back the amount invested. Investments denominated in a currency other than the investor’s own currency will be subject to movements in foreign exchange rates. Foreign exchange transactions may be effected on an arm’s length basis by or through Fidelity Worldwide Investment companies from which a benefit may be derived by such companies. Investments in small and emerging markets can be more volatile than other more developed markets. Due to the lack of liquidity in many smaller stock markets, certain funds may be volatile and redemption rights may be restricted in extreme circumstances. In certain countries, and for certain types of investments, transaction costs are higher and liquidity is lower than elsewhere. For funds specializing 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 similar transactions in larger funds. Performance of bonds is affected by changes in interest rates and the issue of new bonds. If interest rates rise, bond prices fall and vice versa. Bonds are also subject to credit risk and default, and an investment in corporate bonds is generally less secure than an investment in Government bonds. Prospective investors should bear this in mind in selecting funds. In addition, investment in the fund may involve greater risk as a result of the fund’s use of derivatives, such as futures, forwards, swaps and options. Examples of the investment techniques for which the fund may use derivatives (though not exhaustive) include establishment of synthetic long and short positions, the creation of leverage that increases the fund’s economic exposure beyond the value of its net assets, or for hedging purposes. Whilst Fidelity Worldwide Investment employs a sophisticated risk management process to oversee and manage derivative exposures within the fund, investors should be aware that the use of derivative instruments may involve risks different from, and, in certain cases, greater than, the risks presented by the securities from which they are derived. Further details of the risks involved in investing in the fund are given in the prospectus and the Key Investor Document (KID), which all investors should read before investing. In the event of systemic shocks to financial markets, liquidity can become severely restricted causing some firms to withdraw from the market or, in extreme cases, become insolvent. Such events may have an adverse impact on the fund, particularly where the fund has counterparty exposure to the companies involved. Equally, the fund’s ability to utilise synthetic short exposures might from time to time be restricted in certain sectors, securities and/or certain jurisdictions due to local regulations. FIL means FIL Limited and its respective subsidiary companies. Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. No statements or representations made in this document are legally binding on Fidelity Worldwide Investment or the recipient. Any proposal is subject to contract terms being agreed. Barra. Inc.’s analytics and data ( were used in the preparation of this document. Copyright 2013 BARRA, INC. All rights reserved. This material is issued by FIL Investments International, FIL (Luxembourg) S.A. and FIL Investment Services GmbH, Postfach , Frankfurt/Main. FIL Investments International is authorised and regulated by the Financial Conduct Authority in the UK (FCA registered number ) and FIL (Luxembourg) S.A. is authorised and regulated by the Commission de Surveilllance du Secteur Financier (CSSF) in Luxembourg. FIL Investments International is a member of the Fidelity Worldwide Investment group of companies and is incorporated in England and Wales under company number with registered address at Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ, United Kingdom.
FCRU0582

32. Country specific notifications
For residents of Austria: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus/Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of charge from: FIL (Luxembourg), S.A., 2a rue Borchette, 1021 Luxembourg, Luxembourg; at the service point: FIL Investment Services GmbH, Kastanienhöhe 1, D Kronberg im Taunus, Germany; FIL (Luxembourg) S.A., Zweigniederlassung Wien, Mariahilfer Strasse 36, 1070 Wien or as well as with the Austrian paying agent UniCredit Bank Austria AG, Vordere Zollamtstrasse 13, A-1030 Wien. For residents of Belgium: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current Key Investor Information Document (KIID) and prospectus, including the Addendum for Belgian investors, which are available along with the current annual and semi-annual reports free of charge from our distributors, from FIL (Luxembourg) S.A. and CACEIS België NV, with head office at Havenlaan 86C, B320, Brussels, the financial service provider in Belgium. For residents of Germany: Eine Anlageentscheidung sollte in jedem Fall auf Grundlage der wesentlichen Anlegerinformationen, des Verkaufsprospektes, des letzten Geschäftsberichtes und - sofern nachfolgend veröffentlicht - des jüngsten Halbjahresberichtes getroffen werden. Diese Unterlagen sind die allein verbindliche Grundlage des Kaufes und können kostenlos bei der FIL Investment Services GmbH, Postfach , Frankfurt/Main oder . Die FIL Investment Services GmbH veröffentlicht ausschließlich produktbezogene Informationen und erteilt keine Anlageempfehlung. For residents of Spain: For the purposes of distribution in Spain, FAST is registered with the CNMV Register of Foreign Collective Investment Schemes under registration number 649, where complete information is available from the authorised distributors. The purchase of or subscription for shares in FAST shall be made on the basis of the Key Investor Information Document that investors shall receive in advance. The Key Investor Information Document is available free of charge from, and for inspection at, the offices of locally authorised distributors as well as at the CNMV. For residents of the UK: Fidelity Active STrategy (SICAV) (FAST or the ‘Fund’) is recognised under section 264 of the Financial Services and Markets Act Investors should note that loss caused by such recognised funds will not be covered by the provisions of the Financial Services Compensation Scheme (or by any similar scheme in Luxembourg) if the Fund is unable to meet its obligations; however, claims for loss in regards to such recognised funds against an FCA authorised firm such as FIL Investments International will be. For residents of the Netherlands: Investments should be made on the basis of the current Key Investor Information Document (KIID) and prospectus, which are available along with the current annual and semi-annual reports free of charge from our distributors, from FIL (Luxembourg) S.A. in Luxembourg and from FIL (Luxembourg) S.A., Netherlands Branch , World Trade Center, Tower H, 6th Floor, Zuidplein 52, 1077 XV Amsterdam (tel ). FAST is authorised to offer participation rights in The Netherlands pursuant to article 2:66 (3) in conjunction with article 2:71 and 2:72 Financial Supervision Act.