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FAST – Global Fund May 2014 Dmitry Solomakhin Portfolio Manager.

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Presentation on theme: "FAST – Global Fund May 2014 Dmitry Solomakhin Portfolio Manager."— Presentation transcript:

1 FAST – Global Fund May 2014 Dmitry Solomakhin Portfolio Manager

2 Fidelity Active STrategy UCITS SICAV FAST EQUITY FUNDS FAST – Equity fund range 2 Long equity exposure* Short equity exposure* FAST Asia Fund * 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. FAST European Opportunities Fund FAST Emerging Markets Fund FAST UK Fund FAST Europe Fund FAST Japan Fund FAST US Fund Comparison indices and launch dates MSCI Europe MSCI Japan FTSE All Share MSCI EM MSCI Europe MSCI AC Asia ex Japan S&P 500 MSCI AC World 1 Oct Mar Oct Jan Jan Jun Sep % 100% 0% 100% 0% 100% 0% 100% 0% 100% 0% 100% 0% 100% FAST Global Fund 0% 100%

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

4 Dmitry Solomakhin Portfolio Manager - FAST Global 4 Funds under management FAST Global* Jan 2012 – Present** Experience at Fidelity Fidelity Global Technology FundNov 2008 – Oct 2013 Portfolio Manager Assistant, Global EquitiesJan 2008 – Nov 2008 Research Analyst (European Aerospace & Defence; Airlines and Logistics)2006 – 2008 Previous experience IT Project Manager, Gillette2002 – 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 5 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. 25 Portfolio Managers 52 Equity Research Asia 5 Portfolio Managers 17 Equity Research United States 5 Portfolio Managers 53 Equity Research* Emerging Markets 5 Derivative Specialists Advise and monitor use of derivative instruments Derivatives Team Portfolio trading and monitoring Traders / PSG Shorting Analysts 5 Shorting Analysts Find and analyse shorting opportunities Quant 3 Technical Strategists Advise and monitor technical/market indicators 31 Portfolio Managers 42 Equity Research Europe Global Equities Aditya Shivram Telecoms/Income Dirk Philippa Property Securities Dan Roberts Global Dividend Chris Moore Industrials, Natural Res. Dmitry Solomakhin FAST Global Hilary Natoff Health Care/Demographics Sotiris Boutsis Financial Services Nicky Stafford Consumer/Demographics Jeremy Podger Global Special Situations HyunHo Sohn Technology Sudipto Banerji Global Opportunities Global DiversifiedGlobal Sector/Thematic Japan 9 Portfolio Managers 25 Equity Research Amit Lodha Global Focus/Real Assets

6 FAST – Global Strategy 6 Source: FIL Limited.  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

7 Long positions – what I look for 7 Source: FIL Limited. 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

8 Short positions – looking for absolute downside 8 Source: FIL Limited.  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)

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

10 Long position – Recovery 10 CME Group  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. Price BoughtSold 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 11 Bank RakyatPrice  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. 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. Source: Datastream/FIL Limited, 31 March BoughtSold Stock/CFD:

12 Bank Rakyat – Macro forces matter 12 Exchange RatePrice to Book Relative Source: Datastream, 31 March Source: Bloomberg, Datastream 31 March End month data used.

13 Long Position – Special Situation 13 Serco GroupPrice Source: Datastream/FIL Limited, 31 March  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. BoughtSold Stock/CFD: 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 14 BlackBerryPrice Source: Datastream/FIL Limited, 31 March  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. 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. Open Short CFD: Close Short

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

16 Exposure – total equity level - life of FAST Global 16 Current positioning*% TNA Long positions (44 stocks) Short positions (25 stocks) Net equity exposure94.4 Gross equity exposure131.6 % Active money112.8 Ex-ante tracking error4.0 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. PilotFund

17 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. FAST Global – Performance vs. comparative index & peers 17 Risk/return vs comparative index and peer groupPerformance vs. comparative index and peer group 94% of peers beaten on IR at 1.13*97% of peers beaten on performance PilotFund +39.3% +44.2% +60.7%

18 Fund Positioning 18 Source: FIL Limited  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

19 19 Appendix

20 Performance - as at 31 March FAST Global 20 Net of Fees (%) 1m3m6mYTD1Y Since inception (p.a.) Composite MSCI ACWI Excess returns Standard period excess returns (%)Calendar year excess returns (%) 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. Net of Fees (%) YTD Composite MSCI ACWI Excess returns

21 Attribution vs. comparative index as at March 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. Delta adjusted average relative weights (%)Relative contribution (bps) Strategy PilotFundPilotFund Total Primary Assets (Incl Cash) Long Book Long / Short Book of which Short only Cash + FX (Incl Hedging) Fund Fees Other Expenses / Adjustments

22 Exposure – beta adjusted total equity level as at March 2014 – life of FAST Global 22 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. PilotFund

23 Total BookLong BookLong/Short Book Index weight % TNA Consumer Staples9.7% I.T.12.7% Materials6.1% Industrials10.8% Energy9.7% Financials21.5% Utilities3.3% Health Care10.6% Telecoms3.9% Cons. Discretionary11.7% Exposure – sector - FAST Global Fund as at March 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. LongShort Relative

24 Total BookLong BookLong/Short Book Index weight % TNA Europe ex UK17.0% UK7.8% North America52.7% Pacific Basin ex JP4.5% Japan7.3% Emerging Markets10.7% Exposure – regions - FAST Global Fund as at March 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. LongShort [keep same scale on all 3 charts] Relative

25 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. Exposure – country and currency - FAST Global Fund as at March Relative country exposure: Top 5 / Bottom 5Relative currency weights: Top 5 / Bottom 5 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. Index weight% TNA Switzerland3.4% Indonesia0.3% Sweden1.2% Austria0.1% United Kingdom7.9% Netherlands1.0% USA48.9% Korea (South)1.7% Japan7.3% China2.0% LongShort Relative Index weight% TNA Swiss Franc3.4% Indonesian Rupiah0.3% Swedish Krona1.2% Pound Sterling7.8% Turkish Lira0.2% Taiwanese Dollar1.3% Korean Won1.7% Euro11.7% Japanese Yen7.3% Hong Kong Dollar3.0%

26 Exposure – stock – Top 10 overweight / underweight – FAST Global Fund as at March 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. NameSectorRegion(% TNA)IndexRelative Cisco SystemsITNorth America AlteraITNorth America PraxairMaterialsNorth America EricssonITEurope ex UK CME GroupFinancialsNorth America MonsantoMaterialsNorth America DanoneCons. StaplesEurope ex UK JSRMaterialsJapan VolkswagenCons. DiscretionaryEurope ex UK CitigroupFinancialsNorth America Short Position - name withheldITNorth America Short Position - name withheldTelecomsNorth America Short Position - name withheldITNorth America Short Position - name withheldITUK Exxon MobilEnergyNorth America Short Position - name withheldITNorth America Short Position - name withheldITNorth America0.1 MicrosoftITNorth America Short Position - name withheldEnergyEurope ex UK Short Position - name withheldIndustrialsEurope ex UK

27 Risk – life of FAST Global as at March 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. Volatility (ex ante, %) Beta (ex ante) Active money (%) Tracking error (ex ante, %)

28 Quarterly Attribution – FAST Global as at March 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. Delta adjusted average relative weights (%)Relative contribution (bps) Strategy1Q-122Q-123Q-124Q-121Q-132Q-133Q-134Q-131Q-141Q-122Q-123Q-124Q-121Q-132Q-133Q-134Q-131Q-14 Total Primary Assets (Incl Cash) Long Book Long / Short Book of which Short only Cash + FX (Incl Hedging) Effect of Fund Fees Other Expenses / Adjustments

29 EMEA & LatAm Japan Asia ex Japan team US Europe Global Equity – research resources 29 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 Global Sector PMs Sotiris Boutsis Dirk Philippa Hyun Ho Sohn Aditya Shivram Nicky StaffordHilary NatoffChris Moore Financials / Real Estate TMT Consumer Healthcare Natural Resources & Utilities Industrials / Cyclicals 2 Global research coverage across all industry verticals and geographies Equity Support 12 Specialists  160+ research analysts and 7 global sector portfolio managers

30 A proprietary source of high value global ideas 30 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. Proprietary fundamental research

31 Important notes 31 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 (www.barra.com) 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 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. 32


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