Fidelity Investments MasterClass Extending the frontiers of investment 0 Minimising the chance of a loss Source: Datastream 31/12/81 to 29/12/06. MSCI Europe Index - Basis: Price Index in Euro and MSCI World Index - Basis: Price Index in Euro. Cumulative returns over 1, 5 and 10 years on all eligible time periods at one month start intervals. Past performance is not a reliable indicator of future results.

Fidelity Investments MasterClass Extending the frontiers of investment 1 The dangers of market timing All figures show annualised, total returns, taken from 15 year periods, starting each consecutive month, from 31/07/92 to 31/07/07, in local currency terms. Source: Fidelity as at July Basis: Total return index. Past performance is not a reliable indicator of future results.

Fidelity Investments MasterClass Extending the frontiers of investment 2 Remove emotion with a regular savings plan This example uses assumed figures and is for illustrative purposes only. *Fractional units ignored.