FF European Aggressive Fund: Controlling Fund Inflows to Maintain Shareholder Returns

Why does the fund have a capacity limit?

As with any focused, high conviction portfolio, there will be a point at which the rate of inflow and overall size of assets could begin to affect the manager’s ability to maintain the investment strategy. At this point, the portfolio manager may be forced to increase the number, and decrease the size, of positions in the portfolio, thereby reducing the opportunity for outperformance.

We do not believe this would be in investors’ interests and this is why we are taking these steps at this time.

Any amendments to this notification will be posted on www.fidelity-international.com.

^{Please note that not all funds mentioned are registered or authorised for public distribution in each jurisdiction. Reference to these funds does not constitute an offer of shares. The value of the fund can go down as well as up so you may get back less than you invested. You may get back more or less than this as a result of currency fluctuations.}

^{Foreign exchange transactions may be effected on an arms length basis by or through Fidelity companies from which a benefit may be derived by such companies. This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required. Fidelity/Fidelity International means FIL Limited, established in Bermuda, and its subsidiary companies. Unless otherwise stated, all views are those of the Fidelity organisation. Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances. Fidelity, Fidelity International and the Pyramid Logo are trademarks of FIL Limited. Fidelity Funds is an open-ended investment company established in Luxembourg with different classes of shares. We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus, which is available along with the current annual and semi-annual reports free of charge from our distributors ; from our European Service Centre in Luxembourg ; from our legal representative in Switzerland: Fortis Foreign Fund Services AG, Rennweg 57, P.O. Box, CH-8021 Zurich. After a decision made by the Swiss Federal Banking Commission on 23 April 2008, Fidelity Funds can publicly market 92 of its subfunds in Switzerland. The Paying agent for Switzerland is Fortis Banque (Suisse) S.A., Zurich branch, Rennweg 57, CH-8021 Zurich ; from your financial advisor or from the branch of your bank in Italy and the Nordic regions ; for the purposes of distribution in Spain, Fidelity Funds is registered, with the CNMV Register of Foreign Collective Investment Schemes under registration number 124, where complete information is available from Fidelity Funds authorised distributors. The purchase of or subscription for shares in Fidelity Funds shall be made on the basis of the Simplified Prospectus that investors shall receive in advance. The Simplified Prospectus is available free of charge and for inspection at the offices of locally authorised distributors as well as at the CNMV; In Portugal, Fidelity Funds is registered with the CMVM and the legal documents can be obtained from locally authorised distributors ; in the UK Fidelity Funds recognised under section 264 of the Financial Services and Markets Act 2000. 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 a FSA authorised firm such as Fidelity will be. The Full Prospectus and Simplified Prospectus for this fund are available from Fidelity on request by calling 0800 414141. The UK distributor of Fidelity Funds is FIL Investments International. Please note that not all funds in the SICAV fund range are suitable for UK investors and tax advice should be sought before investing ‘In the Netherlands from FIL Investments International, Netherlands Branch (registered with the AFM), World Trade Centre, Tower H, 6th Floor, Zuidplein 52, 1077 XV Amsterdam (tel. 0031 20 79 77 100). Fidelity Funds 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 ; in South Africa: Collective investment schemes in securities (CIS) are generally medium to long term investments. The value of participatory interests is not guaranteed and they may go down as well as up. Past performance is not necessarily a guide to the future. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and scrip lending. Commission and incentives may be paid and if so, would be included in the overall costs. The funds are priced daily using a forward pricing basis. For further information on fees and charges or for a copy of the prospectus please contact Fidelity International, International Business Development, Oakhill House, 130 Tonbridge Road, Hildenborough, Kent TN11 9DZ, United Kingdom ; in Malta: Growth Investments Limited is licensed by the MFSA. Fidelity Funds is promoted in Malta by Growth Investments Ltd in terms of the EU UCITS Directive and Legal Notices 207 and 309 of 2004. The Fund is regulated in Luxembourg by the Commission de Surveillance du Secteur Financier.}

^{Issued jointly by FIL Investments International (registered in England and Wales), authorised and regulated in the UK by the Financial Services Authority and Fidelity Distributors International Limited, (now operating outside of South Africa under FIL Distributors International Limited, registered in Bermuda and licensed to conduct investment business by the Bermuda Monetary Authority), licensed as a Financial Services Provider.  Fidelity is an Associate Member of the Association of Collective Investments.}

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