Important legal information

Fidelity Funds, Fidelity Funds II and Fidelity MultiManager SICAV are open-ended Luxembourg based investment companies. We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current Prospectuses, which are available along with the current, annual and semi-annual reports free of charge from our distributors and from our European Service Centre in Luxembourg (FIL (Luxembourg) S.A., 2a, rue Albert Borschette, BP 2174, L-1021, Luxembourg).

The custodian of the funds is Brown Brothers Harriman (Luxembourg) S.C.A.

Fidelity Active Strategy (SICAV) (FAST or the ‘Fund’) is an open-ended investment company established in Luxembourg with different classes of shares. The Fund is registered under Part I of the Luxembourg Law of 20 December 2002 relating to undertakings for collective investment, as amended (the “Law of 2002”). The Articles of Incorporation of the Fund were changed on 11 February 2008 with the effect of re-registering the Fund from Part II of the Law of 2002 to Part I of the Law of 2002 from 22 February 2008. The Fund therefore qualifies as an undertaking for collective investment in transferable securities (‘UCITS’) and has obtained recognition under the amended EC Council Directive 85/611. Investments should be made on the basis of the current prospectus, which is 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 Investments International as outlined below. FAST is available only to qualifying investment professionals and will be engaged in only with qualifying investment professionals.

Fidelity only gives information on its products and services and does not provide investment advice based on individual circumstances. If you are in any doubt about whether an investment is suitable, you should seek independent advice and consult your stockbroker, bank manager, solicitor, accountant or other financial adviser.

Past performance is not a guide to future returns. 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. An investment in a currency other than the investor's own will be subject to the movements of foreign exchange rates. Foreign exchange transactions may be effected on an arm's length basis by or through Fidelity companies from which a benefit may be derived by such companies.

EURO STOXX 50 is a mark of STOXX LIMITED and has been licensed for certain purposes by Fidelity Funds.

Dow Jones EURO STOXX 50 Index is owned by STOXX LIMITED. The name of the index is a service mark of DOW JONES & COMPANY, INC. and has been licensed for certain purposes by Fidelity Funds. © 1998 by STOXX LIMITED. All rights reserved.

Several of the funds invest, in part or in whole, in emerging market securities. Investors should appreciate that these securities may be more volatile than securities in more developed markets. As a result there may be a greater risk of price fluctuation and of the suspension of redemptions in such funds, compared with funds investing in more mature markets. This volatility may stem from political and economic factors, and be exacerbated by legal, trading liquidity, settlement, transfer of securities and currency factors. Some emerging market countries have relatively prosperous economies but may be sensitive to world commodity prices. Others are especially vulnerable to economic conditions in other countries. Although care is taken to understand and manage these risks, the respective funds and the fund Shareholders ultimately bear the risks associated with investing in these markets.

Some of the funds may invest a small portion of their net assets in Russia as indicated in the relevant notes in Part I of the Prospectus. There are specific risks linked to investing in Russia. Investors should be aware that the Russian market presents specific risks in relation to the settlement and safekeeping of securities as well as in the registration of assets, where registrars are not always subject to effective government supervision. Russian securities are not on physical deposit with the Custodian or its local agents in Russia. Therefore, neither the Custodian nor its local agents in Russia can be considered to be performing a physical safekeeping or custody function in the traditional sense. The Custodian's liability only extends to its own negligence and wilful default and to negligence and wilful misconduct of its local agents in Russia and does not extend to losses due to the liquidation, bankruptcy, negligence and wilful default of any registrar. In the event of such losses, the Fund will have to pursue its rights against the issuer and/or its appointed registrar.

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 accept investment purchases from residents of countries where appropriate authorisations and registrations have not been obtained. In certain jurisdictions, investments may only be made through authorised intermediaries. For further information, please contact Fidelity.