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This communication is not directed at, and must not be acted upon by persons inside the United Kingdom and 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 Funds is an open-ended investment company incorporated in Luxembourg on 15 June 1990 and is regulated by the Supervisory Commission for the Financial Sector and has a primary listing on the Luxembourg Stock Exchange. Fidelity Funds is a European UCITS with sub-funds that are authorised for marketing in Malta in terms of the UCITS Directive. The sub-funds authorised for marketing by the Malta Financial Services Authority (“MFSA”) are listed under Available Funds.

Fidelity MultiManager SICAV is an open-ended investment company incorporated in Luxembourg on 24 February 2006 and is regulated by the Supervisory Commission for the Financial Sector and has a primary listing on the Luxembourg Stock Exchange. Fidelity MultiManager SICAV is a European UCITS with sub-funds that are authorised for marketing in Malta in terms of the UCITS Directive. The sub-funds authorised for marketing by the Malta Financial Services Authority (“MFSA”) are listed under Available Funds. Fidelity Funds and Fidelity MultiManager SICAV (the “Funds”) are two separate and distinct open-ended investment companies.

This information must be read in conjunction with the current Prospectus of the relevant Fund, the most recent annual report and, if published thereafter, the most recent semi-annual report. Terms defined in the Prospectus of each Fund have the same meaning in the following information.

Admissibility to a secondary listing on the Malta Stock Exchange, and permission to deal in the shares issued by the Funds that are authorised to be marketed in Malta, along with the related authorizations, have been respectively granted by the MFSA, as the Listing Authority, and by the Malta Stock Exchange, as the Recognised Investment Exchange in Malta.

Authorisation for marketing in Malta by the MFSA in terms of the UCITS Directive does not constitute a warranty by the MFSA as to the performance of the Funds and/or their sub-funds and the MFSA is not in any way liable for the performance or default of the Funds. The MFSA and the Malta Stock Exchange accept no responsibility for the contents of this Document, make no representations as to the accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Document.

It is the responsibility of any person who accesses the information contained herein to observe all applicable laws and regulations of their relevant jurisdiction. By proceeding, you are representing and warranting that you are either resident in Malta or the applicable laws and regulations of your jurisdiction allow you to access the information.

Representative in Malta
Growth Investments Limited of Middle Sea House, Floriana FRN 1442, Malta (telephone +356 21234582) has been appointed as the local representative for the Funds in Malta. Growth Investments Limited (referred to below as the Local Representative or Representative) is licensed to provide investment services by the Malta Financial Services Authority (MFSA) in terms of the Investment Services Act (Chapter 370 of the Laws of Malta). The MFSA may be contacted on the following address: Notabile Road, Attard BKR3000, Malta; telephone no. +356 21 441 155; fax no. +356 21 441 188; URL: www.mfsa.com.mt.

The Funds are promoted in Malta by the Representative
The Funds’ regulations and Articles of Incorporation (as amended from time to time) may be inspected at the registered office of the Funds, the offices of the Distributors, and the Local Representative. Copies of the Prospectus, the latest simplified prospectuses and the latest audited annual report and accounts and unaudited semi-annual report and accounts of the Funds may be obtained, free of charge, upon request, at the registered office of the Funds, the offices of the Distributors, the Local Representative’s office, and from authorised financial intermediaries in Malta.

Complaints concerning the Funds or the Distributor may also be lodged with the Local Representative for forwarding to the relevant company.

The information contained herein does not constitute a distribution, an offer to sell or the solicitation of an offer to buy any Funds in any jurisdiction in which such distribution or offer is not authorised to any person. Under no circumstances should this information or any part of it be copied, reproduced or redistributed without the prior consent of Growth Investments Limited.

Growth Investments Limited believes that the information contained herein is accurate as at the date of publication, but no warranty of accuracy is given and no liability in respect of any errors or omissions (including any third party liability) is accepted by Growth Investments Limited or its affiliates or any director or employees of Growth Investments Limited or its affiliates.

Growth Investments Limited or its affiliates and their directors and employees may or may not have a position with respect to the Funds mentioned.

The price and value of the shares in the Funds, the income derived from them and the currency in which they are denominated may go down as well as up. Any past performance figures shown are not a reliable indicator of future performance. Investment in the Funds mentioned herein should not be made without careful references to the relevant information particularly the risk warnings contained in the current prospectus.

If you are in any doubt about any of the information contained herein please consult your stockbroker, financial consultant, lawyer, accountant, bank manager or other professional adviser. The information is current as at the date of publication but is subject to change without notice.

Dealing Procedures
Investors are to give instructions to Growth Investments Ltd as the Local Representative.

Investors must ensure that purchases and subscriptions for Shares or dealing instructions are provided to the Local Representative in writing, in the form prescribed. Application forms are available from the Local Representative on request.

Shares in the Funds may be purchased in any major convertible currency as set out in the Fund’s Prospectus. Where the investor subscribes in a currency which differs from the principal dealing currency of the relevant class, the subscription amount will be converted to the principal dealing currency prior to investment. Similarly, sales proceeds may be received by the investor in any major freely convertible currency as set out in the Prospectus via the Local Representative.

Contract notes will be issued, usually within 24 hours of the determination of the relevant prices and foreign exchange rates. Applications are normally processed on receipt of cleared funds. Full details are set out on the application form and in the Fund’s Prospectus.

Investors may also apply to redeem shares and obtain payment through the Local Representative. Investors may also apply to the Local Representative for the payment of dividends that have been declared and are payable by the Funds.

Publication of Prices
Details of the most recent dealing prices of Shares in the Funds may be obtained from the Local Representative.

Data Protection
Growth Investments Limited is registered with the Office of the Commissioner for Data Protection, Malta, to process personal data in accordance with the Maltese Data Protection Act, 2001 (Chapter 440 of the Laws of Malta). Its Privacy Policy is compliant with this Act.

Taxation
The directors of the Funds are informed of the following general Maltese income tax and stamp duty implications for investors (excluding investors dealing in securities in the course of their normal trading activity), which implications are based on the current tax law and practice applicable on 1st November 2007. This information does not constitute legal or tax advice and investors and prospective investors are urged to seek professional advice as regards tax legislation applicable to the acquisition, holding and disposal of shares in the Funds (hereinafter "Shares") as well as that applicable to distributions made by the Funds.

Tax treatment depends on the individual circumstances of each client and may be subject to change in the future.

General
Maltese income tax is charged on a worldwide basis on income (including specified capital gains) of persons having both Maltese domicile and ordinary residence. Persons lacking any of these attributes are taxable on income (including capital gains) arising in Malta and on foreign source income received in Malta.

In general, the income tax rate for income (including dividends) and capital gains currently stands at 35% for companies (as defined in the Income Tax Act) and varies between 0% and 35% for other persons.

The tax regime for collective investment schemes is based on the classification of funds into prescribed and non-prescribed funds in terms of the conditions set out in the Collective Investments Schemes (Investment Income) Regulations, 2001. In general a prescribed fund is defined as a resident fund which has declared that the value of the assets situated in Malta amount to at least 85% of the value of the total assets of the fund. On the assumption that none of the Fidelity sub-funds would fall within the definition of a prescribed fund, the Funds should in general benefit from a full tax exemption in Malta.

Shareholders
Shareholders (both individual and corporate) who are both domiciled and ordinarily resident in Malta for tax purposes and who are in receipt of dividends from the Funds (whether these are reinvested or otherwise) should declare such income, which is chargeable to tax under Maltese law. Unless otherwise exempt, the same applies for persons having any one of these attributes missing, to the extent that dividends from the Funds are received by them in Malta. However the regulations specify that dividends distributed to Maltese resident Shareholders by a non-resident non-prescribed fund may qualify for a 15% final withholding tax if the recipient of the dividends utilizes the services of an authorised financial intermediary licenced under Maltese law in connection with the payment of the said dividends. Should all the relevant conditions be satisfied, the intermediary will have an obligation to withhold the tax at source and pass on such tax to the Government of Malta. No further tax would be charged on the dividends in such circumstances and a resident individual Shareholder would not even be obliged to declare the dividends in the income tax return. Where no such authorized financial intermediary exists or where the resident Shareholder requests the intermediary not to effect the deduction of the said 15% withholding tax, the investor would be required to declare the dividends in his income tax return and will be subject to tax at the normal rates.

Capital gains realised on transfers or redemptions by non-residents (covered by the relevant exemption) of Shares in the Funds are exempt from Maltese income tax. Capital gains realised by resident Shareholders on the redemption, liquidation, or cancellation of Shares in non-prescribed funds may be subject to a 15% final withholding tax where the transferor utilizes the services of an authorized financial intermediary licensed in Malta in connection with the disposal of the said Fund Shares. In that case and should all the relevant conditions be satisfied, the obligation to deduct such tax at source lies on the licensed authorised financial intermediary of the Fund. Where no such authorised financial intermediary exists or where the resident Shareholder requests the intermediary not to effect the deduction of the said 15% withholding tax, the investor would be required to declare the capital gains in his income tax return and will be subject to tax at the normal rates. Switching of Shares from a non-prescribed sub-fund to another sub-fund within the same Fund constitutes a transfer for income tax purposes. However, the switching of Shares between a non-prescribed sub-fund within the same Fund will not trigger any tax at that point, but the tax on any gains, if any, will continue to be calculated (and paid) at the final transfer of the Shares by reference to the cost of acquisition of the original Shares. Capital gains realised on direct transfers to third parties of securities in non-prescribed funds must be declared by the transferor in his tax return and tax charged thereon at normal rates, so however that on an eventual redemption, the gain on redemption is calculated without reference to the direct intermediate transfer.

Acquisitions or disposals of Shares issued by the Funds are exempt from Maltese duty on documents and transfers (stamp duty).

External Transactions
Maltese residents wishing to invest in a Fund (which is considered a portfolio investment in foreign currency) are reminded of their duty to abide by the reporting obligations under the External Transactions Act (Chapter. 233 of the Laws of Malta) which are specified in more detail in the related External Transactions Circulars. Both the Circulars and the reporting forms may be viewed and downloaded from the Central Bank of Malta’s website www.centralbankmalta.com.

Date: 1st November 2007.

Notes: Risk Warnings