Benefits of investing in the Fidelity Global Emerging Markets Fund

Some of the benefits that may arise from an investment in the Fund include:

• Potential to earn higher returns than the Fund's benchmark, the MSCI Emerging Markets Index NR, over the suggested time frame.

• Access to the investment knowledge and expertise of Fidelity's global network of investment professionals who can assess the foreign operations of the companies they cover.

Investor suitability

Investors seeking an unconstrained global emerging markets fund who have a tolerance for a very high level of risk and volatility.

About the Fund

The Fidelity Global Emerging Markets Fund gives investors access to a diversified portfolio of 30 to 50 quality companies in emerging markets. The Fund is actively managed, which means investors access a portfolio of carefully selected globally listed securities exposed to emerging markets, which may or may not be in the Fund's benchmark.

The Fidelity Global Emerging Markets Fund has features which include:

• Access to an actively managed portfolio of globally listed securities exposed to emerging markets, whether or not included in the Fund's benchmark..

• An investment approach driven by bottom-up fundamental research that favours attractively valued companies that we believe are positioned to generate returns through market cycles and have demonstrated a track record of strong corporate governance.

• The ability for the portfolio manager to call on the research of a team of global and regional sector analysts.

Why invest?

1. Access to a prudent, focused investment process designed to provide investors with attractive returns over time, while minimising any loss of capital.
2. A strong track record backed by more than 20 years' experience investing in emerging markets, informed by over 50 on-the-ground analysts.
3. A concentrated portfolio with low turnover and a patient approach, which allows opportunities time to come to fruition.

How we invest your money

The Fund invests in a selection of securities exposed to emerging markets.

Fidelity believes that markets are semi-efficient and share prices don't always reflect inherent value. Through in-house, bottom-up company research, Fidelity aims to uncover the opportunities that it believes offer the greatest scope for outperformance.

Based on this research approach, Fidelity seeks out attractively valued companies that we believe are positioned to generate returns through market cycles and have demonstrated a track record of strong corporate governance.

The Fund's exposure to international securities (excluding Australian securities) will not be hedged back to Australian dollars. This means that the value of an investment in the Fund will change not only on the basis of a change in asset values, but also because of movements in exchange rates.

Asset classes and ranges

• Globally listed securities: 90% to 100%

• Cash: 0% to 10%

Generally, a minimum of 70% of the portfolio will be invested in securities that are either incorporated in or listed in an emerging market. The remaining maximum limit of 30% will constitute up to 20% in frontier market securities and up to an additional 10% in companies that FREAL deems to have exposure to emerging markets where the company generates at least 50% of revenues, profits or has substantial assets in emerging markets.