Important information

This document is for Investment Professionals only, and should not be relied upon by private investors.

This material is for investment professionals only.

The value of investments and the income from them can go down as well as up so you may get back less than you invest. Past performance is not a reliable indicator of future results.

These materials are provided for information purposes only and are intended only for the person or entity to which it is sent.

These materials do not constitute a distribution, an offer or solicitation to engage the investment management services of Fidelity, or an offer to buy or sell or the solicitation of any offer to buy or sell any securities or investment product. Fidelity makes no representations that the contents are appropriate for use in all locations or that the transactions or services discussed are available or appropriate for sale or use in all jurisdictions or countries or by all investors or counterparties.

Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. They are valid only as the of the date indicated and are subject to change without notice.

It must not be reproduced or circulated without prior permission.

FIL Limited and its respective subsidiaries form the global investment management organisation that is commonly referred to as Fidelity International. Fidelity International only gives information on products and services and does not provide investment advice based on individual circumstances. Any service, security, investment, fund or product outlined may not be available to or suitable for you and may not be available in your jurisdiction. It is your responsibility to ensure that any service, security, investment, fund or product outlined is available in your jurisdiction before any approach is made regarding that service, security, investment, fund or product. Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations.

Fidelity, Fidelity International and the Fidelity International logo and currency F symbol are trademarks of FIL Limited. The availability of the investment discipline(s) and portfolio manager(s) proposed in this document is based on the situation at the time of submission and may be subject to change.

Reference in this content to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity International.

IC18-57