Common use of Market Risk Clause in Contracts

Market Risk. Market risk arises from fluctuation in the market value of positions attributable to changes in market variables, (such as interest rates, foreign exchange rates, equity and commodity prices or an issuer's credit worthiness) held in the Fund. Market risk includes the risk arising from leveraging and inappropriate diversification. The Manager uses the leverage methodology (Gross Method and Commitment method) expressed as ratio between the exposure of a Fund and its net asset value to measure the Fund's global exposure and to monitor and manage the Fund's market risk volatility. Additionally, the Manager also calculates Value at Risk (VaR). The fund is investing into Fidelity Funds, cash and cash equivalents only and has no derivatives exposure; hence the leverage in both methods is low. Fund Name Commitment Method (%of Net Assets) Leverage Gross Method (%of Net Assets)

Market Risk. Market risk arises from fluctuation in the market value of positions attributable to changes in market variables, (such as interest rates, foreign exchange rates, equity and commodity prices or an issuer's credit worthiness) held in the Fund. Market risk includes the risk arising from leveraging and inappropriate diversification. The Manager uses the leverage methodology (Gross Method and Commitment method) expressed as ratio between the exposure of a Fund and its net asset value to measure the Fund's global exposure and to monitor and manage the Fund's market risk volatility. Additionally, the Manager also calculates Value at Risk (VaR). The fund is investing into Fidelity Funds, cash and cash equivalents only and has no derivatives exposure; hence the leverage in both methods is low. Fund Name Commitment Method (%of Net Assets) Leverage Gross Method (%of Net Assets)) India Focus Fund 100.00 100.00