Fidelity Investment Funds II – Increased Investment Flexibility

Fidelity International can announce that, further to the Extraordinary General Meeting held on 2nd October 2008, shareholders approved the conversion of the Fidelity Investment Funds II OEIC to a NURS scheme*. A list of the affected funds appears below.

The conversions to the NURS* regulatory regime will happen on 1st – 2nd November 2008. No further action is required by you or your clients. We believe the changes are in the clear interests of shareholders of the fund. The funds are now permitted to invest more widely, helping them to meet their investment objective. The new powers also provide additional ways to control risk and improve return within the funds. However, if any of your clients disagree with the outcome of the shareholder vote we are offering an opportunity for them to switch their investment without charge into another Fidelity fund. This offer is available until 12.00 noon on 1st December 2008. We have written to clients who hold shares in the funds, informing them on the outcome of the EGM and of the free switch offer.

To complete the free switch, clients must complete and return a switch form which was included in the mailing referred to above (telephone and online deals will not qualify for the free switch offer). Instructions should be sent to FIL Investment Services (UK) Limited, PO Box 80, Oakhill House, Hildenborough, Tonbridge, Kent, TN11 9FF. Normal switch charges will apply for any instruction received after the free switch period. If any of your clients do switch, please note that we will require a separate instruction from them to amend any monthly savings or withdrawal plans to the new fund.

The following sub-funds are part of Fidelity Investment Fund II and will be impacted by the change:

• Fidelity MultiManager Distribution Fund
• Fidelity MultiManager Equity Income Portfolio
• Fidelity MultiManager Growth Portfolio
• Fidelity MultiManager Income Portfolio
• Fidelity MultiManager Special Situations Portfolio
• Fidelity Multi Asset Strategic Fund
• Fidelity WealthBuilder Target 2010 Fund
• Fidelity WealthBuilder Target 2015 Fund
• Fidelity WealthBuilder Target 2020 Fund
• Fidelity Retirement Income
• Fidelity Retirement 2015 Fund Acc
• Fidelity Retirement 2020 Fund Acc
• Fidelity Retirement 2025 Fund Acc
• Fidelity Retirement 2030 Fund Acc
• Fidelity Retirement 2035 Fund Acc
• Fidelity Retirement 2040 Fund Acc
• FIL FundsNetwork PortfolioManager Adventurous
• FIL FundsNetwork PortfolioManager Aggressive
• FIL FundsNetwork PortfolioManager Balanced
• FIL FundsNetwork PortfolioManager Cautious
• FIL FundsNetwork PortfolioManager Defensive

<sup>* The sub-funds within Fidelity Investment Funds II currently operate under UCITS* regulations, which requires us to operate under investment rules defined by the European Union. From 1st -2nd November we are moving to the NURS regulatory regime which operates under rules defined in the UK. Both UCITS and NURS schemes are regulated in the UK by the FSA (the UK regulator).

1. The UCITS Directive sets out common rules for investment funds to enable them to be marketed in the UK and across Europe
2. The FSA’s regime for Non UCITS Retail Schemes sets out rules for investment funds which are for marketing to the public in the UK</sup>