Fidelity Funds - China RMB Bond Fund30 Apr 2020

Fund Details

Fund ManagerMorgan LauBryan Collins

Reference Currency USD

Fund Size US$250m

Max. Sales Charge - Cash(On Net Investment Amount)

3.50%

Annual Management Fee 0.75%

Subscription Information Cash: All share classes

Investment ObjectiveThe fund aims to achieve income and capital appreciation via exposure to RMB denominateddebt, money market securities and cash and/or cash equivalents (including, inter alia, timedeposits). The fund will primarily invest, directly and/or indirectly, in investment grade securitiesdenominated in RMB, investment grade securities of issuers that have their principal businessactivities in the Asia Pacific region, securities denominated in RMB of investment grade issuersor in securities of investment grade issuers that have their principal business activities in theAsia Pacific region. This region includes certain countries considered to be emerging markets.Exposure to non-RMB denominated debt securities may be hedged in order to seek tomaintain the currency exposure in RMB. The fund may invest its net assets directly in onshoreChina fixed income securities listed or traded on any Eligible Market in China.

Fund Performance (rebased to 100)

Fund A-ACC-USD

Performance is shown for the last 5 years (or since launch forfunds launched within that period), rebased to 100.

Performance (%)

YTD(cum)

1mth(cum)

3mth(cum)

6mth(cum)

1yr(ann)

3yr(ann)

5yr(ann)

SinceLaunch(ann)

A-ACC-RMB -1.7 2.0 -2.4 -0.7 2.0 3.8 3.7 3.7

With 3% sales charge -4.6 -1.1 -5.3 -3.7 -1.1 2.7 3.1 3.3

A-ACC-USD -3.2 2.2 -3.4 -1.0 -2.8 2.9 1.1 1.6

With 3% sales charge -6.1 -0.8 -6.3 -4.0 -5.7 1.9 0.5 1.0

Source: Fidelity, NAV-NAV basis, in the respective currencies with dividends re-invested. Returns areannualised for periods greater than 1 year. Please refer to "Share Class Details & Codes" for the launchdates of the respective share classes.

Top 10 Holdings (%)Fund

CHINA DEV BK 4.04% 7/28 3.78

SHIMAO PPTY 5.75% 3/15/21 REGS 3.45

CHINA DEV BANK 3.42% 07/02/24 3.05

BOC AVIATION LTD 5.5% 2/24 RGS 2.32

COUNTRY GARDEN 8% 1/27/24 RGS 2.13

SANDS CHINA LT 5.4% 08/08/28 2.12

CHALCO HK IN 4.25/VAR PERP RGS 2.04

CHINA CI 4.625/VAR 2/28/29 RGS 2.04

TRADE HORIZON FRN 8/2/21 RGS 1.93

CHINA GOVT 4.08% 10/22/2048 1.92

Top 5 Issuers (%)(SDBC) China Development Bank 8.15

(SHIMAO) Shimao Property Hldgs 5.23

(ICBCAS) Ind & Comm Bk China/Hk 2.87

(HITCAP) Hitachi Capital Uk Plc 2.53

(CGB) People's Republic of China 2.52

Geographic Exposure (%)

Fund■ China 67.68■ Hong Kong 5.84■ Japan 3.45■ Philippines 3.45■ United Arab Emirates 2.65■ Singapore 2.32■ Korea (Republic of) 2.20■ Macao 2.12■ Qatar 1.86■ Saudi Arabia 1.54■ Others 6.07■ Cash 0.82

Sector Exposure (%)

Fund■ Quasi / Sov / Supra / Agncy 42.64■ Property 19.77■ Banks & Brokers 15.75■ Utility 5.14■ Consumer Cyclical 3.41■ Treasury 2.52■ Other Financials 2.41■ Capital Goods 2.16■ Technology 2.15■ Industrial Other 0.70■ Others 2.53■ Cash 0.82

Bond

28763_Apr20.pdf

Fidelity Funds - China RMB Bond Fund30 Apr 2020

Measures(A-ACC-USD) Fund

Annualised Volatility (3 years) (%) 6.62

Sharpe Ratio (3 years) 0.17

Yield to Maturity (%) 5.93

Running Yield (%) 5.36

Effective Duration 2.9

Average Credit Rating (Linear) BBB+

Asset Type – Investment grade credit (ex-treasury) (%)

72.82

Asset Type – High yield bond (%) 11.15

Share Class Details & CodesShare Class Launch Date NAV Bloomberg Ticker ISIN

A-ACC-RMB 08 Dec 11 135.62 FFCRMBA LX LU0715234463

A-ACC-USD 07 May 14 10.966 FFCRBAU LX LU0740036214

A-ACC: accumulating share class.

Calendar Year Performance (%)2015 2016 2017 2018 2019

A-ACC-RMB 3.4 3.6 4.0 3.2 7.5

With 3% sales charge 0.3 0.5 0.9 0.1 4.2

A-ACC-USD -1.8 -2.2 11.2 -2.2 5.9

With 3% sales charge -4.7 -5.1 7.9 -5.1 2.8

Source: Fidelity, NAV-NAV basis, in the respective currencies with dividends re-invested. Sales charge may belevied by the distributor at its discretion. The stated returns will be reduced by the corresponding salescharge amount being levied by the distributor.

Currency Exposure (%)Fund

CNY 109.09

USD -7.65

HKD 2.27

EUR -0.02

MYR 0.51

Other -4.20

Total 100.00

Credit Rating Exposure (%)Fund

AAA/Aaa 0.00

AA/Aa 1.41

A 39.98

BBB/Baa 33.95

BB/Ba 3.43

B 7.67

CCC and Below 0.05

Other 12.69

Cash 0.82

Total 100.00

www.fidelity.com.sg

28763_Apr20.pdf

Fidelity Funds - China RMB Bond Fund30 Apr 2020

Definition of TermsAnnualised Volatility is a measure of how variable returns for a fund or comparative market index have been around their historical average. Two funds may produce the same returnover a period. The fund whose monthly returns have varied less will have a lower annualised volatility and will be considered to have achieved its returns with less risk.

Sharpe Ratio is a measure of a fund's risk adjusted performance taking into account the return on a risk-free investment. The ratio allows an investor to assess whether the fund isgenerating adequate returns for the level of risk it is taking. The higher the ratio, the better the risk-adjusted performance has been. If the ratio is negative, the fund has returned lessthan the risk-free rate.

Yield to Maturity is the internal rate of return earned on a bond, assuming that the bond will be held until maturity and all coupon and principal payments will be made. It is anestimation of future return, as the rate at which coupon payments can be reinvested when received is unknown.

Running Yield describes the income investors get from their portfolio as a percentage of market value of the securities (incorporating the effect of derivatives) and does not includethe impact of fees. It should not be relied on as a measure of expected fund return. The running yield does not reflect the total return over the life of the bond and takes no accountof reinvestment risk or the fact that bonds usually mature at par value.

Duration is a measure of sensitivity of the fund value to changes in interest rates and includes all investments in the fund including derivatives. It takes into account that expected cashflows will fluctuate as interest rates change and affect a bond's price.

Average Credit Rating is the weighted average of all the bond credit ratings in the fund. It takes into account all investments in the fund including derivatives. This measure gives anidea of how risky the fund’s bonds are overall: the lower the average credit rating, the riskier the fund. With a Linear weighted average the weight assigned to each issue is equal toits market value weight.

Exposure as a percentage of TNA (excluding derivatives). For each bond in the fund, Fidelity looks at the rating given by three rating agencies (S&P, Moody’s and Fitch) and appliesthe worst of the two best ratings (commonly known as the Basel method). The AAA/Aaa rating is the highest and indicates the borrower has the lowest probability of defaulting onits debt. The table above is a categorisation of the fund’s individual bonds into their credit ratings. If any derivatives are being used to adjust the credit quality of the fund, these arereflected in the Average Credit Rating under the “Measures” section.

Top issuers table: credit derivatives relating to any specific issuer are included, but derivatives relating to government bonds and to bond indices are excluded. Geographicexposure basis is domicile of issuer. The credit rating table excludes derivatives. Currency exposure is after hedging.

FIL Investment Management (Singapore) Limited [FIMSL] (Co. Reg. No.: 199006300E) is a responsible entity for the fund in Singapore.Prospectus of the fund is available from FIMSL or its distributors upon request. Potential investors should read the prospectus beforeinvesting. All views expressed and references to specific securities are included for illustration only, and should not be construed as anoffer or recommendation. This document is for information only and does not have regard to the specific investment objectives, financialsituation and particular needs of the person who may receive it. Potential investor should seek advice from a financial adviser beforeinvesting. If that potential investor chooses not to seek advice from a financial adviser, he should consider whether the fund is suitablefor him. Past performance of the fund is not indicative of the future performance. Prices can go up and down. The value of the shares ofthe fund and the income accruing to them may fall or rise. Investors investing in a fund denominated in a non-local currency should beaware of exchange rate risk. The fund is not available to US citizens, residents or greencard holders. This advertisement has not beenreviewed by the Monetary Authority of Singapore. Fidelity, Fidelity International, and the Fidelity International logo and F symbol aretrademarks of FIL Limited.

www.fidelity.com.sg

28763_Apr20.pdf

SG_Flag_GlossaryOnPage3

Fidelity Funds - China RMB Bond Fund30 Apr 2020

Fund Details

Fund ManagerMorgan LauBryan Collins

Reference Currency USD

Fund Size US$250m

Max. Sales Charge - Cash(On Net Investment Amount)

3.50%

Annual Management Fee 0.75%

Subscription Information Cash: All share classes

Investment ObjectiveThe fund aims to achieve income and capital appreciation via exposure to RMB denominateddebt, money market securities and cash and/or cash equivalents (including, inter alia, timedeposits). The fund will primarily invest, directly and/or indirectly, in investment grade securitiesdenominated in RMB, investment grade securities of issuers that have their principal businessactivities in the Asia Pacific region, securities denominated in RMB of investment grade issuersor in securities of investment grade issuers that have their principal business activities in theAsia Pacific region. This region includes certain countries considered to be emerging markets.Exposure to non-RMB denominated debt securities may be hedged in order to seek tomaintain the currency exposure in RMB. The fund may invest its net assets directly in onshoreChina fixed income securities listed or traded on any Eligible Market in China.

Fund Performance (rebased to 100)

Fund A-ACC-USD

Performance is shown for the last 5 years (or since launch forfunds launched within that period), rebased to 100.

Performance (%)

YTD(cum)

1mth(cum)

3mth(cum)

6mth(cum)

1yr(ann)

3yr(ann)

5yr(ann)

SinceLaunch(ann)

A-ACC-RMB -1.7 2.0 -2.4 -0.7 2.0 3.8 3.7 3.7

With 3% sales charge -4.6 -1.1 -5.3 -3.7 -1.1 2.7 3.1 3.3

A-ACC-USD -3.2 2.2 -3.4 -1.0 -2.8 2.9 1.1 1.6

With 3% sales charge -6.1 -0.8 -6.3 -4.0 -5.7 1.9 0.5 1.0

Source: Fidelity, NAV-NAV basis, in the respective currencies with dividends re-invested. Returns areannualised for periods greater than 1 year. Please refer to "Share Class Details & Codes" for the launchdates of the respective share classes.

Top 10 Holdings (%)Fund

CHINA DEV BK 4.04% 7/28 3.78

SHIMAO PPTY 5.75% 3/15/21 REGS 3.45

CHINA DEV BANK 3.42% 07/02/24 3.05

BOC AVIATION LTD 5.5% 2/24 RGS 2.32

COUNTRY GARDEN 8% 1/27/24 RGS 2.13

SANDS CHINA LT 5.4% 08/08/28 2.12

CHALCO HK IN 4.25/VAR PERP RGS 2.04

CHINA CI 4.625/VAR 2/28/29 RGS 2.04

TRADE HORIZON FRN 8/2/21 RGS 1.93

CHINA GOVT 4.08% 10/22/2048 1.92

Top 5 Issuers (%)(SDBC) China Development Bank 8.15

(SHIMAO) Shimao Property Hldgs 5.23

(ICBCAS) Ind & Comm Bk China/Hk 2.87

(HITCAP) Hitachi Capital Uk Plc 2.53

(CGB) People's Republic of China 2.52

Geographic Exposure (%)

Fund■ China 67.68■ Hong Kong 5.84■ Japan 3.45■ Philippines 3.45■ United Arab Emirates 2.65■ Singapore 2.32■ Korea (Republic of) 2.20■ Macao 2.12■ Qatar 1.86■ Saudi Arabia 1.54■ Others 6.07■ Cash 0.82

Sector Exposure (%)

Fund■ Quasi / Sov / Supra / Agncy 42.64■ Property 19.77■ Banks & Brokers 15.75■ Utility 5.14■ Consumer Cyclical 3.41■ Treasury 2.52■ Other Financials 2.41■ Capital Goods 2.16■ Technology 2.15■ Industrial Other 0.70■ Others 2.53■ Cash 0.82

Bond

28763_Apr20.pdf

Fidelity Funds - China RMB Bond Fund30 Apr 2020

Measures(A-ACC-USD) Fund

Annualised Volatility (3 years) (%) 6.62

Sharpe Ratio (3 years) 0.17

Yield to Maturity (%) 5.93

Running Yield (%) 5.36

Effective Duration 2.9

Average Credit Rating (Linear) BBB+

Asset Type – Investment grade credit (ex-treasury) (%)

72.82

Asset Type – High yield bond (%) 11.15

Share Class Details & CodesShare Class Launch Date NAV Bloomberg Ticker ISIN

A-ACC-RMB 08 Dec 11 135.62 FFCRMBA LX LU0715234463

A-ACC-USD 07 May 14 10.966 FFCRBAU LX LU0740036214

A-ACC: accumulating share class.

Calendar Year Performance (%)2015 2016 2017 2018 2019

A-ACC-RMB 3.4 3.6 4.0 3.2 7.5

With 3% sales charge 0.3 0.5 0.9 0.1 4.2

A-ACC-USD -1.8 -2.2 11.2 -2.2 5.9

With 3% sales charge -4.7 -5.1 7.9 -5.1 2.8

Source: Fidelity, NAV-NAV basis, in the respective currencies with dividends re-invested. Sales charge may belevied by the distributor at its discretion. The stated returns will be reduced by the corresponding salescharge amount being levied by the distributor.

Currency Exposure (%)Fund

CNY 109.09

USD -7.65

HKD 2.27

EUR -0.02

MYR 0.51

Other -4.20

Total 100.00

Credit Rating Exposure (%)Fund

AAA/Aaa 0.00

AA/Aa 1.41

A 39.98

BBB/Baa 33.95

BB/Ba 3.43

B 7.67

CCC and Below 0.05

Other 12.69

Cash 0.82

Total 100.00

www.fidelity.com.sg

28763_Apr20.pdf

Fidelity Funds - China RMB Bond Fund30 Apr 2020

Definition of TermsAnnualised Volatility is a measure of how variable returns for a fund or comparative market index have been around their historical average. Two funds may produce the same returnover a period. The fund whose monthly returns have varied less will have a lower annualised volatility and will be considered to have achieved its returns with less risk.

Sharpe Ratio is a measure of a fund's risk adjusted performance taking into account the return on a risk-free investment. The ratio allows an investor to assess whether the fund isgenerating adequate returns for the level of risk it is taking. The higher the ratio, the better the risk-adjusted performance has been. If the ratio is negative, the fund has returned lessthan the risk-free rate.

Yield to Maturity is the internal rate of return earned on a bond, assuming that the bond will be held until maturity and all coupon and principal payments will be made. It is anestimation of future return, as the rate at which coupon payments can be reinvested when received is unknown.

Running Yield describes the income investors get from their portfolio as a percentage of market value of the securities (incorporating the effect of derivatives) and does not includethe impact of fees. It should not be relied on as a measure of expected fund return. The running yield does not reflect the total return over the life of the bond and takes no accountof reinvestment risk or the fact that bonds usually mature at par value.

Duration is a measure of sensitivity of the fund value to changes in interest rates and includes all investments in the fund including derivatives. It takes into account that expected cashflows will fluctuate as interest rates change and affect a bond's price.

Average Credit Rating is the weighted average of all the bond credit ratings in the fund. It takes into account all investments in the fund including derivatives. This measure gives anidea of how risky the fund’s bonds are overall: the lower the average credit rating, the riskier the fund. With a Linear weighted average the weight assigned to each issue is equal toits market value weight.

Exposure as a percentage of TNA (excluding derivatives). For each bond in the fund, Fidelity looks at the rating given by three rating agencies (S&P, Moody’s and Fitch) and appliesthe worst of the two best ratings (commonly known as the Basel method). The AAA/Aaa rating is the highest and indicates the borrower has the lowest probability of defaulting onits debt. The table above is a categorisation of the fund’s individual bonds into their credit ratings. If any derivatives are being used to adjust the credit quality of the fund, these arereflected in the Average Credit Rating under the “Measures” section.

Top issuers table: credit derivatives relating to any specific issuer are included, but derivatives relating to government bonds and to bond indices are excluded. Geographicexposure basis is domicile of issuer. The credit rating table excludes derivatives. Currency exposure is after hedging.

FIL Investment Management (Singapore) Limited [FIMSL] (Co. Reg. No.: 199006300E) is a responsible entity for the fund in Singapore.Prospectus of the fund is available from FIMSL or its distributors upon request. Potential investors should read the prospectus beforeinvesting. All views expressed and references to specific securities are included for illustration only, and should not be construed as anoffer or recommendation. This document is for information only and does not have regard to the specific investment objectives, financialsituation and particular needs of the person who may receive it. Potential investor should seek advice from a financial adviser beforeinvesting. If that potential investor chooses not to seek advice from a financial adviser, he should consider whether the fund is suitablefor him. Past performance of the fund is not indicative of the future performance. Prices can go up and down. The value of the shares ofthe fund and the income accruing to them may fall or rise. Investors investing in a fund denominated in a non-local currency should beaware of exchange rate risk. The fund is not available to US citizens, residents or greencard holders. This advertisement has not beenreviewed by the Monetary Authority of Singapore. Fidelity, Fidelity International, and the Fidelity International logo and F symbol aretrademarks of FIL Limited.

www.fidelity.com.sg

28763_Apr20.pdf

Fidelity Funds - China RMB Bond Fund30 Apr 2020

Fund Details

Fund Manager Morgan LauBryan Collins

Reference Currency USD

Fund Size US$250m

Max. Sales Charge - Cash(On Net Investment Amount)

3.50%

Annual Management Fee 0.75%

Subscription Information Cash: All share classes

Investment ObjectiveThe fund aims to achieve income and capital appreciation via exposure to RMB denominateddebt, money market securities and cash and/or cash equivalents (including, inter alia, timedeposits). The fund will primarily invest, directly and/or indirectly, in investment grade securitiesdenominated in RMB, investment grade securities of issuers that have their principal businessactivities in the Asia Pacific region, securities denominated in RMB of investment grade issuersor in securities of investment grade issuers that have their principal business activities in theAsia Pacific region. This region includes certain countries considered to be emerging markets.Exposure to non-RMB denominated debt securities may be hedged in order to seek tomaintain the currency exposure in RMB. The fund may invest its net assets directly in onshoreChina fixed income securities listed or traded on any Eligible Market in China.

Fund Performance (rebased to 100)

Fund A-ACC-USD

Performance is shown for the last 5 years (or since launch forfunds launched within that period), rebased to 100.

Performance (%)

YTD(cum)

1mth(cum)

3mth(cum)

6mth(cum)

1yr(ann)

3yr(ann)

5yr(ann)

SinceLaunch(ann)

A-ACC-RMB -1.7 2.0 -2.4 -0.7 2.0 3.8 3.7 3.7

With 3% sales charge -4.6 -1.1 -5.3 -3.7 -1.1 2.7 3.1 3.3

A-ACC-USD -3.2 2.2 -3.4 -1.0 -2.8 2.9 1.1 1.6

With 3% sales charge -6.1 -0.8 -6.3 -4.0 -5.7 1.9 0.5 1.0

Source: Fidelity, NAV-NAV basis, in the respective currencies with dividends re-invested. Returns areannualised for periods greater than 1 year. Please refer to "Share Class Details & Codes" for the launchdates of the respective share classes.

Top 10 Holdings (%)Fund

CHINA DEV BK 4.04% 7/28 3.78

SHIMAO PPTY 5.75% 3/15/21 REGS 3.45

CHINA DEV BANK 3.42% 07/02/24 3.05

BOC AVIATION LTD 5.5% 2/24 RGS 2.32

COUNTRY GARDEN 8% 1/27/24 RGS 2.13

SANDS CHINA LT 5.4% 08/08/28 2.12

CHALCO HK IN 4.25/VAR PERP RGS 2.04

CHINA CI 4.625/VAR 2/28/29 RGS 2.04

TRADE HORIZON FRN 8/2/21 RGS 1.93

CHINA GOVT 4.08% 10/22/2048 1.92

Top 5 Issuers (%)(SDBC) China Development Bank 8.15

(SHIMAO) Shimao Property Hldgs 5.23

(ICBCAS) Ind & Comm Bk China/Hk 2.87

(HITCAP) Hitachi Capital Uk Plc 2.53

(CGB) People's Republic of China 2.52

Geographic Exposure (%)

Fund■ China 67.68■ Hong Kong 5.84■ Japan 3.45■ Philippines 3.45■ United Arab Emirates 2.65■ Singapore 2.32■ Korea (Republic of) 2.20■ Macao 2.12■ Qatar 1.86■ Saudi Arabia 1.54■ Others 6.07■ Cash 0.82

Sector Exposure (%)

Fund■ Quasi / Sov / Supra / Agncy 42.64■ Property 19.77■ Banks & Brokers 15.75■ Utility 5.14■ Consumer Cyclical 3.41■ Treasury 2.52■ Other Financials 2.41■ Capital Goods 2.16■ Technology 2.15■ Industrial Other 0.70■ Others 2.53■ Cash 0.82

Bond

28763_Apr20.pdf

Fidelity Funds - China RMB Bond Fund30 Apr 2020

Measures(A-ACC-USD) Fund

Annualised Volatility (3 years) (%) 6.62

Sharpe Ratio (3 years) 0.17

Yield to Maturity (%) 5.93

Running Yield (%) 5.36

Effective Duration 2.9

Average Credit Rating (Linear) BBB+

Asset Type – Investment grade credit (ex-treasury) (%)

72.82

Asset Type – High yield bond (%) 11.15

Share Class Details & CodesShare Class Launch Date NAV Bloomberg Ticker ISIN

A-ACC-RMB 08 Dec 11 135.62 FFCRMBA LX LU0715234463

A-ACC-USD 07 May 14 10.966 FFCRBAU LX LU0740036214

A-ACC: accumulating share class.

Calendar Year Performance (%)2015 2016 2017 2018 2019

A-ACC-RMB 3.4 3.6 4.0 3.2 7.5

With 3% sales charge 0.3 0.5 0.9 0.1 4.2

A-ACC-USD -1.8 -2.2 11.2 -2.2 5.9

With 3% sales charge -4.7 -5.1 7.9 -5.1 2.8

Source: Fidelity, NAV-NAV basis, in the respective currencies with dividends re-invested. Sales charge may belevied by the distributor at its discretion. The stated returns will be reduced by the corresponding salescharge amount being levied by the distributor.

Currency Exposure (%)Fund

CNY 109.09

USD -7.65

HKD 2.27

EUR -0.02

MYR 0.51

Other -4.20

Total 100.00

Credit Rating Exposure (%)Fund

AAA/Aaa 0.00

AA/Aa 1.41

A 39.98

BBB/Baa 33.95

BB/Ba 3.43

B 7.67

CCC and Below 0.05

Other 12.69

Cash 0.82

Total 100.00

www.fidelity.com.sg

28763_Apr20.pdf

Fidelity Funds - China RMB Bond Fund30 Apr 2020

Definition of TermsAnnualised Volatility is a measure of how variable returns for a fund or comparative market index have been around their historical average. Two funds may produce the same returnover a period. The fund whose monthly returns have varied less will have a lower annualised volatility and will be considered to have achieved its returns with less risk.

Sharpe Ratio is a measure of a fund's risk adjusted performance taking into account the return on a risk-free investment. The ratio allows an investor to assess whether the fund isgenerating adequate returns for the level of risk it is taking. The higher the ratio, the better the risk-adjusted performance has been. If the ratio is negative, the fund has returned lessthan the risk-free rate.

Yield to Maturity is the internal rate of return earned on a bond, assuming that the bond will be held until maturity and all coupon and principal payments will be made. It is anestimation of future return, as the rate at which coupon payments can be reinvested when received is unknown.

Running Yield describes the income investors get from their portfolio as a percentage of market value of the securities (incorporating the effect of derivatives) and does not includethe impact of fees. It should not be relied on as a measure of expected fund return. The running yield does not reflect the total return over the life of the bond and takes no accountof reinvestment risk or the fact that bonds usually mature at par value.

Duration is a measure of sensitivity of the fund value to changes in interest rates and includes all investments in the fund including derivatives. It takes into account that expected cashflows will fluctuate as interest rates change and affect a bond's price.

Average Credit Rating is the weighted average of all the bond credit ratings in the fund. It takes into account all investments in the fund including derivatives. This measure gives anidea of how risky the fund’s bonds are overall: the lower the average credit rating, the riskier the fund. With a Linear weighted average the weight assigned to each issue is equal toits market value weight.

Exposure as a percentage of TNA (excluding derivatives). For each bond in the fund, Fidelity looks at the rating given by three rating agencies (S&P, Moody’s and Fitch) and appliesthe worst of the two best ratings (commonly known as the Basel method). The AAA/Aaa rating is the highest and indicates the borrower has the lowest probability of defaulting onits debt. The table above is a categorisation of the fund’s individual bonds into their credit ratings. If any derivatives are being used to adjust the credit quality of the fund, these arereflected in the Average Credit Rating under the “Measures” section.

Top issuers table: credit derivatives relating to any specific issuer are included, but derivatives relating to government bonds and to bond indices are excluded. Geographicexposure basis is domicile of issuer. The credit rating table excludes derivatives. Currency exposure is after hedging.

FIL Investment Management (Singapore) Limited [FIMSL] (Co. Reg. No.: 199006300E) is a responsible entity for the fund in Singapore.Prospectus of the fund is available from FIMSL or its distributors upon request. Potential investors should read the prospectus beforeinvesting. All views expressed and references to specific securities are included for illustration only, and should not be construed as anoffer or recommendation. This document is for information only and does not have regard to the specific investment objectives, financialsituation and particular needs of the person who may receive it. Potential investor should seek advice from a financial adviser beforeinvesting. If that potential investor chooses not to seek advice from a financial adviser, he should consider whether the fund is suitablefor him. Past performance of the fund is not indicative of the future performance. Prices can go up and down. The value of the shares ofthe fund and the income accruing to them may fall or rise. Investors investing in a fund denominated in a non-local currency should beaware of exchange rate risk. The fund is not available to US citizens, residents or greencard holders. This advertisement has not beenreviewed by the Monetary Authority of Singapore. Fidelity, Fidelity International, and the Fidelity International logo and F symbol aretrademarks of FIL Limited.

www.fidelity.com.sg

28763_Apr20.pdf