Jacques DineurFidelity Investments

International

Mieux diversifier son portefeuille d’investissement avec l’immobilier

Fidelity Funds Global Property Fund

Jacques Dineur

Sales Director Luxembourg

November 2006

4

Important Characteristics of Fidelity International

Privately owned

Long term focus and stable owner structure

Independent

Competitive advantage when distributing to banks and other institutions

Distinctive ‘Stock picking’ investment style

Specialist Fund Manager

Provides a focus and consistency to ensuring success

One of the world’s largest research teams

Commitment to always provide the highest levels of customer service

5

LONDON (FIL)

39 Equity Portfolio Managers

51 Equity Research Analysts

6 Fixed Income Portfolio Managers

12 Fixed Income Research Analysts

Investment professionals* across the world325 in FIL and 492 in FMR Corp

On average every fund manager has been with FIL**

817 10years

TOKYO (FIL)

18 Equity Portfolio Managers

20 Equity Research Analysts

BOSTON (FMR Corp)

89 Equity Portfolio Managers

140 Equity Research Analysts

29 Fixed Income Portfolio Managers

50 Fixed Income Research Analysts

HONG KONG (FIL)

17 Equity Portfolio Managers

24 Equity Research Analysts

2 Fixed Income Portfolio Managers

4 Fixed Income Research Analysts

Source: Fidelity / Fidelity International means Fidelity International Limited (FIL), established in Bermuda, and its subsidiary companies. In addition to these resources, we also have access to resources based in the US of our affiliated company FMR.

These figures reflect the resources of each company and their respective subsidiaries.

*As at 30.06.06. Includes Traders, Divisional Management and Other Investment.

**As at 31.12.04

Extensive global resources available to Fidelity International

6

What’s the first thing that comes to mind when someone mentions property?

Source: www.forbes.com

7

But don’t forget….

8

What is property?

Land

Land is a commodity

It generates no return until something is done to it

Value is determined by the use to which it can be put

9

What is property?

Land is a commodity

It generates no return until something is done to it

Value is determined by the use to which it can be put

Retail / IndustrialHotel / OfficeDiversified

Commercial Buildings

PrivateHome

Land

10

How do you make money in property?

Value is created all along the property cycle

Once completed, the value of the new property

should be greater than the sum of the land and the building costs

The developer or builder charges a fee for services

provided

Land has an underlying value

to the owner

In time, the property can be

sold for a greater value than it was

worth upon completion

The completed property can then be let to earn a regular

income

Capital CapitalIncomeReturns are either through capital gain or income generation

11

Making money in commercial property

A wider opportunity set

Return primarily derived from rental incomes

Relative stability created by long term lease structures

Valuations driven from discounted cash flow of those income streams

Shopping centres

Retail units

Office buildings

Factories

Warehouses

Hotels

12

Returns and diversification

15 Year Average Annualised Total

Return

Current Yield

Correlation to FTSE EPRA/NAREIT Global

Real Estate Index

FTSE EPRA/NAREIT Global Property Index

12.6% 3.4% 1.0

MSCI World Index 9.0% 2.2% 0.6

LB Global Agg Bd Unhedged Index

6.9% 4.3% 0.3

Correlation figures cover the fifteen year period to 31 August 2006Source: EPRA, Datastream, 31 August 2006

Attractive total returns Higher returns than global stocks and bonds over the last 15 years

High current income Dividend higher than global equity and competitive with global bonds

Benefits of diversification Low correlation to global stocks and bonds

13

Not all markets are the same

Rolling 36 month annualised risk/return profiles of local property markets, global bond market (as represented by the JPM Global Bond Index) and global equity market (as represented by the FTSE Global Index). In local currencies. Source: EPRA, 31 August 2006

Good diversification against equities and bonds Good diversification of existing local and regional property exposure

Risk

Ret

urn

14

Real Estate is a Local Business

Weighted average (equally weighted) of the 24 month rolling average monthly correlation of Japan, US, Europe, UK, Australia and 'the world' for each respectively. Source: UBS, February 2006

Co

rre

latio

n

Greater influence of local factors in the property market

Consistently lower correlations between regional markets than equities and bonds

Inter-regional correlations

15

Significant Growth Potential

Securitization of global property

currently only 11% of the global real estate market is listed

forecast growth of 10% annually over next five years

Greatest growth potential is in Japan, Germany and UK

REIT-like structures in place or pending in over 21 countries

Source: UBS, Fidelity December 2005

More Real Estate Being SecuritizedGlobal REIT Markets Growing

Global REIT-like market cap US$644bn at the end of December 2005

Mar

ket C

ap (

$US

bln

)

`-

100200

300400

500600

700800

900

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

Jun-

05

Dec

-05E

REIT Non-REIT

0

2

4

6

810

12

14

1

18

1980

1984

1986

1990

1992

1996

1998

2000

2004

2007

F

% o

f rea

l est

ate

secu

ritiz

ed

1982

1988

1994

2002

2006

F

16

Comparison of Global REIT-like Securities

US Australia Netherlands Canada Belgium Singapore Japan France Hong Kong UK

Management Internal or External

Internal or External

Internal Internal Internal or External

External External Internal or External

Internal or External

Internal or External

Restrictions

Real Estate Investments

75%+ >50% of revenue from

rent1

100% 80%+ 100% 70%+ 75%+ Flexible 100% 75%+

Overseas Investments

OK OK OK OK Prohibited OK OK OK Prohibited OK

Development OK OK Minimal OK Minimal 20% of total assets

OK but >50% of assets must

be income producing

OK Prohibited OK

Gearing Limit No limit No limit 60% of property assets

No limit 50% of total assets

35% of total assets3

No limit No limit 35% of total assets

50% limit

Payout >90% of taxable income

(post depreciation)

100% of taxable income

(post depreciation)

100% of fiscal earnings

85% of distributable

cash (pre depreciation)

80% of taxable income and net debt pay down

100% of taxable income

(no depreciation)

>90% of taxable income

(post depreciation)

85% of taxable income from

rentals, 50% of capital gains

>90% of net income after

tax (no depreciation)

90% of rental asset income

(post allowable deductions)6

Closed Ended5 Yes Yes Yes Yes Yes Yes Yes Yes Yes Closed likely

Listed/ Unlisted5 Both Both Both Listed Listed Listed Listed Listed Listed Listed

Tax Transparency Yes Yes Yes4 Yes Yes4 Yes Yes Yes4 No2 Yes

Notes:1 this is a condition of entry into the LPT index, not a regulatory requirement2 no tax on dividends at the investor level3 with >35% with an A rating4 taxed at source on overseas income and non-exempt activities such as development (France only)5 currently Germany is the only country with a tax transparent option that is unlisted and open ended that is available to both paying and tax exempt investors6 capital gains from the tax exempt portion can be distributed in line with tax treatment of rentSource: UBS, June 2005

17

Why Invest in Global Property Securities?

Expected strong growth of the industry

Forecast 10% growth in each of the next five years

Forecast market cap growth from $700 billion to $1 trillion

Attractive returns relative to equities and bonds

Historic annual returns and yields have outstripped both equities and bonds

Good diversification against equities and bonds

Low correlations to both equities and bonds

Diversification of property exposure

Property is a local business with local drivers

Source: Fidelity, June 2006

18

Key Fund Facts

Actively managed specialist equity fund investing in the stocks of companies engaged in the real estate business around the world

Returns to investors will come from a combination of capital appreciation and dividend income

Concentrated portfolio of 50-70 stocks

Portfolio construction driven primarily by stock and by sector selection; secondary is country allocation

Benchmarked against the FTSE EPRA/NAREIT Global Real Estate Index

Managed by Steven J Buller from Boston

Experience of managing listed property security funds since 1998

Share Classes Available*

Class A Distributing Shares available in euro, US dollars and sterling

Class A Accumulating Shares available in euro and US dollars

Source: Fidelity, January 2006* Not all of the share classes listed here are registered for sale in the UK

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Portfolio Manager

Steven J Buller, CFA

Based in Boston– Joined FMR Corp in 1992

– Group leader of the REIT Group

– October 1998 onwards: portfolio manager for various REIT accounts and funds in FMR Corp

– December 1997 – October 1998: associate portfolio manager

– March 1997 – December 1997: research analyst covering REITs

– 1995 – 1997: part of the International Fixed Income Group in London

– 1992 – 1995: research analyst in the High Yield Group in Boston

Member of the Security Analyst Societies of Boston and London

University of Wisconsin-Madison– MS - Finance

– BA in German Literature and International Relations

– BS in Finance and Management

20

Local Presence with a Global Perspective

These figures reflect the resources of Fidelity International Limited, its subsidiaries and our US affiliate FMR Corp. Research Professionals include associates and analysts, country and sector fund managers who retain research responsibility, and technical and quantitative analysts who are part of the Equity Research groups. Source: FIL and FMR Corp, 31 Julyl 2006

Hong Kong1 Analyst

covering Hong Kong Property

and Singapore Property

FMR Corp Fidelity International Limited (FIL)

Sydney 2 Analysts

covering Australian Property

London3 Analysts

covering European Property

and European HotelsBoston8 Analysts covering US and

Canadian REITS and US Hotels

and 2 Global Portfolio Managers

Japan 1 Analyst

covering Japan Property

Seeking to hire a further 3 analysts,

Mumbai 1 Analyst

covering emerging Asia Property

21

Investment Process

FUNDAMENTALS

Company Management

Earnings Growth

Quality of Assets

Property Markets

Balance Sheet

VALUATION

Price to NAV

FFO Multiple

AFFO Multiple

EBITDA Multiple

Dividend Yield

Country

Allocation

Sector

Allocation

CompanyWeightings

Country/SectorWeightings

Bottom Up Research

Top Down Perspective

Fund Portfolio

AnalystBest Ideas

LocalTrading

22

Fund Performance

Launched 5th December 2005*

Seeks a combination of income and capital appreciation through investments in global property securities

Net assets of US $237 million

Fund Benchmark

FTSE EPRA/NAREIT Global Real Estate

Index

Rank

Micropal Property Share & Real Estate

Sector

Quartile

Micropal Property Share & Real Estate

Sector

3 months

6 months

Since launch*

8.7%

8.5%

21.7%

11.4%

12.0%

25.9%

13/22

13/20

12/19

3rd

3rd

3rd

Source: Fidelity, 31 August 2006. Fund performance is net of annual fees and Luxembourg withholding tax. Index performance is gross of fees and Luxembourg withholding tax.

23

Top Ten Holdings as at 30 June 2006

Source: Fidelity, 30 June 2006. Benchmark: FTSE EPRA/NAREIT GLOBAL INDEX

Top Holdings (% of Net Assets) as of 30/06/2006

FUND BENCHMARK

MITSUBISHI ESTATE 4.9 3.0

MITSUI FUDOSAN 4.7 2.7

STARWOOD HOTELS & RESORTS WORLDWIDE 4.2 0.0

SIMON PPTY GROUP REIT 4.1 2.5

EQUITY RESIDENTIAL PROPERTIES TRUST REIT 4.1 1.8

LAND SECURITIES 3.8 2.1

GENERAL GROWTH PROPERTIES 3.7 1.5

PROLOGIS (REIT) 3.7 1.8

UNITED DOMINION REALTY TR 2.7 0.5

EQUITY OFFICE PROPERTIES TRUST 2.5 1.9

24

Geographical breakdown as at 31 August 2006

0

5

10

15

20

25

30

35

40

45

50

FUND

Benchmark

Source: Fidelity International PAS, 31 August 2006. Other: countries weighted less than 1%Relative to FTSE EPRA/NAREIT GLOBAL Index

25

Sector breakdown as at 31 August 2006

29.5

24.3

20.1

13.3

4.9 4.9

2.3

0.6

25.9

23.9

26.5

14.1

3.6

6.0

0.0 0.00

5

10

15

20

25

30

35

FUND

Benchmark

Source: Fidelity International PAS, 31 August 2006. Benchmark: FTSE EPRA/NAREIT GLOBAL INDEX

% o

f NA

V

26

Conclusion

Actively managed specialist equity fund investing in the stocks of companies engaged in the real estate business around the world

Returns to investors will come from a combination of capital appreciation and dividend income

Growing market showing good returns

Good diversification against equities and bonds

Diversification of property exposure

Global team of investment professionals covering the property market

27

Compliance informationThe research and analysis used in this presentation is gathered by Fidelity for its use as an investment manager and may have already been acted on for its own purposes. Market performance data is based on Fidelity’s own figures unless otherwise stated. Reference in this document 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. Fidelity only provides information on its own products and services and does not give investment advice based on individual circumstances. This document may not be reproduced or circulated without prior permission (and must not be passed to private investors).

Fidelity/Fidelity International means Fidelity International Limited (FIL), established in Bermuda, and its subsidiary companies. Assets and resources as at 31.08.2006. In addition to these resources, we also have access to resources based in the US of our affiliated company FMR. FMR Corp., established in the United States, is an affiliated company of Fidelity International Limited (FIL).

Past performance is not a guide to future returns and the value of investments and income from them may go down as well as up and an investor may not get back the amount invested.

Fidelity Funds is an open-ended Luxembourg based investment company. We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus/simplified prospectus, including the Addendum for Belgian investors, which is available along with the current annual and semi-annual reports free of charge from our distributors, from our European Service Centre in Luxembourg and Fastnet Belgium S.A., the financial service provider in Belgium.

Dividends paid by an intermediary established in Belgium are subject to a 15% withholding tax. With respect to accumulating shares of subfunds investing, directly or indirectly, more than 40% of their assets in interest bearing securities of any nature, a withholding tax of 15% shall be levied as from January 1st 2006 as well. Due to the complexity of the applicable rules and their perpetual evolution, all investors are invited to contact their own tax adviser in relation to their personal situation and to the determination of the tax consequences of an investment in Fidelity Funds.

We recommend that you obtain detailed information before taking any investment decision. The Full Prospectus and Simplified Prospectus for this fund are available from Fidelity on request.

The stock market tax is of 1.1% payable per redemption of accumulating shares from a sub-fund (up to a maximum EUR 750 per transaction).

Issued by Fidelity Investments International, authorised and regulated in the United Kingdom by the financial services Authority. This communication is not directed at, and must not be acted upon by persons inside the UK.

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