Fidelity China Special Situations PLC — Fund Information / Factsheet 2014

May 23, 2014

FIDELITY CHINA SPECIAL SITUATIONS PLC

Fidelity China Special Situations PLC is focused on the long-term growth potential of China. The portfolio is made up primarily of securities issued by companies listed in China or Hong Kong and Chinese companies listed elsewhere. It may also invest in listed companies with significant interests in China and Hong Kong.

FIDELITY CHINA SPECIAL SITUATIONS PLC DETAILS TO 31.03.14

103.8p
114.85p
9.62%
22.82%
572,304,480
19/04/2010
Anthony Bolton
19/04/2010
35

Investment available via ISA and Share Plan

Large Cap >£5bn 19.5 Medium Cap - between £1-5bn 25.2 Small Cap - less than £1bn 49.0

Share price – – -26.4% 15.0% 14.1% NAV – – -18.5% 15.7% 19.5%

(Net Luxembourg tax) – – -12.5% 12.2% -6.9%

SINGLE YEAR PERFORMANCE (5 YEARS ENDING AUGUST)

PORTFOLIO MANAGER

It's really important as an investor to look at how the government's changes will impact individual companies. The government wants to change the economy to a more consumer-led model and is also committed to improving the living standards of the population. This would cover areas such as consumer goods and services, health care, anti-pollution and the internet and I think private companies in particular are likely to benefit. These 'new' industries should grow faster than the overall economy, and the companies within these areas should thrive. That said, one must be mindful of all sectors in the market and investors cannot ignore China's State Owned Enterprises, some of which trade at attractive valuations and will likely see improvements driven by reform.

Over the last 12 months, valuations across the Chinese market have diverged, particularly when looking at strong performing areas such as IT versus underperforming areas such as banks. While I am conscious that 'new' China industries like IT may be running a little ahead of themselves, I am also aware that many of these companies have much better growth prospects than their global peers.

Updated March 2014

Anthony Bolton, Portfolio Manager

MARKET CAP ALLOCATION TOP 10 POSITIONS AS AT 31.03.14

	%	Benchmark Weight
TENCENT HOLDIGS LIMITED	4.7	9.9
WING HANG BANK LIMITED	4.7	0.0
ALIBABA GROUP	3.9	0.0
CITIC SECURITIES COMPANY LIMITED	2.9	0.3
AIA GROUP	2.7	0.0
21VIANET GROUP	2.6	0.0
HUTCHISON CHINA MEDITECH LIMITED	2.3	0.0
SAIC MOTOR CORPORATIONS LIMITED	2.2	0.0
LEE'S PHARMACEUTICAL HOLDINGS LIMITED	2.1	0.0
NETEASE, INC	1.9	0.0

Source: FIL Ltd, 31 March 2014. Benchmark is MCSI China Index (Net Luxembourg tax). All data in the above includes any derivative exposures as an economically equivalent position in the underlying asset.

PERFORMANCE RECORD

MSCI China Index

AS AT 31.03.14

Cumulative Growth	YTD	1mth	6mths	1 yr	3 yrs	5 yrs	10 yrs	Since 19.04.10
Share Price	-2.3%	-1.1%	7.3%	14.1%	-3.4	-	-	6.3%
NAV	-0.5%	-1.2%	7.7%	19.5%	12.7	-	-	18.7%
MSCI China Index (Net Luxembourg tax)	-6.5%	-1.2%	-5.1%	-6.9%	-8.7	-	-	-5.7%

Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 March 2014, bid-bid with net income reinvested. These figures do not include an initial charge.

Please remember that past performance is not a guide to what may happen in the future. The value of investments can go down as well as up and you may not get back the amount invested. Overseas investments may be subject to currency fluctuations. Investments in small and emerging markets may be more volatile than more established markets. Please remember the eligibility to invest in an ISA depends on individual circumstances and tax rules may be subject to change.

% (Total Gross Assets)

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

FIDELITY INVESTMENT TRUSTS 31 MARCH 2014

INDUSTRY BREAKDOWN AS AT 31.03.14

Benchmark is MSCI China Index (Net Luxembourg tax).

GLOSSARY

NAV

The total value of a company's assets less the total value of its liabilities is its net asset value (NAV). For valuation purposes it is common to divide net assets by the number of shares in issue to give the net assets per share. NAV calculations can include or exclude current financial year income. For the purposes of this factsheet, they are valued with assets including income and costs and with debt valued at the market.

DISCOUNT

If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. The discount is shown as a percentage of the NAV.

GROSS ASSET EXPOSURE

The value of the portfolio to which the Company is exposed, whether through direct or indirect investment (including the economic value of the exposure in the underlying asset of the derivatives, but excluding forward currency contracts).

GEARING

Gross Asset Exposure in excess of net assets.

PREMIUM

If the share price of an investment company is higher than the net asset value (NAV) per share, the company is said to be trading at a premium. The premium is shown as a percentage of the NAV.

TOP 10 POSITIONS

The 10 largest investments are shown as a % of the total market exposure of the investment portfolio, including exposure to investments through derivatives.

CHINA H SHARES

China H Shares are shares in companies incorporated in the People's Republic of China (PRC) which are listed on the Hong Kong Stock Exchange. China H Shares are available to non- Chinese investors and are traded in Hong Kong Dollars on the Hong Kong Stock Exchange.

CHINA A SHARES

China A Shares are traded on the Chinese Stock Exchanges in Renminbi. Foreign investors had historically been unable to participate in the China A Share market. However, following China's introduction of the QFII program in 2002, a legal framework has been provided for licensed QFIIs to invest in China A Shares on the Chinese Stock Exchanges and certain other securities previously not eligible for investment by foreign investors.

CHINA B SHARES

China B Shares are traded on the Shenzhen Stock Exchange and Shanghai Stock Exchange in Hong Kong Dollars and US Dollars, respectively. China B Shares were originally intended to be available only to foreign individual and institutional investors. However, since February 2001, China B Shares have been available to domestic individual investors who trade through legal foreign currency accounts.

RED CHIPS

Red Chip is the term used to describe companies incorporated outside China but which are based in mainland China. Red Chips are listed on, and are required to observe the filing and reporting requirements of, the Hong Kong Stock Exchange. Red Chips typically have a significant portion of their business interests located in mainland China and many are owned, either directly or indirectly, by organisations or enterprises controlled by the Chinese state, provinces or municipalities.

FAIR VALUE

The fair value of the listed investments is measured at bid prices or last prices quoted, depending on the convention of the exchange on which they are listed. Where permitted, unlisted investments, where there is not an active market, are valued using an appropriate valuation technique so as to establish what the transaction price would have been and derivative instruments are valued at the quoted trade price for the contract.

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. This information does not constitute investment advice and should not be used as the basis for any investment decision nor should it be treated as a recommendation for any investment. If you are unsure of the suitability of an investment, please contact a financial adviser.

For more information contact us on 0800 41 41 10, 9am – 6pm Monday to Saturday or go to www.fidelity.co.uk/chinaspecial

FIDELITY, FIDELITY WORLDWIDE INVESTMENT, THE FIDELITY WORLDWIDE INVESTMENT LOGO AND F SYMBOL ARE TRADEMARKS OF FIL LIMITED. ISSUED BY FIL INVESTMENTS INTERNATIONAL AUTHORISED AND REGULATED IN THE UK BY THE FINANCIAL CONDUCT AUTHORITY.