Risk Warnings

• Investments in private markets are highly illiquid and therefore unsuitable for investors who cannot hold their investments for a long time (at least 10 years).
• The value of investments and the income from them may fall or rise, so investors may get back less than the amount invested.
• Past performance is not a reliable indicator of future returns.
• Investors should note that the views expressed may no longer be current and may have already been acted upon.
• Private assets strategies do not offer any guarantee or protection with respect to return, capital preservation, stable net asset value or volatility. These strategies may invest in private or less liquid assets, which can be difficult to sell. As a result, it may be that investors are not able to redeem their investments when they want to.

Important Information

This is a marketing communication. This information must not be reproduced or circulated without prior permission. This information is intended for professional clients only and not a suitable basis for the general public or private investors.

Fidelity only offers information on products and services and does not provide investment advice based on individual circumstances, other than when specifically stipulated by an appropriately authorised firm, in a formal communication with the client.

Fidelity International refers to the group of companies which form the global investment management organisation that provides information on products and services in designated jurisdictions outside of North America. This communication is not directed at and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required. It is your responsibility to ensure that any service, security, investment, fund or product outlined is available in your jurisdiction before any approach is made to Fidelity International.

Unless otherwise stated all products and services are provided by Fidelity International, and all views expressed are those of Fidelity International. Fidelity, Fidelity International, the Fidelity International logo and F symbol are registered trademarks of FIL Limited.

The research and analysis used in this documentation is gathered by Fidelity for its use as an investment manager and may have already been acted upon for its own purposes. This material was created by Fidelity International. This document may contain materials from third parties which are supplied by companies that are not affiliated with any Fidelity entity (Third-Party Content). Fidelity has not been involved in the preparation, adoption or editing of such third-party materials and does not explicitly or implicitly endorse or approve such content.

For German Institutional clients issued by FIL (Luxembourg) S.A., 2a, rue Albert Borschette BP 2174 L-1021 Luxembourg.

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation in English here: Complaints handling policy (fidelity.lu) and in German here: Beschwerdemanagement (fidelity.de). The information above includes disclosure requirements of the fund’s management company according to Regulation (EU) 2019/1156.

Unless stated differently, information dated as of September 2023.

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