PDF Non-Residents Policy: Open / Closed Countries

June 26, 2012

Non-Residents Policy: Open / Closed Countries

Dear Mutual Fund Administrator:

The purpose of this letter is to inform you of the recent changes to the list of countries in which Fidelity Investments Canada is not allowed to sell or administer products which will become effective on Tuesday, July 3, 2012.

The products which Fidelity Investments Canada offers are registered for sale in Canada. Registration for sale in foreign countries is dependent on securities legislation within each foreign country. While there are many countries in which Fidelity Investments Canada is able to sell and administer products, there are some countries which we are prohibited from doing business in.

Countries which prohibit the sale of foreign mutual funds, such as those products offered by Fidelity Investments Canada, are considered to be "Closed". The following is a list of countries which are "Closed" for the sale or administration of Fidelity Investments Canada's mutual fund products.

Countries which are not on the list are considered "Open" to the sale and administration of Fidelity Investments Canada products.

List of Closed Countries Afghanistan Australia Austria China (Exclude Hong Kong) Gibraltar Greece Hungary Israel Italy Jamaica Myanmar (Burma) New Zealand Nigeria Pakistan Russia Singapore United Kingdom United States (exception ? retirement plans)

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Note: ? Canadian securities legislation does not determine whether a country is considered Open or Closed ? it is the securities legislation in that particular foreign country which determines where Canadian mutual funds (or any other foreign funds) can be sold to their residents ? This list differs from the current FundSERV list of closed countries. Please use the list in this document as a reference to Fidelity Investments Canada's "Closed" countries.

If you have any questions or concerns on the above, please contact me directly.

Sincerely,

Linda Bailey Dealer Relations Manager Fidelity Investments Canada ULC (T) 1 888 563-4778 ext. 7113 or 416 307-7113 linda.bailey@

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