An overview of Fidelity International (October 2008)

1. Richard R. Feenstra
Corporate Communications & Marketing Manager Benelux, Fidelity International
November 2008
Fidelity International
The World’s Investment Specialist

2. 2
Fidelity’s beleggingsfilosofie
“Fidelity houdt consequent en consistent vast
aan haar beleggingsfilosofie; in het verleden, het
heden en de toekomst. Wij geloven dat actief
management, gedreven door fundamenteel
onderzoek in een omgeving van teamwork en
volledige toewijding, superieure lange termijn
resultaten voor onze klanten zal brengen.”
“Onze onafhankelijkheid geeft ons de kracht en
visie om altijd naar de lange termijn te kijken.” Edward Johnson 3d
Chairman

3. 3
Wat maakt Fidelity uniek?
Fidelity Management & Research
opgericht in Boston
1946
Eerste operatie buiten Noord- en Zuid
Amerika; Fidelity International
1969

4. 4
Specialist in fund management
 Investment management is onze enige business
 Enig doel is vermogensgroei voor onze klanten
 Robuust beleggingsproces met een bewezen en degelijk track
record
 Aanbieder van nieuwe en innovatieve producten in core en niche
sectoren
 Geen concessies aan tevredenheid van externe aandeelhouders
 Beleggingsexperts met zeer veel ervaring

5. 5
Fidelity’s beleggingsproces
Portefeuille constructie
Effecten selectie
Fundamenteel onderzoek
DOEL
Voortdurend
waarde
toevoegen
door effecten
selectie
Waarde analyses
Genereren van
ideeen

6. 6
Fundamenteel onderzoek – nadruk op direct contact met ondernemingen
 Fidelity onderscheidt zich door breedte en diepte van het eigen onderzoek
 In 2007 hielden onze analisten 14600 in-house company meetings*
 Zij produceerden 40450 research notes
 Onze omvang geeft ons verregaande toegang tot senior management
 Beoordelen corporate strategy en management track record
 Voorspellingen cash flow, winstgevendheid en overall aantrekkelijkheid van de
business
 Fundamenteel onderzoek wordt gebruikt om te zien waar waarde ligt of wordt
gecreeerd
Source: Fidelity Equity research. These
figures reflect the resources of FIL
Limited and its subsidiaries, and FMR
LLC an affiliate and its subsidiaries.
Source: FIL and FMR LLC data as at
01.01.08. Data is unaudited. *In-house
company meetings represent only a
portion of FMR’s and FIL’s contact with
companies. .
0 7 4 8 Frequentie van
onderzoek
meetings bij Fidelity
minuten seconden

7. 7
Wereldwijde resources
North/South America
136 Portfolio Managers
319 Research Professionals
FMR Corp FIL Limited (FIL)
Team France
3 Portfolio Managers
2 Research Professionals
Team Germany
1 Portfolio Manager
3 Research Professionals
Team Italy
1 Research Professional
Team Korea
2 Portfolio Manager
4 Research Professionals
Japan
20 Portfolio Managers
32 Research Professionals
Team India
4 Portfolio Managers
10 Research Professionals
Team Singapore
3 Portfolio Managers
5 Research Professionals
Team Australia
2 Portfolio Managers
5 Research Professionals
Pacific ex Japan
27 Portfolio Managers
49 Research Professionals
Pan Europe
60 Portfolio Managers
100 Research
Professionals
These figures reflect the resources of FIL Limited and its subsidiaries, and FMR LLC an affiliate and its subsidiaries. Source: FIL and FMR LLC data as at 31.03.08. Data is unaudited. Research professionals
include associates, analysts, country and sector managers who retain research responsibility and technical & quantitative analysts who are part of the research groups.

8. 8
Fidelity International
 1969 – Founded in Bermuda
 1973 – London office opened
 1990 – Amsterdam office opened
 1990 – Luxembourg-based Fidelity Funds
launched
 1991 – Luxembourg office opened
 1999 – FIL assets reach US $100 billion
 2006 – Launch of FIL’s first Global Property
Securities Fund
 2006 – Created Fidelity Retirement Institute

9. 9
Fidelity Funds
 FIDELITY FUNDS
 Country Specific Funds
 Global Funds
 European Funds
 America Funds
 World Funds
 FIDELITY FUNDS BALANCED FUNDS
 FF - Multi Asset Strategic Fund
 FIDELITY FUNDS ASSET ALLOCATION FUNDS
 FF - FPS Growth Fund (mix funds)
 FIDELITY FUNDS SECTOR FUNDS
 FF - Global Consumer Industries Fund
 FF - Global Health Care Fund
 FF - Global Industrials Fund
 FF - Global Technology Fund
 FF - Global Telecommunications Fund
 FIDELITY FUNDS BOND FUNDS
 FIDELITY FUNDS CASH FUNDS
 FIDELITY FUNDS MULTIMANAGER FUNDS

10. 10
Fidelity Benelux Team
Mike Nikou
Managing Director
North&SouthEurope
Theo van der Meer
Executive Director
Michel Vermeulen
Relationship
Director
Joan Vos
Marketing Associate
Institutional
Claude Hellers
Head of Sales
Benelux
Frank Wielers
Associate Director
Marketing Benelux
Richard Feenstra
Corp. Comm.
Manager
Barbara Kos
Marketing Manager
Retail Business
Paulo Varela
Nunes
Sales Director
Jacques Dineur
Sales Director
Luxembourg
Karin de Kip
Sales Assistant
Hein Kuijpers
Sales Director
Fidelity Benelux as of 30.06.2008
Paul van Olst
Head of Distribution
Netherlands
Ellen Meyvis
Sales Associate
Belgium
Yannick Nelissen
Sales Director
Belgium
Institutional Business

11. 11
Fidelity: diepte, discipline en overtuiging in investeringen
 Bottom-up stock picking om een portefeuille
aandeel voor aandeel op te bouwen en daarmee
consistent goede resultaten te bereiken
 Eigen onderzoek om de huidige waarde van
aandelen te bepalen en om inzichten te krijgen
voorbij huidige marktomstandigheden
 Discipline in het beleggingsproces en de
vrijheid en individualiteit van de Portefeuille
Manager geeft investeringen met echte
overtuiging
…if I look at one hundred I’ll find ten…
“If I look at ten companies, I’ll find one I like…
…whoever turns over the most stones wins the game.”
Peter Lynch
Fidelity Investments

12. 12
Current market situation
…if I look at one hundred I’ll find ten…
“If I look at ten companies, I’ll find one I like…
Rank Country YTD Year to Q3 5 Year Rank Country YTD Year to Q3 5 Year
1 Venezuela -4.3% 0.2% 14.0% 26 Italy -47.4% -33.8% -3.0%
2 Chile -15.8% -7.9% 9.5% 27 Philippines -48.3% -29.0% 8.3%
3 Sri Lanka -23.4% -15.7% 7.2% 28 Singapore -50.0% -31.9% 1.8%
4 Canada -27.5% -15.0% 5.7% 29 Thailand -50.5% -30.5% -4.3%
5 Switzerland -29.4% -21.6% 3.4% 30 Indonesia -50.6% -33.3% 17.1%
6 New Zealand -29.4% -23.5% 5.0% 31 Finland -50.6% -40.2% 0.8%
7 Mexico -31.0% -15.7% 21.2% 32 Hong Kong -51.4% -35.2% 4.6%
8 South Africa -31.2% -17.7% 16.3% 33 Portugal -53.1% -35.9% 4.9%
9 Colombia -32.6% -13.5% 29.2% 34 Belgium -53.5% -35.3% -0.3%
10 Pakistan -34.9% -34.8% 18.1% 35 Netherlands -55.2% -35.7% -3.9%
11 USA -35.5% -20.6% -1.2% 36 India (Sensex) -55.6% -36.6% 16.5%
12 Australia -36.8% -27.4% 5.1% 37 Hungary -57.1% -28.1% 5.2%
13 UK -36.9% -24.1% -0.3% 38 Norway -57.8% -33.3% 10.9%
14 Malaysia -38.6% -29.5% 2.8% 39 Austria -60.5% -38.3% 6.2%
15 Spain -39.5% -27.6% 7.3% 40 Ireland -61.8% -48.8% -10.0%
16 Brazil -41.1% -22.5% 16.4% 41 Luxembourg -62.6% -41.7% 1.9%
17 Korea -41.1% -23.7% 9.4% 42 Czech Republic -63.4% -33.6% 5.9%
18 Denmark -41.8% -27.4% 4.7% 43 Turkey -64.6% -35.1% 11.4%
19 Israel -43.4% -30.4% 9.0% 44 Peru -66.2% -35.8% 31.2%
20 France -43.8% -28.2% 0.5% 45 Greece -67.6% -44.8% -0.2%
21 Sweden -43.9% -28.9% 1.7% 46 Vietnam -68.5% -50.7% 22.6%
22 Japan -44.6% -26.4% -3.4% 47 China (Shenzhen) -68.9% -57.6% 6.7%
23 Argentina -45.8% -25.8% 12.7% 48 China (Shanghai) -73.7% -56.4% 7.7%
24 Germany -46.9% -27.7% 6.2% 49 Russia -75.2% -45.6% 2.5%
25 Taiwan -47.2% -32.8% -4.0% 50 Iceland -96.2% -45.2% -13.3%
Source: Bloomberg, using Major national index closing
prices as as at October 21, 2008 in local currency
While no market has escaped the fall out of the credit crisis, some markets have fared better than
others. Which ones and why?

13. 13
Michael Gordon – Global Head of Institutional Investment
There are seven ways Michael Gordon thinks the financial landscape will change.
1. Expect the financial world to become more local.
2. Financial industries have become political.
3. Complexity is out and simplicity is in.
4. Models are out, people are back in.
5. Innovation will be out and experience back in again.
6. Transparency trumps opacity.
7. Oversight will be as valuable as insight.

14. 14
Anthony Bolton - President for Investments
Anthony Bolton, London’s best-known stockpicker, said at the beginning of
October that he for instance had never seen retailing and media shares
looking so cheap and that he had begun to put his own money into the equity
market at the height of the current financial crisis.
“Shares, in some sectors like retailing and media, are as
cheap as I’ve seen them in my lifetime.”