DISCLAIMER

The products and services referred to in this web site are offered only at times when, and in jurisdictions where, they may be lawfully offered by FIL Investment Management (Singapore) Limited (Co. Reg. No. 199006300E) ('Fidelity Singapore') and/or other members of the Fidelity organisation ('Fidelity'). This web site does not constitute the distribution of any information or making of any offer or solicitation to anyone in a jurisdiction in which such distribution or offer is not authorised or to any person to whom it is unlawful to distribute such information or make such an offer or solicitation. Persons accessing this web site are required to inform themselves about and observe any relevant restrictions. By viewing the information on this web site, you are representing and warranting that you are either resident in Singapore or the applicable laws and regulations of your jurisdiction allow you to access the information.

Fidelity Singapore is the responsible entity for the Fidelity Funds in Singapore. The Fidelity Funds sold in Singapore were established in Luxembourg, and are not registered in the United States of America. Persons interested in purchasing Fidelity Funds should inform themselves as to (a) the legal requirements within their own country for the purchase of Fidelity Funds, (b) any foreign exchange restrictions which may be applicable, and (c) the income and other tax consequences of purchase, conversion and redemption of Fidelity Funds. Prospective retail investors in Fidelity Funds may only purchase such funds through a licensed financial intermediary. Investors may not purchase Fidelity Funds directly from Fidelity Singapore. Investors should consult their independent financial adviser about the suitability of any of the Fidelity Funds for their investment needs.

The information published in this web site is for information only and does not have any regard to the specific investment objective, financial situation and the particular needs of any specific person who may browse this web site.

The Fidelity Funds are not bank deposits or obligations of or guaranteed by Fidelity Singapore or any member of the Fidelity organisation, and are subject to investment risks, including the possible loss of the principal amount invested. Past Performance of any manager and/or fund and any forecasts are not necessarily indicative of the future performance, prices can go up and down. The value of shares and the income from them may fall as well as rise. Investors investing in funds denominated in non-local currency should be aware of the risk of exchange-rate fluctuation that may cause a loss of principal when foreign currency is converted back to the investors' home currency. Exchange controls may be applicable from time to time to certain foreign currencies. Investors should therefore determine whether any foreign currency investment is suitable for them in light of their investment objectives, financial means and risk profile.

The Singapore Prospectus of the Fidelity Funds is available from this web site and also obtainable via authorised distributors. The Singapore Prospectus incorporates, and is not valid without, the Luxembourg Prospectus, also available on this web site.

The information contained in the Singapore Prospectus is supplemented by the most recent annual report of the Fidelity Funds and any subsequent semi-annual report of the Fidelity Funds, if available, copies of which can be obtained, free of charge, from Fidelity Singapore during normal business hours.

Fidelity reserves the right to grant or revoke the authority to use the Fidelity Internet sites at its absolute discretion. Whilst every reasonable precaution has been taken to ensure the accuracy, security and confidentiality of information available through the Fidelity Internet sites, Fidelity cannot be held responsible for any consequence of any action carried out by any user authorised or unauthorised.

Copyright, trade marks, database rights, patents and all similar rights in this site and the information contained in it are owned by Fidelity, its licensors or relevant third-party content providers. You may use the information on this site and reproduce it in hardcopy for your personal reference only. The information may not otherwise be reproduced, distributed or transmitted to any other person or incorporated in any way in to another database, document or other material. Any copy of materials which you make from the site must retain all copyright or other proprietary notices and disclaimers contained therein. Trade names referred to in this site are trade marks owned by or licensed to Fidelity or other content providers. Trade marks owned by Fidelity or providers of content on the site are used to act as an indication of source or origin of associated services. Nothing on this site should be considered as granting any licence or right under any trade mark of Fidelity or any third party.

Certain links on this site lead to web sites maintained by third parties over which Fidelity has no control. The material available on these sites has been produced by independent providers that are not affiliated with Fidelity.

Any opinions or recommendations expressed on third-party sites are solely those of the independent providers, not of Fidelity. Fidelity does not guarantee or give any warranty with respect to the information contained on such third-party sites, and shall not be liable for the timeliness, sequence, accuracy, adequacy, completeness or any other aspect of the information contained on such third-party sites or sites linked to such sites. Fidelity shall not be liable for any loss or damage arising from your reliance upon such information. Any links to third-party sites are provided solely as a convenience to users and at your own risk. Fidelity makes no representations as to the accuracy, completeness or any other aspect of the information contained on such third-party sites or sites linked to such sites and shall not be liable for any loss or damage arising from your reliance upon such information. Any links to third-party sites are provided solely as a convenience to users and at your own risk. You should review the privacy statement of a web site before you provide personal or confidential information. Your use of other web sites shall be subject to their terms and conditions.

Fidelity uses all reasonable skill and care in compiling the information on this site. However, errors or omissions in the information may occur because of a number of factors that are inherent in any internet access system and are not within Fidelity's reasonable control. For example, unauthorised access to this service, or the effects of machine, software or operator error or malfunction in connection with data transmission. This service is accurate only on the date that such information is supplied by Fidelity via its internet service. The relevant date for any particular information is the date printed on the page on which the information appears. In view of the above, Fidelity advises you to confirm the accuracy of any information with Fidelity before seeking to rely on such information.

Any information accessed via Fidelity's online services is confidential and is protected under copyright law. Copyright c (1996-2004) Fidelity Investments International. All rights reserved.