Fidelity Nordic Fund MARKET RECAP. Key Takeaways

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1 Fidelity Nordic Fund Key Takeaways The fund gained 9.80% for the six months ending April 30, 2016, strongly outpacing the 2.14% return of its benchmark FTSE Capped Nordic Index. Amid a volatile investment environment, Manager Stefan Lindblad's stock selection in the consumer services group was by far the biggest driver of outperformance versus the benchmark. An out-of-index stake in Kambi Group, a Malta-based company that provides sports-betting infrastructure to Europe's gaming industry, was the fund's top individual contributor. On the downside, stock selection in the health care sector was a modest detractor, most notably the fund's out-of-benchmark position in Swedish medical technology company Getinge. Given the Nordic region's strong economic health compared with the rest of Europe, Stefan is optimistic that he can continue to find solid companies with good long-term growth prospects through his emphasis on bottom-up stock selection. MARKET RECAP Despite a robust second-half rally, international equities declined for the six months ending April 30, The major-market MSCI World ex USA Index returned -2.08%, with resource-rich Canada (+8%) and Asia Pacific ex Japan (+4%) the only regions to post a positive result. The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal Reserve's decision to delay raising target interest rates until mid-december, investors faced new-year news of an economic slowdown in China, coupled with persistent commodity weakness and U.S.-dollar strength. A volatile February saw central banks in Europe, Japan and China take aggressive action aimed at reigniting their economies; the Fed added fuel by softening its schedule for future rate hikes. Stocks rallied over the final third of the period, capping the strongest two-month gain since early Within developed markets, smallcap stocks handily outpaced large-caps, and growth bettered value-oriented stocks. Volatility and falling bond yields aided traditionally defensive and dividend-rich sectors, notably telecommunication services, utilities and consumer staples. Rebounding commodity prices powered an impressive turnaround in energy and materials near period end leading both into the black with pronounced effects in resource-heavy emerging markets. Not FDIC Insured May Lose Value No Bank Guarantee

2 Q&A An interview with Manager Stefan Lindblad Fund Facts Trading Symbol: Stefan Lindblad Manager FNORX Start Date: November 01, 1995 Size (in millions): $ Investment Approach Fidelity Nordic Fund is a regional equity strategy that seeks long-term growth of capital by investing primarily in the securities of Danish, Finnish, Norwegian and Swedish issuers and other investments that are tied economically to the Nordic region. We believe that investing in high-quality companies with demonstrated track records of compounding value and that trade at a discount to their intrinsic (fair) value has the best potential to generate alpha (risk-adjusted excess return) over the long term. Guided by this philosophy, we focus the portfolio on companies that we believe can generate sustainable returns above their cost of capital. These tend to be firms with proven business models, wide competitive moats and access to scarce or intangible resources (e.g., properties, cost structure, R&D, brands, company culture and management). Fidelity's vast global research organization and focus on long-term fundamental analysis helps us identify the tangible and intangible elements that drive consistent value creation, as well as inefficiencies between market price and intrinsic value. Q: Stefan, how did the fund perform for the six months ending April 30, 2016 The fund posted a strong 9.80% gain, handily outpacing the 2.14% return of the FTSE Capped Nordic Index benchmark. For the trailing 12 months, the fund also drastically outperformed its benchmark. Q: What was the investment environment like the past six months The Nordic countries Denmark, Finland, Norway and Sweden performed relatively well, especially compared with results from the rest of Europe. Denmark posted the strongest return in the region, while Norway and Sweden delivered more-modest, but still positive, results. Only Finland dipped into negative territory, mainly driven by continued economic fallout from the global recession that began in However, many Nordic firms that rely heavily on exports remained under pressure as growth in China slowed and the rest of Europe struggled. Declining oil prices also decelerated some of the region's growth. Overall, the volatile investment environment suited my investment style quite well, as bottom-up stock picking is my primary focus. Q: What's your investment philosophy and process for managing the fund I am a bottom-up stock picker, looking for growing companies that I think can generate value over time, as well as those with solid business models operating in areas with high barriers to entry. I look for characteristics such as a return above a business's cost of capital, steady growth and the potential to increase in valuation over time. In my experience, companies exhibiting these criteria tend to pay a stable and rising dividend, which I believe is very important for total shareholder return in this low interest rate environment. I normally concentrate on owning 30 to 50 stocks, which allows me to focus the fund on my best ideas. Q: What factors contributed to the fund's strong 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

3 outperformance this period The local Nordic stock exchanges present me with a diverse set of listed companies many more than are represented in the FTSE Capped Nordic Index which means that, through careful analysis, I usually can find opportunities to generate great ideas not found in the benchmark. I'm happy to report that stock selection was indeed the greatest contributor to the fund's relative result. My choices in the consumer services group were the most beneficial this period. Here, the fund's stake in out-of-index Kambi Group was our top individual contributor. This Malta-based company provides sports-betting infrastructure to Europe's gaming industry, including such services as odds compilation, risk management, and custom digital and mobile solutions. I've made Kambi one of the fund's largest holdings based on my high conviction in the company's ability to grow its margins, as well as in Kambi's product pipeline. During the period, the company reported a strong increase in year-over-year revenue, sending its stock price higher. In Sweden, the fund's longtime position in another out-ofbenchmark name, Bravida, also helped. The company specializes in installing electrical, plumbing and HVAC (heating, ventilation and air conditioning) systems. I've held on to Bravida because I view it as a stable business with good exposure to renovation work. The company also enjoys solid cash flow, marketplace visibility, and low but consistent growth. The company reported good growth and increasing earnings this period as well as several successful acquisitions, broadening its presence in the Nordic region. All these factors helped lift its stock price. In the food, beverage & tobacco group, an overweighting in Denmark-based brewer Carlsberg provided a boost. In early 2016, the company appointed a new management team that emphasizes return on capital more than growth. Carlsberg has been selling its underperforming breweries, mainly in China, and otherwise pruning its product offerings. Q: What else helped Swedish investment company East Capital Explorer, also an out-of-index position, was additive. The company is dismantling its business structure and liquidating its investment assets. In turn, East Capital is shifting its focus to a pure-play property business in the Baltic states. The market favorably viewed these moves, and the stock rose. Avoiding index heavyweight Nokia was another win. The Finland-based telecom giant has struggled to maintain market share amid increased global competition. Even though the company's earnings exceeded expectations during the fourth quarter of 2015, waning demand for Nokia's products dampened the company's outlook, and the stock fell steeply in early February. Due to the continued fundamental challenges Nordic telecom companies have been facing, I generally have steered clear of them. This period, I avoided the telecommunication services sector completely, which modestly contributed to the fund's relative result. Q: How about detractors Stock selection in health care was unfavorable, albeit modestly. On an individual basis, Swedish medical technology company Getinge with a -15% return this period dragged on the fund's relative result. Getinge has not been able to truly integrate a number of companies it had acquired during the past several years. However, the firm's new management team is committed to making the necessary changes to stoke Getinge's performance. These changes don't happen overnight, though, and I'm willing to remain patient for the time being, thus I continued to hold the position. Not owning two relatively good-performing benchmark components also hurt. I avoided wind-power company Vestas Wind Systems and biotechnology firm Genmab, both based in Demark, believing I could find better growth over the long term in other areas of the market. Notwithstanding the fund's solid picks in consumer discretionary, the fund was penalized a bit for its overweighting there. But other than that, I am pleased to report that the fund really had no notable sector-level detractors this period. Q: What is your outlook as of period end Over the long term, I believe Nordic countries have an advantage vis-à-vis the rest of Europe, mainly based on the general and relative health of their economies. The region is home to many solid companies, and I believe the potential stock-picking opportunity there is phenomenal. While sluggish growth in Europe could certainly dampen the Nordic region's short-term forecast, I remain confident in the continued ability to generate many strong investment ideas. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

4 LARGEST CONTRIBUTORS VS. BENCHMARK Stefan Lindblad on Kambi Group: "The fund's longtime position in Kambi Group, a provider of sports-betting software solutions to the gaming industry, was a relative contributor this period. Looking back a bit longer, though, the stock has weathered its ups and down and proves why maintaining a longer-term perspective can be beneficial for shareholders. "In the first half of 2014, Kambi was spun off from parent company Unibet, a Swedish online gaming operator, and I established the fund's position at that point. Out of the gates, Kambi's stock experienced a strong run. However, investor excitement waned when the company reported slower-than-expected customer acquisition, and Kambi's stock price declined. "Trusting in the long-term outlook for sports betting, I held on to the position. As I took a closer look at its products, I became increasingly convinced Kambi had the makings of a market leader. In my view, Kambi should be able to grow revenue solidly over the next several years as it signs on more customers and takes market share from competitors. Like any software business, Kambi's cost structure is easily leveraged and, as a result, earnings could be poised to grow quickly. "When Kambi's stock came under pressure, I took advantage to grow the fund's position and was able to harness gains as the stock slowly worked its way back up in valuation from its 2014 lows, before hitting another dip in October Around that time, I had the opportunity to meet with the company's management team, which bolstered my conviction in the business. "Though I slightly trimmed our position this period to keep its size in check, at period end I remain confident in Kambi's long-term growth potential." Holding Kambi Group PLC Nokia Corp. Market Segment Discretionary Information Technology Average Relative Relative Contribution (basis points)* 4.75% % 126 Bravida AB Industrials 3.06% 76 Carlsberg A/S Series B Staples 3.76% 67 East Capital Explorer AB Financials 2.01% 50 * 1 basis point = 0.01%. LARGEST DETRACTORS VS. BENCHMARK Holding Market Segment Average Relative Relative Contribution (basis points)* Getinge AB (B Shares) Health Care 3.31% -57 Vestas Wind Systems A/S Industrials -1.90% -37 Genmab A/S Health Care -0.88% -33 Volvo AB (B Shares) Industrials -2.00% -29 Novo Nordisk A/S Series B Health Care -6.74% -24 * 1 basis point = 0.01%. ASSET ALLOCATION Asset Class Six Months Ago International Equities 96.00% 98.98% Developed Markets 91.07% 96.67% Emerging Markets 4.93% 2.31% Tax-Advantaged Domiciles 0.00% 0.00% Domestic Equities 0.00% 0.00% Bonds 0.00% 0.00% Cash & Net Other Assets 4.00% 1.02% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

5 MARKET-SEGMENT DIVERSIFICATION Market Segment Six Months Ago Discretionary 22.81% 19.61% Industrials 21.97% 25.18% Health Care 15.14% 17.46% Staples 14.88% 13.83% Financials 13.88% 16.91% Information Technology 4.78% 1.65% Materials 1.75% 4.32% Energy 0.80% 0.00% Telecommunication Services 0.00% 0.00% Utilities 0.00% 0.00% Other 0.00% 0.00% COUNTRY DIVERSIFICATION Country Six Months Ago Sweden 49.28% 51.50% Denmark 22.57% 22.61% Finland 11.75% 15.39% Malta 4.93% 2.31% Norway 4.11% 2.73% USA 3.90% 1.07% United Kingdom 3.45% 4.58% 10 LARGEST HOLDINGS Holding H&M Hennes & Mauritz AB (B Shares) Market Segment Discretionary Six Months Ago 6.28% 3.86% Novo Nordisk A/S Series B Health Care 5.96% 6.47% Carlsberg A/S Series B Svenska Cellulosa AB (SCA) (B Shares) Kambi Group PLC Staples Staples Discretionary 5.16% 4.88% 5.11% 5.57% 4.93% 2.31% Eltel AB Industrials 4.04% 3.49% Unibet Group PLC unit Discretionary 3.45% 4.58% Getinge AB (B Shares) Health Care 3.38% 4.25% Bravida AB Industrials 3.18% 2.54% Svenska Handelsbanken AB (A Shares) Financials 3.12% 2.91% 10 Largest Holdings as a % of Net Assets 44.62% 45.66% Total Number of Holdings The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments. 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

6 FISCAL PERFORMANCE SUMMARY: Periods ending April 30, Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Fidelity Nordic Fund Gross Expense Ratio: 1.00% % 4.03% 6.24% 13.22% 7.15% 6.01% FTSE Capped Nordic Index (Uncapped through 9/30/09) 2.14% 2.00% -5.17% 5.03% 2.72% 5.29% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. This fund has a short term trading fee 1.50% for shares held less than 90 days. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, advisor.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 6 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

7 Definitions and Important Information FUND RISKS Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The risks are particularly significant for funds that focus on a single country or region. IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. FTSE Capped Nordic Index is a modified market capitalizationweighted index designed to measure the performance of the investable equity markets of Denmark, Finland, Norway, and Sweden. Constituent weights are capped semi-annually by FTSE to enforce issuer diversification constraints. MSCI World ex USA Index captures large- and mid-cap representation across developed-markets countries (excluding the U.S.). The index covers approximately 85% of the free float-adjusted market capitalization in each country. MSCI Emerging Markets Index is a market capitalization-weighted index designed to measure the investable equity market performance for global investors in emerging markets. MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. Should not be construed or used as a recommendation for any sector or industry. RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary. 7

8 Manager Facts Stefan Lindblad is a portfolio manager in the U.K. office at Fidelity Management & Research Company (FMRCo), the investment advisor for Fidelity's family of mutual funds. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, Stefan is responsible for managing Fidelity Europe Fund and Fidelity Advisor Europe Fund (since 2013), as well as Fidelity Nordic Fund (since 2014). He also manages the European financials sleeve of Fidelity Global Balanced Fund and Fidelity International Equity Central Fund. Prior to rejoining Fidelity in December 2010, Stefan was a partner at KDA Capital from 2006 to Previously, he worked as a research analyst at Fidelity International Limited (FIL) from 2003 to Before joining Fidelity in 2003, Stefan was a project manager at Framtidsfabriken from 2000 to 2001 and an auditor/consultant at KPMG from 1997 to He has been in the investments industry since Stefan earned his masters of science degree in business administration from the School of Economics and Commercial Law at the University of Gothenburg and his master of business administration degree from INSEAD in Singapore and France. 8 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

9 PERFORMANCE SUMMARY: Quarter ending June 30, Annualized 5 10 / LOF 1 Fidelity Nordic Fund Gross Expense Ratio: 1.00% % 12.25% 7.84% 6.19% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. This fund has a short term trading fee 1.50% for shares held less than 90 days. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, advisor.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Information included on this page is as of the most recent calendar quarter. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee Diversification does not ensure a profit or guarantee against a loss.