Fidelity China Special Situations PLC (FCSS) Ordinary Shares 1p

The investment objective of the Company is to achieve long-term capital growth from an actively managed portfolio made up primarily of securities issued by companies listed in China and Chinese companies listed elsewhere. The Company may also invest in listed companies with significant interests in China.

The Board agreed a revised fee with the Manager, FIL Investment Services UK Limited, with effect from 1 July 2023. The revised fee will be 0.85% reduced from 0.90% on the first 1.5 billion of net assets. It will remain at 0.65% on net assets over 1.5 billion. The variable element of the fee of /-0.20% remains unchanged

To achieve long-term capital growth, the Board does not expect that dividends will constitute a material element of any return to Shareholders. If the company pays dividend, the frequency is annually.

Dale Nicholls

Dale Nicholls joined Fidelity in 1996 as a Research Associate in our Tokyo office. It was during his tenure as an analyst that Dale first began to take an interest in the dynamics of the Chinese market. He regularly visited Chinese companies to get a clear view of the key supply and demand chains of the industries he covered. In 2003, he was promoted to portfolio manager of the Fidelity Pacific Fund and retains management of that portfolio today. In his current role, Dale spends much of his time travelling within China to meet with the management teams and competitors of companies in which he may, or already does, invest, visiting well over 100 companies a year.

Michael BalfourChairman, Vanessa Donegan, Alastair Bruce, Georgina Field, Gordon Robert Orr, Cho Che Tse