Investing involves risk, including risk of loss.

Diversification does not ensure a profit or guarantee against loss.

Fidelity has prepared the information available on this page for, and only intends to provide it to, qualified investors. Do not distribute or reproduce this information.

As with all your investments through Fidelity, and in connection with your evaluation of the security, you must make your own determination whether an investment in any particular security or securities is consistent with your investment objectives, risk tolerance, and financial situation. Fidelity is not recommending or endorsing this investment by making it available to its customers.

Alternative investments are investment products other than the traditional investments of stocks, bond, mutual funds, or ETFs. Examples of alternative investments are limited partnerships, limited liability companies, hedge funds, private equity, private debt, commodities, real estate, and promissory notes. Each customer is responsible for reviewing the terms of all offering, disclosure documents and agreements associated with any Alternative Investment and determining the appropriateness of any Alternative Investment chosen. Some of the risks associated with alternative investments are:

• Alternative investments may be relatively illiquid, and there is no guarantee on the timing or amount of any dividends or distributions.
• It may be difficult to determine the current market value of the asset.
• There may be limited historical risk and return data.
• A high degree of investment analysis may be required before buying.
• Costs of purchase and sale may be relatively high.

Investments in Private Market Alternatives are speculative, may involve a high degree of risk and volatility, and are suitable only for those investors willing to risk losing some or all of their principal investment and who have the experience and ability to evaluate the risks and merits of an investment in the program. Such investments will generally not be freely redeemable, transferable, listed on any exchange and it is not anticipated that they will be tradable.

DISCLAIMERS

The information contained herein is confidential. By accepting this information, the recipient agrees that it will use, and it will cause its directors, partners, officers, employees and representatives to use, the information only to evaluate its potential interest in the securities described herein and for no other purpose and will not divulge any such information to any other party. Any reproduction of this information, in whole or in part, is prohibited.

Fidelity does not provide legal or tax advice, and the information provided is general in nature and should not be considered legal or tax advice. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation.

The securities described herein will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), and the Fund will not be registered under the Investment Company Act of 1940, as amended. The securities described herein will not be approved or disapproved by any federal, state or foreign securities commission or any other regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of the information contained herein. Any representation to the contrary is a criminal offense.

None of the Fund, Fidelity Diversifying Solutions LLC (FDS, the “investment manager”), Fidelity Funds Manager, LLC (the "General Partner"), Fidelity Distributors Company LLC ("FDC"), Fidelity Brokerage Services LLC ("FBS") and their respective affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. The Fund, the investment manager, the General Partner, FDC, FBS and their respective affiliates disclaim any and all liability relating to this information, including, without limitation any express or implied representation or warranty for statements contained in and omissions from this information. The information contained herein includes estimates and projections and involves significant elements of subjective judgment and analysis. No representations are made as to the accuracy of such estimates or projections or that all assumptions relating to such estimates or projections have been considered or stated or that such projections will be realized. None of the Fund, the investment manager, the General Partner, FDC, FBS and their respective affiliates expects, or shall have any duty, to update the information contained herein.

RISK FACTORS

Investors should review the offering documents, including the description of risk factors contained in the Fund's Confidential Private Placement Memorandum (the "Memorandum"), prior making a decision to invest in the securities described herein. An investment in the Fund involves a high degree of risk and is suitable only for those investors willing to risk losing some or all of their principal investment and who have the experience and ability to evaluate the risks and merits of an investment in the Fund. The Memorandum will include more complete descriptions of the risks described below as well as additional risks relating to, among other things, foreign exposure, conflicts of interest and regulatory and tax matters. Any decision to invest in the securities described herein should be made after reviewing such Memorandum, conducting such investigations as the investor deems necessary and consulting the investor’s own legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of an investment in the Fund.

Accredited Investor and Qualified Purchaser Status. Each Limited Partner must represent in writing, among other things, that such Limited Partner is an “accredited investor” as that term is defined in Regulation D promulgated under the Securities Act, and a “qualified purchaser” as that term is defined in Section 2(A)(51) of the 1940 Act or a “knowledgeable employee” as that term is defined in Rule 3c-5(A)(4)(I) of the 1940 Act.

Investment Risk. An investment in the Fund involves a high degree of risk, including the risk that the Limited Partner's entire investment may be lost. The Fund’s performance depends upon the Adviser’s selection of underlying funds and direct investments in operating companies, the allocation of offering proceeds thereto, and the performance of the Investment Funds, direct investments, and other assets. The Investment Funds’ investment activities and investments in operating companies involve the risks associated with private equity investments generally.

Unexpected volatility or lack of liquidity could impair the Fund’s performance and result in its suffering losses.

General Private Equity Risks. The Fund is subject to those risks that are inherent in private equity investments. These risks are generally related to: (i) the ability of each underlying fund to select and manage successful investment opportunities; (ii) the quality of the management of each company in which an Investment Fund invests; (iii) the ability of an underlying fund to liquidate its investments; and (iv) general economic conditions. Securities of private equity funds, as well as the portfolio companies these funds invest in, tend to be more illiquid, and highly speculative.

General Risks of Secondary Investments. There is no established market for secondaries and the Adviser does not currently expect a liquid market to develop. In many cases, the Fund will not have the opportunity to negotiate the terms of its secondaries, including any special rights or privileges. Moreover, the purchase price of secondaries will be subject to negotiation with the sellers of such interests. It is possible that competition for appropriate investment opportunities may increase, thus reducing the number and attractiveness of investment opportunities available to the Fund and adversely affecting the terms upon which investments can be made availability of Suitable Investments. The pursuit of the Fund’s investment strategy involves uncertainty. There can be no assurance that the Investment Manager will be able to locate and complete suitable investments that satisfy the Fund’s objectives and that the Investment Manager believes will provide performance commensurate with the Fund’s targets.

Availability of Suitable Investments. The pursuit of the Fund’s investment strategy is highly competitive and involves a high degree of uncertainty. There can be no assurance that the Investment Manager will be able to locate and complete suitable investments that satisfy the Fund’s objectives and that the Investment Manager believes will provide performance commensurate with the Fund’s targets.

Lack of Liquidity. The Fund will not be listed for trading on any exchange or be transferable without the consent of the General Partner. A Limited Partner’s participation in the Fund requires a long-term commitment, with no certainty of return. Because Partners cannot withdraw capital from the Fund and the fact that Interests are not tradable, an investment in the Fund is an illiquid investment and involves a high degree of risk.

Dependence on Investment Team. The Fund has no operating history upon which prospective Limited Partners can evaluate performance. No guarantee or representation is made that the Fund will achieve its investment objective or that Limited Partners will not lose all or substantially all of their investment in the Fund. The past performance of the Investment Manager or its affiliates is no guarantee of the future performance of the Fund. There is no assurance that the Fund will be profitable.

Other Funds and Accounts Managed by Fidelity. The Fidelity personnel responsible for making investments on behalf of the Fund are also responsible for making investments on behalf of other funds and accounts.

IMPORTANT INFORMATION

Information provided in, and presentation of, this document is for informational and educational purposes only and are not a recommendation to take any particular action, or any action at all, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Fidelity does not provide legal or tax advice.

Past performance is no guarantee of future results. Investors should be aware that an investment's value may be volatile and involves the risk that you may lose money.

Like all investments, an investment in the Fund involves the risk of loss. Investment products such as the Fund are designed only for sophisticated investors who are able to sustain the loss of their investment. Accordingly, such investment products are not suitable for all investors. The Fund is not subject to the same or similar regulatory requirements as mutual funds or other more regulated collective investment vehicles.

Certain information contained in this Presentation has been obtained from third-party sources.  While such information is believed to be reliable for the purposes used herein, Fidelity has not independently verified such information and Fidelity makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein.  Certain economic and market conditions contained herein have been obtained from published sources and/or prepared by third parties and in certain cases have not been updated through the date hereof.  All information contained herein is subject to revision and the information set forth herein does not purport to be complete.

Certain information contained in this Presentation constitutes “forward-looking statements” that can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of any Fidelity investment may differ materially from those reflected or contemplated in such forward-looking statements.

Fidelity Diversifying Solutions LLC ("FDS") is an SEC registered investment adviser, a registered commodity pool operator and a registered commodity trading advisor. FDS is a wholly owned subsidiaries of FMR LLC. "Fidelity Investments" and/or "Fidelity" refers collectively to FMR LLC, a U.S. company, and its subsidiaries, including but not limited to Fidelity Management & Research Company LLC (FMR) and FDS.