Fidelity Canada Fund MARKET RECAP. Key Takeaways

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1 Fidelity Canada Fund Key Takeaways For the fiscal year ending October 31, 2017, the fund's Retail Class shares rose 14.35%, underperforming the 15.90% result of the S&P/TSX Composite Index of Canada-based equities. Canada posted a strong result for the 12 months but lagged other markets as investors turned elsewhere to try to profit from a potential upswing in global growth. An oversupply of oil and gas also pressured commodity-rich Canada for much of the period. In this environment, Manager Risteard Hogan's relatively conservative investment approach, which emphasizes companies with solid fundamentals and long-term growth prospects, held back the fund's relative performance. Versus the benchmark, overweighting consumer staples stocks quick-mart operator Alimentation Couche-Tard, in particular detracted most. The fund's biggest individual detractor, though, was unfavorable timing with insurer Manulife Financial. On the plus side, stock picks in materials delivered the greatest boost, led by copper, nickel and zinc miner Lundin Mining. Given Canada's resource-rich market, Risteard is optimistic about the country's near-term outlook, especially if energy prices improve and Canada's economy continues to grow. MARKET RECAP The MSCI ACWI (All Country World Index) ex USA Index returned 23.85% for the 12 months ending October 31, 2017, helped partly by a generally weak U.S. dollar. Some favorable election results in continental Europe (+30%) suggested ebbing political uncertainty and near-term risk there, but the U.K. (+20%) faced more-mixed conditions ahead of its expected exit from the European Union. Despite central-bank easing and pressured recently by yen strength Japan (+18%) lagged the rest of the Asia-Pacific group (+22%). The emerging-markets group (+26%) benefited from better-than-expected performance among key economies. Sector-wise, information technology (+47%) was driven by a surge among several Chinese internet-related names. Financials (+27%) rode rising interest rates that, at the same time, weighed on real estate (+17%), utilities (+16%), consumer staples (+14%) and telecommunication services (+9%) socalled "bond proxy" sectors. Materials (+28%) and industrials (+27%) responded to demand from China and price gains for certain commodities. In the energy sector (+20%), oil prices lost ground in the spring before rebounding through October 31 to end well above where they started 12 months ago. Lastly, health care (+14%) was hurt by early-period turmoil around drug pricing and health care legislation. Not FDIC Insured May Lose Value No Bank Guarantee

2 Fund Facts Trading Symbol: Risteard Hogan Manager FICDX Q&A An interview with Manager Risteard Hogan Q: Risteard, how did the fund perform for the 12 months ending October 31, 2017 The fund's Retail Class shares rose 14.35%, trailing the 15.90% advance of the benchmark S&P/TSX Composite Index of Canada-based equities. Start Date: November 17, 1987 Size (in millions): $1, Investment Approach Fidelity Canada Fund is a country-focused equity strategy that seeks long-term growth of capital by investing primarily in the securities of Canadian issuers and other investments that are tied economically to Canada. Our investment approach is rooted in the belief that companies with high and more-stable returns and high payback to shareholders (through dividends and buybacks) should outperform over the long term, if purchased at attractive valuations. We also believe that long-term value is often mispriced by a short-termfocused market. We seek to exploit these opportunities through in-depth fundamental analysis, leveraging Fidelity's global research capabilities. Overall, the fund focuses on good businesses at cheap valuations. Typically, these are firms led by strong, shareholder-focused management teams with a history of delivering high investment returns and the capacity to sustain or improve cash payouts to shareholders. Our valuation analysis makes heavy use of discountedcash-flow models and favors unlevered multiples on enterprise value versus history rather than traditional price-to-earnings multiples. Q: Please tell us about the investment environment for Canada the past 12 months. Despite posting a solid gain, the Canadian equity market, as measured by the S&P/TSX Composite index, broadly underperformed other major global markets. Canada has performed fairly well since early 2016 amid a background of general global market improvement and rising interest rates also the case for much of this past year. However, after Canada's market kept pace in the earlier part of the period, investors looked elsewhere to take advantage of an expected upswing in global growth, and Canadian equities fell behind those of other regions as 2017 progressed. Also weighing on the Canadian market were stagnant oil, natural gas and gold prices, which pressured Canada's resource-rich stock market for much of the period. As a result, the energy and materials sectors which accounted for nearly a third of the total benchmark weight posted lackluster returns and dampened investor sentiment for Canada in general. Q: Did the fund perform in line with your expectations While I would have liked the fund to have performed better versus its benchmark, I'd note that I have a relatively conservative investment approach. This held the fund back this period as investors broadly looked for faster-growing stocks. In building the portfolio on a stock-by-stock basis that is, with an emphasis on fundamental analysis I typically tend to own higher-quality companies with lower operational/financial leverage than the benchmark average. Historically, these stocks have tended to lag in a strong market, like the one we experienced this past year. In general, I try to position the fund to keep pace with its benchmark when the market is performing well, but to 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

3 outperform in a down market. This period, my moreconservative strategy struggled to keep up with the index. Q: What specific factors held back the fund's performance versus its benchmark An overweighting in consumer staples detracted the most on a sector basis. Here, the fund's position in conveniencestore operator Alimentation Couche-Tard, parent company of Circle K stores, was the primary detractor. Shares declined 6% for the one-year period, partly as investors became increasingly concerned about the impact of electric vehicles on prospects for gas stations. Taking a longer-term view, I believe Alimentation Couche- Tard still has tremendous value, especially as it continues to expand its global footprint. In fact, as the company's valuation came down, I added to the fund's position. Our biggest individual detraction, though, stemmed from unfavorable timing in ownership of insurance company Manulife, a strong-performing index component. The Canadian insurance market has only a few players, which generally are managed well, in my view, and usually have solid pricing power two factors I consider when investing for the fund. While Manulife met a lot of my investment criteria, I chose to own more of rival Sun Life instead. While each gained on expectations for rising interest rates, shares of Manulife outperformed those of Sun Life. I sold Sun Life in February to take profits, and I redeployed the proceeds to build up what was then a small position in Manulife, which I thought had better potential upside. By the time I had made the shift, though, Manulife already had delivered much of its best performance for the period. Q: What else hindered relative performance While stock picking in materials boosted the fund's relative result overall, certain holdings detracted, most notably our overweighted stake in Detour Gold. The stock declined 44% this period as investors grew increasingly concerned about the firm's balance sheet and production profile. Additionally, Detour Gold operates a so-called low-grade mine, which increases unit costs. If any issue impacts production such as extreme weather the challenge can be magnified significantly and severely affect the firm's balance sheet. As the year progressed, I lost conviction in Detour's prospects and sold most of the fund's stake. In energy, a position in oil and natural gas producer Peyto Exploration & Development also dragged on the fund's relative result. Low oil and gas prices weighed on Peyto's balance sheet, as did soft demand due to unfavorable weather and a higher supply of natural gas from the United States, which created an uptick in competition. Adding to Peyto's challenges were issues related to the capacity limitations of its pipelines, which hindered transportation of gas out of Canada, hurting local prices. From my perspective, however, Peyto's hurdles appeared temporary and the company's fundamentals remained solid. Provided that prices of oil and natural gas continue to normalize and any pipeline issues are resolved, I believe Peyto's low cost position in the industry still has a strong long-term outlook and the potential to create value. Q: What helped As I mentioned, stock picking in materials benefited the fund's relative result. In fact, the fund's top individual contributor on a relative basis came from this group: copper, nickel and zinc miner Lundin Mining, which was aided by strength in base-metal prices, especially copper. While I'm generally cautious on miners and exploration companies, Lundin fit several of my investment criteria, including having an effective management team with a history of solid business execution and maintaining a robust balance sheet. Also, Lundin's mines generally are lower on the cost curve, and through my research I concluded that supply/demand dynamics in key products were working in the company's favor. During the year, all of these positives helped lift shares of Lundin, which nearly doubled in value the past 12 months. I should note, however, that an October 31 rock slide at one of its key mines the operational impact of which was not disclosed until later drove a material selloff in Lundin's stock after the end of the period. This did not change my long-term outlook on the business. Stock choices in telecommunication services also helped, with shares of communications and media firm Rogers Communications buoying our relative result. This multiservice company offering wireless, cable, telephone and internet connectivity, among other businesses garnered strong pricing power for its wireless services, which helped improve its revenue, balance sheet and cash flow. In addition, the firm's April appointment of a new CEO was received well by investors. Q: What is your near-term outlook As energy has recovered from recent lows and concerns about the banking system have abated for now, Canada's market also has improved. Economic growth in Canada may not keep up with its strong showing during this most recent period, but I believe as long as Canada's primary trading partners the U.S. and China remain on a path toward growth, Canada also should continue to grow at a sustained pace. 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 Risteard Hogan on Quebec's recent resurgence: "For many years, Canada's Quebec province had been considered a slower albeit more stable contributor to the country's economy, especially among the larger provinces and, in particular, compared with Ontario and Alberta. Hampered by the general perception of too much regulation and weaker governance, Quebec lagged the rest of the provinces' economic growth, suffered relatively high unemployment and experienced rising debt due partly to weak fiscal policies. "Over the past 12 months, though, Quebec has turned around on a number of measures, and we are beginning to witness numerous positive trends stoking economic growth within the province. "Like the rest of eastern Canada, Quebec has a diversified economy that includes real estate and financial services, manufacturing such as aircraft production, and consumer services. We've seen a recovery in manufacturing and demand has increased for Quebec's exports. "Also, Quebec's unemployment rate dropped to about 6% this year, a low level historically for the province. Meanwhile, infrastructure projects are on track, as the government has committed to fund numerous initiatives to improve its public-transit system and to build new highways. "With these factors driving positive momentum, consumer confidence has risen substantially, leading to increased consumer spending. "When it comes to the fund, I've focused on Quebec-based companies I believe have a distinct consumer focus, including drugstore chain Jean Coutu and grocery chain Metro, as well as media firms Quebecor and Cogeco Communications. I believe these Quebec-based companies are wellpositioned to benefit from any resulting consumer strength as the province continues its resurgence." Holding Market Segment Average Relative Relative Contribution (basis points)* Lundin Mining Corp. Materials 0.75% 40 Rogers Communications, Inc. Class B (non-vtg.) Telecommunication Services 2.42% 36 Royal Bank of Canada Financials 3.32% 32 The Toronto-Dominion Bank Financials 3.17% 31 Amundi SA Financials 0.46% 26 * 1 basis point = 0.01%. LARGEST DETRACTORS VS. BENCHMARK Holding Manulife Financial Corp. Market Segment Average Relative Relative Contribution (basis points)* Financials 0.51% -44 Detour Gold Corp. Materials 0.30% -34 Peyto Exploration & Development Corp. Energy 0.37% -31 Bank of Montreal Financials -3.00% -26 Alimentation Couche- Tard, Inc. Class B (sub. vtg.) * 1 basis point = 0.01%. ASSET ALLOCATION Asset Class Consumer Staples 1.22% -25 Six Months Ago International Equities 97.16% 96.78% Developed Markets 97.16% 96.78% Emerging Markets 0.00% 0.00% Tax-Advantaged Domiciles 0.00% 0.00% Domestic Equities 0.45% 0.44% Bonds 0.00% 0.00% Cash & Net Other Assets 2.39% 2.78% 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 Financials 33.15% 31.20% Energy 18.69% 19.61% Materials 12.88% 13.00% Industrials 9.07% 8.41% Consumer Staples 7.47% 8.10% Telecommunication Services 6.39% 6.49% Information Technology 4.74% 4.63% Consumer Discretionary 3.23% 3.62% Real Estate 0.81% 0.85% Utilities 0.71% 0.71% Health Care 0.45% 0.61% Other 0.00% 0.00% COUNTRY DIVERSIFICATION Country Six Months Ago Canada 95.49% 93.06% United States 2.76% 3.60% United Kingdom 1.23% 1.56% 10 LARGEST HOLDINGS Holding Market Segment Six Months Ago Royal Bank of Canada Financials 9.91% 9.96% The Toronto-Dominion Bank Financials 9.72% 9.03% Suncor Energy, Inc. Energy 6.24% 5.84% Manulife Financial Corp. Financials 4.10% 3.66% Canadian Pacific Railway Ltd. Industrials 3.54% 3.03% Rogers Communications, Inc. Class B (non-vtg.) Canadian National Railway Co. Telecommunication Services 3.34% 3.66% Industrials 3.33% 3.17% Agrium, Inc. Materials 3.06% 2.45% TELUS Corp. Telecommunication Services 3.06% 2.83% Enbridge, Inc. Energy 3.00% 4.31% 10 Largest Holdings as a % of Net Assets 49.30% 48.03% 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 October 31, Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Fidelity Canada Fund Gross Expense Ratio: 1.17% % 11.27% 14.35% 1.93% 4.11% 0.44% S&P/TSX Composite Index 10.64% 11.62% 15.90% 1.58% 3.03% 0.82% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/17/ 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, institutional.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 Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. 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. Effective 12/18/17, the fund's redemption fee has been removed. 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. S&P/TSX Composite Index is a broad-based, market-capitalizationweighted index designed to measure the performance of the Canadian equity market. Eligible securities must be listed on the Toronto Stock Exchange and issued by companies incorporated in Canada. MSCI ACWI (All Country World Index) ex USA Index is a marketcapitalization-weighted index that is designed to measure the investable equity market performance for global investors of developed and emerging markets, excluding the United States. 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 Risteard Hogan is a portfolio manager 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, Mr. Hogan is responsible for managing Fidelity Canada Fund (since 2014) and Fidelity Global Balanced Canadian Equity Fund (since 2014). Prior to assuming his current responsibilities, Mr. Hogan managed Fidelity Europe Capital Appreciation Fund and Fidelity Advisor Europe Capital Appreciation Fund starting in 2013, Fidelity Europe Fund beginning in 2012, and assumed co-management responsibilities for Fidelity International Equity Central Fund in Previously, Mr. Hogan served as an international equity research analyst for Fidelity International Limited (FIL). In his role in the Equity Research division, he was responsible for conducting fundamental research on the European financials industry. When Mr. Hogan first joined Fidelity, he was responsible for covering the international chemicals sector. He also covered international consumer staples, building materials, and financials with FMRCo. Before joining Fidelity in 2005, Mr. Hogan was head of corporate development for the building materials distributor, Heiton Group plc (now part of Grafton Group plc) beginning in Prior to that, he served as financial controller, CRH Europe Materials, for Ireland-based CRH plc, a top-tier global building materials manufacturer and distributor, from 1999 to 2001, and joined CRH plc as a group management accountant in Mr. Hogan began working in the investments industry in 1993, first as an auditor and then as a manager in corporate finance advisory at Coopers and Lybrand (now part of PwC). Mr. Hogan earned his bachelor of chemical engineering degree from University College Dublin, his master of business administration degree from INSEAD (Paris), and his ICA Chartered Accountant title from the Institute of Chartered Accountants. 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 September 30, Annualized 5 10 / LOF 1 Fidelity Canada Fund Gross Expense Ratio: 1.17% % 1.45% 4.06% 1.39% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/17/ 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, institutional.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.