FMR LLC → Fidelity Core Real Estate Fund

The Reporting Persons acquired the securities reported herein as seed capital in connection with the launch of the Issuer by Fidelity Diversifying Solutions LLC (the "Investment Manager") and its affiliates, as compensation for services and for investment purposes. Pursuant to the Investment Management Agreement described below in Item 6, the Investment Manager provides advisory and management services to the Company and the Operating Partnership. The Investment Manager and the Issuer's trustee (the "Trustee") are both affiliates of FMR. All of the Issuer's officers are employees of the Investment Manager or one of its affiliates. In such capacities, the Investment Manager, the Trustee, and these individuals have influence over the corporate activities of the Issuer, including activities which relate to items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D and from time-to-time have plans and/or proposals to engage in such activities in such capacity. Except as described in this Schedule 13D, the Reporting Persons as shareholders of the Issuer do not have any present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D, although the Reporting Persons, at any time and from time to time, may review, reconsider and change their position, their purpose and/or develop such plans and may seek to influence management or the Board with respect to the business and affairs of the Issuer, and may from time to time consider pursuing or proposing such matters with advisors, the Issuer or other persons. The Issuer has adopted a distribution reinvestment plan ("DRIP") whereby shareholders may elect to have cash distributions otherwise payable to them by the Issuer automatically reinvested in additional Common Shares. Any cash distributions attributable to Common Shares owned by the participants who elect to participate in the DRIP will be immediately reinvested in additional Common Shares on behalf of the participants on the business day such distributions would have been paid to such participants. The Reporting Persons have elected to participate in the DRIP and will acquire additional shares pursuant to the DRIP for so long as they elect to participate in the plan. As described in Item 6 below, pursuant to the Investment Management Agreement, certain fees owed to the Investment Manager may be paid in cash or in Common Shares at the Investment Manager's election. The Investment Manager has elected in the past, and expects to continue to elect for the foreseeable future, to receive Common Shares in lieu of cash for payment of some or all of its fees under the Investment Management Agreement. In addition, an affiliate of FMR has committed to purchase up to $50.0 million of Common Shares from the Issuer from time to time, as mutually agreed to with the Issuer. The amount available under this commitment is subject to adjustment to the extent any Shares are issued as payment for Management Fees payable to the Investment Manager.