SUB-ADVISORY AGREEMENT 

between 

FMR CO., INC. and 

FIDELITY MANAGEMENT & RESEARCH COMPANY 

AGREEMENT made this17th day of September, 2008, by and between FMRCo., Inc., a Massachusetts corporation with principal offices at 82 DevonshireStreet  Boston Massachusetts (hereinafter called the Sub-Adviser) andFidelity Management & Research Company, a Massachusetts corporation withprincipal offices at 82 Devonshire Street, Boston, Massachusetts (hereinaftercalled the Adviser). 

WHEREAS the Adviser has entered into a Management Contract withFidelity Investment Trust, a Massachusetts business trust which may issue one ormore series of shares of beneficial interest (hereinafter called the Fund),on behalf of Fidelity Series Emerging Markets Fund (hereinafter called thePortfolio), pursuant to which the Adviser is to act as investment manager andadviser to the Portfolio, and 

WHEREAS the Sub-Adviser was formed for the purpose of providinginvestment management of equity and high income funds and advising generallywith respect to equity and high income instruments**.**

NOW, THEREFORE, in consideration of the premises and the mutualpromises hereinafter set forth, the Adviser and the Sub-Adviser agree asfollows: 

1. (a) The Sub-Adviser shall, subject to the supervision of theAdviser, direct the investments of all or such portion of the Portfolio's assetsas the Adviser shall designate in accordance with the investment objective,policies and limitations as provided in the Portfolio's Prospectus or othergoverning instruments, as amended from time to time, the Investment Company Actof 1940 and rules thereunder, as amended from time to time (the 1940 Act),and such other limitations as the Portfolio may impose by notice in writing tothe Adviser or Sub-Adviser. The Sub-Adviser shall also furnish for the use ofthe Portfolio office space and all necessary office facilities, equipment andpersonnel for servicing the investments of the Portfolio; and shall pay thesalaries and fees of all personnel of the Sub-Adviser performing services forthe Portfolio relating to research, statistical and investment activities. TheSub-Adviser is authorized, in its discretion and without prior consultation withthe Portfolio or the Adviser, to buy, sell, lend and otherwise trade in anystocks, bonds and other securities and investment instruments on behalf of thePortfolio. The investment policies and all other actions of the Portfolio areand shall at all times be subject to the control and direction of the Fund'sBoard of Trustees. 

(b) The Sub-Adviser shall also furnish such reports, evaluations,information or analyses to the Fund and the Adviser as the Fund's Board ofTrustees or the Adviser may request from time to time or as the Sub-Adviser maydeem to be desirable. The Sub-Adviser shall make recommendations to the Fund'sBoard of Trustees with respect to Portfolio policies, and shall carry out suchpolicies as are adopted by the Trustees. The Sub-Adviser shall, subject toreview by the Board of Trustees, furnish such other services as the Sub-Advisershall from time to time determine to be necessary or useful to perform itsobligations under this Agreement and which are not otherwise furnished by theAdviser. 

(c) The Sub-Adviser shall place all orders for the purchase andsale of portfolio securities for the Portfolio's account with brokers or dealersselected by the Sub-Adviser, which may include brokers or dealers affiliatedwith the Adviser or Sub-Adviser. The Sub-Adviser shall use its best efforts toseek to execute portfolio transactions at prices which are advantageous to thePortfolio and at commission rates which are reasonable in relation to thebenefits received. In selecting brokers or dealers qualified to execute aparticular transaction, brokers or dealers may be selected who also providebrokerage and research services (as those terms are defined in Section 28(e) ofthe Securities Exchange Act of 1934) to the Portfolio and/or the other accountsover which the Sub-Adviser, Adviser or their affiliates exercise investmentdiscretion. The Sub-Adviser is authorized to pay a broker or dealer who providessuch brokerage and research services a commission for executing a portfoliotransaction for the Portfolio which is in excess of the amount of commissionanother broker or dealer would have charged for effecting that transaction ifthe Sub-Adviser determines in good faith that such amount of commission isreasonable in relation to the value of the brokerage and research servicesprovided by such broker or dealer. This determination may be viewed in terms ofeither that particular transaction or the overall responsibilities which theSub-Adviser and its affiliates have with respect to accounts over which theyexercise investment discretion. The Trustees of the Fund shall periodicallyreview the commissions paid by the Portfolio to determine if the commissionspaid over representative periods of time were reasonable in relation to thebenefits to the Portfolio. 

2. As compensation for the servicesto be furnished by the Sub-Adviser hereunder, the Adviser agrees to pay theSub-Adviser a monthly fee equal to 50% of the management fee (includingperformance adjustments, if any) that the Portfolio is obligated to pay theAdviser under the Portfolio's Management Contract with the Adviser in respect ofthat portion of the Portfolio's assets managed by the Sub-Adviser during suchmonth. Such fee shall not be reduced to reflect expense reimbursements or feewaivers by the Adviser, if any, in effect from time to time. 

3. It is understood that Trustees, officers, and shareholders ofthe Fund are or may be or become interested in the Adviser or the Sub-Adviser asdirectors, officers or otherwise and that directors, officers and stockholdersof the Adviser or the Sub-Adviser are or may be or become similarly interestedin the Fund, and that the Adviser or the Sub-Adviser may be or become interestedin the Fund as a shareholder or otherwise. 

4. It is understood that the Portfolio will pay all its expensesother than those expressly stated to be payable by the Sub-Adviser hereunder orby the Adviser under the Management Contract with the Portfolio. 

5. The Services of the Sub-Adviser to the Adviser are not to bedeemed to be exclusive, the Sub-Adviser being free to render services to othersand engage in other activities, provided, however, that such other services andactivities do not, during the term of this Agreement, interfere, in a materialmanner, with the Sub-Adviser's ability to meet all of its obligations withrespect to rendering investment advice hereunder. The Sub-Adviser shall for allpurposes be an independent contractor and not an agent or employee of theAdviser or the Fund. 

6. In the absence of willful misfeasance, bad faith, grossnegligence or reckless disregard of obligations or duties hereunder on the partof the Sub-Adviser, the Sub-Adviser shall not be subject to liability to theAdvisor, the Trust or to any shareholder of the Portfolio for any act oromission in the course of, or connected with, rendering services hereunder orfor any losses that may be sustained in the purchase, holding or sale of anysecurity. 

7. (a) Subject to prior termination as provided in sub-paragraph(d) of this paragraph 7, this Agreement shall continue in force until July 31,2010****and indefinitely thereafter, but only so long as the continuanceafter such period shall be specifically approved at least annually by vote ofthe Fund's Board of Trustees or by vote of a majority of the outstanding votingsecurities of the Portfolio. 

(b) This Agreement may be modified by mutual consent subject tothe provisions of Section 15 of the 1940 Act, as modified by or interpreted byany applicable order or orders of the Securities and Exchange Commission (the"Commission") or any rules or regulations adopted by, or interpretive releasesor no-action letters of, the Commission or its staff. 

(c) In addition to the requirements of sub-paragraphs (a) and (b)of this paragraph 7, the terms of any continuance or modification of theAgreement must have been approved by the vote of a majority of those Trustees ofthe Fund who are not parties to such Agreement or interested persons of any suchparty, cast in person at a meeting called for the purpose of voting on suchapproval. 

(d) Either the Adviser, the Sub-Adviser or the Portfolio may, atany time on sixty (60) days' prior written notice to the other parties,terminate this Agreement, without payment of any penalty, by action of its Boardof Trustees or Directors, or by vote of a majority of its outstanding votingsecurities. This Agreement shall terminate automatically upon the termination ofthe Management Contract between the Fund, on behalf of the Portfolio, and theAdviser. This Agreement shall terminate automatically in the event of itsassignment. 

8. The Sub-Adviser is hereby expressly put on notice of thelimitation of shareholder liability as set forth in the Declaration of Trust orother organizational document of the Fund and agrees that any obligations of theFund or the Portfolio arising in connection with this Agreement shall be limitedin all cases to the Portfolio and its assets, and the Sub-Adviser shall not seeksatisfaction of any such obligation from the shareholders or any shareholder ofthe Portfolio. Nor shall the Sub-Adviser seek satisfaction of any suchobligation from the Trustees or any individual Trustee. 

9. THIS AGREEMENT SHALL BE GOVERNEDBY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OFMASSACHUSETTS, WITHOUT GIVING EFFECT TO THE CHOICE OF LAWS PROVISIONS THEREOF.

The terms registered investment company, vote of a majorityof the outstanding voting securities, assignment, and interested persons,when used herein, shall have the respective meanings specified in the InvestmentCompany Act of 1940 as now in effect or as hereafter amended, and subject tosuch orders or no-action letters as may be granted by the Commission or itsstaff. 

IN WITNESS WHEREOF the parties hereto have caused this instrumentto be signed in their behalf by their respective officers thereunto dulyauthorized, and their respective seals to be hereunto affixed, all as of thedate written above.