Important Information About Changes To Your Advisory Service

Important Information About Changes To Your Advisory Service March 29, 2018 Effective July 16, 2018, Fidelity will bring together multiple services. A new registered investment adviser called Fidelity Personal and Workplace Advisors LLC will unify services such as discretionary investment management, financial planning, and support from Fidelity representatives under a new advisory offering: Fidelity Wealth Services. This change affects your existing Fidelity managed account(s), including any Fidelity Portfolio Advisory Service accounts, Fidelity Personalized Portfolios accounts, Fidelity Personalized Portfolios for Trusts accounts, BlackRock Diversified Income Portfolio accounts, and/or Fidelity Private Client Group Advisory SM accounts. The advisory services you currently receive for these accounts will continue to be provided under the new Fidelity Wealth Services program sponsored by Fidelity Personal and Workplace Advisors LLC. Portfolio Advisory Services will be used as the name for all accounts managed through Fidelity Wealth Services. Strategic Advisers LLC will continue as the investment manager for all client accounts. The Program Fundamentals valid until July 16, 2018, are enclosed for your review. We have also enclosed the Program Fundamentals effective as of July 16, 2018, for both Fidelity Personal and Workplace Advisors LLC and Strategic Advisers LLC, along with your amended Client Agreement. These materials provide detailed information about Fidelity Wealth Services and your Portfolio Advisory Services account(s). We will be introducing a new, simplified pricing schedule. If the new pricing schedule results in an increase to the gross advisory fee on your existing accounts, a discount will be applied to avoid an increase. Information about how we will calculate the discount for existing accounts can be found under Predecessor Services in the Fidelity Personal and Workplace Advisors LLC Program Fundamentals for Fidelity Wealth Services. The new pricing schedule will be applied to any new accounts you open with Fidelity Wealth Services. 838014.1.0

Program Fundamentals: Fidelity Portfolio Advisory Service Strategic Advisers LLC 245 Summer Street, V5D Boston, MA 02210 1-800-544-3455 March 29, 2018 On behalf of Fidelity, we thank you for the opportunity to professionally manage your portfolio. This brochure was developed for our clients as well as those who are considering a managed account with Fidelity. It provides information about the qualifications and business practices of Strategic Advisers LLC ( Strategic Advisers ), as well as information about one of Fidelity s Portfolio Advisory Services offerings, Fidelity Portfolio Advisory Service. This brochure should be read carefully by all clients and those considering becoming a client. Throughout this brochure and related materials, Strategic Advisers may refer to itself as a registered investment adviser or being registered. These statements do not imply a certain level of skill or training. If you have any questions about the contents of this brochure, please contact us at 1-800-544-3455. The information in this brochure has not been approved or verified by the U.S. Securities and Exchange Commission ( SEC ) or by any state securities authority. Additional information about Strategic Advisers is available on the SEC s website at www.adviserinfo.sec.gov.

SUMMARY OF MATERIAL CHANGES The SEC requires investment advisers to provide and deliver an annual summary of material changes to their advisory services program brochure (also referred to as the Form ADV Part 2A). The section below highlights only material revisions that have been made to the Fidelity Portfolio Advisory Service Program Fundamentals from March 24, 2017, through March 29, 2018. Please contact a Fidelity representative regarding questions associated with your account at 1-800-544-3455. For Fidelity Private Wealth Management clients, please contact your Wealth Management Adviser. IMPORTANT INFORMATION ABOUT STRATEGIC ADVISERS Strategic Advisers, Inc. has transitioned from a corporation to a limited liability company. All references to Strategic Advisers, Inc. are deemed to refer to Strategic Advisers LLC. Client Agreements entered into with Strategic Advisers, Inc. shall continue in full force and effect as if entered into with Strategic Advisers LLC. IMPORTANT INFORMATION ABOUT CHANGES TO YOUR ADVISORY SERVICE Effective July 16, 2018, Strategic Advisers LLC ( Strategic Advisers ) will assign all existing Fidelity Portfolio Advisory Service (the Service ) Client Agreements to its affiliate, Fidelity Personal and Workplace Advisors LLC ( FPWA ). FPWA will succeed Strategic Advisers as the sponsor of the Service and, simultaneously, the Service will be transitioned into a new advisory program, Fidelity Wealth Services. The Client Agreement will be amended accordingly. Strategic Advisers will continue to provide discretionary portfolio management services for accounts as sub-advisor to FPWA. Please review the Fidelity Wealth Services Program Fundamentals and Client Agreement that accompany this Service brochure, and speak to a Fidelity representative for more information. For clients who enroll in the Service on or after the date of this Service Program Fundamentals: by enrolling in the Service, you consent to the assignment and amendment of the Client Agreement as described above. 2

TABLE OF CONTENTS SUMMARY OF MATERIAL CHANGES 2 SERVICES, FEES, AND COMPENSATION 4 ACCOUNT REQUIREMENTS AND TYPES OF CLIENTS 10 PORTFOLIO MANAGER SELECTION AND EVALUATION 14 CLIENT INFORMATION PROVIDED TO PORTFOLIO MANAGERS 25 CLIENT CONTACT WITH PORTFOLIO MANAGERS 25 ADDITIONAL INFORMATION 25 3

SERVICES, FEES, AND COMPENSATION ADVISORY SERVICES Strategic Advisers LLC ( Strategic Advisers, or sometimes referred to as we or us throughout this document), is a registered investment adviser and an indirect, wholly owned subsidiary of FMR LLC (collectively with Strategic Advisers and its affiliates, Fidelity Investments or Fidelity ). Strategic Advisers was incorporated in 1977 and acts as sponsor and investment manager to all Fidelity managed accounts offered by Fidelity s Portfolio Advisory Services. Fidelity s Portfolio Advisory Services includes discretionary investment management services for individuals, joint account holders, certain retirement plans, Individual Retirement Accounts ( IRAs ) as well as certain trusts, estates, business entities, and charitable organizations. Fidelity s Portfolio Advisory Services offerings include Fidelity Portfolio Advisory Service (also referred to as the Service ), which offers you discretionary investment management for accounts of $50,000 or more (generally $200,000 for corporate accounts). If you participate in Fidelity Wealth Management Advisory SM, a high net worth financial planning program, Strategic Advisers may propose that you enroll in one of the managed account products offered by Fidelity s Portfolio Advisory Services. There are eight primary investment strategies, or long-term asset allocations, available under the Service, ranging from the most conservative (lower risk/lower return potential) to the most aggressive (higher risk/higher return potential). Depending on your investment preference (as discussed below), not all primary investment strategies may be available for each investment preference. Strategic Advisers will suggest which strategy best aligns with your goals based on the information you provide through the completed Investor Profile Questionnaire ( IPQ ), including your time horizon, risk tolerance, and financial situation. Strategic Advisers has constructed model portfolios of investments to correspond to each of these investment strategies, and the investments in your Service account ( Account ) will generally match the applicable model portfolio, subject to any restrictions you may request. Depending on your investment preferences (as discussed below), your Account may be invested in a mix of mutual funds managed by Fidelity Management & Research Company ( FMRCo ) and its affiliates ( Fidelity Funds ), exchange-traded funds ( ETFs ) managed by FMRCo and its affiliates ( Fidelity ETFs ), mutual funds managed by unaffiliated investment advisers ( Non-Fidelity Funds ), and exchange-traded funds managed by unaffiliated investment advisers ( Non-Fidelity ETFs, and together with Fidelity Funds, Fidelity ETFs and Non- Fidelity Funds, funds ). The Service offers four investment preferences for the management of your Account. You will be able to choose among the four investment preferences based on your preference for the management of your Account. The Service provides these four preferences to accommodate the varying preferences of our clients and, as such, Strategic Advisers does not recommend one preference over another. The Blended Preference uses both Fidelity and Non-Fidelity Funds and will generally invest in actively managed mutual funds. The All Fidelity Preference is offered for clients who would like to hold only Fidelity Funds and also will generally invest in actively managed mutual funds. While Index-Focused Preference Accounts will be managed with a preference for passively managed funds, Strategic Advisers may use a mix of actively and passively managed funds. The Defensive Strategy Preference is offered for clients who would like to mitigate the extreme volatility of the markets. The Defensive Strategy Preference is designed to mitigate market lows and highs in an effort to provide a consistent investment experience over the long term for a level of longterm risk and return consistent with the selected investment strategy (long-term asset allocation). Accounts with the Defensive Strategy Preference will be invested in Fidelity and Non-Fidelity Funds and Fidelity and Non-Fidelity ETFs. Defensive Strategy Preference Accounts will invest in 4

both active and passively managed funds. The use of actively or passively managed investments is based on what Strategic Advisers believes is most appropriate based on market conditions, trading considerations, and the availability of passively and actively managed funds to be used to gain exposure to a particular asset or sub-asset class. The Service may also invest your Account in mutual funds managed by Strategic Advisers that have been developed specifically for use in the Service (the Strategic Advisers Funds ). For Blended Preference Accounts, the Strategic Advisers Funds will be key building blocks for your Account. The Blended Preference and Defensive Strategy Preference have the same fee schedule while the All Fidelity Preference and Index-Focused Preference each has its own separate fee schedule please see Fees and Compensation for more information about the advisory fees associated with each preference. In general, Strategic Advisers and its affiliates will receive more compensation for the management of the Blended, All Fidelity and Defensive Strategy Preferences available through the Service, based on the higher gross advisory fees associated with those preferences. We will prepare an investment proposal ( Investment Proposal ) based on the information you provide in your IPQ, and information about your investment strategy, your selection of one of the four investment preferences discussed above, and any reasonable investment restrictions on the management of your Account can be found in your Investment Proposal. Please note that if you are enrolling in the Service as an underlying account associated with Fidelity Wealth Management Advisory SM, your Investment Proposal will be assessed based on the information you provide as part of Fidelity Wealth Management Advisory s overall wealth planning process. For purposes of this brochure, if you are a Fidelity Wealth Management Advisory customer, references to your IPQ shall also refer to the Fidelity Wealth Management Advisory wealth planning process. If you decide to invest, due to the active, ongoing management of the model portfolios, the actual securities purchased for your Account may differ from those listed in the Investment Proposal that we prepared based on your information. Although Strategic Advisers will not offer investment management services regarding assets outside your Account, if you indicate that you hold such assets in your IPQ, then Strategic Advisers may consider those assets in providing your Investment Proposal. Once your completed and signed application has been received, a brokerage account will be opened on your behalf at Fidelity Brokerage Services LLC ( FBS ), Member NYSE, SIPC. Thereafter, once the account funding process is complete, Strategic Advisers will begin to manage your Account on a discretionary basis according to your proposed long-term asset allocation. For more information, see the section entitled Identifying, Monitoring, and Maintaining Your Asset Allocation. FEES AND COMPENSATION Advisory Fees Gross Advisory Fee Your Account charges a Gross Advisory Fee that covers the ongoing management of your Account, including investment selection, asset allocation, brokerage, clearing and custody services provided by Strategic Advisers affiliates, the communications program associated with your Account, and the personal service you receive from certain FBS employees, including the Wealth Management Advisers supporting Fidelity Private Wealth Management, who serve as investment adviser representatives of Strategic Advisers ( Fidelity representatives ). For purposes of this brochure, references to your Fidelity representative include, as appropriate, your dedicated representative, your team of Fidelity representatives, or your Wealth Management Adviser. 5

Your Gross Advisory Fee does not include underlying fund expenses charged at the individual fund level for any funds in your Account. These fund expenses, which vary by fund and class, are expenses all fund shareholders pay. Some of these underlying fund expenses may be paid to Strategic Advisers or its affiliates and will be included in a Credit Amount, described below. Advisory Fee Credit Amount The annual Gross Advisory Fee applied to your Account is reduced by a Credit Amount. The purpose of the Credit Amount is to reduce your annual advisory fee by the amount of compensation, if any, Strategic Advisers or its affiliates receive from the underlying funds or their affiliates as a result of investments by your Account, as detailed below. This Credit Amount is calculated daily and applied quarterly in arrears. To the extent applicable, a Credit Amount will be calculated for each fund held in your Account: For Fidelity Funds and ETFs, including Strategic Advisers Funds, the Credit Amount will equal the underlying investment management and any other fees or compensation Strategic Advisers or its affiliates receive from these funds as a result of investments by your Account. o With respect to investments by your Account in Strategic Advisers Funds, the Credit Amount will also include revenue that Strategic Advisers and its affiliates receive as a result of investments in funds by the Strategic Advisers Funds. For Non-Fidelity Funds and ETFs, the Credit Amount will equal the distribution fees, the shareholder servicing fees, and any other fees or compensation Strategic Advisers or its affiliates receive from these funds or their affiliates as a result of investments by your Account. These are added together to arrive at your total Credit Amount. Net Advisory Fee = Gross Advisory Fee Credit Amount Please see the chart below for the fees charged on your Fidelity Portfolio Advisory Service Account. Please note that all fees are subject to change. ANNUAL ADVISORY FEE SCHEDULE FOR FIDELITY PORTFOLIO ADVISORY SERVICE ACCOUNT Annual Average Daily Assets* Annual Gross Advisory Fee for All Fidelity Models Annual Gross Advisory Fee for Blended Models Gross Advisory Fee for Defensive Strategy Models Annual Gross Advisory Fee for Index- Focused Models For accounts with assets less than $200,000 1.70% 1.48% 1.48% 1.10% For the first $200,000 1.60% 1.38% 1.38% 1.10% For the next $100,000 or portion thereof 1.40% 1.18% 1.18% 1.00% For the next $200,000 or portion thereof 1.30% 1.08% 1.08% 0.90% For the next $500,000 or portion thereof 1.10% 0.88% 0.88% 0.70% For the next $1,000,000 or portion thereof 1.00% 0.78% 0.78% 0.60% For the portion over $2,000,000 0.85% 0.63% 0.63% 0.60% For total assets of $3 million or more Flat Rate for Whole Account Based on N/A Schedule Below Variable Net Advisory Fee } Less Credit Amount = Resulting Net Advisory Fee 6

SPECIAL ANNUAL ADVISORY FEE SCHEDULE FOR FIDELITY PORTFOLIO ADVISORY SERVICE ACCOUNTS OF $3 MILLION OR MORE Average Daily Assets* Annual Gross Advisory Fee for All Fidelity Models Annual Gross Advisory Fee for Blended Models Annual Gross Advisory Fee for Defensive Strategy Models Annual Gross Advisory Fee for Index- Focused Models $3,000,000 to $3,999,999 0.98% 0.76% 0.76% N/A $4,000,000 to $4,999,999 0.95% 0.73% 0.73% N/A $5,000,000 to $5,999,999 0.92% 0.70% 0.70% N/A $6,000,000 to $6,999,999 0.90% 0.68% 0.68% N/A $7,000,000 to $7,999,999 0.88% 0.66% 0.66% N/A $8,000,000 or more 0.85% 0.63% 0.63% N/A } Less Variable Net Advisory Fee Credit Amount = Resulting Net Advisory Fee * Average daily assets of Fidelity s Portfolio Advisory Services accounts are determined on the last business day of the quarter. Clients can request to aggregate their Account balances with certain other Fidelity s Portfolio Advisory Services account balances in order to arrive at the reduced fee rates applicable to different levels of account balances. In addition, certain individually owned accounts with the same tax reporting number will be automatically aggregated for fee calculation purposes. Fidelity Strategic Disciplines account balances cannot be aggregated for a reduced fee rate. To aggregate accounts for fee discounts, please contact your Fidelity representative for details of the account aggregation policy, including any other account that may meet the eligibility requirements, and to learn more about the different methods of aggregation. Minimum investment amount for corporate accounts is generally $200,000. Your Gross Advisory Fee is reduced by a Credit Amount (as defined above). Accounts of $3,000,000 or more in Index-Focused Models are not subject to a Special Annual Advisory Fee Schedule. Cash balances in your Account will be invested in the core Fidelity money market fund, the cash sweep vehicle for the Account. Any such cash or cash investments in the Account will result in a negative yield to the extent the quarterly advisory fee exceeds the rates of return for the core Fidelity money market fund. Please ask a Fidelity representative about current performance of the core Fidelity money market fund. Fund Expenses Underlying fund expenses still apply to the funds in your Account. These are the standard expenses that all fund shareholders pay. Details of a fund s expenses can be found in its prospectus. These expenses are not separately itemized or billed; rather, the published returns of funds are shown net of their expenses. Sales Loads and Transaction Fees You generally will not pay any sales loads or transaction fees on the funds purchased in your Account. A special sales load waiver may enable Strategic Advisers investment professionals to purchase funds for your Account without incurring additional sales loads or transaction fees on fund sales. Redemption Fees In order to protect the interests of long-term shareholders, funds may impose redemption or other administrative fees if shares are not held for a minimum time period. Strategic Advisers or its affiliates, at their sole discretion, may choose to bear any such redemption fees on your behalf, but are under no obligation to do so. In addition, you are responsible for any short-term trading fees that result from the sale of your existing investments (if any) to fund your initial investment in the Service (whether inside or outside your Account) and any subsequent withdrawals that you initiate. 7

Miscellaneous Fees The advisory fee also does not cover charges resulting from trades effected with or through brokerdealers other than affiliates of Strategic Advisers, markups or markdowns by broker-dealers, transfer taxes, exchange fees, regulatory fees, odd-lot differentials, handling charges, electronic fund and wire transfer fees, or any other charges imposed by law or otherwise agreed to with regard to your Account. One such charge applies to sales of securities made for Accounts an industry-wide assessment mandated by the Securities and Exchange Commission ( SEC ) totaling a few cents per $1,000 of securities sold. Please note that the amount of this regulatory fee may vary over time, and because variations may not be immediately known to Fidelity, the amount may be estimated and assessed in advance. To the extent that such estimated amount differs from the actual amount of the regulatory fee, Fidelity may retain the excess. These charges will be reflected on your monthly statements and/or trade confirmations. Billing Fidelity Portfolio Advisory Service assesses annual advisory fees in connection with an investment in the Service. The net advisory fees, which accrue daily, will be deducted from your Account or another Fidelity account that you have identified for this purpose, in arrears on a quarterly basis. Certain assets in your Account may be liquidated to pay the fee; this liquidation may generate a taxable gain or loss. A statement of your fee may be provided upon request. Please contact your Fidelity representative to discuss paying the advisory fee from an alternative account or to pay by check. Should either party terminate the investment advisory relationship, Fidelity s Portfolio Advisory Services will prorate the fees due from the beginning of the last quarter to the termination date, which is defined as the date when Strategic Advisers is no longer actively managing the assets in your Account. Information about Representative Compensation and Fidelity s Compensation Fidelity representatives who sell and support the Service receive compensation as a result of your participation, which may include compensation for both sales of new accounts and retention of assets in the Service. In many cases, this compensation is greater than what the representative would receive if you participated in other programs or paid separately for investment management, brokerage, and other services. Wealth Management Advisers supporting Fidelity Private Wealth Management clients receive a salary and a bonus; the bonus is based in part on the quality of the client experience provided, program and business development contributions, and functional leadership work, among other considerations. Wealth Management Advisers do not receive compensation related to any particular Fidelity products or services, including the Service. In addition, some Fidelity representatives who sell and support the Service may participate in sales contests and may earn additional rewards based on sales criteria, including, but not limited to, the number of solicitations for advisory services they make, gross sales on Service accounts, or retention of assets in the Service and similar programs. Therefore, some Fidelity representatives who distribute and support the Service may have a financial incentive to sell or suggest continued participation in the Service over other programs or services. However, you are required to complete a questionnaire to assist in determining whether the Service is appropriate for you, and only clients who meet the criteria outlined in the questionnaire are offered participation in the Service. For additional information about how Fidelity compensates its representatives in connection with the sale of this Service and other products, you should see the representative s compensation disclosure document that is included with your application materials, contact your representative or visit Fidelity.com. 8

The Fidelity representatives who sell and support the Service are representatives of both Strategic Advisers and FBS. Separate and apart from the Service, a Fidelity representative may provide you with investment education, research, and guidance offered by FBS. When acting in that capacity, the Fidelity representative is acting solely as a representative of FBS, and not as a representative of Strategic Advisers or the Service, and any fees related to the Service are not related to those additional services provided by the Fidelity representative. Strategic Advisers may offer other discretionary managed account products at a lower cost to different types of clients. Please contact your Fidelity representative for more information. ADDITIONAL INFORMATION ABOUT FEES Fee Changes All fees are subject to change. We will notify you in writing of any changes in advisory fee schedules. You will have the ability to object to any fee schedule changes by writing to Fidelity s Portfolio Advisory Services within 30 days from the date of the notification. If we do not hear from you in writing, you will be deemed to have approved of such fee changes upon the end of the 30-day period. Fee Negotiations In rare circumstances, we may agree to negotiate the advisory fee for certain accounts. This may result in certain clients paying less than the standard fee. We may waive the advisory fee, in whole or in part, at our sole discretion, including those in connection with promotional efforts and other programs. In addition, we may waive, in whole or in part, the fee for certain current and former employees of Fidelity Investments. In certain circumstances, Strategic Advisers may manage accounts in a manner substantially similar to Fidelity s Portfolio Advisory Services accounts under arrangements that may include negotiated terms and conditions that depart from the standard service offering. All rights and obligations are generally governed under an investment management agreement and may include investment guidelines. Nondiscretionary Options You may invest directly in some of the funds available through the Service in another account, without incurring an advisory fee charged by the Service. In this case, however, you would not receive the asset allocation and professional management services offered through the Service, and you may be subject to the sales loads, transaction fees, and redemption charges that are generally waived as part of the Service. Furthermore, certain investment products used by Fidelity Portfolio Advisory Service, such as the Strategic Advisers Funds, and certain other funds offered by specialty third-party fund managers, may not be available for purchase nor may they be held outside the Service. Participation in Fidelity Portfolio Advisory Service may cost more or less than if you were to purchase the services separately. Several factors, including trading activity and investment fees, influence the cost of the Service. 9

ACCOUNT REQUIREMENTS AND TYPES OF CLIENTS Fidelity Portfolio Advisory Service is generally available to individuals, joint account holders, certain retirement plans, IRAs, certain trusts, estates, business entities, and charitable organizations. The minimum initial investment is generally $50,000 per account. The minimum investment amount for a corporate account is generally $200,000. Additional accounts opened by you or other members of your household must also meet the $50,000 minimum per account registration. In certain limited circumstances, Strategic Advisers may exempt accounts from the minimum initial investment requirement. Note that certain Fidelity Portfolio Advisory Services account balances may be aggregated with certain other Fidelity Portfolio Advisory Services account balances in order to arrive at a reduced fee rate. See the fee schedule for details or speak with a Fidelity representative. Fidelity Portfolio Advisory Service accounts are generally serviced by a team of Fidelity representatives. Depending on your overall relationship with Fidelity, your account may be serviced by a dedicated representative. Accounts will be reviewed on a periodic basis to determine continued eligibility, and Strategic Advisers reserves the right to determine eligibility in its sole discretion. The Service is not available to foreign investors. In order to open an Account, you must be a U.S. person (including a U.S. resident alien), reside in the U.S., have a valid U.S. permanent mailing address, and have a valid U.S. taxpayer identification number. We reserve the right to terminate your participation in the Service (or limit your rights to access any or all account features, products, or services) if any authorized person on the Account resides outside the U.S. In addition, Strategic Advisers reserves the right to terminate your participation in the Service if the balance of your Account falls below a certain level. If we have been unable to reach you for an extended period of time to confirm or update your IPQ responses, or if we feel the Service is no longer appropriate for you, Strategic Advisers may terminate your participation in the Service upon notice. Strategic Advisers reserves the right to terminate, modify, or make exceptions to these policies. If your participation in the Service terminates, Strategic Advisers will generally redeem any and all Fidelity Funds, including Strategic Advisers Funds and, in general, other third-party funds held in your Account that are not eligible to be held outside an account managed by Strategic Advisers, and this redemption may generate a taxable gain or loss and significantly change the asset allocation of your Account. Certain limitations apply to our ability to manage Accounts holding defined benefit plan assets. Generally, Strategic Advisers will manage investments only for a single participant defined benefit plan (except in the case of an Account holding defined benefit plan assets where the plan benefits only the owner of the business sponsoring the plan and his or her spouse), and will treat the defined benefit plan as if it were a defined contribution plan. Strategic Advisers will not include or otherwise take into consideration planspecific provisions, or any plan-related documents, in its investment management approach. OPENING AND FUNDING YOUR ACCOUNT Once your application and funding have been accepted, a Fidelity Portfolio Advisory Service Account will be opened at FBS on your behalf and the brokerage account will be allocated to investments aligned with the proposed model portfolio. You may fund a Blended Preference Account or an All Fidelity Preference Account with cash or certain mutual funds. You may fund an Index-Focused Preference Account or Defensive Strategy Preference Account with cash, certain mutual funds, and most ETFs, excluding leveraged and inverse ETFs. Because Accounts are actively managed and change over time, actual investments and associated asset class allocations may vary from those listed in your Investment Proposal, which you received prior to enrolling. 10

When funding your Fidelity Portfolio Advisory Service Account, any funds that are not part of your proposed model portfolio will be sold and you may be charged a redemption fee, as specified in the prospectus for each mutual fund, or any other fees as applicable to the redemption or sale of such funds or to the brokerage account from which funds are being liquidated or transferred. The selling may result in a taxable gain or loss in your brokerage account. When funding involves a transfer in kind of a fund that is also in your proposed model portfolio, your Account may not be invested in accordance with the Investment Proposal until we receive all funding, including the transferred shares, for your Account. Discretionary management of your account may not begin until we have received all funding. At times, Strategic Advisers may not accept ETFs that are used to fund your Index- Focused Preference Account or Defensive Strategy Preference Account. These ETFs may have been eligible at the time of funding, but due to aggregate holding limitations, as defined by Fidelity Investments internal guidelines (as a consolidation of companies) or by regulations (state and federal), they are no longer eligible. ADDITIONAL DEPOSITS Subsequent investments to existing Accounts may be made for as little as $250. Investment amounts of less than $250 may be accepted, but may be held in a core cash position. Minimums for initial and subsequent investments may be lowered at the sole discretion of Strategic Advisers, including those in connection with promotional efforts. WITHDRAWALS All trading and monetary transactions in your Account must be processed through a Fidelity representative, who can be reached via Fidelity s Portfolio Advisory Services toll-free number, through written instructions by you (on the necessary forms if appropriate) and sent to a local Investor Center, Fidelity mailing address, or through Fidelity s Portfolio Advisory Services client website (certain limitations may apply to Web transactions and are detailed on the site). Requests can also be provided verbally at a local Investor Center. Under normal circumstances, Strategic Advisers will use its best efforts to process and execute withdrawal requests as follows: For Blended Preference Accounts, requests for withdrawals must be received in good order by 12 p.m. Eastern time (ET), on a day that the New York Stock Exchange (NYSE) is open for business ( business day ), in order for the withdrawal request to be processed on the same business day. Such requests received after 12 p.m. ET are processed on the next business day. For All Fidelity Preference Accounts, requests for withdrawals must be received in good order by 4 p.m. ET on a business day in order for the withdrawal request to be processed on the same business day. Requests received after 4 p.m. ET are processed on the next business day. For Index-Focused Preference and Defensive Strategy Preference Accounts, depending on the nature of your request, requests for withdrawals may take up to 10 business days, depending on the securities to be sold/transferred. If the NYSE closes before 4 p.m. ET, the cutoff time for withdrawal requests will be adjusted earlier in the day to allow sufficient time to process the transactions. For written requests received not in good order or if other trading activity is taking place within the Account on the day of a withdrawal request, it may take an additional day or days to process the withdrawal. 11

For withdrawals and Account closures, you may request that: A check be sent to you. Assets be transferred in-kind into another account. (Please note: Certain funds, including the Strategic Advisers Funds, cannot be transferred and must be liquidated before leaving your Account.) Money be wired or transferred electronically via electronic funds transfer (EFT) to your bank or other account. Depending on the type of Account and the exact dollar amount you wish to withdraw, more information may be necessary before the withdrawal can occur. For withdrawal requests that do not include instructions for a destination account, Strategic Advisers reserves the right to place a temporary do-not-trade instruction on the Account until instructions are provided. If such instructions are not provided within 30 days of the initial request date, Strategic Advisers may reinvest the pending cash back into the asset allocation strategy. Please note: A signature guaranteed letter of instruction is required if the withdrawn amount is going to an address that is not reflected on the account. The mutual funds Strategic Advisers invests in may have policies that restrict excessive trading. As a result, a fund may reject trade orders if they are deemed to represent excessive trading. In general, a fund may restrict future trade activity if it deems the excessive trading policy, as outlined in the fund prospectus, has been violated (e.g., a purchase and sale within a 30-day period). As a result, in order to comply with a fund s trading policies, Strategic Advisers may be required to suspend investment management of your Account. Strategic Advisers will cease to manage your Account as soon as reasonably practicable. However, the imposition of any such order may take up to one business day to implement and may stop any trading activity that is occurring in your Account. As a feature of the Account, certain clients with nonretirement accounts may elect to have all dividends and capital gains from eligible holdings set aside for automatic distribution by completing and submitting to FBS an Earnings Automatic Withdrawal Plan form. Please note that upon providing these instructions to FBS, these amounts set aside awaiting distribution are no longer managed by or subject to the investment discretion of Strategic Advisers. It may take three to five business days for this Account feature change to take effect. ACCOUNT CLOSURES At any time, you can request to terminate your participation in the Service and close your Account. If you terminate the advisory agreement with Strategic Advisers you must also instruct Strategic Advisers to either (i) liquidate your Account assets and send the proceeds to you or to a different account specified by you, or (ii) transfer your Account assets to another account. In order to meet the trading deadlines below, all trading and monetary transactions associated with your Account closure must be processed through your Fidelity representative. Under normal circumstances, Strategic Advisers will use its best efforts to process and execute requests for full Account liquidations or full Account closeouts via transfer in kind (collectively, full closeouts ) as follows: For Blended Preference Accounts, requests for full closeouts must be received in good order by 12 p.m. ET on a business day in order for the full closeout request to be processed on the same business day. Requests received after 12 p.m. are processed on the next business day. For All Fidelity Preference Accounts, requests for full closeouts must be received in good order by 4 p.m. ET on a business day in order for the full closeout request to be processed on the same business day. Requests received after 4 p.m. ET are processed on the next business day. 12

For Index-Focused Preference and Defensive Strategy Preference Accounts, requests for full closeouts must be received in good order by 4 p.m. ET on a business day in order for the full closeout request to be processed on the next business day. Requests received after 4 p.m. ET will generally be processed two or more business days after the request is made. If the NYSE closes before 4 p.m. ET, the cutoff time for full closeout requests will be adjusted to earlier in the day to allow sufficient time to process the transactions. For written requests received not in good order or if other trading activity is taking place within the Account on the day of a full closeout request, it may take an additional day or days to process the Account closure. When closing your Account, Strategic Advisers will assess any unpaid advisory fees from prior quarters and, as needed, will prorate and assess the advisory fees from the beginning of the final quarter the Account is open to the termination date, which is defined as the date when Strategic Advisers is no longer actively managing the assets in the Account. Additionally, note that once the Account is closed, additional deposits to the Account will be rejected and any account features such as automated withdrawal plans will be terminated. There may be mutual funds held in your Account that otherwise may not be available to you as a retail investor. In general, if you cease to be a client of Fidelity s Portfolio Advisory Services, Strategic Advisers will redeem any and all shares of such funds and/or turn off dividend reinvestment, and you may incur a gain or loss as a result. If these shares are transferred to an account other than a Strategic Advisers managed account, you will be subject to the terms and conditions specified in that fund s prospectus. Strategic Advisers may terminate your participation in the Service for withdrawing cash from your Account that brings your account balance below the minimum, for failure to maintain a valid mailing address, or for any other reason, in Strategic Advisers sole discretion. Before terminating you from the Service, Strategic Advisers will provide at least 30 days notice; provided, however, that in order to comply with applicable law, rule, or regulation, there may be situations when Strategic Advisers does not provide such notice. Depending on the reason for the termination, you may have the opportunity to resolve the issue, but if you are unable to do so, the Service will cease and the Account will be restricted from trading pending your liquidation or transfer instructions. Liquidation of assets in taxable accounts may have adverse tax consequences. ADDITIONAL INFORMATION ABOUT TRANSACTIONS IN YOUR ACCOUNT Mutual funds in your Account may include the Strategic Advisers Funds and other funds that are available only to clients of Fidelity Portfolio Advisory Service. The Strategic Advisers Funds may invest in individual equity and fixed income securities, mutual funds, ETFs, and derivatives, and engage the use of Fidelity and non-fidelity sub-advisers ( Sub-Advisers ). If you cease to be a client of Fidelity Portfolio Advisory Service, Strategic Advisers generally will redeem any and all Strategic Advisers Fund shares and shares of other funds either made available only to clients of Fidelity Portfolio Advisory Service or due to other account restrictions, such as minimum balance requirements, held in your Account, and you may incur taxable gains or losses as a result of such redemptions. 13

PORTFOLIO MANAGER SELECTION AND EVALUATION STRATEGIC ADVISERS INVESTMENT APPROACH Strategic Advisers generally uses both fundamental and quantitative investment strategies to manage your Account. The Service offers multiple model portfolios to satisfy a wide variety of investor needs, ranging from the most aggressive portfolios (e.g., model portfolios that may be invested entirely in equities) to more conservative portfolios (e.g., model portfolios that may include only 20% exposure to equities). Strategic Advisers will apply its proprietary methodology to propose an appropriate investment strategy, or long-term asset allocation, that corresponds to a level of risk consistent with your individual financial situation, investment objectives, risk tolerance, planned investment time horizon, and other information provided for the specific Account through the completed IPQ. Strategic Advisers will allow any reasonable investment restrictions on your Account. At any time, due to market movements and active management, your Account s holdings may not match the long-term asset allocation associated with the proposed investment strategy. To the extent that your Account is related to a relationship with Fidelity Wealth Management Advisory SM, the long-term asset allocation used to manage your Account may be provided by Strategic Advisers as part of that service. For more information, see Identifying, Monitoring, and Maintaining Your Asset Allocation that follows. Information about your investment strategy and model portfolio can be found in your Investment Proposal. Strategic Advisers will manage your Account to align with a model portfolio of Fidelity and Non- Fidelity Funds for the Blended Preference, Fidelity Funds for the All Fidelity Preference, or Fidelity and Non-Fidelity Funds and Fidelity and Non-Fidelity ETFs for the Index-Focused Preference and the Defensive Strategy Preference. In general, each model portfolio s assets will be allocated to funds that invest in four major asset classes: 1. Domestic stocks (U.S. equity securities) 2. Foreign stocks (non-u.s. equity securities) 3. Bonds (fixed income securities of all types and maturities, including lower-quality debt securities) 4. Short-term assets (short-duration investments) Strategic Advisers may also invest in funds that invest in nontraditional and/or extended asset classes, such as real estate, inflation-protected debt securities, commodities, or other alternative investments. The allocation of the investments in your Account will depend on your proposed or selected asset allocation, may change over time, and may deviate from the asset allocation shown as your long-term asset allocation. A change in your asset allocation will result in your Account transitioning to another model portfolio, which may result in taxable gains or losses. Blended Preference and All Fidelity Preference Accounts are managed using Strategic Advisers investment manager research process in an effort to select mutual funds that offer the opportunity to outperform their applicable market indices, and will generally invest in actively managed mutual funds. When deemed appropriate by the investment team, Blended Preference and All Fidelity Preference Accounts may also invest in passively managed mutual funds that seek to replicate the performance of their applicable market indices. Blended Preference and All Fidelity Preference Accounts will generally invest in passively managed mutual funds based on market conditions, risk management and trading considerations, and the availability of actively and passively managed mutual funds to be used to gain exposure to a particular asset or sub-asset class, in each case in the judgment of Strategic Advisers. 14

Index-Focused Preference Accounts are also managed using Strategic Advisers investment manager research process, but will have a preference for passively managed funds. Index-Focused Preference Accounts may also invest in actively managed funds when deemed appropriate by the investment team. Index-Focused Preference Accounts will invest in actively managed funds based on market conditions and the availability of actively and passively managed funds to be used to gain exposure to a particular asset or sub-asset class, in each case in the judgment of Strategic Advisers. In general, for Index-Focused Preference Accounts, the investment management team expects to use actively managed funds to gain exposure to certain fixed income asset classes, including municipal bonds, high yield, short term bonds and money market, though this may change in the future depending on the availability and appropriateness of passively managed funds with exposure to certain asset or subasset classes. Accordingly, Index-Focused Preference Accounts that are taxable or that have a more conservative investment and risk profile will typically hold a higher percentage of actively managed funds than other Accounts with the same investment strategy or preference, respectively. Defensive Strategy Preference Accounts are also managed using Strategic Advisers investment management research process, but will generally have increased sub-asset class exposures to investments that, in the judgment of Strategic Advisers, may cause the Account to have lower sensitivity to broader market price movements, thus helping to mitigate the extreme volatility of the markets. These investments may include conservative equity (those with stable earnings growth, low financial leverage and a high return on equity, or those that are expected to rise and fall in price less/ more slowly than the market generally), which may be combined with increased exposure to longerterm high quality bonds. Strategic Advisers believes these conservative equity investments may have lower variability in returns than the equity market as a whole, and that the longer-term high quality bonds may help reduce some of the equity and credit risk associated with the other investments used in Defensive Strategy Preference Accounts. The Defensive Strategy Preference is designed to mitigate the extreme volatility of the markets by seeking to buffer against market lows and highs in an effort to provide a consistent investment experience over the long term. Based on the judgment of Strategic Advisers, the Defensive Strategy Preference Accounts will invest in both active and passive funds based on market conditions. Strategic Advisers will take the following steps in managing your Account: Strategic Advisers will research, analyze, and select funds appropriate for your Account in the model portfolio. Strategic Advisers will determine the amount of assets that should be allocated to each fund within the model portfolio. Within each Strategic Advisers Fund, Strategic Advisers will also determine the amount of assets allocated to each fund, ETF, derivative, or Sub-Adviser used in the Service. Strategic Advisers will monitor and rebalance your Account to help ensure that it remains in line with your targeted risk profile. IDENTIFYING, MONITORING, AND MAINTAINING YOUR ASSET ALLOCATION Strategic Advisers will apply its proprietary methodology to propose an investment strategy, or long-term asset allocation, that corresponds to a level of risk consistent with your financial situation, investment objectives, planned investment time horizon, investment restrictions, and risk tolerance, provided through the completed IPQ. Please note that if you are enrolling in the Service as an underlying account associated with Fidelity Wealth Management Advisory SM, your asset allocation will 15

be assessed as part of that service s overall wealth planning process. Upon the review of the proposed investment strategy from Strategic Advisers, you may select a long-term asset allocation that you believe is most appropriate, subject to constraints defined by Strategic Advisers. If you have selected a long-term asset allocation different from that proposed by Strategic Advisers, you understand and acknowledge that you are directing Strategic Advisers to manage your Account according to such long-term asset allocation and that you, not Strategic Advisers, are responsible for such direction. In such circumstances, Strategic Advisers will provide discretionary management consistent with the longterm asset allocation you have selected. You should be aware that the performance of your Account will differ from the performance of an account managed according to the long-term asset allocation originally proposed by Strategic Advisers. Additionally, your ability to select a different investment strategy is subject to constraints defined by Strategic Advisers. For additional information about the long-term asset allocation you have selected, please refer to your Investment Proposal. You continue to be responsible for notifying Strategic Advisers of any changes to your personal circumstances or long-term goals. As your investment strategy is designed to be a long-term asset allocation, please note that if you change your direction as to asset allocation frequently, Strategic Advisers may require that you close your Account. Strategic will allocate your Account across various primary and extended asset classes in a manner that is consistent with your financial goals while also managing the overall risk profile. We use sophisticated research tools to gauge when certain asset and extended asset classes should be used to help benefit the model portfolio. This involves both evaluating the model portfolio s characteristics such as sector weightings, duration, valuation, and market capitalization, as well as focusing on key economic indicators and trends. The goal of this focus on asset allocation is to ensure that the model portfolio stays positioned in an appropriate manner for your financial situation, investment objectives, investment time horizon, and risk tolerance. When determining how to allocate a model portfolio s assets among underlying funds, Strategic Advisers considers a variety of factors, including, but not limited to, proprietary fundamental and quantitative fund research, fund performance, a fund manager s experience and investment style, fund company infrastructure, and fund characteristics such as expense ratio, asset size, and portfolio turnover. Investment professionals will obtain and use information from various sources to assist in making allocation decisions among asset classes, as well as decisions regarding the purchase and sale of specific mutual funds. Sources of information used include publicly available information and performance data on mutual funds, individual securities, equity markets, fixed income markets, international markets, and broad-based economic indicators. Strategic Advisers will use both primary sources (e.g., talking directly with fund companies and managers) and secondary sources (reports prepared by fund companies and other sources that provide data on specific fund investment strategies, portfolio management teams, fund positioning, portfolio risk characteristics, performance attribution, and historical fund returns as inputs into its investment process). Strategic Advisers may decide to buy or sell fund shares for a number of reasons, including, but not limited to, the need to respond to: 1. The weighting of a particular asset class, industry sector, and/or fund peer group; 2. Any individual fund becoming too large relative to your overall Account; 3. Changes in your IPQ and consequent changes to your associated investment strategy; 4. A change in the fundamental attractiveness of a particular fund; 16

5. Rebalancing your Account to bring it back in line with its targeted risk level due to a drift in the model portfolio caused by market movement; and/or 6. Accommodating fund closures or limitations. Periodically, market movement may cause drift in the model portfolio away from its targeted risk level. Strategic Advisers may choose to rebalance the model portfolio to bring it back in line with its targeted risk level, which may in turn lead to a corresponding rebalancing of your Account. The number of times your Account is rebalanced will vary based on economic and market conditions, as well as changes in the attractiveness or appropriateness of specific funds or managers. When Strategic Advisers places trades in your Account, you will receive notification that a change has been made via a transaction confirmation; provided, however, with respect to automatic investments, automatic withdrawals, dividend reinvestments, and transactions that involve your core Fidelity money market fund, your account statement will serve in lieu of a confirmation. You will also receive a prospectus for any new fund not previously held, unless you have elected to have Strategic Advisers act as your agent for the receipt of any Non-Fidelity Fund or ETF prospectuses. Account statements will be sent to you or your designee monthly, either by U.S. mail or electronically at your election, which will detail the holdings in your Account and transaction information for the period covered. THE STRATEGIC ADVISERS FUNDS For more information on the investment strategies employed by the Strategic Advisers Funds, please see the prospectuses for those funds. For the Blended Preference, the Strategic Advisers Funds are key building blocks for your Account. These funds are available only to Fidelity Portfolio Advisory Service clients and allow Strategic Advisers to choose from an expanded group of Fidelity and Non- Fidelity Funds and Sub-Advisers. All Strategic Advisers Funds are considered to be Fidelity Funds; however, most are a blend of both affiliated and unaffiliated mutual funds, ETFs, and Sub-Advisers, and can be held in the Blended, All Fidelity, Index-Focused, and Defensive Strategy Preferences. These funds are structured so that, within one fund, Strategic Advisers can hire and/or fire Sub- Advisers who will purchase equity or fixed income securities for the fund, and buy and sell mutual funds, ETFs, and certain types of derivatives. This structure is designed to simplify your Account and provide Strategic Advisers with greater visibility into the underlying holdings of the funds. At any given time, a significant portion of the assets in your Account, and up to 100% of your Account, may be invested in the Strategic Advisers Funds. If you cease to be a client of Fidelity Portfolio Advisory Service, in general, Strategic Advisers will redeem any and all Strategic Advisers Fund shares and shares of other funds either made available only to clients of Fidelity Portfolio Advisory Service or due to other account restrictions, such as minimum balance requirements, held in your Account, and you may incur gains or losses as a result of such redemptions. A Strategic Advisers portfolio manager manages each Strategic Advisers Fund by allocating the fund s assets among Fidelity and non-fidelity Sub-Advisers, ETFs, mutual funds, and certain types of derivatives. While Strategic Advisers selects the Sub-Advisers and provides ongoing oversight of their activities, the Sub-Advisers of the fund make the day-to-day security-level investment decisions for the portions of the fund they manage. Strategic Advisers may allocate each fund s assets among any number of Sub-Advisers, underlying mutual funds, ETFs, or certain types of derivatives at any time. Strategic Advisers will also allocate assets among the various Strategic Advisers Funds. This will be done according to your proposed investment strategy, and the allocation may change over time. 17

The fees charged by the Strategic Advisers Funds may be higher or lower than other funds that may be purchased by the Service; however, as noted above, the revenue received by Strategic Advisers and its affiliates as a result of investments by your Account in the Strategic Advisers Funds will be included in the Credit Amount applied to your Gross Advisory Fee. RESEARCH: SELECTING MANAGERS AND FUNDS The role of the research team within Strategic Advisers is to provide comprehensive analysis that will guide the investment and manager selection process. Managers researched by the team include both fund managers as well as Sub-Advisers. Sub-Advisers are investment professionals who are hired by Strategic Advisers to manage a sleeve of assets in a Strategic Advisers Fund according to a specific mandate. Strategic Advisers research process is both qualitative and quantitative and is designed to ensure that Strategic Advisers has a clear picture of the manager being researched. Strategic Advisers evaluates various data points about a Sub-Adviser and/or fund, including: Their asset allocation, risk exposure, and performance attribution How they perform in various market cycles How they will contribute to a diversified portfolio of managers Strategic Advisers seeks to confirm that each manager selected has a sound and repeatable investment philosophy and process that is strictly adhered to throughout various types of markets. ADDITIONAL INFORMATION ABOUT STRATEGIC ADVISERS INVESTMENT PRACTICES AND MANAGER SELECTION PROCESS When investing in funds, Strategic Advisers may from time to time consult the fund s investment manager to understand the manager s guidelines concerning general limitations, if any, on the aggregate percentage of fund shares that can be held under management by Strategic Advisers on behalf of all its clients. Funds are not required to accept investments and may limit how much Strategic Advisers can purchase. One way the Service deals with potential capacity issues is to use the Strategic Advisers Funds instead of third-party funds. Additionally, Strategic Advisers may establish internal limits on how much it may invest in any one fund across the programs it manages. Regulatory restrictions also may limit the amount that one fund can invest in another, which means that Strategic Advisers or the Strategic Advisers Funds may be limited in the amount they can invest in any particular fund. Strategic Advisers will work closely with fund management to minimize the impact of the Fidelity Portfolio Advisory Service reallocation activity on acquired funds. In certain situations, liquidating positions in underlying funds may be accomplished over an extended period of time as a result of operational considerations, legal considerations, or input from underlying fund managers. Strategic Advisers does not seek access to material nonpublic information on any mutual funds. With respect to Fidelity Funds and ETFs used by the Service, the investment managers at Strategic Advisers who manage the Service do not have access to the proprietary or material nonpublic information of the investment advisers to the Fidelity Funds and ETFs. MATERIAL INVESTMENT RISKS As discussed above, the Service offers multiple asset allocations to satisfy a wide variety of investor needs, ranging from the most aggressive portfolios (i.e., portfolios that are assigned entirely to equity) to the most conservative portfolios (i.e., portfolios that include only 20% exposure to equity). All investment strategies, including the strategies employed in the Service, pose risks, and many factors affect each fund s or account s performance. Strategies that pursue investments in equities will be 18

subject to stock market volatility, and strategies that pursue fixed-income investments (such as bond or money market funds) will see values fluctuate in response to changes in interest rates. All strategies are ultimately affected by impacts to the individual issuers, such as changes in an issuer s profitability and credit quality, or changes in tax, regulatory, market or economic developments. Nondiversified funds and accounts that invest in a smaller number of individual issuers can be more sensitive to these changes. Nearly all funds and accounts are subject to volatility in non-u.s. markets, either through direct exposure or indirect effects in U.S. markets from events abroad. Those funds and accounts that are exposed to emerging markets are potentially subject to heightened volatility from greater social, economic, regulatory, and political uncertainties, as the extent of economic development, political stability, market depth, infrastructure, capitalization, and regulatory oversight can be less than in more developed markets. Additionally, funds or accounts that pursue debt investments are subject to risks of prepayment or default, and funds or accounts that pursue strategies that concentrate in particular industries or are otherwise subject to particular segments of the market (e.g., money market funds exposure to the financial services industry, municipal funds exposure to the municipal bond market, or the international or emerging markets funds exposure to a particular country or region) may be significantly impacted by events affecting those industries or markets. Strategies that lead funds or accounts to invest in other funds bear all the risks inherent in the underlying funds in which those funds invest, and strategies that pursue leveraged risk, including investment in derivatives such as swaps (interest rate, total return, and credit default) and futures contracts and forward-settling securities, magnify market exposure and losses. Additionally, funds and accounts may be subject to operational risks, which can include risks of loss arising from failures in internal processes, people, or systems, such as routine processing errors or major systems failures, or from external events, such as exchange outages. Risk of Loss. All investment strategies employed by Strategic Advisers in the Service involve risk of loss (even the Conservative model portfolio will fluctuate in value over time and you may lose money). You should be prepared to bear such losses in connection with investments through the Service. Investments in your Account are not a deposit of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in mutual funds, ETFs, and derivatives. You may lose money by investing in the Service. Investing in Mutual Funds and ETFs. Your Account bears all the risks of the investment strategies employed by the funds held in your Account, including the risk that they will not meet their investment objectives. Different funds have different risks. For the specific risks associated with any fund used by Strategic Advisers in your Account, please see the fund s prospectus. In addition, the funds used by Strategic Advisers, including the Strategic Advisers Funds, may be subject to the risks below. Money Market Fund Risk. You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fidelity Investments and its affiliates, the fund s sponsor, have no legal obligation to provide financial support to money market funds and you should not expect that the sponsor will provide financial support to the fund at any time. 19

Fidelity s government and U.S. Treasury money market funds will not impose a fee upon the sale of your shares, nor temporarily suspend your ability to sell shares if the fund s weekly liquid assets fall below 30% of its total assets because of market conditions or other factors. Stock Investments. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments. Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of time. In addition, stock investments may be subject to risk related to market capitalization as well as company-specific risk. Foreign Exposure. Foreign securities are subject to interest rate, currency exchange rate, economic, regulatory, and political risks, all of which may be greater in emerging markets. These risks are particularly significant for mutual funds/etfs that focus on a single country or region or emerging markets. Foreign markets may be more volatile than U.S. markets and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates can also be extremely volatile. Bond Investments. In general, the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) The ability of an issuer of a bond to repay principal prior to a security s maturity can cause greater price volatility if interest rates change, and if a bond is prepaid a bond fund may have to invest the proceeds in securities with lower yields. Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so holding them until maturity to avoid losses caused by price volatility is not possible. In addition, investments in certain bond structures may be less liquid than other investments, and therefore may be more difficult to trade effectively. Municipal Market Volatility. Municipal bonds can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders. Because many municipal bonds are issued to finance similar projects, especially those relating to education, health care, transportation, and utilities, conditions in those sectors can affect the overall municipal market. Budgetary constraints of local, state, and federal governments on which the issuers may be relying for funding may also impact municipal bonds. In addition, changes in the financial condition of an individual municipal insurer can affect the overall municipal market, and market conditions may directly impact the liquidity and valuation of municipal bonds. Interest income generated by municipal bonds is generally expected to be exempt from federal income taxes and, if the municipal bonds are held by an investor with legal residence in the state of issuance, state and local income taxes. Such interest income may be subject to federal and/or state alternative minimum taxes. Tax code changes could impact the municipal bond market. Tax laws are subject to change, and the preferential tax treatment of municipal bond interest income may be removed or phased out for investors at certain income levels. Credit Risk. Changes in the financial condition of an issuer or counterparty, and changes in specific economic or political conditions that affect a particular type of security or issuer, can increase the risk of default by an issuer or counterparty, which can affect a security s or instrument s credit quality or value. Lower-quality debt securities and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. Inflation-Protected Debt Securities. The interest payments of inflation-protected debt securities are variable and usually rise with inflation and fall with deflation. 20

Legislative and Regulatory Risk. Investments in your Account may be adversely affected by new (or revised) laws or regulations. Changes to laws or regulations can impact the securities markets as a whole, specific industries, individual issuers of securities, and Strategic Advisers determinations with respect to the expected rate of return, value, or creditworthiness of a particular security. The impact of these changes may not be fully known for some time. Taxable Gains on Account Activity. The Service is not designed to take taxes into account when managing the model portfolios. As a result, you may have taxable gains or losses as a result of investment decisions made in your Account. In addition, Strategic Advisers may make structural changes to the Service that may result in taxable gains to your Account. To understand the potential tax consequences of the trading activity in your Account, please consult your tax adviser. Funds with Multiple Managers. Separate investment decisions and the resulting purchase and sale activities of a fund s Sub-Advisers might adversely affect a fund s performance or lead to disadvantageous tax consequences. Defensive Investing. The ability of the Defensive Strategy Preference to mitigate the extreme volatility of the markets depends on Strategic Advisers ability to estimate correctly the volatility of the investments it chooses relative to the broader market. Volatility may be higher than anticipated, and the specific investments used in Defensive Strategy Preference Accounts may not be as correlated or uncorrelated with the broader market as Strategic Advisers expects. It is reasonable to expect that Defensive Strategy Preference Accounts may underperform when markets rise, but there can be no assurance that Strategic Advisers will be able to mitigate losses when markets fall. Quantitative Investing. Funds or securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, changes to the factors behavior over time, and market volatility or the quantitative model s assumption about market behavior. Exchange-Traded Products ( ETPs ). An ETP is a security that trades on an exchange and may seek to track an index, commodity or a basket of assets. ETPs can include ETFs, exchange-traded notes, unit investment trusts, closed-end funds, master limited partnerships and certain grantor trusts. ETPs can be actively or passively managed. The performance of a passively managed ETP may not correlate to the performance of the asset it seeks to track. ETPs trade on secondary markets or exchanges and are exposed to market volatility and the risks of their underlying securities. ETPs that use derivatives, leverage, or complex investment strategies are subject to additional risks. Share trading may be halted or the security may cease to trade on an exchange. Trading volume and liquidity may vary and may affect the ability to buy or sell shares or cause the market price of shares to experience significant premiums or discounts relative to value of the assets underlying the shares. Because ETPs trade on exchanges, buyers and sellers experience a spread between the bidding price and the asking price, and the size of these spreads may vary significantly. ETFs. An ETF is a security that trades on an exchange and may seek to track an index, commodity, or a basket of assets like an index fund. However, some ETFs are actively managed and do not seek to track a certain index or basket of assets. Passive ETFs seek to replicate the performance of relevant market indices. ETFs may trade at a premium or discount to their net asset value ( NAV ) and may also be affected by the market fluctuations of their underlying investments. They may also have unique risks depending on their structure and underlying investments. Derivatives. Certain funds used by Strategic Advisers may contain derivatives. Generally speaking, a derivative is a financial contract whose value is based on the value of a financial asset (such as a stock, bond, or currency), a physical asset (such as gold, oil, or wheat), or a market index (such as the S&P 500 Index). Investments in derivatives may subject these funds to risks different from, and possibly 21

greater than, those of the underlying securities, assets, or market indexes. Some forms of derivatives, such as exchange-traded futures and options on securities, commodities, or indexes, have been trading on regulated exchanges for decades. These types of derivatives are standardized contracts that can be easily bought and/or sold, and whose market values are determined and published daily. Nonstandardized derivatives (such as swap agreements), on the other hand, tend to be more specialized or complex, and may be more difficult to value. Derivatives may involve leverage because they can provide investment exposure in an amount exceeding the initial investment. As a result, the use of derivatives may cause these funds to be more volatile, because leverage tends to exaggerate the effect of any increase or decrease in the value of a fund s portfolio securities. Alternative Investments. Alternatives are classified as assets whose investment characteristics and/ or performance differ substantially from the major asset classes and therefore offer opportunities for additional diversification. They may be illiquid. Examples include private equity and hedge funds. Strategic Advisers does not invest in private equity or hedge funds directly in Fidelity Portfolio Advisory Service Accounts; however, Strategic Advisers may invest in mutual funds that invest significantly in these instruments, and therefore clients may have indirect exposure to these sorts of investments. Real Estate. Real estate is a cyclical industry that is sensitive to interest rates, economic conditions (both nationally and locally), property tax rates, and other factors. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. Cybersecurity Risk. With the increased use of technologies such as the Internet to conduct business, Strategic Advisers and its affiliates are susceptible to operational, information security, and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events and may arise from external or internal sources. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through hacking or malicious software coding) for purposes of misappropriating assets or sensitive information; corrupting data, equipment or systems; or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting Strategic Advisers and its affiliates, or any of their other service providers (including, but not limited to, accountants, custodians, transfer agents, and financial intermediaries used by a fund or account) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the ability to calculate NAV, impediments to trading, the inability to transact business, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which a fund or account invests, counterparties with which a fund or account engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers), and other parties. OTHER INFORMATION ABOUT THE MANAGEMENT OF YOUR ACCOUNT You are entitled to impose reasonable restrictions on Strategic Advisers management of your Account. Any management restriction you may wish to impose is subject to the review and approval of Strategic Advisers. Such a restriction may include prohibitions with respect to the purchase of a particular fund or sub asset class, provided such restriction is not inconsistent with the investment management team s stated investment strategy or philosophy, or is not fundamentally inconsistent with the nature or operation of the Service. 22

If a restriction is accepted, assets will be invested in a manner that is appropriate given your restriction. Accounts with imposed management restrictions may experience different performance from accounts without restrictions, possibly producing lower overall results. You can request an Account restriction through your Fidelity representative. Strategic Advisers maintains policies and procedures that address the identification and correction of errors, consistent with applicable standards of care, to ensure that you are treated fairly when an error has been detected. In the event that an incident or event occurs that interrupts normal investment related activities, the determination of whether an incident constitutes an error is made by Strategic Advisers or its affiliates, in their sole discretion. Incidents involving aggregate holding compliance violations may or may not be deemed by Strategic Advisers to be errors, depending on the facts and circumstances. To the extent that client Accounts hold securities that directly or indirectly contribute to certain aggregate ownership thresholds being exceeded, Strategic Advisers may sell securities held in such Accounts in order to bring account-level and/or aggregate ownership below the relevant threshold. If any such sales result in losses for clients Accounts, those clients Accounts may bear such losses depending on the particular circumstances. Strategic Advisers or its affiliates will review the relevant facts and circumstances of each incident and if deemed to be an error, will resolve the error in a timely manner. In the event that Strategic Advisers or its affiliates make an error that has a financial impact on your Account, Strategic Advisers or its affiliates will generally return your Account to the position it would have held had no error occurred. Strategic Advisers will evaluate each situation independently. This corrective action may result in financial or other restitution to your Account, or inadvertent gains being reversed out of the Account. Any corrective action may result in a corresponding loss or gain to Strategic Advisers or its affiliates. Other measures to correct an error may be facilitated through a fee credit or a deposit to your Account, which may result in a taxable gain. Unless prohibited by applicable regulation or a specific agreement with you, Strategic Advisers will net your gains and losses from the error or a series of errors with the same root cause and compensate you for the net loss. In general, compensation is expected to be limited to direct monetary losses and will not include any amounts that Strategic Advisers deems to be speculative or uncertain. Strategic Advisers and its affiliates have established error accounts for the resolution of errors, which may be used depending on the facts and circumstances. Strategic Advisers is not obligated to follow any single method of resolving errors. We may not reimburse for certain errors where a client s loss is less than ten dollars per account; in such cases, we have instituted procedures designed to prevent Strategic Advisers from receiving economic benefits from limiting the correction of such errors. Additionally, funds and Accounts may be subject to operational risks, which can include risks of loss arising from failures in internal processes, people, or systems, such as routine processing incidents or major systems failures, or from external events, such as exchange outages. These incidents as well as incidents resulting from the mistakes of third parties may not be compensable by Strategic Advisers to you. In certain instances, a do-not-trade order may be placed on your Account for reasons including, but not limited to, processing a trade correction, your request or to comply with a court order or applicable law, rule, or regulation. For the period when a do-not-trade order is on your Account, Strategic Advisers will suspend management of your Account and will not monitor your Account for potential buys and sells of securities. Additionally, any deposits to your Account during a do-not-trade period will not be invested. Strategic Advisers is not held responsible for any market loss experienced as a result of a do-not-trade order. 23

Fidelity Portfolio Advisory Service is a wrap fee program, which means that you will pay a single advisory fee for all the services provided by Strategic Advisers, FBS, and NFS for your Account, including investment management, brokerage, custody, and other services. Strategic Advisers retains a portion of the wrap fee for its services as sponsor and investment manager of the Fidelity Portfolio Advisory Service program, and shares revenue with its affiliates, FBS and NFS, for the services they provide to your Account. For more information on the fees associated with your Account, and the fees and charges covered by your advisory fee, please see the Fees and Compensation section above. Fidelity Portfolio Advisory Service does not charge performance-based advisory fees for its services. Strategic Advisers investment management services generally include discretionary authority to determine which funds to purchase or sell, the total amount of such purchases and sales, and the brokers or dealers through which transactions are effected. As part of your Account application, you will be required to execute a power of attorney that grants Strategic Advisers discretionary trading authority over your Account. However, Strategic Advisers discretionary authority is subject to certain limits, including the applicable investment objectives, policies, and restrictions. These limitations may be based on a variety of factors such as regulatory constraints, as well as those imposed by you and agreed on by Strategic Advisers in accordance with applicable laws. PROXY VOTING POLICY AND PROCEDURES Strategic Advisers does not generally acquire authority for or exercise proxy voting on your behalf in connection with Fidelity Portfolio Advisory Service Accounts. Unless you direct us otherwise pursuant to the paragraph below, you will receive proxy materials directly from the funds, their service providers, or NFS. Strategic Advisers will not advise you on the voting of proxies. You must exercise any proxy voting directly. Once you establish your Account, you may request information from your Fidelity representative as to how specific proxies were voted with respect to holdings of the Strategic Advisers Funds in your Account. Notwithstanding the information above, you may request that Strategic Advisers act as your agent for receipt of certain legally required communications, including prospectuses, annual and semiannual reports, and proxy materials, for Non-Fidelity Funds and ETFs. You may also direct Strategic Advisers to act as your agent to vote proxies on your behalf for the funds held in your Account. For Fidelity Funds and ETFs, including the Strategic Advisers Funds, you may instruct Strategic Advisers to vote proxies of a Fidelity Fund or ETF in the same proportion as the vote of all other holders of such Fidelity Fund or ETF. For Non-Fidelity Funds and ETFs, you may instruct Strategic Advisers to vote proxies pursuant to the directions provided by Institutional Shareholder Services, Inc. ( ISS ), an unaffiliated third-party proxy advisory services provider. Please note that, unlike general proxy votes, Strategic Advisers generally treats certain voluntary corporate actions as subject to the exercise of its discretion as an investment manager. Accordingly, Strategic Advisers will make decisions with respect to voluntary corporate actions directly as part of the investment management services it provides to client Accounts. However, clients retain the right to make elections with respect to voluntary corporate actions if they so choose; if a client would like to make an election with respect to a security subject to a voluntary corporate action, clients may contact a Fidelity representative to transfer the security out of the client s Account. In connection with this election, you acknowledge that Strategic Advisers is acting solely at your direction, and does not exercise discretion with respect to the voting of any proxy. For more information about ISS s proxy voting policies, please see the ISS proxy voting guidelines summary included in your application materials, or contact your Fidelity representative. You may request a copy of Strategic Advisers proxy voting guidelines by contacting your Fidelity representative. 24

ASSETS UNDER MANAGEMENT Strategic Advisers total assets under management as of December 29, 2017, were $324,851,600,000 on a discretionary basis, and $15,556,800,000 on a nondiscretionary basis. Assets under management in Fidelity Portfolio Advisory Service on a discretionary basis as of December 29, 2017, were $214,591,700,000 and are included in the total assets listed above. CLIENT INFORMATION PROVIDED TO PORTFOLIO MANAGERS Strategic Advisers investment managers have access to all your relevant Account information, as well as any reasonable restrictions you have placed on your Account, on a daily ongoing basis. However, Strategic Advisers investment management is based on the completeness and accuracy of the information you have provided to Strategic Advisers, including, but not limited to, information about your goals, financial situation, time horizon, and risk tolerance. If you have any changes to your personal or financial situation, please contact your Fidelity representative to ensure that Strategic Advisers is managing your Account based on the most accurate information available. CLIENT CONTACT WITH PORTFOLIO MANAGERS It is important that you contact your Fidelity representative regarding questions associated with your Account, or to provide an update about your personal situation that may impact how we manage your Account or any of the other information associated with your Account. Your service representative will act as liaison between you and the Strategic Advisers investment management team, and he or she will be responsible for communicating any changes to your personal or financial situation to the Strategic Advisers investment management team to ensure appropriate management of your Account. Strategic Advisers investment management team is responsible for all the investment management services provided for your Account. Strategic Advisers investment managers may also provide you with information about the management of your Account from time to time, but, absent special circumstances, Strategic Advisers investment managers generally do not meet with clients or answer client questions directly. ADDITIONAL INFORMATION REVIEW OF ACCOUNTS After reviewing the information provided in your IPQ, Strategic Advisers will initially propose an investment strategy and a corresponding model portfolio of funds. Your investment strategy seeks to yield adequate long-term risk-adjusted returns and manage volatility within the boundaries associated with your stated financial goals and risk tolerance. Your investment strategy will remain unchanged through various market conditions unless there is a material change to the responses in your IPQ or other material changes to your situation, or unless you determine to select a different investment strategy that you believe is most appropriate. Your ability to select a different investment strategy is subject to constraints defined by Strategic Advisers. As your investment strategy is designed to be a long-term asset allocation, please note that if you change your direction as to asset allocation frequently, Strategic Advisers may require that you terminate your participation in the Service. 25

Strategic Advisers investment management team will make decisions regarding reallocations within the model portfolio upon which your Account is invested. These decisions are based on the investment management team s assessment of market and economic conditions and potential investment opportunities. Each model portfolio will be rebalanced periodically. However, the Strategic Advisers Funds are reviewed daily and assets within the Strategic Advisers Funds are reallocated based on the discretion of the Strategic Advisers portfolio managers. As a result, reallocation activity applicable to your Account s assets invested in the Strategic Advisers Funds may take place at the fund level, rather than directly in your Account. Strategic Advisers seeks to maintain accurate information concerning your financial situation and investment objectives, including any reasonable restrictions or reasonable modifications of existing restrictions you may wish to impose regarding the management of your Account. You are responsible for the accuracy and completeness of your IPQ information and other investment preferences used to select the model portfolio upon which your Account is invested. Strategic Advisers will rely on this information in making an initial investment proposal and managing your Account. Strategic Advisers may provide substantially similar model portfolio proposals to different clients with similar investment objectives; however, your proposal will be based on an analysis of your individual situation as defined by your responses to the IPQ. Strategic Advisers may (and often will) provide identical model portfolio proposals to clients with similar investment objectives. Therefore, Accounts managed using the same model portfolio are expected to be invested in the same portfolio of investments and in similar weightings; however, the composition of Accounts managed using the same model portfolio may differ for a variety of reasons including, but not limited to, the timing of client investments or withdrawals and any client-imposed investment restrictions. ANNUAL STRATEGIC REVIEW The Annual Strategic Review is an important part of the management process that helps ensure that your investment strategy remains appropriate for you. As a result, at least once a year, Fidelity s Portfolio Advisory Services will request information on your ongoing investment objectives, risk tolerance, planned investment time horizon, and financial goals. Additionally, you will be prompted to notify Strategic Advisers whether or not you wish to impose any reasonable restrictions on the management of your Account. Please note, if your Account is associated with Fidelity Wealth Management Advisory SM, your profile will be updated at least annually in conjunction with that service. During your Annual Strategic Review, if you provide a change to any of your IPQ responses, this may result in a change to your investment strategy that could be either more aggressive or more conservative than your current strategy. If we fail to hear from you during the Annual Strategic Review process, Strategic Advisers will determine if the long-term asset allocation continues to be suitable for you by updating your age, your goal horizon, and all date-relative elements of the effective investment horizon. Strategic Advisers will also consider updated balances of your Fidelity-recordkept accounts as well as balances of certain outside accounts and additional accounts you may have otherwise provided to Fidelity, but will otherwise assume that your IPQ responses have not changed. In some cases, the change in your age, goal horizon, and/or account balances may be sufficient for Strategic Advisers to assign a new investment strategy even when we fail to hear from you during the Annual Strategic Review process. Strategic Advisers may monitor certain activity in your Account and contact you to confirm responses in your IPQ; however, you continue to be responsible for contacting your Fidelity representative with any changes to the IPQ information and your personal situation. However, when your IPQ contains out-of-date data which is no longer relevant, such as an expired goal, a Fidelity representative may proactively remove the data to help ensure the accuracy of your IPQ, which may have an impact in determining whether a change in your investment strategy is warranted or not. If 26

your IPQ is incomplete and/or we have been unable to reach you for an extended period of time after multiple attempts, Strategic Advisers may terminate your participation in the Service upon notice. Moreover, Strategic Advisers reserves the right to terminate your participation in the Service at any time upon notice; provided, however, that in order to comply with applicable law, rule, or regulation, there may be situations when notice will not be provided. If you are a client with a relationship with Fidelity s Portfolio Advisory Services through the Fidelity Wealth Management Advisory SM program, updates to your asset allocation and investment strategy will be made as part of that service. If you have multiple advisory relationships with Strategic Advisers, you will need to update your personal, financial, and other important information independently for each respective service. From time to time, we may modify the IPQ as well as the investment or scoring methodologies that are used to generate your investment strategy. These changes may require you to provide new information to Strategic Advisers upon request or upon your next Annual Strategic Review, which may result in a new investment strategy being proposed. In these cases, if you fail to respond, Strategic Advisers will assume that none of your IPQ information has changed, other than your age, goal, and timeline, and will consider the balance of any accounts or other accounts at Fidelity that were part of your IPQ at your last review. Note that if you have provided consent and selected an investment strategy that you believe is most appropriate for your situation, Strategic Advisers will inform you of its proposed investment strategy but will not change your strategy unless you provide instructions to terminate the consent you have previously provided. There may be instances where the investment strategy you have selected is no longer available to you because it falls outside the constraints defined by Strategic Advisers. In these instances, Strategic Advisers may terminate the consent agreement and you will receive notification of the proposed investment strategy and Strategic Advisers will invest your assets in the proposed strategy unless you provide updated profile information or you select an investment strategy that does fall within the constraints defined by Strategic Advisers. Additionally, as noted previously, Strategic Advisers will not affirmatively suggest your participation in another preference. However, you are free to change your preference. After completing your review, if Strategic Advisers believes that a change in investment strategy is necessary, it will adjust the holdings in your Account and send a prospectus for any new fund not previously held, unless you have elected to have Strategic Advisers act as your agent for the receipt of Non-Fidelity Fund or ETF prospectuses. Any change in your personal circumstances or long-term goals at any time might also warrant a change in your investment strategy. If you have multiple advisory relationships with Strategic Advisers, you will need to update your personal, financial, and other important information independently for each respective service. TAX INFORMATION Fidelity is required to report certain taxable gain/loss and holding-period information on covered securities to the Internal Revenue Service ( IRS ) on Form 1099-B (which you will receive as part of your year-end consolidated tax-reporting statement). In addition, the Service provides estimated tax basis, corresponding realized and unrealized gain and loss, and holding-period information as a courtesy. Regardless of whether the information is reported to the IRS or only as a courtesy, information reported by Fidelity may not reflect all adjustments required for tax-reporting purposes. For example, transactions occurring in other accounts may require you to make adjustments not captured by your 1099-B or the Service. 27

ACCOUNT NOTIFICATIONS At least quarterly, you will receive a reminder to notify Fidelity Portfolio Advisory Service of any change in your financial situation or investment needs. At any time that your personal or financial situation changes, you should contact your Fidelity representative to initiate a review of your IPQ. Changes to your IPQ information may not currently be processed through Fidelity.com and may only be made by contacting your Fidelity representative. Your Fidelity representative serves as the ongoing liaison between you and the investment management team, and is available to discuss changes in your mutual fund allocations and is responsible for conducting reviews at least annually. You will receive prompt confirmations from NFS for any transactions in your Account; provided, however, with respect to automatic investments, automatic withdrawals, dividend reinvestments, and transactions that involve your core Fidelity money market fund, your account statement will serve in lieu of a confirmation. You will receive monthly statements from NFS that will detail all holdings and transaction information, including trades, additions, withdrawals, shifts in investment allocations, and estimated gain/loss and tax basis information. Monthly statements and confirmations are also available online at Fidelity.com and by enrolling in the electronic delivery program. Upon signing up for this service, you will be notified by email of the availability of documents and sent a link or Internet address where the documents can be accessed. You will not pay a different fee based on your decision to receive electronic monthly statements or trade confirmations. You will also receive quarterly reviews that detail your Account s performance and summarize the market activity during the quarter. You will also receive advisory fee information in your monthly statements during the month in which the advisory fee is paid, as well as at year-end. Industry standards are applied when calculating Account performance information. Strategic Advisers may also make available Account performance information, on a dedicated, password-protected website. We recommend that you create strong passwords containing both uppercase and lowercase letters as well as special characters, and avoid using passwords based on your date of birth, nickname, or Social Security number. CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS, AND PERSONAL TRADING CODE OF ETHICS Strategic Advisers has adopted a Code of Ethics for Personal Trading (the Code of Ethics ). The Code of Ethics applies to all officers, directors, and employees of Strategic Advisers, and requires that they place the interests of Strategic Advisers clients above their own. The Code of Ethics establishes securities transactions requirements for all covered employees and their covered persons, including their spouses. More specifically, the Code of Ethics contains provisions requiring: (i) Standards of general business conduct reflecting the advisers fiduciary obligations (ii) Compliance with applicable federal securities laws (iii) Employees and their covered persons to move their covered accounts to FBS unless an exception has been granted (iv) Reporting and review of personal securities transactions and holdings for persons with access to certain nonpublic information (v) Prohibition of purchasing of securities in initial public offerings unless an exception has been approved (vi) Reporting of Code of Ethics violations (vii) Distribution of the Code of Ethics to all supervised persons, documented through acknowledgments of receipt 28

Core features of the Code of Ethics generally apply to all Fidelity employees. The Code of Ethics also imposes additional restrictions and reporting obligations on certain advisory personnel, research analysts, and portfolio managers, including: (i) pre-clearing of transactions in covered securities; (ii) prohibiting investments in limited offerings without prior approval; (iii) reporting of transactions in covered securities on a quarterly basis; (iv) reporting of accounts and holdings of covered securities on an annual basis; and (v) disgorgement of profits from short-term transactions unless an exception has been approved. Violation of the Code of Ethics requirements may also result in the imposition of remedial action. The Code of Ethics will generally be supplemented by other relevant Fidelity policies, including the Policy on Inside Information, Rules for Broker-Dealer Employees, and other written policies and procedures adopted by Fidelity and Strategic Advisers. A copy of the Code of Ethics will be provided upon request. Strategic Advisers, its advisory affiliates, or a related person may buy or sell for itself securities that it also recommends to clients. The potential conflicts of interest involved in such transactions are governed by the Code of Ethics, which establishes sanctions if its requirements are violated and requires that Strategic Advisers, its advisory affiliates, or a related person place the interests of Strategic Advisers clients above their own. For information about our practice with respect to conflicts regarding trading with affiliates, please refer to the Brokerage Practices section within this document. From time to time, in connection with its business, Strategic Advisers may obtain material nonpublic information that is usually not available to other investors or the general public. In compliance with applicable laws, Strategic Advisers has adopted a comprehensive set of policies and procedures that prohibit the use of material nonpublic information by investment professionals or any other employees and limit the transactions that Strategic Advisers can implement for your Account. In addition, Strategic Advisers has implemented a policy on Business Entertainment and Workplace Gifts intended to set standards for business entertainment and gifts and help employees make sound decisions with respect to these activities and ensure that the interests of Strategic Advisers clients come first. Similarly, to ensure compliance with applicable pay to play laws, Strategic Advisers has adopted a Political Contributions and Activity policy that requires all employees to pre-clear any political contributions and activities. If you elected to invest in the All Fidelity Preference, Strategic Advisers will select only Fidelity Funds for your Account, including Strategic Advisers Funds. If you elected to invest in the Blended Preference, the Index-Focused Preference or the Defensive Strategy Preference, currently Strategic Advisers will consider only funds available through the Fidelity Investments fund supermarkets. Certain of these funds pay servicing and distribution fees to FBS or NFS. This compensation is paid by the fund and/or its affiliate. The servicing and distribution fees that FBS or NFS receives from a fund and/or its affiliate are in addition to the advisory fees that you pay Strategic Advisers. With respect to certain of these funds, FBS or NFS may receive a percentage of the average daily net assets of Non-Fidelity Funds or ETFs in your Account; however, any such amounts received by FBS or NFS will be offset against your Gross Advisory Fee by a corresponding Credit Amount equal to the amount of revenue received as a result of your investments in these funds. See the section entitled Fees and Compensation above for additional information. The servicing and distribution fees that FBS receives are taken into consideration when determining your net advisory fee for your Account. Each Fidelity Fund or ETF, including the Strategic Advisers Funds, pays investment management fees and other fees to FMRCo, Strategic Advisers, or their affiliates. In addition, affiliates of Strategic Advisers are compensated for providing distribution, transfer agency, shareholder servicing, and custodial and other services to 29

certain funds. For Blended Preference, Index-Focused Preference and Defensive Strategy Preference portfolios, there is no predetermined allocation of Fidelity or Non-Fidelity Funds or ETFs (except that money market funds will always be Fidelity Funds). The compensation received by Strategic Advisers and its affiliates from investments in Fidelity Funds and ETFs included in a Blended Preference, Index-Focused Preference or Defensive Strategy Preference portfolio will generally exceed, prior to the application of the Credit Amount (described above), the compensation from investments in Non- Fidelity Funds and ETFs. However, the Credit Amount is intended to offset this differential. Strategic Advisers seeks to address this potential conflict through the application of the Credit Amount noted above, and through the application of fund selection criteria and personnel compensation arrangements that do not differentiate between Fidelity and Non-Fidelity Funds and ETFs. Strategic Advisers investment professionals are compensated partially based on account performance and are not compensated based on the amount of Fidelity or Non-Fidelity Funds and ETFs used in the Service. Depending on market conditions and other events, certain factors in the fund selection process at times may result in a significant portion of the model portfolio being invested in Fidelity Funds or ETFs. Such an outcome is not the result of an intentional bias toward Fidelity Funds or ETFs. BROKERAGE PRACTICES With respect to Service Accounts, Strategic Advisers has discretionary authority to purchase and sell various eligible funds. For the Service, all commissions are waived for transactions executed through affiliates of Strategic Advisers (see Fees and Compensation ). However, the advisory fee charged for the Service does not cover the charges resulting from trades effected with or through brokerdealers other than affiliates of Strategic Advisers or cover mark-ups or mark-downs by broker-dealers, transfer taxes, exchange fees, regulatory fees, odd-lot differentials, handling charges, electronic fund and wire transfer fees, and any other charges imposed by law or otherwise agreed to with regard to your Account. One non Fidelity-related charge applies to sales of securities made for Accounts an industry-wide charge mandated by the SEC and totaling a few cents per $1,000 of securities sold. The amount of this regulatory fee may vary over time, and because variations might not be immediately known to Fidelity, the amount may be estimated and assessed in advance. To the extent that such estimated amount differs from the actual amount of the regulatory fee, Fidelity may retain the excess. These charges will be reflected on transaction confirmations and/or monthly statements. Trading through Affiliates Strategic Advisers and its delegates are authorized to place portfolio transactions with affiliated registered broker-dealers or transfer agents. Strategic Advisers will arrange for the execution of transactions through affiliated broker-dealers if Strategic Advisers reasonably believes that the quality of the execution of the transaction is comparable to what could be obtained through other qualified broker-dealers. In determining the ability of a broker-dealer to obtain best execution, Strategic Advisers will consider a number of factors, including the broker-dealer s execution capabilities, reputation, and access to the markets for the securities being traded. In general, Strategic Advisers or its delegate will place trades with Fidelity Capital Markets ( FCM ), a division of NFS, with respect to the execution of trades for ETFs in your Account. Strategic Advisers may allocate up to 100% of your order to FCM, subject to Strategic Advisers obligation to obtain best execution. Strategic Advisers reasonably believes that the quality of the execution of transactions is comparable to or more favorable than what could be obtained through other qualified broker-dealer firms. To that effect and in order to continuously assure the quality of the execution, Strategic Advisers 30

receives Institutional Equity Quality reporting from FCM, monitoring the quality of the execution of transactions allocated to FCM. You will not be charged commissions on transactions executed through FCM. NFS transmits orders received for execution through FCM to various exchanges or market centers based on a number of factors. These include the following: size of the order, trading characteristics of the security, favorable execution prices (including the opportunity for price improvement), access to reliable market data, availability of efficient automated transaction processing, and execution costs. Some market centers or broker-dealers may execute orders at prices superior to the publicly quoted market prices. Strategic Advisers believes that FCM s order-routing policies, taking into consideration all the factors listed above, are designed to result in transaction processing that is favorable to its customers. Where Strategic Advisers directs the market center to which an order is routed, FBS or FCM will route the order to such market center in accordance with Strategic Advisers instructions without regard to its general order-routing practices. FBS and/or FCM receives remuneration, compensation, or other consideration for directing some customers orders for equity securities to certain market centers for execution. Such consideration may take the form of financial credits, monetary payments, rebates, volume discounts, or reciprocal business; provided, however, that neither FBS nor FCM receives any consideration in connection with directing the execution of equity trades for your Account to market centers. The details of any credit, payment, rebate, or other form of compensation received in connection with the routing of a particular order will be provided upon request, and an explanation of order-routing practices will be provided on an annual basis. In addition, from time to time, Fidelity may provide aggregated trade execution data to customers and prospective customers. Strategic Advisers and its affiliates may execute trading through an affiliated broker-dealer where the affiliated broker-dealer crosses Strategic Advisers client s trades with those of affiliated broker-dealer clients (agency cross transactions). Such transactions will be executed in accordance with Section 206(3) of the Investment Advisers Act of 1940, as amended ( Advisers Act ), requiring written consent, confirmations of transactions, annual reporting, and compliance procedures. In addition, to the extent permitted by law and applicable policies and procedures, Strategic Advisers may effect cross trades involving Accounts in which a security is purchased in or sold from one account advised by us or our affiliate and sold or purchased from another account advised by us or our affiliate through a book-entry transfer, when Strategic Advisers believes such trades are in the best interest of all clients involved. Cross trades will be done through a book-entry transfer, either directly or through a broker-dealer (including FBS or NFS), based on one or more third-party pricing services and/or actual market bids. In general, to comply with applicable law, Strategic Advisers will not conduct any brokerage transactions on a principal basis with any affiliate or affiliated broker-dealer. However, a broker-dealer affiliated with Strategic Advisers, including NFS, may act as principal with respect to a client s transactions in other accounts maintained with Fidelity over which Strategic Advisers has no discretionary management authority to the extent permitted by law and subject to applicable restrictions. With respect to investments made by Fidelity Funds and ETFs, Strategic Advisers and its affiliates may allocate brokerage transactions to brokers who are not affiliates of Strategic Advisers and who have entered into arrangements with Strategic Advisers or its affiliates under which the broker, using predetermined methodology, rebates a portion of the compensation paid by the fund to offset that fund s expenses, which may be paid to Strategic Advisers or its affiliates. Not all brokers with whom Strategic Advisers trades have agreed to participate in brokerage commission recapture. Strategic Advisers expects that brokers from whom Strategic Advisers or its affiliates purchase research products and services with hard dollars are unlikely to participate in commission recapture. 31

In connection with trading of ETFs, Strategic Advisers may aggregate the purchase and sale of securities in an effort to provide better execution. Generally, Strategic Advisers reviews and adjusts account holdings, as needed, based on the investment strategy for the client s Account. With respect to trade allocation, Strategic Advisers policy is to treat each of its client s Accounts in a fair and equitable manner when allocating orders for the purchase and sale of securities, including fund shares. Strategic Advisers has adopted a trade allocation policy designed to achieve fairness and not to purposefully disadvantage comparable client Accounts over time when allocating purchases and sales. All allocations among your Account and/or funds of funds managed by Strategic Advisers will be made in a manner consistent with Strategic Advisers fiduciary duties, taking into account all relevant factors. Strategic Advisers does not have a soft dollar program. Some sub-advisers to the Strategic Advisers Funds may use soft dollar or other commission-sharing arrangements in connection with transactions effected for the Strategic Advisers Funds. During your participation in the Service, your Account will not be available for brokerage activities outside of activities directed by Strategic Advisers including, but not limited to, margin trading or trading of securities by you or any of your designated agents. Further, FBS s responsibilities for the Service shall be limited solely to brokerage services relating to your participation in the Service. The activities for your Account will not apply or be related to any other activities or accounts that you may maintain with Fidelity. CLIENT REFERRALS AND OTHER COMPENSATION FMRCo and its affiliates and subsidiaries are compensated for providing services to one or more of the funds in which Strategic Advisers clients may invest. These include Fidelity SelectCo, LLC, FMRCo and subsidiaries as the investment adviser for the Fidelity Funds and ETFs; Fidelity Distributors Corporation as the underwriter of the Fidelity Funds and ETFs; Fidelity Investments Institutional Operations Company, Inc., as transfer agent for the Fidelity Funds, servicing agent for Non-Fidelity Funds and ETFs, and as recordkeeper of certain workplace savings plans. In addition, one or more broker-dealer affiliates of the Fidelity Funds or ETFs may execute portfolio transactions for the funds. FMRCo or its affiliates may obtain brokerage or research services, consistent with Section 28(e) of the Securities Exchange Act of 1934 (the Exchange Act ), from broker-dealers in connection with the execution of the Fidelity funds portfolio security transactions. The group of mutual funds eligible for consideration in Fidelity Portfolio Advisory Service model portfolios is currently limited to funds available through Fidelity s mutual fund supermarket, FundsNetwork. FundsNetwork is a registered service mark of FMR LLC and a service of FBS. Funds participating in Fidelity s fund supermarket that Strategic Advisers may purchase for its clients pay remuneration to affiliates of Strategic Advisers for providing shareholder services; however, any such revenue received by affiliates of Strategic Advisers is subject to the Credit Amount mechanism described above in the section entitled Fees and Compensation. In connection with your investments, certain personnel of Strategic Advisers receive other economic incentives in addition to their normal compensation. In addition, our affiliates are compensated for providing distribution, transfer agency, servicing, and custodial services to certain funds (certain of these fees are also used to calculate the Credit Amount, where applicable). The compensation that Strategic Advisers and its affiliates receive as a result of your investment in Fidelity Funds and ETFs may exceed the compensation received from your investments in Non-Fidelity Funds and ETFs; however, the Credit Amount calculation is designed to eliminate this differential. The fund fees and expenses for the various services that Strategic Advisers or its affiliates provide to the funds are 32

disclosed in each Fidelity Fund or ETF prospectus. These fees and expenses are paid by the Fidelity Funds and ETFs and are ultimately borne by the funds shareholders. Client referrals are provided by affiliated entities, including FBS, or other affiliates, pursuant to referral agreements where applicable. Payments may be made to affiliates for services that facilitate delivery of Strategic Advisers services. Additionally, Strategic Advisers may refer clients to other independent investment advisers in connection with a referral program in which such independent investment advisers participate for a fee. Additional details are available upon request. Strategic Advisers receives referrals through its affiliate FBS, pursuant to a referral agreement, for which compensation is provided to FBS. As noted above, Fidelity representatives receive economic incentives in addition to their normal compensation for distributing and servicing Fidelity Portfolio Advisory Service Accounts. CUSTODY In order to participate in the Service, you must establish a brokerage account with FBS, a registered broker-dealer and an affiliate of Strategic Advisers. NFS, another affiliate of Strategic Advisers and a member of NYSE and SIPC, has custody of client assets and will perform certain account services, including the implementation of discretionary management instructions, as well as other related services. Strategic Advisers, FBS, and NFS personnel may share premises and may have common supervision. You should carefully review statements and other communications received from FBS and NFS. DISCIPLINARY INFORMATION AND OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS Strategic Advisers is a wholly owned subsidiary of Fidelity Advisory Holdings LLC, which in turn is a wholly owned subsidiary of FMR LLC. FMR LLC is a Delaware limited liability company that, together with its affiliates and subsidiaries, is generally known to the public as Fidelity Investments or Fidelity. Various direct or indirect subsidiaries of FMR LLC are engaged in investment advisory, brokerage, banking, or insurance businesses. From time to time, Strategic Advisers and its clients may have material business relationships with any of the subsidiaries and affiliates of FMR LLC. In addition, the principal officers of Strategic Advisers may serve as officers and/or employees of affiliated companies that are engaged in various aspects of the financial services industry. Strategic Advisers has no material disclosable legal or disciplinary events for its management personnel associated with its advisory services. Strategic Advisers is not registered as a broker-dealer, nor does it have an application pending to register as a broker-dealer. Certain management persons of Strategic Advisers are registered representatives of FBS and/or Fidelity Investments Institutional Services Company, Inc., Strategic Advisers affiliates and registered broker-dealers. Though Strategic Advisers may advise the mutual funds and other institutional accounts it manages regarding futures contracts, options, and swaps, Strategic Advisers currently operates pursuant to an exemption from registration with the U.S. Commodity Futures Trading Commission as a commodity trading advisor and/or a commodity pool operator. Strategic Advisers is generally engaged in three areas of business: 1. Providing discretionary investment advisory services to individuals, trusts, retirement plans, investment companies, and charitable and other business organizations 33

2. Providing nondiscretionary advisory products and services to individuals and financial intermediaries, and developing and maintaining asset allocation and portfolio modeling methodologies for use by our affiliates 3. Providing educational materials concerning investment and personal finance Strategic Advisers affiliates provide investment advisory and other services to the Fidelity mutual funds and Fidelity ETFs, and may also provide sub-advisory services to mutual funds that are managed by us (for example, Strategic Advisers Funds). When Strategic Advisers invests your assets in Fidelity mutual funds or funds that are sub-advised by an affiliate, those affiliates may receive investment management and other fees from the funds based on the amount of your invested assets. While Strategic Advisers receives no economic benefit from our affiliated or unaffiliated entities in connection with our investment decisions, including fund selections made for your Account, FMRCo and various affiliates of FMRCo are compensated for providing services to the funds; for example: Fidelity Management & Research Company ( FMRCo ) as the investment adviser for the Fidelity funds; Fidelity Distributors Corporation ( FDC ) as the underwriter of the Fidelity funds. One or more broker-dealer affiliates of the Fidelity funds may execute portfolio transactions for the funds. The funds investment advisers may obtain brokerage or research services, consistent with Section 28(e) of the Exchange Act, from broker-dealers in connection with the execution of the funds portfolio security transactions. Under special, limited circumstances, clients assets held in Fidelity s Portfolio Advisory Services nonretirement accounts may be counted toward certain retail brokerage account benefits/promotions in connection with offers sponsored by the affiliates of Strategic Advisers and in relation to the accounts over which Strategic Advisers does not have discretionary authority. From time to time, Strategic Advisers or its clients may have a material business relationship with the following affiliated companies: Investment Companies and Other Investment Advisers Fidelity Management & Research Company ( FMRCo ), a wholly owned subsidiary of FMR LLC, is a registered investment adviser under the Advisers Act. FMRCo principally provides portfolio management services as an adviser or a sub-adviser to registered investment companies. FMRCo may also provide portfolio management services as an adviser or sub-adviser to clients of other affiliated and unaffiliated advisers. Strategic Advisers pays FMRCo an administrative fee for handling the business affairs of the investment companies Strategic Advisers advises. In addition, it is expected that we may share employees from time to time with FMRCo. FIAM LLC ( FIAM ) is a wholly owned subsidiary of FIAM Holdings Corp., which in turn is wholly owned by FMR LLC and provides investment management services, including sub-advisory services to FMRCo or its affiliates. FIAM is a registered investment adviser under the Advisers Act. FIAM is also registered with the Central Bank of Ireland. In addition, it is expected that Strategic Advisers may share employees from time to time with FIAM. Fidelity Investments Money Management, Inc. ( FIMM ) is a wholly owned subsidiary of FMR LLC and a registered investment adviser under the Advisers Act. FIMM provides portfolio management services as a sub-adviser to certain of our clients, including investment companies in the Fidelity group of funds or as an adviser. We have sub-advisory agreements with FIMM for certain of our funds. In addition, it is expected that we may share employees from time to time with FIMM. 34

FMR Co., Inc. ( FMRC ) is a wholly owned subsidiary of FMRCo and is a registered investment adviser under the Advisers Act. FMRC may provide portfolio management services as a subadviser to certain of Strategic Advisers clients. FMRC may also provide portfolio management services as an adviser or a sub-adviser to clients of other affiliated and unaffiliated advisers. In addition, it is expected that we may share employees from time to time with FMRC. Fidelity SelectCo, LLC ( SelectCo ) is a wholly owned subsidiary of FMR LLC and a registered investment adviser under the Advisers Act. SelectCo may serve as an adviser to investments in your Account. Fidelity Management & Research (Hong Kong) Limited ( FMR (Hong Kong) ) is a wholly owned subsidiary of FMRCo, a registered investment adviser under the Advisers Act, and has been authorized by the Hong Kong Securities & Futures Commission to advise on securities and to provide asset management services. FMR (Hong Kong) may provide investment advisory or portfolio management services as a sub-adviser with respect to certain clients of our clients, including investment companies in the Fidelity group of funds, and for clients of other affiliated and unaffiliated advisers. We have sub-advisory agreements with FMR (Hong Kong) for certain of our funds. Fidelity Management & Research (Japan) Inc. ( FMR (Japan) ), a direct, wholly owned subsidiary of FMRCo, is a registered investment adviser under the Advisers Act, and has been authorized by the Japan Financial Services Agency (Kanto Local Finance Bureau) to provide investment advisory services and discretionary investment management services. FMR (Japan) may supply investment research and investment advisory information, and may provide discretionary investment management services to certain clients of Strategic Advisers, including investment companies in the Fidelity group of funds, and to clients of other affiliated and unaffiliated advisers. We have sub-advisory agreements with FMR (Japan) for certain of our funds. FMR Investment Management (UK) Limited ( FMRIM(UK) ), an indirect, wholly owned subsidiary of FMRCo, is registered as an investment adviser under the Advisers Act and is authorized by the U.K. Financial Conduct Authority to provide investment advisory and asset management services. FMRIM(UK) provides investment advisory and portfolio management services as a sub-adviser to certain of Strategic Advisers clients, including investment companies in the Fidelity group of funds. FMRIM(UK) may provide portfolio management services as an adviser or sub-adviser to clients of other affiliated and unaffiliated advisers. FMRIM(UK) is also registered with the Central Bank of Ireland. We have sub-advisory agreements with FMRIM(UK) for certain of our funds. Fidelity Personal and Workplace Advisors LLC ( FPWA ) is an indirect, wholly owned subsidiary of Fidelity Advisory Holdings LLC, which in turn is wholly owned by FMR LLC, and a registered investment adviser under the Advisers Act. FPWA provides non-discretionary investment management services and, effective July 16, 2018, will serve as the sponsor to investment advisory programs, including the Service. Broker-Dealers Fidelity Distributors Corporation ( FDC ), a wholly-owned subsidiary of Fidelity Global Brokerage Group, Inc., acts as principal underwriter and general distribution agent of the registered investment companies advised by FMRCo. FDC is a registered broker-dealer under the Exchange Act. National Financial Services LLC ( NFS ) is engaged in the institutional brokerage business and provides clearing and execution services for other brokers. NFS is a wholly owned subsidiary of 35

Fidelity Global Brokerage Group, Inc., a holding company that provides administrative services to NFS. Fidelity Capital Markets ( FCM ), a division of NFS, may execute transactions for our investment companies and other clients. Additionally, FCM operates CrossStream, an alternative trading system that allows orders submitted by its subscribers to be crossed against orders submitted by other subscribers. FCM charges a commission to both sides of each trade executed in CrossStream. Using CrossStream, FCM crosses client accounts, and it charges a commission on its trades to both of its brokerage customers. CrossStream may be used to execute transactions for our investment companies and other clients. NFS is a registered broker-dealer under the Exchange Act, and NFS is also registered as an investment adviser under the Advisers Act. NFS may serve as a clearing agent for client transactions that we place with certain broker-dealers. NFS may provide transfer agent or subtransfer agent services to certain of our or our affiliates clients. NFS provides transaction processing services in conjunction with the implementation of our discretionary investment management instructions. NFS also provides custodial, recordkeeping, and reporting services to clients. We compensate NFS for these services to the Service. In all cases, transactions executed by affiliated brokers on behalf of investment company clients are effected in accordance with Rule 17e-1 under the 1940 Act, and procedures approved by the Board of Trustees of the funds. The Board of Trustees of each fund in the Fidelity group of funds has approved FCM effecting fund portfolio transactions and retaining compensation in connection with such transactions pursuant to Section 11(a) of the Exchange Act. Fidelity Brokerage Services LLC ( FBS ), a wholly owned subsidiary of Fidelity Global Brokerage Group, Inc., is a registered broker-dealer under the Exchange Act and provides brokerage products and services, including the sale of shares of investment companies advised by FMRCo to individuals and institutions, including retirement plans administered by affiliates. Pursuant to referral agreements and for compensation, representatives of FBS may refer customers to various services offered by FBS s related persons, including Strategic Advisers. In addition, FBS is the distributor of insurance products, including variable annuities, that are issued by FMRCo s related persons, Fidelity Investments Life Insurance Company ( FILI ) and Empire Fidelity Investments Life Insurance Company ( EFILI ). FBS may provide shareholder services to certain of FMRCo s or FMRCo s affiliates clients. Fidelity Investments Institutional Services Company, Inc. ( FIISC ), a wholly owned subsidiary of Fidelity Global Brokerage Group, Inc., which in turn is wholly owned by FMR LLC, primarily markets Fidelity mutual funds and other products advised by FMRCo or an affiliate thereof to third-party financial intermediaries and certain institutional investors. FIISC is a registered brokerdealer under the Exchange Act. Fidelity Global Brokerage Group, Inc., a wholly-owned subsidiary of FMR LLC, wholly-owns four broker-dealers: FBS, NFS, FIISC and FDC, and also has an equity interest in ebx LLC ( ebx ), a holding company and a registered broker-dealer under the Exchange Act, which was formed for the purpose of developing, owning and operating an alternative trading system, the Level ATS. Transactions for Strategic Advisers customers or other entities for which Strategic Advisers serves as adviser or sub-adviser or provides discretionary trading services, as well as for customers of Strategic Advisers affiliates may be executed through the Level ATS. Strategic Advisers disclaims that it is a related person of ebx. 36

Fidelity Clearing Canada ULC ( FCC ) is engaged in the institutional brokerage business and provides clearing and execution services for other brokers. FCC is a wholly-owned subsidiary of 483 Bay Street Holdings LP, which is a joint venture between Fidelity Canada Investors LLC and FIL Limited. Luminex Trading & Analytics LLC ( LTA ), a registered broker-dealer and alternative trading system, was formed for the purpose of establishing and operating an electronic execution utility (the LTA ATS ) that allows orders submitted by its subscribers to be crossed against orders submitted by other subscribers. FMR LLC is the majority owner of LTA. LTA charges a commission to both sides of each trade executed in the LTA ATS. The LTA ATS may be used to execute transactions for Strategic Advisers or Strategic Advisers affiliates investment company and other advisory clients. NFS serves as the clearing agent for transactions executed in the LTA ATS. Banking Institutions Fidelity Management Trust Company ( FMTC ), a trust company organized and operating under the laws of the Commonwealth of Massachusetts, provides non-discretionary trustee and custodial services to employee benefit plans and IRAs through which individuals may invest in mutual funds managed by FMRCo or its affiliates, and discretionary investment management services to institutional clients. FMTC is a wholly owned subsidiary of FMR LLC. FMRCo or its affiliates provide certain administrative services to FMTC, including, but not limited to, securities execution, investment compliance, and proxy voting. Limited Partnerships and Limited Liability Company Investments Strategic Advisers may provide discretionary investment management to partnerships and limited liability companies designed to facilitate acquisitions by mutual funds offered by Strategic Advisers. These funds are privately offered consistent with stated investment objectives. Strategic Advisers does not intend to engage in borrowing, lending, purchasing securities on margin, short selling, or trading in commodities. Participating Affiliates Fidelity Business Services India Private Limited ( FBS India ), with its registered office in Bangalore, is incorporated under the laws of India and is ultimately owned by FMR LLC through certain of its direct or indirect subsidiaries. Certain employees of FBS India ( FBS India Associated Employees ) may from time to time provide certain research services for Strategic Advisers, which Strategic Advisers may use for its customers. FBS India is not registered as an investment adviser under the Advisers Act and is deemed to be a Participating Affiliate of Strategic Advisers (as this term has been used by the SEC s Division of Investment Management in various no-action letters granting relief from the Advisers Act s registration requirement for certain affiliates of registered investment advisers). Strategic Advisers deems FBS India and each of the FBS India Associated Employees as associated persons of Strategic Advisers within the meaning of Section 202(a)(17) of the Advisers Act. FBS India Associated Employees and FBS India, through such employees, may contribute to Strategic Advisers research process and may have access to information concerning securities that are being selected for the client prior to the effective implementation of such selections. FIAM and Strategic Advisers each maintain a list of FBS India Associated Employees whom it has deemed associated persons, which Strategic Advisers will make available to current U.S. clients upon request. 37

As noted above, Strategic Advisers and certain of its affiliates receive compensation as a result of sales or servicing of funds used in Fidelity s Portfolio Advisory Services program. However, conflicts associated with the receipt of any such fees are mitigated by the use of a Credit Amount that reduces the Service s Gross Advisory Fee by the amount of revenue received by Strategic Advisers and its affiliates from such underlying funds or their affiliates as a result of investments by an Account. For additional information regarding the Credit Amount, please see the Fees and Compensation section. 38

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FOR MORE INFORMATION, PLEASE CALL US TOLL FREE AT 1-8 0 0-5 4 4-3 4 5 5 Monday through Friday, 8 a.m. to 7 p.m. Eastern time Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money. Fidelity Portfolio Advisory Service is a service of Strategic Advisers LLC, a registered investment adviser and a Fidelity Investments company. This service provides discretionary money management for a fee. Fidelity Wealth Management Advisory SM is a service of Strategic Advisers LLC, a registered investment adviser and a Fidelity Investments company. This advisory service is provided for a fee. Brokerage services are provided by Fidelity Brokerage Services LLC, 900 Salem Street, Smithfield, RI 02917, a Fidelity Investments company and a member of NYSE and SIPC. Custody and other services are provided by National Financial Services LLC, a Fidelity Investments company and a member of NYSE and SIPC. Fidelity Wealth Management Advisory is a service mark, and Fidelity, Fidelity Private Wealth Management, and Fidelity Investments are registered service marks, of FMR LLC. Dow Jones U.S. Total Stock Market Index: A float-adjusted market capitalization weighted index of all equity securities of U.S.-headquartered companies with readily available price data. Russell 3000 Index: A market capitalization weighted index designed to measure the performance of the 3,000 largest companies in the U.S. equity market. S&P 500 Index: A registered service mark of The McGraw-Hill Companies, Inc., the index has been licensed for use by Fidelity Distributors Corporation and its affiliates. It is a market capitalization weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal. Indexes are unmanaged. It is not possible to invest directly in an index. Fidelity Brokerage Services LLC, Member NYSE and SIPC, 900 Salem Street, Smithfield, RI 02917 2018 FMR LLC. All rights reserved. 418882.21.0 PAS-FNDMNTL-0318 1.862818.117

Supplemental Brochures: Your Fidelity Portfolio Advisory Service Account Key Fidelity personnel involved with your account include: Wilfred Chilangwa George A. Fischer Robert L. Macdonald Gregory Pappas Lawrence Rakers John A. Stone Additional information about the persons listed above is available on the SEC s website at adviserinfo.sec.gov.

Wilfred Chilangwa Supplemental Brochure: FIDELITY PORTFOLIO ADVISORY SERVICE Strategic Advisers, Inc. 245 Summer Street, V5D Boston, MA 02210 617-563-7100 August 31, 2015 This supplemental brochure is designed for clients and/or anyone interested in a professionally managed account from Fidelity. This separate section is devoted to information about Wilfred Chilangwa, a member of the Strategic Advisers, Inc., Investment Management Team, and should be viewed as additional information to the Fidelity Portfolio Advisory Service brochure (the Program Fundamentals ). You should have already received a copy of the Program Fundamentals. Please contact your Fidelity representative if you did not receive the Program Fundamentals or if you have any questions about the contents of this new information. On behalf of Fidelity, we thank you for the opportunity to help you reach your investing goals through a professionally managed account from Fidelity. 3

Wilfred Chilangwa EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE Wilfred Chilangwa, an international equity Portfolio Manager for Strategic Advisers, Inc. ( Strategic or Strategic Advisers ), is a lead member of the team that manages the Fidelity Portfolio Advisory Service (the Service ) program. Prior to joining Strategic Advisers in February 1997, Mr. Chilangwa was with State Street in Boston, where he worked as a Senior Research Analyst on emerging markets and as Assistant Vice President focusing on new product development for global investment and asset administration. Born in 1969, Mr. Chilangwa s education includes a BA in physics and economics from Brandeis University, an MA in international finance and economics from the Brandeis International Business School, and an International Baccalaureate from St. Clare s, Oxford, United Kingdom. Mr. Chilangwa is a Chartered Financial Analyst (CFA ) charterholder. 1 DISCIPLINARY INFORMATION There are no material disclosable legal or disciplinary events that are material to your evaluation of Mr. Chilangwa or his integrity. OTHER BUSINESS ACTIVITIES Mr. Chilangwa is not actively engaged in any other investment-related business or occupation. ADDITIONAL COMPENSATION Mr. Chilangwa does not receive any economic benefit or compensation for providing advisory services to any party who is not a client of Strategic Advisers. SUPERVISION Mr. Chilangwa reports to Brian Enyeart, the Chief Investment Officer ( CIO ), who is responsible for the oversight of Portfolio Management for Fidelity Portfolio Advisory Service, and has supervisory authority for the team that manages the Service. The CIO is responsible for ensuring that the Portfolio Management Team manages all portfolios in the Service within the parameters that have been established for each investment strategy and in adherence with Strategic Advisers investment policies and procedures. This includes risk management and exposures, and performance management and attribution. Mr. Enyeart may be contacted at 617-563-5200. REQUIREMENTS FOR STATE-REGISTERED ADVISERS Strategic Advisers, Inc., is not registered with any state securities authority. 1 The CFA designation is offered by the CFA Institute. To obtain the CFA charter, candidates must pass three exams demonstrating their competence, integrity and extensive knowledge in accounting, ethical and professional standards, economics, portfolio management, and security analysis, and must also have at least three years of qualifying work experience, among other requirements. 4

George A. Fischer Supplemental Brochure: FIDELITY PORTFOLIO ADVISORY SERVICE Strategic Advisers, Inc. 245 Summer Street, V5D Boston, MA 02210 617-563-7100 March 9, 2018 This supplemental brochure is designed for clients and/or anyone interested in a professionally managed account from Fidelity. This separate section is devoted to information about George A. Fischer, a member of the Strategic Advisers, Inc., Investment Management Team, and should be viewed as additional information to the Fidelity Portfolio Advisory Service brochure (the Program Fundamentals ). You should have already received a copy of the Program Fundamentals. Please contact your Fidelity representative if you did not receive the Program Fundamentals or if you have any questions about the contents of this new information. On behalf of Fidelity, we thank you for the opportunity to help you reach your investing goals through a professionally managed account from Fidelity. 5

George A. Fischer EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE George Fischer, a Portfolio Manager for Strategic Advisers, Inc. ( Strategic or Strategic Advisers ), is a lead member of the team that manages the Fidelity Portfolio Advisory Service (the Service ) program. Prior to assuming his current position in January 2018, Mr. Fischer served as senior advisor in Fidelity s Fixed Income Division. Previous to that, he was managing director of research for macroeconomic and structured securities within Fidelity s Fixed Income division. Before that, he managed a variety of retail mutual funds and separate accounts as a portfolio manager at FMR Co., and was a member of both the Municipal Bond portfolio management team and the Taxable Bond portfolio management group. He joined Fidelity as a municipal research analyst in 1989. Born in 1961, Mr. Fischer earned his bachelor of arts degree in psychology from Boston College and his master of business administration degree in finance from The Wharton School of the University of Pennsylvania. DISCIPLINARY INFORMATION There are no material disclosable legal or disciplinary events that are material to your evaluation of Mr. Fischer or his integrity. OTHER BUSINESS ACTIVITIES Mr. Fischer is not actively engaged in any other investment-related business or occupation. ADDITIONAL COMPENSATION Mr. Fischer does not receive any economic benefit or compensation for providing advisory services to any party who is not a client of Strategic Advisers. SUPERVISION Mr. Fischer reports to Brian Enyeart, the Chief Investment Officer ( CIO ), who is responsible for the oversight of Portfolio Management for Fidelity Portfolio Advisory Service, and has supervisory authority for the team that manages the Service. The CIO is responsible for ensuring that the Portfolio Management Team manages all portfolios in the Service within the parameters that have been established for each investment strategy and in adherence with Strategic Advisers investment policies and procedures. This includes risk management and exposures, and performance management and attribution. Mr. Enyeart may be contacted at 617-563-5200. REQUIREMENTS FOR STATE-REGISTERED ADVISERS Strategic Advisers, Inc., is not registered with any state securities authority. 6

Robert L. Macdonald Supplemental Brochure: FIDELITY PORTFOLIO ADVISORY SERVICE Strategic Advisers, Inc. 245 Summer Street, V5D Boston, MA 02210 617-563-7100 August 31, 2015 This supplemental brochure is designed for clients and/or anyone interested in a professionally managed account from Fidelity. This separate section is devoted to information about Robert L. Macdonald, a member of the Strategic Advisers, Inc., Investment Management Team, and should be viewed as additional information to the Fidelity Portfolio Advisory Service brochure (the Program Fundamentals ). You should have already received a copy of the Program Fundamentals. Please contact your Fidelity representative if you did not receive the Program Fundamentals or if you have any questions about the contents of this new information. On behalf of Fidelity, we thank you for the opportunity to help you reach your investing goals through a professionally managed account from Fidelity. 7

Robert L. Macdonald EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE Robert L. Macdonald is a Senior Vice President and Director of Financial Solutions for Strategic Advisers, Inc. ( Strategic or Strategic Advisers ). Mr. Macdonald oversees the investment profiling methodology used by Portfolio Advisory Service to provide suitable asset allocation proposals to clients. Mr. Macdonald joined Fidelity in 1985 as a quantitative analyst with Fidelity Management Trust Company ( FMTC ). In 1987, he was promoted to Vice President and Portfolio Manager with FMTC s Structured Investment group. Born in 1955, Mr. Macdonald received a BA in finance from the University of South Florida in 1979 and an MBA in finance from Boston University in 1985. Mr. Macdonald is a Chartered Financial Analyst (CFA ) charterholder. 1 DISCIPLINARY INFORMATION There are no material disclosable legal or disciplinary events that are material to your evaluation of Mr. Macdonald or his integrity. OTHER BUSINESS ACTIVITIES Mr. Macdonald is not actively engaged in any other investment-related business or occupation. ADDITIONAL COMPENSATION Mr. Macdonald does not receive any economic benefit or compensation for providing advisory services to any party who is not a client of Strategic Advisers. SUPERVISION Mr. Macdonald reports to Bruce T. Herring, President of Strategic Advisers, who is responsible for overseeing multi-asset-class and managed account investment management capabilities, including the profiling methodology developed by Mr. Macdonald, which is used to determine the asset allocation proposals provided to clients. Mr. Herring holds regular meetings with Mr. Macdonald in which the profiling methodology is reviewed and approved. Mr. Herring may be contacted at 617-563-7966. REQUIREMENTS FOR STATE-REGISTERED ADVISERS Strategic Advisers, Inc., is not registered with any state securities authority. 1 The CFA designation is offered by the CFA Institute. To obtain the CFA charter, candidates must pass three exams demonstrating their competence, integrity and extensive knowledge in accounting, ethical and professional standards, economics, portfolio management, and security analysis, and must also have at least three years of qualifying work experience, among other requirements. 8

Gregory Pappas Supplemental Brochure: FIDELITY PORTFOLIO ADVISORY SERVICE Strategic Advisers, Inc. 245 Summer Street, V5D Boston, MA 02210 617-563-7100 August 31, 2015 This supplemental brochure is designed for clients and/or anyone interested in a professionally managed account from Fidelity. This separate section is devoted to information about Gregory Pappas, a member of the Strategic Advisers, Inc., Investment Management Team, and should be viewed as additional information to the Fidelity Portfolio Advisory Service brochure (the Program Fundamentals ). You should have already received a copy of the Program Fundamentals. Please contact your Fidelity representative if you did not receive the Program Fundamentals or if you have any questions about the contents of this new information. On behalf of Fidelity, we thank you for the opportunity to help you reach your investing goals through a professionally managed account from Fidelity. 9

Gregory Pappas EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE Gregory Pappas, a fixed income Portfolio Manager for Strategic Advisers, Inc. ( Strategic or Strategic Advisers ), is a lead member of the team that manages the Fidelity Portfolio Advisory Service program. Prior to joining Strategic Advisers in 1996, Mr. Pappas was with Fidelity s National Financial Correspondent Services group, where he was a Vice President focusing on fixed income product and business development. Before he joined Fidelity in 1990, Mr. Pappas was with the Bank of New England, where he was a Senior Portfolio Manager working on the bank s investment portfolio. Born in 1955, Mr. Pappas received a BA, cum laude, in economics, from St. Lawrence University. Mr. Pappas is a Chartered Financial Analyst (CFA ) charterholder. 1 DISCIPLINARY INFORMATION There are no material disclosable legal or disciplinary events that are material to your evaluation of Mr. Pappas or his integrity. OTHER BUSINESS ACTIVITIES Mr. Pappas is not actively engaged in any other investment-related business or occupation. ADDITIONAL COMPENSATION Mr. Pappas does not receive any economic benefit or compensation for providing advisory services to any party who is not a client of Strategic Advisers. SUPERVISION Mr. Pappas reports to Brian Enyeart, the Chief Investment Officer ( CIO ), who is responsible for the oversight of Portfolio Management for Fidelity Portfolio Advisory Service, and has supervisory authority for the team that manages the Service. The CIO is responsible for ensuring that the Portfolio Management Team manages all portfolios in the Service within the parameters that have been established for each investment strategy and in adherence with Strategic Advisers investment policies and procedures. This includes risk management and exposures, and performance management and attribution. Mr. Enyeart may be contacted at 617-563-5200. REQUIREMENTS FOR STATE-REGISTERED ADVISERS Strategic Advisers, Inc., is not registered with any state securities authority. 1 The CFA designation is offered by the CFA Institute. To obtain the CFA charter, candidates must pass three exams demonstrating their competence, integrity and extensive knowledge in accounting, ethical and professional standards, economics, portfolio management, and security analysis, and must also have at least three years of qualifying work experience, among other requirements. 10

Lawrence Rakers Supplemental Brochure: FIDELITY PORTFOLIO ADVISORY SERVICE Strategic Advisers, Inc. 245 Summer Street, V5D Boston, MA 02210 617-563-7100 August 31, 2015 This supplemental brochure is designed for clients and/or anyone interested in a professionally managed account from Fidelity. This separate section is devoted to information about Lawrence ( Larry ) Rakers, a member of the Strategic Advisers, Inc., Investment Management Team, and should be viewed as additional information to the Fidelity Portfolio Advisory Service brochure (the Program Fundamentals ). You should have already received a copy of the Program Fundamentals. Please contact your Fidelity representative if you did not receive the Program Fundamentals or if you have any questions about the contents of this new information. On behalf of Fidelity, we thank you for the opportunity to help you reach your investing goals through a professionally managed account from Fidelity. 11

Lawrence Rakers EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE Larry Rakers is a Portfolio Manager for Strategic Advisers, Inc. ( Strategic or Strategic Advisers ). In his role as lead asset allocation Portfolio Manager, Mr. Rakers has responsibility for the asset allocation process within Fidelity Portfolio Advisory Service, working closely with the Investment Management and Research Teams to make asset allocation decisions. Mr. Rakers joined Fidelity in 1993 as an analyst at Fidelity Management & Research Company (FMRCo), covering various industries, and managed multiple funds from 1993 to 2008. In 2008, he became Portfolio Manager for a number of Fidelity mutual funds, including Fidelity Dividend Growth Fund. Born in 1963, Mr. Rakers received BS and MS degrees from the University of Illinois and an MBA from Northeastern University. DISCIPLINARY INFORMATION There are no material disclosable legal or disciplinary events that are material to your evaluation of Mr. Rakers or his integrity. OTHER BUSINESS ACTIVITIES Mr. Rakers is not actively engaged in any other investment-related business or occupation. ADDITIONAL COMPENSATION Mr. Rakers does not receive any economic benefit or compensation for providing advisory services to any party who is not a client of Strategic Advisers. SUPERVISION Mr. Rakers reports to Brian Enyeart, the Chief Investment Officer ( CIO ), who is responsible for the oversight of Portfolio Management for Fidelity Portfolio Advisory Service, and has supervisory authority for the team that manages the Service. The CIO is responsible for ensuring that the Portfolio Management Team manages all portfolios in the Service within the parameters that have been established for each investment strategy and in adherence with Strategic Advisers investment policies and procedures. This includes risk management and exposures, and performance management and attribution. Mr. Enyeart may be contacted at 617-563-5200. REQUIREMENTS FOR STATE-REGISTERED ADVISERS Strategic Advisers, Inc., is not registered with any state securities authority. 12

John A. Stone Supplemental Brochure: FIDELITY PORTFOLIO ADVISORY SERVICE Strategic Advisers, Inc. 245 Summer Street, V5D Boston, MA 02210 617-563-7100 August 31, 2015 This supplemental brochure is designed for clients and/or anyone interested in a professionally managed account from Fidelity. This separate section is devoted to information about John A. Stone, a member of the Strategic Advisers, Inc., Investment Management Team, and should be viewed as additional information to the Fidelity Portfolio Advisory Service brochure (the Program Fundamentals ). You should have already received a copy of the Program Fundamentals. Please contact your Fidelity representative if you did not receive the Program Fundamentals or if you have any questions about the contents of this new information. On behalf of Fidelity, we thank you for the opportunity to help you reach your investing goals through a professionally managed account from Fidelity. 13

John A. Stone EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE John A. Stone, a domestic equity Portfolio Manager for Strategic Advisers, Inc. ( Strategic or Strategic Advisers ), is a lead member of the team that manages the Fidelity Portfolio Advisory Service program. Mr. Stone joined Strategic Advisers in 2008. Prior to joining Strategic Advisers, Mr. Stone was a Portfolio Manager and a Principal at Mercer Global Investments. Prior to joining Mercer in 2006, Mr. Stone was with Fidelity Investments for 12 years, most recently as Vice President, Senior Investment Analyst. Born in 1970, Mr. Stone earned a BS in quantitative economics from Tufts University (in 1992) and an MBA from The Johnson Graduate School of Management at Cornell University (in 1998). Mr. Stone is a Chartered Financial Analyst (CFA ) charterholder. 1 DISCIPLINARY INFORMATION There are no material disclosable legal or disciplinary events that are material to your evaluation of Mr. Stone or his integrity. OTHER BUSINESS ACTIVITIES Mr. Stone is not actively engaged in any other investment-related business or occupation. ADDITIONAL COMPENSATION Mr. Stone does not receive any economic benefit or compensation for providing advisory services to any party who is not a client of Strategic Advisers. SUPERVISION Mr. Stone reports to Brian Enyeart, the Chief Investment Officer ( CIO ), who is responsible for the oversight of Portfolio Management for Fidelity Portfolio Advisory Service, and has supervisory authority for the team that manages the Service. The CIO is responsible for ensuring that the Portfolio Management Team manages all portfolios in the Service within the parameters that have been established for each investment strategy and in adherence with Strategic Advisers investment policies and procedures. This includes risk management and exposures, and performance management and attribution. Mr. Enyeart may be contacted at 617-563-5200. REQUIREMENTS FOR STATE-REGISTERED ADVISERS Strategic Advisers, Inc., is not registered with any state securities authority. 1 The CFA designation is offered by the CFA Institute. To obtain the CFA charter, candidates must pass three exams demonstrating their competence, integrity and extensive knowledge in accounting, ethical and professional standards, economics, portfolio management, and security analysis, and must also have at least three years of qualifying work experience, among other requirements. 14

Fidelity Portfolio Advisory Service is a service of Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments company. This service provides discretionary money management for a fee. Brokerage services are provided by Fidelity Brokerage Services LLC. Custody and other services are provided by National Financial Services LLC. Both are Fidelity Investments companies and members of NYSE and SIPC. Fidelity Brokerage Services LLC, Member NYSE and SIPC, 900 Salem Street, Smithfield, RI 02917 2018 FMR LLC. All rights reserved. 584768.8.0 PAS-FNDMNTL-PART B-0318 1.930374.107

Fidelity Wealth Services Program Fundamentals Fidelity Personal and Workplace Advisors LLC 245 Summer Street, V2A Boston, MA 02210 (617) 563-7000 March 29, 2018 (with an effective date of July 16, 2018) This wrap fee program brochure provides information about the qualifications and business practices of Fidelity Personal and Workplace Advisors LLC ( FPWA ), a Fidelity Investments company, as well as information about Fidelity Wealth Services. Throughout this brochure and related materials, FPWA may refer to itself as a registered investment adviser or being registered. These statements do not imply a certain level of skill or training. If you have any questions about the contents of this brochure, please contact us at 800-544-3455. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission ( SEC ) or by any state securities authority. Additional information about FPWA is available on the SEC s website at www.adviserinfo.sec.gov.