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Geode Capital Management , LLC Subadvisor: Geode Capital Management , LLC Advisor: Fidelity Investments Index Investing with Fidelity Product overview August 2021 Not FDIC Insured May Lose Value No Bank Guarantee For institutional use only. Index Investing with Fidelity 1. Overview 2. Investment Philosophy 3. Offerings 4. Equity and Specialty 5. Fixed Income 6. Index Fund Performance Summary 7. Securities Lending 8. Appendix 9. Important Information See Important Information for a discussion of performance data, some of the principal risks related to any of the investment strategies referred to in this presentation, and other information related to this presentation. 2 For institutional use only. Why Fidelity for Index? Broad Range Index Fund Low of Market Management Cost and Index Expertise Exposures Some of the most Fidelity’s lineup offers Fidelity is the second competitively priced investors access to all largest index mutual mutual funds and pools core asset class fund provider in the in the industry. exposures as well as industry, with more than more specialized indexes. 30 years of index fund experience.* *Based on $906 billion in index fund assets under management (AUM) as of 6/30/2021. Source: Morningstar. 3 For institutional use only. Fidelity Index Funds Investment Philosophy Fidelity seeks to provide investors with low-cost portfolios that tightly track their benchmarks by focusing on data integrity and employing state-of-the-art trading and risk management tools. Tracking Risk Tools Securities Error Management Lending Work to achieve the Manage multiple risk Utilize state-of-the-art Employ securities lowest possible factors relative to trading and liquidity lending policies that tracking error benchmarks management tools seek to generate revenue and benefit investors 4 For institutional use only. Fidelity Index Mutual Fund Spectrum Spanning all core asset classes Fidelity offers a suite of index mutual funds that covers multiple asset classes and market caps across domestic and international equity, fixed income, and real estate. Domestic Equity International Equity Fixed Income Advisor: Fidelity Investments Advisor: Fidelity Investments Subadvisor: Geode Capital Management , LLC Subadvisor: Geode Capital Management , LLC Advisor: Fidelity Investments • Fidelity 500 Index Fund • Fidelity Global ex U.S. Index Fund • Fidelity Inflation-Protected Bond Index Fund • Fidelity Extended Market Index Fund • Fidelity International Sustainability Index Fund • Fidelity Intermediate Treasury Bond Index Fund • Fidelity Total Market Index Fund • Fidelity Emerging Markets Index Fund • Fidelity International Bond Index Fund • Fidelity Large Cap Growth Index Fund • Fidelity International Index Fund • Fidelity Long-Term Treasury Bond Index Fund • Fidelity Large Cap Value Index Fund • Fidelity Total International Index Fund • Fidelity Municipal Bond Index Fund • Fidelity Mid Cap Index Fund • Fidelity Short-Term Treasury Bond Index Fund • Fidelity Mid Cap Growth Index Fund • Fidelity Short-Term Bond Index Fund • Fidelity Mid Cap Value Index Fund • Fidelity Sustainability Bond Index Fund • Fidelity Small Cap Index Fund • Fidelity U.S. Bond Index Fund • Fidelity Small Cap Growth Index Fund • Fidelity Small Cap Value Index Fund • Fidelity Nasdaq Composite Index Fund • Fidelity U.S. Sustainability Index Fund Specialty Asset Allocation Advisor: Fidelity Investments Advisor: Fidelity Investments Subadvisor: Geode Capital Management , LLC • Fidelity Four-in-One Index Fund • Fidelity Freedom Index 2030 Fund • Fidelity Real Estate Index Fund • Fidelity Freedom Income Index Fund • Fidelity Freedom Index 2035 Fund • Fidelity Freedom Index 2005 Fund • Fidelity Freedom Index 2040 Fund • Fidelity Freedom Index 2010 Fund • Fidelity Freedom Index 2045 Fund • Fidelity Freedom Index 2015 Fund • Fidelity Freedom Index 2050 Fund • Fidelity Freedom Index 2020 Fund • Fidelity Freedom Index 2055 Fund • Fidelity Freedom Index 2025 Fund • Fidelity Freedom Index 2060 Fund • Fidelity Freedom Index 2065 Fund Fidelity Investments refers collectively to FMR LLC, a U.S. company, and its subsidiaries, including but not limited to Fidelity Management & Research Company (FMR Co.) and FIAM. Geode Capital Management, LLC serves as the Subadvisor for the Fidelity Index Mutual Funds. 5 For institutional use only. Index Pools Offered through Fidelity Spanning all core asset classes Fidelity offers a full lineup of asset allocation and fixed income pools and also distributes a suite of equity and international equity pools from investment manager Geode Capital Management Trust Company, LLC. Domestic Equity International Equity Specialty Investment and Portfolio Management Investment and Portfolio Management Investment and Portfolio Management Geode Capital Management Trust Company, LLC Geode Capital Management Trust Company, LLC Geode Capital Management Trust Company, LLC • SpartanSM 500 Index Pool • Spartan Global ex U.S. Index Pool • Spartan Real Estate Index Pool • Spartan Extended Market Index Pool • Spartan Developed International Index Pool • Spartan Commodity Index Pool • Spartan Total Market Index Pool • Spartan Emerging Markets Index Pool • Spartan Large Cap Growth Index Pool • Spartan International Index Pool • Spartan Large Cap Value Index Pool • Spartan Total International Index Pool • Spartan Mid Cap Index Pool • Spartan Small Cap Index Pool Fixed Income Asset Allocation Investment and Portfolio Management Investment and Portfolio Management Fidelity Investments Fidelity Investments • FIAM U.S. Bond Index Pool • FIAM Index Target Date Income Pool • FIAM Index Target Date 2030 Pool • FIAM Intermediate Inflation Protected Index Pool • FIAM Index Target Date 2005 Pool • FIAM Index Target Date 2035 Pool • FIAM Long US Treasury STRIPS Index Pool • FIAM Index Target Date 2010 Pool • FIAM Index Target Date 2040 Pool • FIAM Index Target Date 2015 Pool • FIAM Index Target Date 2045 Pool • FIAM Index Target Date 2020 Pool • FIAM Index Target Date 2050 Pool • FIAM Index Target Date 2025 Pool • FIAM Index Target Date 2055 Pool • FIAM Index Target Date 2060 Pool • FIAM Index Target Date 2065 Pool Geode Capital Management Trust Company, LLC is the investment manager for Spartan Index Pools. Fidelity Institutional Asset Management Trust Company is the investment manager for the FIAM Pools. Commingled pools are only available to eligible retirement plans. 6 For institutional use only. Equity and Specialty Index Investment Team For institutional use only. Equity and Specialty Index Investment Team Geode Capital Management Equity Index Investment Team Portfolio Management Experience Investment Approach • Subadvisor to Fidelity’s Index funds and manager of proprietary pools Employ systematic portfolio management and trading • Over $855 billion Equity Index AUM techniques that seek to: • Managing index mandates since 2002 • Minimize tracking error versus the index • Comprehensive range of market-cap and factor-based index strategies • Manage explicit and implicit transaction costs • Portfolio managers have an average of 22 years of industry experience • Mitigate active portfolio risks • Replicate the index in the most efficient manner, either by full replication or intelligent substitution Team Title Years of Experience $59 $20 Diane Hsiung CIO – Index and ETF Strategies 27 Deane Gyllenhaal Senior Portfolio Manager 31 $132 Domestic Cap-Weighted $644 Louis Bottari Senior Portfolio Manager 29 Global/International Cap- Peter Matthew Portfolio Manager 20 EQUITY INDEX AUM Weighted $132 BILLIONS ($) Robert Regan Portfolio Manager 24 Global/International Factor $20 Payal Gupta Portfolio Manager 17 Domestic Factor $59 Thomas O’Brien, CFA Portfolio Manager 30 $644 Navid Sohrabi, CFA Portfolio Manager 19 Chris Toth, CFA Portfolio Manager 18 Dan Glenn Portfolio Manager 14 Josh Posner, CFA Portfolio Manager 15 Clinton Clark Index Analyst 15 Amruta Joshi Index Analyst 9 Data as of 06/30/2021. Team as of 6/30/2021. Source: Geode Capital Management. 8 For institutional use only. Disciplined Investment Process Geode Capital Management Our Approach Utilize systematic portfolio and trading techniques that seek to maximize implementation efficiencies while minimizing cost and mitigating active portfolio risks. Data Validation Portfolio Construction Implementation Post-Trade Analysis • Use multi-layer • Determine optimal approach to • Minimize explicit • Monitor exposures validation process achieve objectives transaction costs and risk factors and market impact • Control risk and minimize costs Risk Management For illustrative purposes only. Please see Important Information at the end of this presentation for additional details. 9 For institutional use only. Investment Process—Data Validation Geode Capital Management Data integrity is the primary driver of successful portfolio construction. Data Validation Portfolio Construction Implementation Post-Trade Analysis FACTORS Index Composition Risk Exposure Data Validation & Proprietary Reports Reports Warehouse Data Database Daily Index Financial Data Performance Announcements Risk Model Pricing Data Pre-Trade Analysis Cash Exposure Corporate Actions Holdings For illustrative purposes only. Please see Important Information at the end of this presentation for additional details. 10 For institutional use only. Investment Process—Portfolio Construction & Implementation Geode Capital Management Rigorous portfolio construction and implementation that seeks to maximize client objectives. Data Validation Portfolio Construction Implementation Post-Trade Analysis PRE-TRADE PORTFOLIO POSITIONING Trade Decision Equities Futures Portfolio Construction Implementation
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