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FIAM Distribution International Growth October 12, 2016 PRESENTATION TO: Los Angeles Department of Water & Power For institutional use only. Table of Contents 1. FIAM Overview 2. FIAM International Growth Investment Process 3. Investment Performance & Positioning 4. Portfolio Review and Characteristics 5. International Growth Holdings by Region 6. Appendix A. Glossary B. Important Information C. GIPS Composite Performance Data D. Biographies 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. 201608-20423 FIAM Overview For institutional use only. Fidelity Institutional Asset Management One organization designed to provide the best service experience in the institutional marketplace FIAM Distribution • A gateway to Fidelity’s broad and deep institutional investment management products and capabilities in equity, fixed-income, high-income and global asset allocation serving institutional investors, consultants, and financial advisors. • With more than $567 billion in assets under administration1, 497 institutional clients, and more than 50,000 financial advisor clients, Fidelity Institutional Asset Management is one of the largest organizations serving the U.S. institutional marketplace. Fidelity’s Asset Management Resources Equity Fixed Income Asset Allocation • Fidelity relies on its proprietary • Fidelity offers a wide range of • Fidelity is a leading innovator of research, disciplined portfolio products that span a spectrum of asset allocation solutions for management, and sophisticated duration and credit quality to provide institutional clients. trading process to seek to deliver precise risk and return objectives. • More than $580 billion in assets superior long-term results for • More than $900 billion in assets under management, supported by shareholders and clients. under management, supported by over 100 dedicated research • More than $1.1 trillion in equity assets over 76 research professionals and 28 professionals. under management, supported by over traders. 214 equity research professionals. All data as of 6/30/16. 1Assets Under Administration includes assets distributed through the FIAM business unit that may be managed by Fidelity affiliates or third parties. 4 For institutional use only. 201608-20423 Our Clients and Assets Serving a diversified client base across all major asset classes Focused on serving corporate retirement plans, public plans, E&F, Taft-Hartley, sovereign entities, and central banks worldwide. ASSETS $139.5 $40.6B $75.1B $19.8B $3.9B BILLION1,2 International/ Fixed Income3 U.S. Equity Other4 Global Equity CLIENT RELATIONSHIPS 497 221 92 133 28 23 CLIENTS Defined Defined Sub-Advised/SWF/ Endowments and Taft-Hartley Benefit Plans Contribution Plans Other Clients5 Foundations Data is as of 6/30/16 and includes assets managed by FIAM LLC and Fidelity Institutional Asset Management Trust Company. All currency is in U.S. dollars. 1 Due to rounding, the total may not add up to 100% of total assets. 2 Assets under management include $29.3B of asset allocation assets, which may be invested in other FIAM or affiliated products. 3 Fidelity Investments total fixed income bond assets are $65.3B as of 6/30/16. 4 Includes real estate debt and REIT investment strategies. 5 Includes FIL Limited retail accounts, insurance accounts, high-net-worth accounts, VEBAs, and FIAM private investment funds. 5 For institutional use only. 201608-20423 Representative Clients Significant institutional experience and commitment International Equity Client MUNICIPAL/PUBLIC CORPORATE TAFT-HARTLEY California State Teachers’ Retirement System Agilent Technologies Building Trades United Pension Fund El Paso Fireman & Policemen’s Pension Fund American Honda Ironworkers Local 549-550 Pension Plan Illinois Municipal Retirement Fund BASF Corporation PacifiCorp/IBEW Local Union 57 Marin County Employees’ Retirement Association Cox Enterprises Pipeline Industry Benefit Fund Minnesota State Board of Investment General Motors Sheet Metal Workers Local No. 19 New Mexico Educational Retirement Board Kinder Morgan New York City Police Pension Fund Lexmark International Orange County Employees' Retirement System Northern Trust ENDOWMENT/FOUNDATION Oregon Investment Council PPL Corporation San Francisco Employees' Retirement System Saint-Gobain Corporation Massachusetts Taxpayers Foundation San Mateo County Employees’ Retirement Association Verizon St. Louis Public School Retirement System State of Alabama State of Michigan Retirement System Tulare County Employees' Retirement Association As of 06/30/16. This list is made up of FIAM’s clients, chosen through a combination of geographic location, size, and plan type, if applicable, who have consented to disclosing their names. It is not known whether the listed clients approve or disapprove of FIAM or the advisory services provided. 6 For institutional use only. 201608-20423 682476.12.0 FIAM International Growth Investment Process For institutional use only. FIAM International Growth Portfolio Management TOTAL PORTFOLIO Chris Steward Brian Hoesly Co-Lead Portfolio Manager Co-Lead Portfolio Manager Industry: 1987 Industry: 1989 FIAM: 2006 FIAM: 2006 REGIONAL SUB-PORTFOLIOS Europe Growth Asia Growth Canada Growth Peter Hadden Eileen Dibb Joe Overdevest Portfolio Manager Portfolio Manager Portfolio Manager Industry: 1988 Industry: 1996 Industry: 2002 FIAM: 2005 FIAM/Fidelity: 2005 FIAM: 2002 ASSOCIATE PORTFOLIO MANAGERS Europe Growth Japan Growth Pacific Basin ex-Japan Growth Jonathan Cummins Camille Carlstrom Bruce MacDonald Associate Portfolio Associate Portfolio Associate Portfolio Manager/Analyst Manager/Analyst Manager/Analyst Industrials Financials Industrials Industry: 1998; FIAM: 2008 Industry: 1992; FIAM: 2012 Industry: 1995; FIAM: 2012 Illustration does not indicate reporting hierarchy. As of 6/30/16. 8 For institutional use only. 201608-20423 683246.19.0 FIAM International Growth Aligned Resources Europe Asia Canada Japan Pacific Basin Ex-Japan Associate Portfolio Managers/Analysts Jonathan Cummins Bruce MacDonald Camille Carlstrom Associate Portfolio Manager/Analyst Associate Portfolio Manager/Analyst Associate Portfolio Manager/Analyst Industrials Industrials Financials London Hong Kong Product Analysts Phillip Clark Fei Chen Tom Quarmby Access to 11 Canadian Consumer Discretionary Industrials, Materials Financials Fundamental Analysts London Robert Lee Consumer Discretionary Hong Kong Benny Lo Technology Hong Kong Illustration does not indicate reporting hierarchy. As of 6/30/16. 9 For institutional use only. 201608-20423 683246.19.0 FIAM International Growth Investment Process FIAM/FIDELITY REGIONAL PORTFOLIO FUNDAMENTAL RESEARCH MANAGEMENT LEAD PORTFOLIO MANAGEMENT TEAM Ongoing Coverage Stock Selection of > 1,800 non-U.S. Stocks Asset Allocation Regional Portfolio International Construction Opinions Maintained Total Portfolio Growth on All Stocks Covered Portfolio Identify Best Level Risk Portfolio Candidates Management Deep Sector Expertise • Total Portfolio Oversight • >5,000 in-house company • Experienced Regional • Client Focused Resource visits annually Portfolio Managers • Assisted by Associate PMs • >20,000 non-U.S. research and Product Analysts aligned notes published annually with the portfolio For illustrative purposes only. 10 For institutional use only. 201608-20423 683246.19.0 International Growth Asset Allocation Process • Lead PM team determines regional asset allocation utilizing Fidelity’s broad and deep resources • Qualitative inputs are the primary focus, leveraging Fidelity’s vast global network of research analysts, supported by quantitative and technical inputs – Economic Insight from Locally Based Research • Utilize vast fundamental research resources of the Fidelity global enterprise • Capitalize on the competitive strength of the firm–fundamental research • Generate insights across the global supply chain – Unique Regional Perspective Combining Portfolio Management and Macroeconomic Research • Integrate views of International Growth regional PMs and other regional experts • Employ the macroeconomic modeling and expertise of FMR’s Asset Allocation Research Team (AART) • Incorporate macroeconomic views from outside experts including brokers and independent research providers – Quantitative Inputs • Equity valuation metrics, bond market trends, interest-rate forecasts, and currency trends • Regular technical analysis meetings with International Growth Team to examine trends in markets, currencies, and stocks 11 For institutional use only. 201608-20423 Fidelity Equity Research Coverage Spans the Globe Americas Equity Europe Middle East Africa Asia Pacific Equity Total Number of Equity Coverage Equity Coverage Coverage Research Professionals Market Cap Covered (USD) $24.7 trillion $10.0 trillion $9.4 trillion 214 # of Stocks Rated 2,183 891 1,157 Leveraging the Work of Over 400 Research Professionals Around the Globe at Fidelity Local market coverage Proprietary research 152 61 3 30 Equity Equity 15 Fixed Income High Fixed 12 23 Research professionals Income Income Asset manage paper/sector/ 26 3 Allocation Equity 9 98 Equity industry portfolios High Income Asset Allocation Asset Allocation PACIFIC NORTH AMERICA EUROPEEX-JAPAN JAPAN Research professionals include research analysts and associates as of 6/30/16. Market Cap Covered reflects the aggregate
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