Stable Value Industry overview and Fidelity key differentiators

Second Quarter 2021

For institutional use only. Agenda

1. Stable Value Industry Overview 2. Fidelity Stable Value and its Key Differentiators 3. Fidelity Characteristics, Fees and Availability 4. Appendix A. Fidelity Pool Performance, Characteristics and Wrap Details B. Important Additional Information

This document does not make an offer or solicitation to buy or sell any securities or services, and is not investment advice. FIAM does not provide legal or tax advice and we encourage you to consult your own lawyer, accountant, or other advisor before making an investment. Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client’s investment decisions. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in them, and receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services.

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, professional designations and how they are obtained, and other information related to this presentation. 2 For institutional use only. Stable Value Industry Overview

For institutional use only. Stable Value is a Key Component of DC Plans Asset Class is Estimated To Be $904B in AUM*

STABLE VALUE AUM Sep Acct (synthetic) Pool (synthetic) Gen & Sep Acct (Fixed Annuity) Gen Acct (Fixed Annuity) Sep Acct (Fixed Annuity) $1,000,000

$900,000 Stable value is a fundamental $800,000 component of defined contribution plans that seeks: $700,000 • Principal protection $600,000 • The potential for steady, predictable returns consistent with a conservative $500,000 principal protection vehicle $400,000 • The potential to outperform money $300,000 market funds over time

$200,000

$100,000

$0 YTD 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

*Source: SVIA, as of 3/31/21. 4 For institutional use only. Optimal Plan Design A Simplified Approach to Investment Menu Design—Diversification with Fewer Choices

DEFAULT Professionally-managed asset allocation and solutions for accumulators (savers) and those in retirement (decumulators). INVESTMENTS

Accumulators: TDF and/or WMA Decumulators: TDF, WMA, and/or Multi-asset retirement income

A diversified core investment menu for participants who wish to construct their own portfolios. CORE MENU These options will also be available to managed account providers (if applicable).

Bonds Domestic Equity International Inflation Domestic Real Capital Short Intermediate Equity Protection Estate Other Value Core Growth Preservation Duration Duration Money Market Short-Term Intermediate Core Large Large Large Multi-Asset Real Total Int'l Equity or Stable Value Bond Plus Bond Value Core Growth Return Intermediate Mid Government Core Small Core

Opportunistic U.S. Equity

EXTENDED May only be available to managed account providers only. Professional managers may take advantage ASSET CLASSES of diversification opportunities from select additional asset classes, but risk of poor investment high for lay person.

Bonds Domestic Equity International Inflation Domestic Real Capital Short Intermediate Equity Protection Estate Other Value Core Growth Preservation Duration Duration Money Market or Short-Term Intermediate Core High Large Large Large Multi-Asset Real Real Estate (REITS Total Int'l Equity Stable Value Bond Plus Bond Yield Value Core Growth Return or private equity) Intermediate Long Mid Developed Int'l TIPS Government Treasury Core Equity Small Emerging Market Core Equity

Opportunistic U.S. Equity

SELF-DIRECTED Expanded choice from self-directed brokerage for more experienced and knowledgeable participants. Should be accompanied by extensive investor education. BROKERAGE

OTHER ESG investment options, weighing active vs. passive CONSIDERATIONS

RETIREMENT Investment products designed to produce steady income. Guaranteed and non-guaranteed options. Target date funds INCOME

Source: Fidelity Research Institute: A Simplified Framework for Investment Menus, Stephen Beck, CFA and Vipul Gautam, as of 12/31/18. 5 For institutional use only. Stable Value Industry A comparison of common DC fixed income options

VOLATILITY OF MONTHLY RETURNS (12/31/00–12/31/20) GROWTH OF $1 (12/31/00–12/31/20)

Stable Value Money Market Intermediate Bond Stable Value Money Market Intermediate Bond

4% $2.40 $2.32

3% $2.20

2% $2.20 $2.00

1% $1.80 0% $1.60

Monthly Returns -1%

$1.40 -2% $1.28

-3% $1.20

-4% $1.00 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20

You could lose money by investing in a . An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Before investing, always read a money market fund’s prospectus for policies specific to that fund. Source: SVIA and Fidelity as of 12/31/20. “Stable Value” is a simulation of book value returns in a hypothetical fund holding intermediate bonds and stable value wrap contracts, with crediting interest rates reset monthly using the industry accepted crediting rate formula. The bond returns incorporated into the simulation are monthly market value returns from the Barclays Intermediate Government/Credit Bond Index, with gains/losses reflected in future crediting rates by amortizing market-vs.-book values over intermediate bond index durations. This simulation incorporates no ongoing cash flows into or out of the fund. Returns illustrated are gross before any fees. “Money Market Funds” is a simulation of money market returns from the iMoneyNet MFR Money Funds Index. Returns illustrated are gross before any fees. ”Intermediate Bonds” is a simulation of market value bond fund returns from the Barclays Intermediate Government/Credit Bond Index. Returns illustrated are gross before any fees. Returns illustrated are gross before any fees. Disclaimer: The performance data shown represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance data cited. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. 6 For institutional use only. Wrap Contracts Allow For Book Value Accounting Smoothing of Returns Executed through Crediting Rate

Book Value Market Value

Falling • Market value of underlying interest rates investments fluctuate Market Value • But a stable value of underlying investment option’s assets typically grow at a more constant rate Asset Value

Rising interest rates

Time

For illustrative purposes only. Source: SVIA. 7 For institutional use only. Stable Value Industry Common Industry Vehicles and Characteristics

Synthetic GIC Fixed Annuity (Commingled Pool or Separate Acct) Separate Account Annuity Structure General Account Annuity Structure

Manager Type • Investment Advisor • Insurance Company • Insurance Company

Asset Ownership • Plan • Insurance Co (held in separate account) • Insurance Co (held in general account)

• Reset periodically (may offer contract min • Reset periodically (may offer contract min Contract Rate • Reset monthly (0% minimum floor) rate) rate)

Wrap Diversification • Multiple • Single • Single

• 401(k), 401 (a), 403 (b) church and 457 (b) Plan Eligibility • All plans (subject to plan underwriting) • All plans (subject to plan underwriting) governmental plans

• Pool - Put period (full payment at book • Termination period (installments at book Termination value) • Market value value) • Sep Acct – Market Value

Fees • Transparent • Transparent • Less Transparent • Asset management fee • Asset management fee • Insurance company contract fee and management fee combined, not often • Wrap contract fee • Insurance company contract fee disclosed • Typically have share class structure with RK • Typically have RK offset available • Typically have RK offset available offset available

8 For institutional use only. Fidelity Stable Value and Its Key Differentiators

For institutional use only. Fidelity Limited Term Bond Team Dedicated and experienced team offering diverse strategies

LOW DURATION SHORT/STABLE VALUE LIMITED TERM INTERMEDIATE TERM STRATEGIES Bloomberg Barclays® 80% Bloomberg Barclays® 1–5 Bloomberg Barclays® Portfolio Bloomberg Barclays® 1–3 and U.S. 3–6 Month Credit/20% Bloomberg Intermediate Benchmark 1–5 Government Credit Treasury Bill Index Barclays® 1–5 Government Government Credit

Duration 1 year or less 1.5 years to 3 years Less than 3 years Less than 5 years

Primarily investment grade: Primarily investment grade: Primarily investment grade: Primarily investment grade: Quality* 0% below investment grade 0% below investment grade 5% below investment grade 10% below investment grade

U.S. Treasury, U.S. Agency, U.S. Treasury, U.S. Agency, U.S. Treasury, U.S. Agency, U.S. Treasury, U.S. Agency, Key Sectors Corporates, ABS, CMBS Corporates, ABS, CMBS, MBS Corporates, ABS, CMBS, MBS Corporates, ABS, CMBS, MBS

$10.2B Short LIMITED TERM BOND $78.5B $12.8B $52.8B $6.3B $6.6B Total AUM PLATFORM $42.6B Stable Value

Portfolio Dave DeBiase, CFA, 26 years experience  Rob Galusza, 36 years  Julian Potenza, CFA, 17 years  Maura Walsh, CFA, 29 years Managers Institutional DEDICATED Portfolio Chris Lewis, 30 years experience  Kerry Pope, CFA, 32 years  Sean Walker, 23 years RESOURCES Managers Quantitative Prashant Kharade, CFA, 17 years experience  Akash Vallecha, CFA, 22 years Analysts

Legal Monique Boucher, 13 years experience Donald Caiazza, 16 years

Over 25 Support Product Management & Compliance Investment Services Team Technology Professionals Analysis

*Quality limits based on time of purchase. Source: Fidelity Investments, as of 6/30/21. Data is unaudited. Fidelity fixed income assets include investment grade and high income products, bond sub-portfolios of multi-asset class strategies and money market cash management vehicles. Totals may vary due to rounding.

10 For institutional use only. Fidelity’s Stable Value Differentiators

A focus An industry An investment on disciplined leader dedicated approach informed risk management to helping investors by industry trends and and opportunistic meet their goals client demographics investing

The following headwinds inform our investment philosophy:

• Fidelity is the record keeper for 20M participants and we see some headwinds facing the stable value industry

• 92% of Fidelity managed stable value assets are held by inactive participants and active participants over age 50

• 68% are held by inactive participants and active participants over age 60

• Stable value flows are no longer benefiting from being a QDIA and auto enrollments

• Certain plan sponsors have re-enrolled participants out of stable value into target date funds

11 For institutional use only. Fidelity’s Stable Value Fund Structure Key Benefits of Structure

Synthetic Wrap Structure • 100% globally wrapped and diversified constant duration synthetic contracts

• Meet with plan sponsors and consultants to tailor solutions aligned in the best interests of Custom Solutions participants

Transparency • Fully transparent disclosure of high quality holdings and fees

• Comprehensive multi-layered risk management framework Risk Management • Years of risk modeling research fully integrated into investment decision process • State-of-the-art technology

• Direct custody of assets in the event of wrap counterparty default/restructuring—assets owned directly Direct Asset Ownership by plan

• Consistent investment mandate and underwriting parameters for all wrap providers Counterparty Alignment • Alignment of counterparty interest creates more support from wrap providers in volatile markets • Addresses “lowest common denominator” effect

• Ability to flexibly manage portfolio duration without contract maturity restriction Duration Management • Target maturity contract yield may decline as portfolio shortens • Constant Duration synthetic contracts generally have more flexible termination provisions (more liquid)

For illustrative purposes only. Intended to show modeling resource that may be used by portfolio manager. 12 For institutional use only. Characteristics, Fees, and Availability

For institutional use only. Narrow Metric Dispersion Following the Financial Crisis As of March 31, 2021

INDUSTRY CREDITING RATES

• Post credit crisis, more consistent wrap guidelines have led to a convergence 3.0 2.6 2.3 of industry yields and characteristics 2.5 2.2 2.1 2.2 2.1 1.9 1.9 1.9 1.9 2.0 2.0 1.8 1.6 1.6 1.6 1.5 1.6 • Some competitors will no longer benefit from opportunities previously afforded 1.5 1.1 1.1 to them by less stringent guidelines or availability of securities in the market 1.0 0.5 • In recent years, Fidelity’s pools have opportunistically added more duration as well as corporate and securitized securities in lieu of Treasuries, which has 0.0

aided crediting rates BMO Mellon Morely PIMCO Putnam Galliard JPMCB Vanguard Federated Fidelity MIP T Rowe Price

• Finally, our prowess as a recordkeeper allows greater insight into participant Fidelity MIP II John Hancock demographics, which aids a prudent approach to portfolio construction Sachs Goldman Vantagepoint Plus Columbia Trust Stable Inc Columbia Trust Stable Gov

INDUSTRY MARKET TO BOOK RATIOS INDUSTRY DURATIONS

105.0 4.0 3.7 3.3 3.5 3.1 3.1 3.2 3.1 3.2 3.1 3.2 2.9 3.0 2.9 104.0 2.8 2.8 2.8 103.2 103.2 3.0 2.6 2.6 102.8 102.7 103.0 102.5 102.6 2.5 2.0 2.0 102.4 102.3 102.3 102.2 102.1 102.2 102.2 2.0 101.8 101.8 102.0 101.6 101.5 1.5 101.3 101.2 1.0 101.0 0.5 100.0 0.0 BMO BMO Mellon Morely PIMCO Putnam Mellon Morely Galliard JPMCB PIMCO Putnam Galliard JPMCB INVESCO Vanguard Federated INVESCO Vanguard Federated Fidelity MIP Wells Fargo Fidelity MIP Wells Fargo T Rowe Price Fidelity MIP II T Rowe Price John Hancock Fidelity MIP II John Hancock Goldman Sachs Goldman Goldman Sachs Goldman Vantagepoint Plus Vantagepoint Plus Columbia Trust Stable Inc Columbia Trust Stable Inc Columbia Trust Stable Gov Columbia Trust Stable Gov

Crediting rate is gross of investment management fees and net of wrap fees. Statistics are reported by the investment managers; there may be differences in calculation methodologies among the managers. Aon Investments does not confirm or validate any of the calculations reported by the investment managers. Past performance does not guarantee future results. Source: AON Investments USA Inc., as of 3/31/21. 14 For institutional use only. Fidelity Stable Value Pools, Classes and Annual Fees

Pools, Classes and Fees (as of 12/31/2020)

Fidelity Managed Income Portfolio1 Fidelity Managed Income Portfolio II1 Fidelity Advisor Stable Value1

Class 1 Class 2 Class 1 Class 2 Class 4 Class 3 Class 1 Class 23 Class 3

Minimum $0 $0 $20M to $50M $50M to $75M $75M to $150M > $150M $0 $0 $0

Mgmt. Fee 55bp 35bp 35bp 20bp 15bp 10bp 55bp 55bp 35bp

RK Offset 20bp2 ------20bp2 20bp2 --

Wrap Fee 16bp 16bp 16bp 16bp 16bp 16bp 16bp 16bp 16bp

DOL Expense Ratio* 69bp 50bp 50bp 37bp 31bp 26bp 69bp 90bp 50bp

* The expense ratios (gross) displayed are as of 12/31/20, and reflect the 12-month audited sum of fees and expenses (before waivers and reimbursements) for each class of a pools’ most recently completed fiscal year. These expense ratios may be utilized in various communications and internet channels including those intended to meet the requirements of the Department of Labor’s participant disclosure regulation under 29 CFR §2550.404a-5 (the “DOL Expense Ratio”), and updated annually when the pool is audited. The DOL Expense Ratio does not reflect pricing changes occurring after the end of a pool’s fiscal year. Please refer to the pool’s Annual Report for additional information. The expense ratios include fees that do not constitute compensation to Fidelity, such as wrap contract fees and, for certain pools, the distribution fee paid at the direction of a plan sponsor to the plan’s third party investment professional.

1 Includes accounting and custody services. 2 The management fee includes a 20 bp recordkeeping offset, which is available for Fidelity recordkept clients only. 3 This class also includes a 25bp distribution fee payable to the plan’s investment professional, as directed by the plan sponsor.

The pools mentioned above are separate funds of the Fidelity Group Trust for Employee Benefit Plans and are managed by Fidelity Management Trust Company. Pricing for each class of a Fidelity pool is the same for all plans invested in that class, but is subject to change in accordance with the plan’s participation agreement. Additional pools and/or classes may become available in the future. Eligibility for each class of a pool will be determined based on a plan(s) investment in the pool(s) and various other considerations.

15 For institutional use only. Appendix

For institutional use only. Managed Income Portfolio II Cl. 1 Portfolio review PORTFOLIO MARKET VALUE PERFORMANCE CUMULATIVE (%) ANNUALIZED (%)

YTD 1-Year 3-Year 5-Year 10-Year MIP II* (Gross) -0.64% 0.15% 3.71% 2.29% 2.09% Bloomberg Barclays 1-5 Yr. Gov’t/Cr A+ -0.40% -0.03% 3.50% 1.98% 1.80% Difference -0.24% 0.18% 0.21% 0.31% 0.29%

YTD as of 6/30/21 MARKET TO BOOK VALUE RATIO HISTORY M/B Ratio as of 6/30/21 – 102.25% 3.5 105% Market to Book Ratio Book to Market 3.0 103% 2.5 101% 2.0 MIP II 99% 1.5

Yield (%) 97% 1.0 2-Year Treasury 0.5 95% 0.0 93% Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20

PORTFOLIO BOOK VALUE PERFORMANCE & 7 DAY YIELD Annualized As of 6/30/21 7-Day Yield 1-Year 3-Year 5-Year 10-Year MIP II - CL 1** (Net) 1.10% 1.38% 1.83% 1.72% 1.50% Bloomberg Barclays U.S. 3M Treasury Bellwether Index N/A 0.09% 1.35% 1.19% 0.66% iMoneyNet Government Institutional Money Market Funds Average 0.02% 0.02% 1.03% 0.87% 0.45%

*Performance gross of fees and expenses which, if taken into account, would lower returns. See the annualized returns, above, for performance that is net of fees. **Net of management and wrap fees Performance data shown represents past performance and is no guarantee of future results. Source: Fidelity Investments as of 6/30/21. 17 For institutional use only. Managed Income Portfolio II Portfolio characteristics

Bloomberg Barclays Bloomberg Barclays Sector Allocation (%) MIP II Difference Sector Allocation (%) MIP II Difference 1-5 Gov/Cr A+ 1-5 Gov/Cr A+ U.S. Treasury 40.4 72.8 -32.4 Banking 20.0 7.9 12.1 U.S. Agency 0.0 3.9 -3.9 Communications 1.1 0.4 0.7 Other Government-Related (U.S. Real Estate 0.8 0.2 0.6 1.0 7.4 -6.4 and Non-U.S.) Consumer Cyclical 1.7 1.2 0.5 Corporate 28.9 15.9 13.0 Consumer Non-Cyclical 1.8 1.3 0.5 MBS Pass-through 8.3 0.0 8.3 Finance Companies 0.5 0.0 0.5 ABS 3.9 0.0 3.9 Natural Gas 0.1 0.0 0.1 CMBS 9.3 0.0 9.3 Electric 0.7 0.6 0.1 CMO 6.1 0.0 6.1 Insurance 0.6 0.5 0.1 Cash/Other 2.1 0.0 2.1 Industrial Other 0.0 0.0 0.0 Total 100.0% 100.0% Utility Other 0.0 0.0 0.0 Finance Other 0.0 0.0 0.0 Basic Industry 0.0 0.1 -0.1 ABS Allocation (%) Transportation 0.0 0.1 -0.1

Car Loan 1.9 0.0 1.9 Capital Goods 0.5 0.7 -0.2 1.3 0.0 1.3 Brokerage 0.1 0.3 -0.2 Student Loan 0.0 0.0 0.0 Energy 0.6 1.0 -0.4 Other ABS 0.7 0.0 0.7 Technology 0.4 1.6 -1.2 Total 3.9% 0.0% 3.9% Total 28.9% 15.9% 13.0%

Sector allocation is presented to illustrate examples of the sectors in which the fund may invest, and may not be representative of the fund’s current or future investments. Should not be construed or used as a recommendation for any sector. Differences are due to rounding. Source: Fidelity Investments as of 6/30/21. 18 For institutional use only. Managed Income Portfolio II Wrap Allocation

AGL JPMorgan Lincoln Met-Life Nationwide Pac Life Prudential State Street Transamerica Wrap A+/A2 A+/Aa1 AA-/A1 AA-/Aa3 A+/A1 AA-/A1 AA-/Aa3 AA-/Aa2 A+/A1

Book Value $2,073M $3,197M $825M $1,569M $1,798M $1,424M $2,642M $2,204M $3,054M

% of Assets 11% 17% 4% 8% 9% 8% 14% 12% 16%

Net Crediting 1.46% 1.45% 1.46% 1.45% 1.46% 1.46% 1.46% 1.45% 1.46% Rate

Money Market: $290M l 1% of Assets

Crediting rate based on gross of management and net of wrap fees. Source: Fidelity Investments, S&P, and Moody’s as of 6/30/21. 19 For institutional use only. Managed Income Portfolio Cl. 1 Portfolio review PORTFOLIO MARKET VALUE PERFORMANCE CUMULATIVE (%) ANNUALIZED (%)

YTD 1-Year 3-Year 5-Year 10-Year MIP* -0.54% 0.14% 3.69% 2.27% 2.09% Bloomberg Barclays 1-5 Yr. Gov’t/Cr A+ -0.40% -0.03% 3.50% 1.98% 1.80% Difference -0.14% 0.17% 0.19% 0.29% 0.29%

YTD as of 6/30/21 MARKET TO BOOK VALUE RATIO HISTORY M/B Ratio as of 6/30/21 – 102.31% 3.5 106% Market to Book Ratio Book to Market 3.0 104% 2.5 102% 2.0 MIP 100% 1.5 98% Yield (%) 1.0 96% 2-Year Treasury 0.5 94% 0.0 92% Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 PORTFOLIO BOOK VALUE PERFORMANCE & 7 DAY YIELD Annualized As of 6/30/21 7-Day Yield 1-Year 3-Year 5-Year 10-Year MIP - CL 1** 0.88% 1.12% 1.58% 1.48% 1.31% Bloomberg Barclays U.S. 3M Treasury Bellwether Index N/A 0.09% 1.35% 1.19% 0.66% iMoneyNet Government Institutional Money Market Funds Average 0.02% 0.02% 1.03% 0.87% 0.45%

*Performance gross of fees and expenses which, if taken into account, would lower returns. See the annualized returns, above, for performance that is net of fees. **Net of management and wrap fees Performance data shown represents past performance and is no guarantee of future results. Source: Fidelity Investments as of 6/30/21. 20 For institutional use only. Managed Income Portfolio Portfolio characteristics

Bloomberg Barclays Bloomberg Barclays Sector Allocation (%) MIP Difference Sector Allocation (%) MIP Difference 1-5 Gov/Cr A+ 1-5 Gov/Cr A+ U.S. Treasury 45.3 72.8 -27.5 Banking 16.0 7.9 8.1 U.S. Agency 0.0 3.9 -3.9 Transportation 1.0 0.1 0.9 Other Government-Related (U.S. Communications 1.0 0.4 0.6 0.7 7.4 -6.7 and Non-U.S.) Finance Companies 0.5 0.0 0.5 Corporate 24.4 15.9 8.5 Consumer Cyclical 1.5 1.2 0.3 MBS Pass-through 8.5 0.0 8.5 Electric 0.7 0.6 0.1 ABS 3.6 0.0 3.6 Natural Gas 0.1 0.0 0.1 CMBS 9.2 0.0 9.2 Insurance 0.5 0.5 0.0 CMO 6.0 0.0 6.0 Finance Other 0.0 0.0 0.0 Cash/Other 2.3 0.0 2.3 Industrial Other 0.0 0.0 0.0 Total 100.0% 100.0% Utility Other 0.0 0.0 0.0 Consumer Non-Cyclical 1.2 1.3 -0.1 Basic Industry 0.0 0.1 -0.1 Consumer ABS Allocation (%) Capital Goods 0.5 0.7 -0.2

Car Loan 1.6 0.0 1.6 Brokerage 0.1 0.3 -0.2 Credit Card 1.3 0.0 1.3 Real Estate 0.0 0.2 -0.2 Student Loan 0.0 0.0 0.0 Energy 0.7 1.0 -0.3 Other ABS 0.7 0.0 0.7 Technology 0.8 1.6 -0.8 Total 3.6% 0.0% 3.6% Total 24.4% 15.9% 8.5%

Sector allocation is presented to illustrate examples of the sectors in which the fund may invest, and may not be representative of the fund’s current or future investments. Should not be construed or used as a recommendation for any sector. Differences are due to rounding. Source: Fidelity Investments as of 6/30/21. 21 For institutional use only. Managed Income Portfolio Wrap Allocation

AGL JPMorgan Lincoln Met-Life Nationwide Pac Life Prudential State Street Transamerica Wrap A+/A2 A+/Aa1 AA-/A1 AA-/Aa3 A+/A1 AA-/A1 AA-/Aa3 AA-/Aa2 A+/A1

Book Value $811M $1,183M $290M $833M $683M $783M $977M $831M $1,152M

% of Assets 11% 15% 4% 11% 9% 10% 13% 11% 15%

Net Crediting 1.46% 1.45% 1.46% 1.45% 1.46% 1.46% 1.46% 1.45% 1.46% Rate

Money Market: $82M l 1% of Assets

Crediting rate based on gross of management and net of wrap fees. Source: Fidelity Investments, S&P, and Moody’s as of 6/30/21. 22 For institutional use only. Fidelity Advisor Stable Value Cl. 1 Portfolio review PORTFOLIO MARKET VALUE PERFORMANCE CUMULATIVE (%) ANNUALIZED (%)

YTD 1-Year 3-Year 5-Year 10-Year FASV* -0.62% 0.11% 3.68% 2.26% 2.10% Bloomberg Barclays 1-5 Yr. Gov’t/Cr A+ -0.40% -0.03% 3.50% 1.98% 1.80% Difference -0.22% 0.14% 0.18% 0.28% 0.30% YTD as of 6/30/21

MARKET TO BOOK VALUE RATIO HISTORY M/B Ratio as of 6/30/21 – 102.42% 3.5 106%

3.0 104% Ratio Book to Market 2.5 FASV 102% 2.0 100% 1.5

Yield (%) 98% 1.0 2-Year Treasury 0.5 96% 0.0 94% Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Dec-07 Dec-08 Sep-08 Dec-09 Sep-09 Dec-10 Sep-10 Dec-11 Sep-11 Dec-12 Sep-12 Dec-13 Sep-13 Dec-14 Sep-14 Dec-15 Sep-15 Dec-16 Sep-16 Dec-17 Sep-17 Dec-18 Sep-18 Dec-19 Sep-19 Dec-20 Sep-20 PORTFOLIO BOOK VALUE PERFORMANCE & 7 DAY YIELD Annualized As of 6/30/21 7-Day Yield 1-Year 3-Year 5-Year 10-Year FASV – CL 1** 0.99% 1.19% 1.65% 1.55% 1.42% Bloomberg Barclays U.S. 3M Treasury Bellwether Index N/A 0.09% 1.35% 1.19% 0.66% iMoneyNet Government Institutional Money Market Funds Average 0.02% 0.02% 1.03% 0.87% 0.45%

*Performance gross of fees and expenses which, if taken into account, would lower returns. See the annualized returns, above, for performance that is net of fees. **Net of management and wrap fees Performance data shown represents past performance and is no guarantee of future results. Source: Fidelity Investments as of 6/30/21. 23 For institutional use only. Fidelity Advisor Stable Value Portfolio characteristics

Bloomberg Barclays Bloomberg Barclays Sector Allocation (%) FASV Difference Sector Allocation (%) FASV Difference 1-5 Gov/Cr A+ 1-5 Gov/Cr A+ U.S. Treasury 41.2 72.8 -31.6 Banking 17.1 7.9 9.2 U.S. Agency 0.0 3.9 -3.9 Electric 2.2 0.6 1.6 Other Government-Related (U.S. Natural Gas 1.4 0.0 1.4 1.2 7.4 -6.2 and Non-U.S.) Finance Other 0.8 0.0 0.8 Corporate 26.7 15.9 10.8 Real Estate 1.0 0.2 0.8 MBS Pass-through 9.2 0.0 9.2 Finance Companies 0.7 0.0 0.7 ABS 4.3 0.0 4.3 Basic Industry 0.5 0.1 0.4 CMBS 9.0 0.0 9.0 Industrial Other 0.4 0.0 0.4 CMO 7.4 0.0 7.4 Insurance 0.6 0.5 0.1 Cash/Other 1.1 0.0 1.1 Consumer Cyclical 1.3 1.2 0.1 Total 100.0% 100.0% Utility Other 0.0 0.0 0.0 Transportation 0.0 0.1 -0.1 Communications 0.1 0.4 -0.3 Consumer ABS Allocation (%) Brokerage 0.0 0.3 -0.3

Car Loan 2.2 0.0 2.2 Energy 0.5 1.0 -0.5 Credit Card 1.4 0.0 1.4 Capital Goods 0.1 0.7 -0.6 Student Loan 0.0 0.0 0.0 Consumer Non-Cyclical 0.0 1.3 -1.3 Other ABS 0.7 0.0 0.7 Technology 0.0 1.6 -1.6 Total 4.3% 0.0% 4.3% Total 26.7% 15.9% 10.8%

Sector allocation is presented to illustrate examples of the sectors in which the fund may invest, and may not be representative of the fund’s current or future investments. Should not be construed or used as a recommendation for any sector. Differences are due to rounding. Source: Fidelity Investments as of 6/30/21. 24 For institutional use only. Fidelity Advisor Stable Value Wrap Allocation

AGL JPMorgan Lincoln Met-Life Nationwide Pac Life Prudential State Street Transamerica Wrap A+/A2 A+/Aa1 AA-/A1 AA-/Aa3 A+/A1 AA-/A1 AA-/Aa3 AA-/Aa2 A+/A1

Book Value $154M $235M $51M $153M $139M $151M $197M $159M $223M

% of Assets 10% 16% 4% 10% 10% 10% 13% 11% 15%

Net Crediting 1.54% 1.53% 1.54% 1.53% 1.54% 1.54% 1.54% 1.53% 1.54% Rate

Money Market: $11M l 1% of Assets

Crediting rate based on gross of management and net of wrap fees. Source: Fidelity Investments, S&P, and Moody’s as of 6/30/21. 25 For institutional use only. 2014 Natixis exits 2010 wrap market 2014 Stable Value Timeline Competitor Competitor 1 fund closes 5 fund 2011 closes 2009 Competitor STABLE VALUE INDUSTRY EVENTS Rabobank Group 2 fund closes announces wrap 2016 market exit 2012 Industry Assets 1970s 1990 Competitor reach $800B Stable originates First synthetic GIC offered 1997 3 fund closes with the advent of defined by Banker Trust (BASICS) $250B in Industry Assets contribution retirement accounts 2013 1991 2008 Bank of 2017 Executive Life failed Lehman fails 1981 America Competitor U.S. Treasury Buys AIG First Stable Value exits wrap 6 fund Pool funded 1992 market closes Mutual Benefit 1984 failed 2017 $29B in Industry Assets 2007 UBS AG begins 2013 BTMU 1994 wrap market exit Competitor exits Traditional GIC’s Dominate Market Confederation 4 fund wrap Life failed closes market

1970 1980 1990 1992 1996 2000 2004 2008 2012 2014 2018

2003 MIP becomes 2013 fully synthetic Fidelity adds 2012 Nationwide BTMU enters the wrap as a wrap 1992 market with Fidelity provider Fidelity begins utilizing AIG FP moves 2018 synthetic wraps Fidelity adds 1999 Fidelity’s wraps to AGL 1986 Fidelity stops Lincoln National as a wrap provider Fidelity begins managing investing in GICs and stable value accounts allocates new 2019 investments to Fidelity adds synthetic wraps Met Life and Pac Life as wrap providers FIDELITY STABLE VALUE EVENTS

Source: FMR, SVIA, and “The Handbook of Stable Value Investments” by Frank J. Fabozzi For illustrative purposes only. 26 For institutional use only. Important Information

This document does not make an offer or solicitation to buy or sell any securities or services, and is not investment advice. Fidelity does not provide legal or tax advice and we encourage you to consult your own lawyer, accountant, or other advisor before making an investment. Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client’s investment decisions. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services. Past performance is no guarantee of future results. Investors should be aware that an investment's value may be volatile and involves the risk that you may lose money Performance for individual accounts will differ from performance for composites and representative accounts due to factors, including but not limited to, portfolio size, trading restrictions, account objectives and restrictions, and factors specific to a particular investment structure. Representative account information is based on an account in that strategy’s composite that generally reflects that strategy’s management and is not based on performance of that account. The value of a strategy's investments will vary in response to many factors, including adverse issuer, political, regulatory, market, or economic developments. The value of an individual security or a particular type of security can be more volatile than and perform differently from the market as a whole. Nearly all accounts are subject to volatility in non-U.S. markets, either through direct exposure or indirect effects on U.S. markets from events abroad, including fluctuations in foreign currency exchange rates and, in the case of less developed markets, currency illiquidity. The performance of fixed income strategies will change daily based on changes in interest rates and market conditions and in response to other economic, political or financial developments. Debt securities are sensitive to changes in interest rates depending on their maturity, and may involve the risk that their prices may decline if interest rates rise or, conversely, if interest rates decline, their prices may increase. Debt securities carry the risk of default, prepayment risk and inflation risk. Changes specific to an issuer, such as its financial condition or its economic environment, can affect the credit quality or value of an issuer's securities. Lower-quality debt securities (those of less than investment grade quality, also referred to as high yield debt securities) and certain types of other securities are more volatile, speculative and involve greater risk due to increased sensitivity to adverse issuer, political, regulatory and market developments, especially in periods of general economic difficulty. The value of mortgage securities may change due to shifts in the market's perception of issuers and changes in interest rates, regulatory or tax changes. Derivatives may be volatile and involve significant risk, such as credit risk, currency risk, leverage risk, counterparty risk and liquidity risk. Using derivatives can disproportionately increase losses and reduce opportunities for gains in certain circumstances. Although individual investment contracts represent credit obligations of the issuers, units of the [Managed Income and FA Stable Value Portfolios?] are neither guaranteed by Fidelity Management Trust Company or the Plan Sponsor, nor are they insured by the FDIC or any other state or federal agency. Investments in units of the Portfolio may involve investment risk, including, under certain circumstances, loss of the principal amount invested. Stable Value Pools is managed to maintain a $1 unit price, however, there is no guarantee it will be able to do so. These materials contain statements that are “forward-looking statements,” which are based on certain assumptions of future events. Fidelity does not assume any duty to update any forward-looking statement. Actual events may differ from those assumed. There can be no assurance that forward-looking statements, including any projected returns, will materialize or that actual market conditions and/or performance results will not be materially different or worse than those presented.

27 For institutional use only. Important Information (continued)

Fidelity Institutional Asset Management (“FIAM”) and Fidelity Management Trust Company (“FMTC”) Performance data is generally presented gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. See the GIPS® Composite Performance Data for performance figures that are net of the maximum investment advisory fee charged any client employing this strategy. arrangements, if applicable, will also reduce returns when deducted. See FIAM LLC's Form ADV for more information about advisory fees if FIAM LLC is the investment manager to the account. For additional information about advisory fees related to other FIAM advisory entities, speak with your relationship manager. All results reflect realized and unrealized appreciation and the reinvestment of dividends and investment income, if applicable. Taxes have not been deducted. FIAM and FMTC claim compliance with the Global Investment Performance Standards (GIPS®). In conducting its investment advisory activities, FIAM and FMTC utilize certain assets, resources and investment personnel of FMR Co. and its affiliates, which do not claim compliance with GIPS®. "Fidelity Investments" and/or “Fidelity” refers collectively to FMR LLC, a U.S. company, and its subsidiaries, including but not limited to Fidelity Management & Research Company LLC, FIAM and FMTC. Fidelity Managed Income Portfolio (”MIP”), Fidelity Managed Income Portfolio II (“MIP II”), and Fidelity Advisor Stable Value Portfolio (“FASV”) are separate funds of the Fidelity Group Trust for Employee Benefit Plans. They are managed by Fidelity Management Trust Company, a limited purpose trust company. They are not mutual funds, nor are they insured by the Federal Deposit Insurance Corporation. FIAM Products and services presented here are managed by the Fidelity Investments companies of FIAM LLC or FIAM TC. FIAM and FMTC products and services may be presented by Fidelity Distributors Company LLC or Fidelity Brokerage Services, LLC, Member NYSE, SIPC, each a non- exclusive financial intermediary that is affiliated with FIAM and FMTC, or Fidelity Investments ULC and FIL Limited, all of which are compensated for such services. FIAM includes the following entities or divisions that provide investment services: Fidelity Institutional Asset Management Trust Company, a trust company (FIAM TC); FIAM LLC, a U.S. registered investment adviser; the Fidelity Institutional Asset Management division of FMR Investment Management (UK) Limited, a U.K. registered investment manager and U.S. registered investment adviser; and the Fidelity Institutional Asset Management division of Fidelity Management & Research (Hong Kong) Limited, a Hong Kong and U.S. registered investment adviser. Certain data and other information in this presentation have been supplied by outside sources and are believed to be reliable and current. Data and information from third-party databases, such as eVestment Alliance, Callan, and Morningstar are self-reported by firms that generally pay a subscription fee to use such databases, and the database sponsors do not guarantee or audit the accuracy, timeliness, or completeness of the data and information provided, including any rankings. Rankings or similar data reflect information at the time rankings were retrieved from a third-party database, and such rankings may vary significantly as additional data from managers is reported. Rankings may include a variety of product structures, including some in which certain clients may not be eligible to invest. Fidelity cannot verify the accuracy of information from outside sources, and potential investors should be aware that such information is subject to change without notice. Fidelity has prepared this presentation for, and only intends to provide it to, institutional, sophisticated, and/or qualified investors in one-on-one or comparable presentations. Do not distribute or reproduce this report. Third-party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or its affiliated companies. Fidelity does not provide legal or tax advice and we encourage you to consult your own lawyer, accountant, or other advisor before making an investment. The Chartered Financial Analyst (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 four years of qualifying work experience, among other requirements.

940903.1.4

28 For institutional use only.