FIAM LLC

5. Fees and Compensation

Investment management fees charged to FIAM’s clients are based on the type of product, vehicle and
amount of assets held in the client’s account. Fees are generally based on an account’s average net
assets over a specified period of time (e.g., quarterly) but also may include performance fee and
minimum fee arrangements.

Provided below is a general range of fee rates based on asset class. These fees will vary based on a
variety of factors, including portfolio size, breakpoints, type of product structure, servicing requirements,
asset aggregation among accounts, and any performance or minimum fee arrangement. Fees may be
subject to negotiation and are subject to review and approval by the client in accordance with the
requirements of applicable law. In addition, certain clients of FIAM may have arrangements providing
for the lowest available fee for a particular investment strategy under most favored nation clauses, or
for a waiver of all or a portion of their fees. Such arrangements may also take into account the scope
of a client’s relationship with FIAM and its affiliates, the account’s size or other factors, and provide for
an additional discount from the rates noted below.

               Asset Class                                    Effective Rates

               U.S. Equity                                    20 – 90 bps

               Non-U.S. Equity                                20 – 110 bps

               Investment Grade Fixed Income                  0.75– 40 bps

               Non-Investment Grade Fixed Income              25 – 80 bps

               Asset Allocation                               31 – 45 bps

               Real Estate Securities                         25 – 75 bps

The majority of FIAM’s clients pay all of their other operating expenses. However, certain of FIAM’s
clients may have all-inclusive fee arrangements, pursuant to which FIAM’s affiliates pay certain of the
applicable client’s expenses. FIAM’s affiliates’ fees for providing these services are negotiated on an
individual basis and vary significantly among clients and investment strategies. FIAM and its affiliates
also advise private funds and other accounts, and charge fees based on assets under management as
well as performance fees. FIAM’s private funds are subject to the fee arrangements disclosed in each
such fund’s Governing Documents, which arrangement may include performance fees and/or carried
interest. The management fee received by FIAM with respect to certain private funds may be reduced
by the amount of certain financial advisory, directors, break-up, or other similar fees received by FIAM
or its affiliates from third parties in connection with an investment by the fund, as and to the extent set
out in each such fund’s Governing Documents. Such private funds also bear their own organizational,
operating, investment, administrative, custodial, and other expenses and fees as disclosed in each such
fund’s Governing Documents.

FIAM or its affiliates provide to or receive from other affiliated investment managers, financial
institutions, and/or FIL and its subsidiaries and affiliates non-discretionary advisory services in the form
of research services. With respect to such services, fees are negotiable, paid in arrears, and depend
upon a variety of factors. Compensation to FIAM is payable on a quarterly basis in arrears or on such
other terms as FIAM may from time to time agree or as FIAM may be entitled to under the terms of
operating agreements, investment management agreements and/or subscription documents of any
investment fund that FIAM advises. Agreements that FIAM enters into with its investment advisory or
non-investment advisory affiliates may be of finite or indefinite duration as permitted by applicable law;
however, the parties generally have the right to terminate the agreement on 30-90 days' advance written
notice. In the case of investment companies registered under the Investment Company Act of 1940, as
amended (the “1940 Act”) and UCITS, the advisory or sub-advisory contract with FIAM is subject to
approval by the relevant boards of directors or trustees of any such investment companies and UCITS.
Separately managed account clients are generally billed for fees incurred. Fees for collective investment
vehicles are generally deducted directly from the assets of those vehicles or are directly invoiced to
investors in the vehicles.

FIAM receives its investment management fee from its clients. Clients typically have made independent
arrangements for a custodian, for example, which they pay directly. In addition, clients will incur
brokerage and other transaction costs. For information regarding FIAM’s brokerage arrangements, see

7. Types of Clients

FIAM’s clients are generally institutional accounts, including pension and profit sharing plans, corporate
entities, endowments, foundations and charitable organizations, state or municipal government entities
or other separately managed account clients (“separately managed accounts”), other investment
advisers, non-U.S. investment funds, registered investment companies (also referred to as “mutual
funds”) or privately-offered unregistered investment funds (“private funds”) or other collective
investment vehicles (collectively, “clients” and each, a “client”). FIAM also sub-advises funds or
accounts for affiliated advisers and unaffiliated advisers. FIAM serves as an adviser or subadviser to
various accounts for which FIAM’s affiliates have contracted to provide investment advisory services.
These accounts include, among others, collective investment vehicles authorized in jurisdictions outside
the United States.

FIAM will generally accept only institutional accounts on a fully discretionary basis. Other accounts may
be considered on a case-by-case basis, and may be subject to a minimum asset amount. Investment
companies and private funds managed by FIAM may have different minimum initial investment amounts
according to their respective offering documents.

FIAM’s clients for the provision of general securities research are its affiliates and in certain cases, and
on a delayed basis, FIL and its affiliates. FIAM does not provide its research to any other third parties.

FIAM provides non-discretionary investment advice to IAs on an agreed upon basis. FIAM does not
provide such non-discretionary investment advice directly to any IA Clients. If this Form ADV Part 2A
brochure is provided to an IA Client with whom FIAM does not have an advisory relationship, or where
it is not legally required to be delivered, it is provided to the IA Client solely for informational purposes
and does not imply that FIAM has an advisory, fiduciary or any relationship at all with such IA Clients.