Fidelity Institutional Wealth Adviser LLC

FEES AND COMPENSATION

Advisory Fees
In general, Investors on the FMAX Platform will pay a wrap fee (“Investor Fee”), which includes
the fees for the services of their Intermediary (“Intermediary Fee”) as well as fees associated
with FMAX (the “Program Fee”).

The cost of investment advisory services provided through FMAX may be more or less than
the cost of purchasing similar services separately. Among the factors impacting the relative
cost of FMAX to a particular Investor include the Intermediary Fee, the size of the account, the
type of Advisory Program, the size of the assets devoted to a particular strategy, and the
discretionary Investment Managers and Funds selected.

Intermediary Fee
The Intermediary Fee is determined by the Intermediary not FIWA. Within the FMAX Platform,
your Intermediary has the ability to illustrate or describe the applicable fees in a manner that
does not display the fee component breakdown as described in this section. Investors should
separately refer to the Intermediary’s Form ADV Part 2A and fee schedule in the Investor’s
agreement with the Intermediary for a description of the Intermediary’s fees for particular
account(s).

Program Fee
The Program Fee is paid to FIWA and covers the services associated with FMAX, including
access to the Platform, services from the Investment Managers; implementation of a Model or
administration of a Discretionary Strategy; and certain brokerage, clearing, and custody

services that are provided by FIWA’s affiliates, including Fidelity Brokerage Services LLC
(“FBS”) and NFS. The Program Fee may also include an additional fee, as more fully
described in the section entitled “Other Issues Related to Fees” below, on any mutual fund for
which Fidelity does not receive a servicing fee from the Fund or its affiliates.

The Program Fee generally includes investment management services composed of Investor
profiling assistance, asset allocation assistance, style allocation assistance, research and
evaluation of investment Strategies and Funds, if applicable (as discussed in greater detail in
the “Investment Research and Due Diligence” section below), investment consulting services,
account performance calculations, account rebalancing, account reporting, billing
administration, and other operational and administrative services. Investors whose
Intermediaries perform or utilize a third-party to perform certain of the services listed above
may pay a lower Program Fee.

In certain cases, the Program Fee will also provide Intermediaries with access to programs
and services offered by affiliates of FIWA designed to assist the Intermediary in providing
financial planning and other services to Investors in the FMAX program. In these
circumstances, the Program Fee for the service may be higher for Investors where an
Intermediary has elected to take advantage of these additional services. Please consult the
documentation and Form ADV Part 2A provided by your Intermediary for additional
information.

The services associated with accessing Investment Manager Strategies and either
implementing them in an Investor account, in the case of a Model, or administering them, in
the case of a Discretionary Strategy, are also included in the Program Fee. The Program Fee
will vary depending on the specific Strategy selected by the Intermediary. Some Investment
Managers, including FIWA, choose to subsidize the cost of implementing and administering
Strategies which, in turn, may reduce the Program Fee charged to the Investor account. As a
result, Investment Manager and Strategy fees can vary across different managed account
programs, and in some cases fees associated with investment Strategies provided by FIWA or
affiliates of FIWA in certain programs may be higher or lower than those of unaffiliated
Investment Managers. In addition, Intermediaries have the ability to negotiate lower fees with
certain Investment Managers, and as a result Investors may bear different fees for certain
Investment Managers depending on their Intermediary. Fees paid to Investment Managers can
be up to 1.00% of the assets under management. The Intermediary is solely responsible for
selecting the Investment Managers for Investor accounts. Certain Investment Managers
participating in the FSP Program may not charge management fees because they utilize their
proprietary mutual funds and/or ETPs and receive fees from the underlying expenses of the
Funds used in the Model.

The standard Program Fee schedules for FMAX’s Advisory Programs are detailed below, but
different fees may be separately negotiated by the Intermediary. Such fees may be contingent
on the time period for which the Program is retained by Intermediary. FIWA may either waive
or discount the Program Fee for FMAX accounts that utilize Funds, FSPs, SMAs, and MMAs
managed by FIWA and its affiliates. In addition, Intermediary may negotiate a waiver or
reduction of the Program Fee subject to meeting certain stated objectives, certain asset levels,

or as otherwise negotiated. Program Fees may also vary based on the Platform
customizations implemented by the Intermediary. FIWA may also impose a minimum Program
Fee under negotiated terms. The actual fee charged within the ranges noted below depends
on the specific Investment Manager or Strategy selected by the Intermediary and possible
householding discounts for Investors with multiple accounts. The Program Fees by Advisory
Program below do not include the Intermediary Fee, nor the fees charged by Funds as part of
the Fund’s expense ratio.

                                     Program Fee by Advisory Program
                              FSP                       SMA                       UMA
                            Program                   Program                   Program
      First $250,000      0.19% - 0.81%             0.22% - 0.94%             0.22% - 0.94%

     Next $250,000        0.18% - 0.80%             0.21% - 0.93%             0.21% - 0.93%
...

TYPES OF CLIENTS
FMAX is designed to provide Intermediaries with a highly configurable investment advisory
platform, which they can use to provide wealth management solutions directly to their Investors
(i.e., individuals, high-net-worth individuals, trusts, charitable institutions, foundations, and
endowments). Participation in each of the Advisory Programs carry a minimum account size
for any particular portfolio and investment solution selected and is generally for U.S.-based
Investors. Typically, FSP portfolios will require $10,000 account size minimums. SMAs will
require at least $50,000 account size minimums. MMAs will require at least a $250,000
minimum and UMAs will require a $50,000 minimum. Minimum account sizes may be lowered
at the discretion of the Investment Manager or FIWA, as applicable.

METHODS OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS