Strategic Advisers LLC

FEES AND COMPENSATION

Charitable Gift Fund

Fees and terms for investment advisory services provided to charitable institutions, including the
Charitable Gift Fund, are negotiated on a case-by-case basis and generally based on assets under
management or advisement. With respect to the Charitable Gift Fund, if such services are terminated
during any period for which Strategic Advisers has or has not been compensated, the fee due to
Strategic Advisers for such period shall be prorated to the date of termination.

Strategic Advisers’ affiliate, National Charitable Services Corporation (“NCS”), a Fidelity
Investments company, will generally receive compensation for administrative and investment services
provided to CGF under a separate Master Services Agreement. In the absence of any other
arrangements, Strategic Advisers’ compensation for its discretionary and non-discretionary
investment advisory services shall be paid to Strategic Advisers out of the aggregate NCS
administrative services fee payable under the Master Services Agreement, pursuant to an arrangement
between Strategic Advisers and NCS.

The Charitable Gift Fund will pay the mutual fund expenses associated with the respective mutual
funds recommended or selected by Strategic Advisers as investments for the pools advised by
Strategic Advisers. Fund expenses, which vary by fund and share class, are expenses that mutual fund
shareholders typically pay. Details of a mutual fund’s expenses can be found in its prospectus. These
expenses are not separately itemized or billed; rather, the published returns of mutual funds are shown
net of their expenses. The overall revenue received by affiliates of Strategic Advisers will vary based
on the funds suggested or selected by Strategic Advisers; accordingly, Strategic Advisers has an

economic incentive and a potential conflict of interest to suggest funds that pay more revenue to its
affiliates. However, for the non-discretionary assets that Strategic Advisers oversees, the investments
to be used are reviewed and approved by the CGF Board of Trustees as part of the investment
mandate for such non-discretionary pools prior to the inclusion of any such fund. In addition, for both
non-discretionary assets overseen by Strategic Advisers and the discretionary assets that Strategic
Advisers manages as part of CGF, the portfolio managers with responsibility for the investment
recommendations and management of the assets and related portfolio management staff are
compensated based on the performance of the underlying investments recommended or selected, and
no portion of the compensation of these Strategic Advisers personnel is based on the percentage of
affiliated funds used in CGF or the revenue that Strategic Advisers or its affiliates derive from the
purchase of any underlying affiliated or unaffiliated fund by CGF. Furthermore, all investments used
in both the discretionary and non-discretionary portfolios are reviewed with the CGF Board of
Trustees on a periodic basis.

Strategic Advisers Funds

For the Strategic Advisers Funds, Strategic Advisers receives a management fee based on a Fund’s
average net assets. For Funds that employ sub-advisers, sub-advisory fees are paid by the Funds,
based on contractual terms with such sub-advisers. In certain circumstances, Strategic Advisers either
charges no management fee or, from time to time, will voluntarily or contractually agree to reimburse
certain of its mutual fund clients for management fees and other expenses above a specified limit.
Strategic Advisers retains the ability to be repaid by such clients if expenses fall below the specified
limit prior to the end of the client fiscal year. Reimbursement arrangements can decrease a Fund’s
expenses and enhance its performance. Voluntary reimbursement arrangements can be discontinued
by Strategic Advisers at any time.

In the case of the Funds, the advisory contract with Strategic Advisers is subject to approval by the
Board of Trustees for the relevant Fund, including trustees who are not interested persons of each
Fund (as defined in the 1940 Act, the “Independent Trustees”). Strategic Advisers’ fees for providing
these services are negotiated on an individual basis and vary significantly among Funds. Fees charged
to mutual fund clients are subject to negotiation prior to the initiation of Strategic Advisers’ services.
Compensation to Strategic Advisers is deducted from a Fund’s assets and payable on a monthly basis
at the end of the month or on such other terms as Strategic Advisers and the particular Fund from time
to time agree. In accordance with the Investment Company Act of 1940, any investment advisory
agreement concerning a Fund will terminate within two years of the effective date of the investment
advisory agreement unless renewed by the Fund in a manner permitted by Section 15 of the 1940 Act.
Any such agreement shall also terminate upon assignment or upon sixty (60) days advance written
notice by any party to the agreement or by the Fund concerned.

In addition to any management fee payable to Strategic Advisers and the fees payable to the transfer
agent and pricing and bookkeeping agent, and the costs associated with securities lending, most funds
in the Fidelity group of funds or classes thereof, as applicable, pay all of their expenses that are not
assumed by those parties. Most Funds pay for the typesetting, printing, and mailing of their proxy
materials to shareholders; legal expenses; and the fees of the custodian, auditor, and Independent
Trustees. Most Funds’ management contracts further provide that the Fund will pay for typesetting,
printing, and mailing of prospectuses, statements of additional information, notices, and reports to

shareholders; however, under the terms of Strategic Advisers’ transfer agent agreement, the transfer
agent bears these costs. Other expenses paid by a Fund include interest, taxes, brokerage
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TYPES OF CLIENTS

Charitable Gift Fund

Strategic Advisers provides discretionary and non-discretionary investment advice to the Charitable
Gift Fund, an IRS-qualified charitable organization, by recommending affiliated and unaffiliated
mutual funds and ETFs for investment portfolios composed of irrevocable contributions from
individual and institutional donors.

Strategic Advisers Funds

Strategic Advisers offers investment management services on listed equities, ETPs, mutual fund
shares, bonds, derivatives, or other securities in connection with its service as adviser to the Strategic
Advisers Funds.

Management, Consulting, and Model Delivery Services

Strategic Advisers provides management, consulting, and model delivery services to its affiliates.
Management and consulting arrangements can include asset allocation, risk modeling and portfolio
analysis, due diligence, and oversight services. Strategic Advisers develops and delivers a range of
methodologies and model portfolios services, and provides resources to affiliates offering non-
discretionary investment advisory services.

METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

Charitable Gift Fund

Through an Investment Management Agreement with CGF, Strategic Advisers renders discretionary
and non-discretionary investment management services by investing in and/or recommending Fidelity
and non-Fidelity mutual funds and ETFs it deems appropriate for use in a number of investment
portfolios composed of CGF assets derived from irrevocable and tax-deductible contributions from
individual and institutional donors.

Strategic Advisers relies on both proprietary fundamental and quantitative fund research in managing
or providing investment advice. Factors considered when investing in underlying funds include fund
performance, a fund manager’s experience and investment style, fund company infrastructure, and
fund characteristics such as expense ratio, asset size, and portfolio turnover. With respect to the sub-
portfolios where Strategic Advisers provides discretionary investment management services, Strategic
Advisers pursues a disciplined, benchmark-guided approach to portfolio construction, and monitors
and adjusts allocations to underlying funds as necessary to attempt to control overall fund risk and
pursue appropriate returns. With respect to investments made for CGF, the available investment
universe for each sub-portfolio is determined by contract in conjunction with CGF.

Strategic Advisers has implemented oversight processes and controls designed to achieve an
appropriate level of supervision of the selected funds’ activities and reports out to the CGF Board of
Trustees on these processes and controls. While Strategic Advisers selects the underlying funds of the
sub-portfolios and has implemented a program to provide ongoing oversight of their activities, the
funds’ managers make the day-to-day investment decisions for the funds they manage.

With respect to the discretionary management services provided to CGF, Strategic Advisers will
review the share classes offered by identified funds and seek to choose the appropriate share class that
is available for purchase by CGF.

Strategic Advisers Funds

Strategic Advisers is authorized to invest (depending on the specific product or fund) a Fund’s assets
in a combination of securities, including derivatives (e.g., futures contracts); affiliated (e.g., Fidelity
funds) and unaffiliated domestic and international equity funds; investment grade, high- yield and
international fixed- income funds; short-term funds; alternative investment class funds; and ETFs and
closed-end funds. In general, Strategic Advisers will evaluate the mutual funds available through
Fidelity’s mutual fund platform, FundsNetwork®, and make mutual fund investment determinations

based on investment methodology. To the extent permitted by its advisory contracts, Strategic
Advisers is authorized to delegate investment discretion to affiliated and unaffiliated sub-advisers for
management of all or part of the Fund.

Multi-manager and fund-of-funds structures. Strategic Advisers’ multi-manager funds and fund-of-
funds allow Strategic Advisers to choose from an expanded group of Fidelity and non-Fidelity money
managers, taking advantage of Fidelity’s scale to provide the potential for improved pricing through
the use of sub-advisers. The multi-manager funds and fund-of-funds are structured so that Strategic
Advisers can hire sub-advisers to manage sub-portfolios of individual securities, buy and sell mutual
funds and ETFs, and hold all these securities within one Fund. A Strategic Advisers portfolio manager
manages each multi-manager fund and fund-of-funds by allocating the Fund’s assets between Fidelity
and non-Fidelity sub-advisers, mutual funds, ETFs, and derivatives.

In managing the Funds that use a multi-manager and fund-of-funds investment structure, Strategic
Advisers considers a variety of factors when determining how to allocate the respective Funds’ assets
among sub-advisers, funds, and/or other securities, including, but not limited to, investment approach,
portfolio characteristics, performance patterns in different market environments, and the total assets of
the fund.

While Strategic Advisers selects the sub-advisers and has implemented a program to provide ongoing
oversight of their activities, the sub-advisers of the Fund make the day-to-day investment decisions
for the portions of the Fund they manage. Strategic Advisers is authorized to allocate each Fund’s
assets among any number of sub-advisers or underlying funds at any time. Regulatory restrictions
limit the amount that one fund can invest in another, which means that the Funds are limited in the
amount they can invest in any particular underlying fund. For more information on the investment
strategies employed by the multi-manager funds and fund-of-funds, please see the prospectuses for
those Funds.
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