Asset Allocation: Global Perspectives David Tulk, Institutional Portfolio Manager

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Global asset allocation organization $524.9B AUM Nancy Prior, President Angelo Manioudakis, CIO Multi-Asset Class Strategies Target Date $339.4B Target Allocation $162.6B Institutional Solutions $22.9B Canadian Asset Allocation Strategies $64.5B Geoff Stein, Portfolio Manager David Wolf, Portfolio Manager David Tulk, Institutional Portfolio Manager Research | Asset Allocation, Quantitative, Derivatives And Counterparty Strategy & Planning | Oversight & Risk | Investment Services As at August 31, 2017. Note: A portion of GAA assets invest in Fidelity Equity and Bond funds that are also reported in FMR Co’s AUM. Numbers may not add due to rounding. Asset Allocation Research and Operations is a shared resource with Strategic Advisers, Inc. All figures shown are in Canadian Dollars.

What we manage for Canadian investors Canadian asset allocation strategies: $64.5 billion Monthly Income Suite Stand-Alone Managed Portfolios Private Pools Dividend Suite $22.9 Billion (3 strategies) $21.2 Billion (8 strategies) $9.0 Billion $9.3 Billion (5 strategies) $2.2 Billion (2 strategies) Neutral mix 50% equities 50% fixed income 20-65% equities 35-80% fixed income 40-85% equities 15-60% fixed income 20-60% equities 40-80% fixed income 95% equities 5% fixed income Asset allocation ranges +/- 5% +/- 15% +/- 10-15% (Asymmetric) Building blocks Equity Dividend-paying Low-volatility Sector Specific Small Cap Fixed Income Investment-grade High-yield Floating Rate Convertibles High-yield CMBS Geography Canada United States Other Developed Markets Emerging Markets Source: Fidelity Investments Canada ULC as at August 31, 2017. Numbers may not add due to rounding. While the fund is typically managed to this constraint, the portfolio manager retains the discretion to deviate from it, and it is not included in the offering document as part of the fund’s investment strategies.

The power of asset class diversification Canadian Equities (S&P/TSX Composite) Sources: Haver Analytics, Toronto Stock Exchange, Barron’s, Bank of Canada and Fidelity Investments Canada ULC . Returns for 2016 are cumulative year-to-date as at December 31, 2016.

The power of asset class diversification 50-50 Portfolio of Canadian Equities and U.S. Treasury Bonds Sources: Haver Analytics, Toronto Stock Exchange, Barron’s, Bank of Canada and Fidelity Investments Canada ULC . Returns for 2016 are cumulative year-to-date as at December 31, 2016.

The power of asset class diversification 50-50 Portfolio of Canadian Equities and U.S. Treasury Bonds Sources: Haver Analytics, Toronto Stock Exchange, Barron’s, Bank of Canada and Fidelity Investments Canada ULC . Returns for 2016 are cumulative year-to-date as at December 31, 2016.

Research-driven asset allocation framework Proprietary GAA Research Fidelity Asset Class Portfolio Managers and Research Third Party Research RESEARCH RESOURCES RESEARCH FRAMEWORK PORTFOLIO CONSTRUCTION ACTIVE DECISIONS Macro Valuation Sentiment Directional Views Conviction Level Risk Characteristics Liquidity Constraints Decisions and Implementation Bottom-up Multi-Input, Multi-Step Investment Process For Illustrative Purposes Only. Source: Fidelity Investments Canada ULC .

Canadian economy is historically unbalanced

The exchange rate is fundamentally a rebalancing mechanism

Current macro views Global economy in a synchronized upswing U.S. economy approaching late-cycle, prospective fiscal policy gives a growth tailwind Europe and Emerging Markets have further to run Canada to face idiosyncratic challenges Inflation risks growing Both strong growth and a rise in protectionism fuels higher inflation We have seen the low in government bond yields Supported by better growth, central bank normalization, and rising fiscal deficits Changing correlations make FX a better source of downside protection

Active fund positioning Source: Fidelity Investments Canada ULC. Global Balanced Portfolio Composite Benchmark Weightings: 21% S&P/TSX Capped Composite Index, 39% MSCI ACWI ex Canada Index, 12% FTSE TMX Universe Bond Index, 23% Bloomberg Barclays Global Aggregate Bond Index, 5% FTSE TMX 91 Day T-Bill Index.*Net currency position across asset classes, asset allocation view.