1. Asset Allocation: Global Perspectives
David Tulk, Institutional Portfolio Manager

2. Important notice
For advisor use only. No recipient is authorized to pass this communication on to any other person whatsoever or reproduce it by any means without the prior written consent of Fidelity. Read a fund’s prospectus before investing. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated. Investors will pay management fees and expenses, may pay commissions or trailing commissions and may experience a gain or loss. It is not possible to invest directly in an index. The indicated rates of return are the historical annual compounded total returns including changes in unit value and the reinvestment of all distributions and do not take into account sales, redemption, distribution, optional charges or income taxes payable by any security holder that would have reduced returns. Any reference to a company is for illustrative purposes only; it is not a recommendation to buy or sell, nor is it necessarily an indication of how the portfolio of any Fidelity Fund is invested. The breakdown of fund investments is presented to illustrate the way in which a fund may invest, and may not be representative of a fund’s current or future investments. A fund’s investments may change at any time. Mutual fund strategies and current holdings are subject to change. The statements contained in this presentation are based on information believed to be reliable. Where such information is based in whole or in part on information provided by third parties, we cannot guarantee that it is accurate, complete or current at all times. Fidelity Investments Canada ULC and its affiliates and related entities are not liable for any errors or omissions in the information or for any loss or damage suffered. From time to time a manager, analyst or other Fidelity employee may express views regarding a particular company, security, and industry or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time, based upon markets and other conditions, and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity Fund. Certain statements in this commentary may contain forward-looking statements (“FLS”) that are predictive in nature and may include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates” and similar forward-looking expressions or negative versions thereof. FLS are based on current expectations and projections about future general economic, political and relevant market factors, such as interest, and assuming no changes to applicable tax or other laws or government regulation. Expectations and projections about future events are inherently subject to, among other things, risks and uncertainties, some of which may be unforeseeable and, accordingly, may prove to be incorrect at a future date. FLS are not guarantees of future performance, and actual events could differ materially from those expressed or implied in any FLS. A number of important factors can contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition and catastrophic events. You should avoid placing any undue reliance on FLS. Further, there is no specific intentional of updating any FLS whether as a result of new information, future events or otherwise. © 2017 Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is not guarantee of future results. © Copyright 2017 Fidelity Investments Canada ULC. All rights reserved. The presenter is not registered with any securities commission and therefore cannot provide advice regarding securities.
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3. 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, 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.

4. 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%
+/ % (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, 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.

5. 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.

6. 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.

7. 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.

8. 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 .

9. Canadian economy is historically unbalanced

10. The exchange rate is fundamentally a rebalancing mechanism

11. 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

12. 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.