1. Fidelity Investments Overview: NCCMT Cash and Term Portfolios July 2013 Michael Morin, CFA® Director of Institutional Portfolio Management Not FDIC insured. May lose value. No bank guarantee. For Institutional Client Use Only

2. 1 1. Investment Overview 2. Current Market Conditions 3. Regulatory Reform Overview 4. Portfolio Construction 5. Investment Strategy and Outlook Agenda For Institutional Client Use Only

3. Money Market Portfolio Management Objectives 2 For Institutional Client Use Only 1 Safety 2 Liquidity 3 Return

4. 3 Multi-Dimensional Approach Bottom-up, fundamental investment platform complemented by top-down inputs, results in a robust and durable process For illustrative purposes only. Portfolio Positioning Return Attribution Scenario Expectation s Objective: Consistent, Value-added Results BOTTOM UP FOUNDATION Fundamental Analysis –100+ research professionals –Fundamental foundation –Relative value assessment Quantitative Analysis –Proprietary risk modeling –Security and portfolio level Structured Analysis –Capital structure analysis –Complements fundamentals Value-Added Trading –Relative value assessment –Across curve and structure –Macro trends/technicals TOP-DOWN PERSPECTIVES Macroeconomic Inputs –Federal Reserve expectations –Sovereign landscape –Tail risk/scenario modeling Sector –Basis call: transparency –Fundamental and relative value Yield Curve –Breakeven analysis –Slope and volatility –Relative value opportunities Interest Rate –Duration views –Volatility perspectives For Institutional Client Use Only

5. Credit Research Team: Intensive Sector Coverage 1 Finance Team 8 Analysts 7 Associates U.S. banks European banks Asian banks Canadian banks Broker/dealers Asset managers Finance companies Life insurance Property & casualty insurance Financial guarantors GSEs/government agencies ABCP Industrials Team 10 Analysts 8 Associates Airline/aerospace Automotive Railroads Manufacturing/tech Paper/chemicals Pharmaceuticals Metals/mining Energy/pipelines Utilities Media/entertainment Telecom/cable Food and beverage Tobacco Retail/supermarkets Consumer goods Healthcare Municipal Team 11 Analysts 6 Associates Tax-Backed Analysis States Cities Counties School Districts Special Tax-Credits Higher Ed - Public Revenue Healthcare Industrial Dev. Resource Recovery Transportation Utilities Water & Sewer Tobacco Macro/Structured 8 Analysts 4 Associates Sovereign debt analysis Macroeconomic analysis Central bank watch Legal Team 6 Attorneys 2 Paralegals Structured Review Legal Protection Documentation Covenant Analysis Taxability Determination 3 5 24 * Includes Fidelity London staff Source: FMR as of 3/31/13 4 For Institutional Client Use Only

6. Elements of Minimal Credit Risk Analysis Liquidity Determination Credit and Cash Flow Analysis Management Review Macroeconomic Analysis Legal Review In a short-term payment horizon, internal and alternative sources of liquidity are critical Revenue streams, capital intensiveness, fiscal spending, debt load, interest rate sensitivity, quality of assets, and nature of liabilities Accessibility to management, quality and sophistication of management team, financial statements, disclosure, compensation, and governance practices Operating environment, industry dynamics, competitive positioning, economic climate Legal analysis of structural features and covenants associated at issuer, program and security levels to ensure structure delivers intended exposure Minimal Credit Risk Determination 5 For Institutional Client Use Only

7. Breakdown of the Fidelity Money Market Approved List M-ScoreApproved Issuers M125 M281 M3125 M4123 M528 Total:382  Approved List is Diversified across Sector and Credit Quality Main CategoriesApproved Issuers Yankee Banks40% Repo Counterparties17% Industrials11% U.S. Banks9% Municipalities7% US Gov’t Agencies5% Utilities5% Asset Backed3% Other (2 categories under 2%)3% STRONGEST CREDIT QUALITY ISSUERS REPRESENT HIGHEST CREDIT CONCENTRATION AND LONGEST CREDIT EXPOSURE M-ScoreCredit Quality Maximum Maturity Limit* Maximum Dollar Limit ($Millions)* M1Multiple offsets to buffer possible blows to financial strength397~$25,000 M2397 M3397 M3187 M4187 M497 M567 M5Fewer layers of credit/liquidity provided via Banks/Guarantors30~$1,000 *Dollar and Maturity Guidelines are used for representative purposes and may not represent actual limits Source: FMR as of 6/30/13 6 For Institutional Client Use Only

8. Current Market Conditions For Institutional Client Use Only

9. 8 Source: Federal Reserve as of 6/19/13 Fed Taper Talk Signals Unwind Process May Begin in 2014 Federal Reserve Board Rate Expectations Appropriate Timing of Policy Firming Appropriate Pace of Policy Firming (June 2013) For Institutional Client Use Only

10. Unprecedented Fed Actions Drive Market Conditions 9 Stock prices Bond yields Mortgage rates Trade weighted dollar Collateral availability Repo rates Source: Huyck/Miller? ($Trillions) To be updated Twist QE1 QE1 Expanded QE2 QE3 FEDERAL RESERVE HOLDINGS OF TREASURIES AND AGENCIES For Institutional Client Use Only Source: Federal Reserve as of 6/19/13

11. Fed Shifts From Date-Based to Threshold-Based Guidance 10 Source: Bloomberg as of 6/30/13 *Targets set during the 12/12/12 Fed meeting Fed Shifts From Date-Based to Threshold-Based Guidance Futures 12/31/12 For Institutional Client Use Only

12. 11 Recent Move in Rates Did Not Directly Impact Money Markets Source: Bloomberg, as of 6/30/13 For Institutional Client Use Only

13. 12 Recent Move in Rates Did Not Directly Impact Money Markets Source: Bloomberg, as of 6/30/13 Following Bernanke’s May 22 Testimony For Institutional Client Use Only

14. Tax Receipts Reduce Bill Supply – Repo Remains Subdued 13 Sources: FMR, Bloomberg, and Wrightson ICAP as of 5/31/13 For Institutional Client Use Only

15. 3-MONTH LIBOR VS. 3-MONTH TREASURIES 14 Short-Term Credit Spreads Stabilize Past performance is no guarantee of future results. It is not possible to invest directly in an index. Index performance is not meant to represent that of any Fidelity mutual fund. Source: Bloomberg as of 6/30/13 TED Spread Low: 3/16/10: 11 bps TED Spread High: 10/10/08: 464 bps TED Spread Current: 6/30/13: 24 bps For Institutional Client Use Only

16. Long-Term Spread Sectors Underperformed Relative to Short-End 15 Source: Barclays as of 6/30/13 *TIPS return is calculated by taking the difference of the absolute returns from Barclays US Treasury Index and Barclays US TIPS Index

17. 16 Credit Concerns Remain in Eurozone Source: Bloomberg as of 6/30/13 Due to lack of availability, CDS was used in place of the 10 year bond yield for Cyprus. 10 YEAR BOND YIELDS OF SELECT EUROZONE COUNTRIES For Institutional Client Use Only

18. Q1 2014 August 2012 Source: iMoneyNet and Fidelity as of 6/30/13 2013 Aug 22 Sept 27 SEC Chairman Shapiro does not have the votes to push through MMF reform Geithner writes letter to FSOC encouraging additional MMF reform FSOC proposes additional MMF reform Nov 13 17 For Institutional Client Use Only Nov 30 SEC MMF study released SEC rule proposal issued Dec 14 Schapiro steps down as SEC Chairman FSOC proposal comment deadline (extended from Jan 18) Apr Jan 24 Feb / Mar SEC comment deadline Sep 2014 Final Rule Adopted Jun Expect Walters and Paredes to be replaced Obama names Mary Jo White as SEC Chairman Feb 15 Mary Jo White confirmed as SEC Chairman Money Market Fund Reform Key Events (2012-2014) 17

19. Overview of SEC Rule Proposal Alternative 1: Prime & municipal funds float unless such fund restricts each shareholder daily redemption to $1m Treasury and Government funds exempt Implementation period: 2 years Alternative 2: When weekly liquidity of all prime and municipal funds 15% or less 2% redemption fee unless board chooses lower or no fee Board may gate redemptions for up to 30 days and may also lift gate Treasury & Government funds exempt – can voluntarily opt in Implementation period: 1 year Alternative 3: Combination of both proposals 18 For Institutional Client Use Only

20. Portfolio Composition For Institutional Client Use Only

21. Portfolio diversification is presented to illustrate examples of the securities that each fund has bought and may not be representative of a fund’s current or future investments. Each fund’s investments may change at any time. Percentages may not add up to 100 due to rounding. Source: FMR as of 6/30/13 20 Sub-Title Line: 2.32 Top: 2.16 Left: 3.65 Right: 3.50 Bottom: 1.43 NCCMT Cash Portfolio June 30, 2013June 30, 2012 For Institutional Client Use Only Focus on High Quality Issuers

22. 21 Foreign Bank Exposure Geographically Diversified Source: FMR as of 6/30/13 FOREIGN BANK HOLDINGS: NCCMT CASH PORTFOLIO For Institutional Client Use Only

23. 22 Fund Holdings Primarily Short-Term Source: FMR as of 6/30/13 NCCMT CASH PORTFOLIO MATURITY SCHEDULE For Institutional Client Use Only

24. Portfolio diversification is presented to illustrate examples of the securities that each fund has bought and may not be representative of a fund’s current or future investments. Each fund’s investments may change at any time. Percentages may not add up to 100 due to rounding. Source: FMR as of 6/30/13 23 Sub-Title Line: 2.32 Top: 2.16 Left: 3.65 Right: 3.50 Bottom: 1.43 NCCMT Term Portfolio June 30, 2013June 30, 2012 For Institutional Client Use Only Focus on High Quality Issuers

25. 3rd Quarter Investment Strategy and Outlook Investment Strategy Focus on highest quality issuers, maintaining high degree of liquidity Maintain flexibility within portfolios amid potential market volatility stemming from Europe, changes to Federal Reserve policy, the U.S. fiscal situation and additional bank rating downgrades –Limit eurozone exposure to national champions in core countries –Limit issuer maturity tenors and credits to reflect fundamental, rating and macro risks –Maintain longer portfolio weighted average maturities (WAM) than peers Outlook Europe will remain a source of volatility – Economic imbalances continue to provide sovereign financial stress, headline risk and volatility – Potential for additional ratings actions US outlook improved but will continue to be tested – Federal Reserve anticipated to taper bond purchases amid improving economic data – Congress resolved the fiscal cliff but will again approach the debt ceiling Central Banks around the world are expected to maintain interest rates at extraordinarily low levels to encourage economic growth –Supply dynamics could keep rates lower in the months ahead Final rules on additional regulatory reform expected in 2014 24 For Institutional Client Use Only

26. 25 Important Information Not FDIC insured. May lose value. No bank guarantee. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. Lipper Analytical Services, Inc., is a nationally recognized organization that ranks the performance of mutual funds. The views expressed in this statement reflect those of the portfolio manager only through the end of the period of the report as stated on the cover 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 market or 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. Past performance is no guarantee of future results. Investment return will fluctuate, therefore you may have a gain or loss when you sell shares. Diversification does not ensure a profit or guarantee against a loss. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Interest rate increases can cause the price of money market securities to decrease. Before investing, have your client consider the funds’ investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Have your client read it carefully. For Institutional Investor Use only. Fidelity Investments & Pyramid Design is a registered service mark of FMR LLC. Fidelity Investments Institutional Services Company, Inc.,100 Salem Street, Smithfield, RI 02917 For Institutional Client Use Only 620891.1.0