FIL Investments (Japan) Limited (“FIJ”), a Japanese corporation formed in 1986, has been in the business of providing investment advisory and sub-advisory services for over 30 years. FIJ has been registered with the SEC as an investment adviser under the U.S. Investment Advisers Act of 1940 ("Advisers Act") since 1994 and also is authorized by the Japan Financial Services Agency. FIJ is a wholly owned subsidiary of FIL Japan Holdings KK, a Japanese company, which in turn is a wholly owned subsidiary of FIL Asia Holding Pte Limited, which in turn is a wholly owned subsidiary of FIL Limited ("FIL"), a Bermuda company that serves as the holding company for the FIL group of companies ("FIL Group”). On a sub-advisory basis through a delegation from its affiliate, FIL Investment Advisors ("FIA"), a Bermuda company, FIJ has provided discretionary investment advisory services with regard to both Japanese and non-Japanese securities to institutional accounts, including U.S. investment companies (also referred to as “mutual funds”) registered under the U.S. Investment Company Act of 1940 (the “1940 Act”). FIJ currently provides discretionary investment advisory services to Japanese (non-US) institutional accounts and pension funds. Fidelity Management & Research Company LLC (“FMR”), FIAM LLC (“FIAM”), Fidelity Institutional Asset Management Trust Company, (“FIAMTC”) and Strategic Advisers LLC (“SAI”) are the principal investment advisers of FIJ’s mutual fund clients. FMR, FIAM, FIAMTC and SAI have access to investment research on a substantially delayed basis from various subsidiaries and affiliates of FIL (including Fidelity Investments Canada ULC (“FIC”)), which are investment advisers registered with the SEC operating principally in the United Kingdom, Japan, and Hong Kong or Participating Affiliates (as defined below) of such registered advisers. FMR, FIAM, FIAMTC and SAI and FIJ are not related persons. FIJ may obtain research or other advisory support from its affiliates. FIJ may also provide non-discretionary investment advisory and research services to its affiliates

with regard to Japanese and Korean securities. FIJ does not sponsor any wrap fee programs. FIJ or its affiliates generally have authority to determine which securities to purchase or sell, and the total amount of such purchases and sales and the brokers or dealers through which transactions are effected. However, with respect to each discretionary account, FIJ’s and its affiliates’ authority is subject to certain limits, including the applicable investment objectives, policies and restrictions. These limitations may be based on a variety of factors, such as regulatory constraints, as well as policies imposed by a client or its governing body (e.g., Board of Trustees) and may cause differences in allocations on investment opportunities, executing brokers or dealers and/or commission rates paid. (See Brokerage Practices below) As of April 30, 2016, FIJ no longer sub advises any assets for any regulated U.S. entities and therefore, although its processes are disclosed in this brochure, they are not applicable. Other Activities of Certain FIJ Portfolio Managers, Analysts and Employees From time to time, non-clients (for example, public media commentators, conference attendees, consultants) may ask FIJ portfolio managers, analysts or other employees of FIJ or its affiliates to express their personal views regarding a particular company, security, industry or market sector. The views expressed by any such person are the views of only that individual and do not necessarily represent the views of FIJ or its affiliates or any other person in the FIL Group. Any such views are subject to change at any time based upon market or other conditions and FIJ disclaims any responsibility to update such views. These views are not being offered as investment advice and may not be relied on as such. Furthermore, because any investment decision for an account sub-advised by FIJ or any of its affiliates may be based on potentially numerous factors, such views should not be construed or relied upon as an indication of trading intent on behalf of a FIJ account.