Fidelity Investments: PAS-W Plan Sponsors

Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money. Investments in mutual funds will continue to be subject to each fund's underlying fees and expenses. See a fund's prospectus for information on fund fees and expenses. Fidelity® Portfolio Advisory Service at Work is a service of Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments company. This service provides discretionary money management for a fee. *Investors should allocate assets based on individual risk tolerance, investment time horizon, and personal financial situation. A particular asset allocation may be achieved by using different allocations in different accounts or by using the same one across multiple accounts. The equity roll down shown is not intended as a benchmark for individual investors; rather, it is a range of equity allocations that may be appropriate for many investors saving for retirement. Green Band shows +/- 10 Percentage points of the Fidelity Equity Band. “Equities” are defined as domestic equity, international equity, company stock, and the equity portion of blended investment options. Past performance is no guarantee of future results. Diversification and/or asset allocation do not ensure a profit or protect against loss. Strategic Advisers, Inc. is a subsidiary of FMR LLC © 2015 FMR LLC. All rights reserved. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 748133.1.0

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TAP OR CLICK TO LEARN how Fidelity’s Workplace Managed Account service takes into account your participant's personal situation, to place them in a model portfolio to help meet their financial goals.

Percentage of participants who maintained a PAS-W account, measured from January 1, 2010 to February 28, 2015. Fidelity® Portfolio Advisory Service at Work is a service of Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments company. This service provides discretionary money management for a fee. For Plan Sponsor or Investment Professional Use Only Tap or click here for important information

Retention rate among participants who join our managed account service

97%

* Source: Based on Fidelity Investments record-kept data of nearly 21,600 corporate defined contribution (DC) plans and 13.5 million participants as of December 2015. Excludes NonQual plans, TEM Pooled plans, DB cash balance plans, plans with 0 participants, and FMR Co. plans. 11.8 is the average number of investments held by PAS-W participants, as opposed to 4.5 for Do-it-yourself participants who were not enrolled in a Managed Account service and did not have 100% of their account balances in a target date or Managed Account product for this time period. ** Do-it-yourself participants are defined as not having 100% of their account balances in a target date or not enrolled in a Managed Account service for this time period. Fidelity® Portfolio Advisory Service at Work is a service of Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments company. This service provides discretionary money management for a fee. For Plan Sponsor or Investment Professional Use Only Tap or click here for important information

The average number of options held by participants in Fidelity’s Workplace Managed Account vs. 5* for ‘do-it-yourself’ investors**

Analysis includes participants who (a) enrolled in Fidelity Portfolio Advisory Service at Work (PAS-W) between January 2007 and December 2014 (b) maintained positive account balance one year before and after quarter-end of enrollment, (c) includes participants enrolled in Automatic Increase Program. Excludes participants with prior enrollment in a Wealth Management Account on our recordkeeping platform. Excludes all non-qualified plans, all tax-exempt pooled plans and the FMR Retirement Savings Plan. Fidelity® Portfolio Advisory Service at Work is a service of Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments company. This service provides discretionary money management for a fee. For Plan Sponsor or Investment Professional Use On'y Tap or click here for important information

Participants who sign up are 2x as likely to increase their deferral rates when they enroll in a Fidelity Workplace Managed Account.

Investing involves risk, including risk of loss

Source: Data includes proprietary managed accounts only. Data is based on Fidelity Investments record kept data, including both defined contribution (DC) and tax‐exempt (TEM) clients and plans, as of 12/31/2016. *Do-it-Yourself investors are defined as participants that are not receiving professional management by being 100% invested in a Target Date Fund or enrolled in a workplace managed account. Unengaged refers to participants who have not made a fund exchange, updated how their savings are invested, or engaged online or with a phone representative in at least two years. Fidelity® Portfolio Advisory Service at Work is a service of Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments company. This service provides discretionary money management for a fee. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 For Plan Sponsor or Investment Professional Use Only Tap or click here for important information

Of do-it-yourself investors* haven’t engaged or made any changes to their investments in over two years.

33%

This information is intended to be educational and is not tailored to the investment needs of any specific investor. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money. Investments in mutual funds will continue to be subject to each fund's underlying fees and expenses. See a fund's prospectus for information on fund fees and expenses. Fidelity® Portfolio Advisory Service at Work is a service of Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments company. This service provides discretionary money management for a fee. *Investors should allocate assets based on individual risk tolerance, investment time horizon, and personal financial situation. A particular asset allocation may be achieved by using different allocations in different accounts or by using the same one across multiple accounts. The equity roll down shown is not intended as a benchmark for individual investors; rather, it is a range of equity allocations that may be appropriate for many investors saving for retirement. Green Band shows +/- 10 Percentage points of the Fidelity Equity Band. “Equities” are defined as domestic equity, international equity, company stock, and the equity portion of blended investment options. Past performance is no guarantee of future results. Diversification and/or asset allocation do not ensure a profit or protect against loss. Strategic Advisers, Inc. is a subsidiary of FMR LLC © 2017 FMR LLC. All rights reserved. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 748133.2.0

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• 65 years old • Established in his career and thinking about retiring • Contributing 12% to retirement plan • Married with significant spousal assets • Owns company stock and has an IRA • Neutral tolerance for risk

Based on Sam’s personal situation, limited investment time horizon, and his decision to continue to hold company stock, we propose a moderate model portfolio focused on providing income with a lower equity allocation of 45%.

Short-Term Securities

Fixed Income

International Equity

U.S. Equity

Today Sam is in a portfolio with an equity allocation of 60%.

Tap or click here to see how Sam may benefit from a workplace managed account.

MEET SAM

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• 65 years old • Established in her career and thinking about retiring • Contributing 12% to retirement plan • Not married, no outside assets, and does not have a pension • High tolerance for risk

Based on Jill’s personal situation and short investment time horizon, we propose a growth model portfolio with a lower equity allocation of 74%, despite her high tolerance for risk.

Short-Term Securities

Fixed Income

International Equity

U.S. Equity

Today Jill is in a portfolio with an equity allocation of 100%.

Tap or click here to see how Jill may benefit from a workplace managed account.

MEET JILL

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• 55 years old • Established in her career • Contributing 12% to retirement plan • Not married, no outside assets, and does not have a pension • Low tolerance for risk

Based on Alice’s personal situation, limited investment time horizon, and low tolerance for risk, we propose a balanced model portfolio with a lower equity allocation of 55%.

Short-Term Securities

Fixed Income

International Equity

U.S. Equity

Today Alice is in a portfolio with an equity allocation of 80%.

Tap or click here to see how Alice may benefit from a workplace managed account.

MEET ALICE

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• 45 years old • Established in his career • Contributing 8% to retirement plan • Married with spousal assets • Has an IRA and some outside assets • Neutral tolerance for risk

Based on Hugo’s personal situation and his decision to continue to hold company stock, we propose a moderate model portfolio with a lower equity allocation of 57%.

Short-Term Securities

Fixed Income

International Equity

U.S. Equity

Today Hugo is in a portfolio with an equity allocation of 90%.

Tap or click here to see how Hugo may benefit from a workplace managed account.

MEET HUGO

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• 45 years old • Established in his career • Contributing 8% to retirement plan • Not married, no outside assets, and does not have a pension • Low tolerance for risk

Based on Ted’s personal situation and investment time horizon, we propose a balanced model portfolio with a slightly higher equity allocation of 55%, despite his low tolerance for risk.

Short-Term Securities

Fixed Income

International Equity

U.S. Equity

Today Ted is in a portfolio with an equity allocation of 45%.

Tap or click here to see how Ted may benefit from a workplace managed account.

MEET TED

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• 35 years old • Established in her career • Contributing 4% to retirement plan • Married with outside spousal assets • Some outside assets • High tolerance for risk

Based on Lydia's personal situation, long time horizon, and high tolerance for risk, we propose an aggressive growth portfolio with a higher equity allocation of 67%.

Short-Term Securities

Fixed Income

International Equity

U.S. Equity

Today Lydia is in a portfolio with an equity allocation of 55%.

Tap or click here to see how Lydia may benefit from a workplace managed account.

Tap or click here to see how Lydia may benefit from a managed account.

MEET LYDIA

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Short-Term Securities

Fixed Income

International Equity

U.S. Equity

Based on Grace’s personal situation and neutral tolerance for risk, we propose a growth model portfolio with a lower equity allocation of 76%.

• 35 years old • Newly established in her career • Contributing 4% to retirement plan • Married with some outside spousal assets • Neutral tolerance for risk

Tap or click here to see how Grace may benefit from a workplace managed account.

Today Grace is in a portfolio with an equity allocation of 92%.

MEET GRACE

The Power of a Fidelity Workplace Managed Account

TAP OR CLICK ANY BLINKING CIRCLE ( ) to see a participants financial situation and how a Fidelity Workplace Managed Account may help.

For additional information on Fidelity Portfolio Advisory Service at Work, contact your Fidelity representative.

For illustrative purposes only. Fidelity® Portfolio Advisory Service at Work is a service of Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments company. Investors should allocate assets based on individual risk tolerance, investmenttime horizon, and personal financial situation. A particular asset allocation may beachieved by using different allocations in different accounts or by using the sameone across multiple accounts. The equity roll down shown is not intended as abenchmark for individual investors; rather, it is a range of equity allocations thatmay be appropriate for many investors saving for retirement.

Tap or click here for important information