Fidelity Freedom Index Income Fund - Institutional Premium Class (FFGZX)

Transcription

1 Fideity Freedom Index Income Fund - Institutiona Premium Cass (FFGZX) NTF No Transaction Fee 1 Hypothetica Growth of $10,000 2,3 (10/2/2009-) n Fideity Freedom Index Income Fund - Institutiona Premium Cass $13,658 n Target-Date Retirement $15, K Morningstar Snapshot* 4 (AS OF ) Morningstar Category Target-Date Retirement 14.40K 13.20K 12.00K Risk of this Category Overa Rating LOWER HIGHER K The performance data featured represents past performance, which is no guarantee of future resuts. Investment return and principa vaue of an investment wi fuctuate; therefore, you may have a gain or oss when you se your shares. Current performance may be higher or ower than the performance data quoted. Returns Expenses *Data provided by Morningstar LOW AVG HIGH LOW AVG HIGH Performance 3,5,6 Average Annua Tota Returns Monthy (AS OF ) YTD (Monthy) 1 Yr 3 Yrs 5 Yrs 10 Yrs Life Fideity Freedom Index Income Fund - Institutiona Premium Cass -0.65% 4.07% 2.72% 2.99% % BBgBarc U.S. Agg Bond -1.46% 1.20% 1.20% 1.82% 3.63% 3.21% FID FF Idx Inc Comp Idx -0.64% 4.18% 2.81% 3.34% 3.55% 4.04% Target-Date Retirement -0.97% 4.95% 3.22% 3.83% 4.31% -- Rank in Morningstar Category 76% 76% 82% # of Funds in Morningstar Category Equity StyeMap * 7 (AS OF 2/28/2018) Detais Large Bend *21.48% Fund Assets Covered Fund Inception 10/2/2009 NAV on $11.84 Quarter-End (AS OF ) Fideity Freedom Index Income Fund - Institutiona Premium Cass 4.07% 2.72% 2.99% % Exp Ratio (Gross) 5/30/2017 Exp Ratio (Net) 5/30/ % 0.1% Caendar Year Returns 3,5 (AS OF ) Fideity Freedom Index Income Fund - Institutiona Premium Cass 3.91% -0.29% 3.80% 6.73% -0.65% BBgBarc U.S. Agg Bond 5.97% 0.55% 2.65% 3.54% -1.46% FID FF Idx Inc Comp Idx 3.93% -0.24% 3.92% 6.80% -0.64% Target-Date Retirement 4.36% -1.50% 5.10% 8.81% -0.97% Investment Approach Fideity Freedom Index Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire and begin graduay withdrawing their investment. Exp Cap (Dated) 14 6/24/ % Minimum to Invest 13 $9,999, Turnover Rate 9/30/2017 Portfoio Net Assets ($M) Share Cass Net Assets ($M) Fund Manager(s) Co-Manager: Team 18% $ $ Except for Fideity Freedom Index Income Fund, each of the Funds seeks high tota return unti reaching its respective target retirement date; thereafter, each Fund's objective wi be to seek high Page 1 of 4

2 Investment Approach (continued) Voatiity Measures current income and, as a secondary objective, capita appreciation. Except for Fideity Freedom Index Income Fund, each Fund's asset aocation strategy becomes increasingy conservative as it approaches its target date and beyond. Utimatey, the Funds are expected to merge with Fideity Freedom Index Income Fund. Beta R The Funds empoy a robust investment process focused on heping investors sove the chaenge of investing through retirement by everaging the depth and strength of Fideity's investment research and resources. Sharpe Ratio 0.82 Asset Aocations 8,9,10 (AS OF ) Standard Deviation 2.71 Bonds 46.35% Short-Term Investments & Net Other Assets 30.18% Domestic Equities 16.43% Internationa Equities 7.04% Asset Aocation Over Time 11,12 Fideity Freedom Funds invest in a diversified mix of Fideity domestic equity, internationa equity, bond, and short-term funds, many of which are managed excusivey for this purpose. As the chart beow shows, Freedom Funds foow a "neutra" asset aocation strategy that becomes increasingy more conservative as the target date approaches and passes. Freedom Funds are generay expected to reach their most conservative aocation years after the target date. Morningstar Ratings (AS OF ) Morningstar Category: TARGET-DATE RETIREMENT Overa out of 160 funds 3 Yrs out of 160 funds 5 Yrs out of 131 funds The Morningstar Rating TM for funds, or "star rating", is cacuated for funds with at east a three-year history. (Exchange-traded funds and open-end mutua funds are considered a singe popuation for comparative purposes.) It is cacuated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthy excess performance (excuding the effect of saes charges, if any), pacing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Past performance is no guarantee of future resuts. Fund Overview Objective Seeks high current income and, as a secondary objective, capita appreciation. Strategy Investing in a combination of Fideity domestic equity funds (incuding commodity funds), internationa funds (deveoped and emerging markets), bond funds (incuding treasury infation-protected security funds) and short-term funds (underying Fideity funds), each of which (excuding the money market fund) seeks to provide investment resuts that correspond to the tota return of a specific index or market segment. Aocating assets among underying Fideity funds according to a stabe asset aocation strategy of approximatey 17% in domestic equity funds, 7% in internationa equity funds, 46% in bond funds and 30% in short-term funds. Buying and seing futures contracts (both ong and short positions) in an effort to manage cash fows efficienty, remain fuy invested, or faciitate asset aocation. Page 2 of 4

3 Fund Overview (continued) Risk The fund is subject to risks resuting from the asset aocation decisions of the Investment Adviser. The fund is subject to the voatiity of the financia markets, incuding that of equity and fixed income investments. Fixed income investments entai issuer defaut and credit risk, infation risk, and interest rate risk (as interest rates rise, bond prices usuay fa and vice versa). This effect is usuay more pronounced for onger-term securities. Leverage can increase market exposure, magnify investment risks, and cause osses to be reaized more quicky. No target date fund is considered a compete retirement program and there is no guarantee and singe fund wi provide sufficient retirement income at or through retirement. Principa invested is not guaranteed at any time, incuding at or after the funds' target dates. Additiona Discosures This description is ony intended to provide a brief overview of the mutua fund. Read the fund's prospectus for more detaied information about the fund.returns prior to June 24, 2015 are those of the Investor Cass and refect the Investor Cass' expense ratio. Had the Institutiona Premium Cass' expense ratio been refected, tota returns woud have been higher. Gossary Of Terms BBgBarc U.S. Agg Bond: The Boomberg Barcays U.S. Aggregate Bond Index is an unmanaged market vaue-weighted index for U.S. doar denominated investment-grade fixed-rate debt issues, incuding government, corporate, asset-backed, and mortgage-backed securities with maturities of at east one year. Beta: A measure of a portfoio's sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (ess) than 1.0 indicates that a fund's historica returns have fuctuated more (ess) than the benchmark index. Beta is a more reiabe measure of voatiity when used in combination with a high R 2 which indicates a high correation between the movements in a fund's returns and movements in a benchmark index. Exp Ratio (Gross): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the gross expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus (before waivers or reimbursements). This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. Exp Ratio (Net): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the net expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus, after any fee waiver and/or expense reimbursements that wi reduce any fund operating expenses. This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. This number does not incude any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees during the one-year period. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. FID FF Idx Inc Comp Idx: Fideity Freedom Index Income Composite Index is a customized bend of the foowing unmanaged indexes: Dow Jones U.S. Tota Stock Market Index; MSCI ACWI (A Country Word Index) ex USA Index; Boomberg Barcays U.S. Aggregate Bond Index; Dow Jones-UBS Commodity Index Tota Return Index; Boomberg Barcays U.S Year Treasury Infation-Protected Securities (TIPS) Index (Series-L); and Boomberg Barcays U.S. 3 Month Treasury Bewether Index. The index weightings are adjusted monthy to refect the fund's changing asset aocations. The composition differed in periods prior to January 1, Net Asset Vaue (NAV): The doar vaue of one mutua fund's share, excuding any saes charges or redemption fees. The NAV is cacuated by subtracting iabiities from the vaue of a fund's tota assets and dividing it by the number of fund's shares outstanding. Portfoio Net Assets ($M): The difference between a portfoio's tota assets and iabiities, incuding a share casses of the fund. R2: A measurement of how cosey the portfoio's performance correates with the performance of the fund's primary benchmark index or equivaent. R 2 is a proportion which ranges between 0.00 and An R 2 of 1.00 indicates perfect correation to the benchmark index, that is, a of the portfoio's fuctuations are expained by performance fuctuations of the index, whie an R 2 of 0.00 indicates no correation. Therefore, the ower the R 2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R 2 vaue of ess than 0.5 indicates that the Annuaized Apha and Beta are not reiabe performance statistics. Share Cass Net Assets ($M): The difference between the tota assets and iabiities of a singe share cass of a fund. Sharpe Ratio - Arithmetic: The Sharpe ratio is a measure of historica risk-adjusted performance. It is cacuated by dividing the fund's excess returns (the fund's average annua return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bi rate. Standard Deviation: Statistica measure of how much a return varies over an extended period of time. The more variabe the returns, the arger the standard deviation. Investors may examine historica standard deviation in conjunction with historica returns to decide whether an investment's voatiity woud have been acceptabe given the returns it woud have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historica voatiity. Standard deviation does not indicate how an investment actuay performed, but it does indicate the voatiity of its returns over time. Standard deviation is annuaized. The returns used for this cacuation are not oad-adjusted. Turnover Rate: The esser of amounts of purchases or saes of ong-term portfoio securities divided by the monthy average vaue of ong-term securities owned by the fund. Important Information Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fideity for a free prospectus and, if avaiabe, summary prospectus containing this information. Read it carefuy Morningstar, Inc. A rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, compete or timey. Neither Morningstar nor its content providers are responsibe for any damages or osses arising from any use of this information. Fideity does not review the Morningstar data and, for fund performance, you shoud check the fund's current prospectus or other product materias for the most up-to-date information concerning appicabe oads, fees and expenses. Generay, data on Fideity mutua funds is provided by FMR, LLC, Morningstar ratings and data on non-fideity mutua funds is provided by Morningstar, Inc. and data on non-mutua fund products is provided by the product's investment manager, trustee or issuer or the pan sponsor whose pan is offering the product to participants. Athough Fideity beieves the data gathered from these third-party sources is reiabe, it does not review such information and cannot warrant it to be accurate, compete or timey. Fideity is not responsibe for any damages or osses arising from any use of this third-party information. 1. No Transaction Fee Fideity funds are avaiabe without paying a trading fee to Fideity or a saes oad to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of ong-term sharehoders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information. 2. This chart iustrates the performance of a hypothetica $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is ater). The inception date used for products with underying funds, or mutipe shares casses, or are offered as a separate account, strategy or sub account, may be the inception date of the underying fund, the eariest share cass of the product, or the date composite performance for the product was first made avaiabe. The product's returns may not refect a its expenses. Any fees not refected woud ower the returns. Benchmark returns incude reinvestment of capita gains and dividends, if any, but do not refect any fees or expenses. It is not possibe to invest in Page 3 of 4

4 an index. Past performance is no guarantee of future resuts. This chart is not intended to impy any future performance of the investment product. 3. The Morningstar Category Average is the average return for the peer group based on the returns of each individua fund within the group, for the period shown. This average assumes reinvestment of dividends. 4. Risk of this Category: Morningstar cacuates these risk eves by ooking at the Morningstar Risk of the funds in the Category over the previous 5-year period. Morningstar Risk is the difference between the Morningstar Return, based on fund tota returns, and the Morningstar Risk Adjusted Return, based on fund tota returns adjusted for performance voatiity. The Category Risk Leve is based on the equa weighted average Morningstar Risk of the funds in the category. Morningstar's Research Committee evauates the Category Morningstar Risk and assigns the Category Risk Leve after further quaitative judgment. Overa Rating: The Overa Morningstar Rating TM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if appicabe) Morningstar Rating metrics, which are based on risk-adjusted returns, as of the date stated. Returns: This rating is based on a fund's Morningstar Return (its annuaized return in excess to the return of the 90-day U.S. Treasury bi over a three-, five-, or ten-year period). The Morningstar Returns in each category are then scored against each other on a be curve. In each Morningstar Category: top 10% - High next 22.5% - Above Average midde 35% - Average next 22.5% - Beow Average bottom 10% - Low Expenses: This Morningstar data point compares the fund's net expense ratio to the net expense ratio of a the other funds within its Morningstar Category grouping. 5. Tota returns are historica and incude change in share vaue and reinvestment of dividends and capita gains, if any. Cumuative tota returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumuative if the fund is ess than one year od. Tota returns do not refect the fund's [%] saes charge. If saes charges were incuded, tota returns woud have been ower. 6. Percent Rank in Category is the fund's tota-return percentie rank reative to a funds that have the same Morningstar Category. The highest (or most favorabe) percentie rank is 1 and the owest (or east favorabe) percentie rank is 100. The top-performing fund in a category wi aways receive a rank of 1. % Rank in Category is based on tota returns which incude reinvested dividends and capita gains, if any, and excude saes charges. Mutipe share casses of a fund have a common portfoio but impose different expense structures. Past performance is no guarantee of future resuts. 7. Equity StyeMap depictions of mutua fund characteristics are produced using data and cacuations provided by Morningstar, Inc. StyeMaps SM estimate characteristics of a fund's equity hodings over two dimensions: market capitaization and vauation. The percentage of fund assets represented by these hodings is indicated beside each StyeMap. Current StyeMap characteristics are cacuated each time Morningstar receives updated portfoio hodings from a fund and are denoted with a dot. Historica StyeMap characteristics are cacuated for the shorter of either the past 3 years or the ife of the fund, and are represented by the shading of the box(es) previousy occupied by the dot. StyeMap characteristics represent an approximate profie of the fund's equity hodings (e.g., domestic stocks, foreign stocks, and American Depositary Receipts), are based on historica data, and are not predictive of the fund's future investments. Athough the data are gathered from reiabe sources, accuracy and competeness cannot be guaranteed. 8. The percent of net assets invested in both domestic and foreign Equities (common stocks, preferred stocks, rights and warrants, convertibe preferred stocks and stock index futures and options), Bond (a debt instruments, incuding investment grade, non-investment grade, non-rated securities and convertibe bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivabes and payabes). 9. The asset aocation shown is presented to iustrate the underying funds in which the fund invested and may not be representative of the fund's current or future investments. The figures shown are as of the date shown, do not incude the fund's entire investment portfoio and may change at any time. 10. Net Other Assets can incude fund receivabes, fund payabes, and offsets to other derivative positions, as we as certain assets that do not fa into any of the Portfoio Composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are hed for future settement, Net Other Assets can be a negative number. 11. Investors shoud aocate assets based on individua risk toerance, investment time horizon, and persona financia situation. A particuar asset aocation may be achieved by using different aocations in different accounts or by using the same one across mutipe accounts. The gide path is not intended as a benchmark for individua investors; rather, it is a range of equity aocations that may be appropriate for many investors saving for retirement. When choosing a Freedom Fund, investors shoud consider whether they anticipate retiring significanty earier or ater than age 65 even if such investors retire on or near a fund's approximate target date. There may be other considerations reevant to fund seection and investors shoud seect the fund that best meets their individua circumstances and investment goas. 12. Any hodings, asset aocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. The Top Ten Hodings and Top 5 Issuers do not incude money market instruments or futures contracts, if any. Depository receipts are normay combined with the underying security. Some breakdowns may be intentionay imited to a particuar asset cass or other subset of the fund's entire portfoio, particuary in muti-asset cass funds where the attributes of the equity and fixed income portions are different. Under the asset aocation section, internationa (or foreign) assets may be reported differenty depending on how an investment option reports its hodings. Some do not report internationa (or foreign) hodings here, but instead report them in a "Regiona Diversification" section. Some report them in this section in addition to the equity, bond and other aocation shown. Others report internationa (or foreign) hoding as a subset of the equity and bond aocations shown. If the aocation without the foreign component equas (or rounds to) 100%, then internationa (or foreign) is a subset of the equity and bond percentage shown. 13. Initia minimum investments into group retirement accounts such as Fideity Simpified Empoyee Pension-IRA, Keogh, Sef-Empoyed 401(k), and Non-Fideity Prototype Retirement accounts are $500 or higher. There is no minimum for additiona investments in any type of Fideity fund you aready own. 14. Expense Cap is a imit that the fund company has paced on the eve of the expenses borne by the fund unti 5/31/2020 and indicates the maximum eve of expenses (with certain exceptions) that the fund woud be paying unti that time. After the expiration date, the expense cap may be terminated or revised, which may ower the fund's yied and return. Fideity Brokerage Services LLC, Member NYSE, SIPC, 900 Saem Street, Smithfied, RI Report as of 4/24/ RA8114 Page 4 of 4

5 Fideity Freedom Index 2005 Fund - Institutiona Premium Cass (FFGFX) NTF No Transaction Fee 1 Hypothetica Growth of $10,000 2,3 (10/2/2009-) n Fideity Freedom Index 2005 Fund - Institutiona Premium Cass $15,602 n Target-Date $16, K Morningstar Snapshot* 4 (AS OF ) Morningstar Category Target-Date K 14.00K 12.60K Risk of this Category Overa Rating LOWER HIGHER K The performance data featured represents past performance, which is no guarantee of future resuts. Investment return and principa vaue of an investment wi fuctuate; therefore, you may have a gain or oss when you se your shares. Current performance may be higher or ower than the performance data quoted. Returns Expenses *Data provided by Morningstar LOW AVG HIGH LOW AVG HIGH Performance 3,5,6 Average Annua Tota Returns Monthy (AS OF ) YTD (Monthy) 1 Yr 3 Yrs 5 Yrs 10 Yrs Life Fideity Freedom Index 2005 Fund - Institutiona Premium Cass -0.67% 5.45% 3.62% 4.19% % BBgBarc U.S. Agg Bond -1.46% 1.20% 1.20% 1.82% 3.63% 3.21% FID FF Idx 2005 Comp Idx -0.67% 5.57% 3.70% 4.64% 4.41% 5.85% Target-Date % 5.94% 4.11% 5.06% 4.77% -- Rank in Morningstar Category 72% 81% 92% # of Funds in Morningstar Category Equity StyeMap * 7 (AS OF 2/28/2018) Detais Large Bend *30.47% Fund Assets Covered Fund Inception 10/2/2009 NAV on $13.36 Quarter-End (AS OF ) Fideity Freedom Index 2005 Fund - Institutiona Premium Cass 5.45% 3.62% 4.19% % Exp Ratio (Gross) 5/30/2017 Exp Ratio (Net) 5/30/ % 0.1% Caendar Year Returns 3,5 (AS OF ) Fideity Freedom Index 2005 Fund - Institutiona Premium Cass 4.64% -0.40% 4.89% 8.94% -0.67% BBgBarc U.S. Agg Bond 5.97% 0.55% 2.65% 3.54% -1.46% FID FF Idx 2005 Comp Idx 4.84% -0.38% 4.99% 8.97% -0.67% Target-Date % -1.18% 5.86% 10.15% -0.71% Investment Approach Fideity Freedom Index Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire and begin graduay withdrawing their investment. Exp Cap (Dated) 14 6/24/ % Minimum to Invest 13 $9,999, Turnover Rate 9/30/2017 Portfoio Net Assets ($M) Share Cass Net Assets ($M) Fund Manager(s) Co-Manager: Team 24% $ $52.93 Except for Fideity Freedom Index Income Fund, each of the Funds seeks high tota return unti reaching its respective target retirement date; thereafter, each Fund's objective wi be to seek high Page 1 of 4

6 Investment Approach (continued) Voatiity Measures current income and, as a secondary objective, capita appreciation. Except for Fideity Freedom Index Income Fund, each Fund's asset aocation strategy becomes increasingy conservative as it approaches its target date and beyond. Utimatey, the Funds are expected to merge with Fideity Freedom Index Income Fund. Beta R The Funds empoy a robust investment process focused on heping investors sove the chaenge of investing through retirement by everaging the depth and strength of Fideity's investment research and resources. Sharpe Ratio 0.81 Asset Aocations 8,9,10 (AS OF ) Standard Deviation 3.88 Bonds 43.20% Short-Term Investments & Net Other Assets 24.20% Domestic Equities 22.80% Internationa Equities 9.80% Asset Aocation Over Time 11,12 Fideity Freedom Funds invest in a diversified mix of Fideity domestic equity, internationa equity, bond, and short-term funds, many of which are managed excusivey for this purpose. As the chart beow shows, Freedom Funds foow a "neutra" asset aocation strategy that becomes increasingy more conservative as the target date approaches and passes. Freedom Funds are generay expected to reach their most conservative aocation years after the target date. Morningstar Ratings (AS OF ) Morningstar Category: TARGET-DATE Overa out of 110 funds 3 Yrs out of 110 funds 5 Yrs out of 87 funds The Morningstar Rating TM for funds, or "star rating", is cacuated for funds with at east a three-year history. (Exchange-traded funds and open-end mutua funds are considered a singe popuation for comparative purposes.) It is cacuated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthy excess performance (excuding the effect of saes charges, if any), pacing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Past performance is no guarantee of future resuts. Fund Overview Objective Seeks high tota return unti its target retirement date. Thereafter, the fund's objective wi be to seek high current income and, as a secondary objective, capita appreciation. Strategy Designed for investors who anticipate retiring in or within a few years of the fund's target retirement year at or around age 65 and pan to graduay withdraw the vaue of their account in the fund over time. Investing in a combination of Fideity domestic equity funds (incuding commodity funds), internationa funds (deveoped and emerging markets), bond funds (incuding treasury infation-protected security funds) and short-term funds (underying Fideity funds), each of which (excuding the money market fund) seeks to provide investment resuts that correspond to the tota return of a specific index or market segment. Aocating assets among underying Fideity funds according to an asset aocation strategy that becomes increasingy conservative unti it reaches an aocation simiar to that of the Fideity Freedom Index Income Fund - approximatey 17% in domestic equity funds, 7% in internationa equity funds, 46% in bond funds and 30% in short-term funds (approximatey 10 to 19 years after the target year). Utimatey, the fund wi merge with Fideity Freedom Index Income Fund. Buying and seing futures contracts (both ong and short positions) in an effort to manage cash fows efficienty, remain fuy invested, or faciitate asset aocation. The Adviser may continue to seek high tota return for severa years beyond the fund's target retirement date in an effort to achieve the fund's overa investment objective. Page 2 of 4

7 Fund Overview (continued) Risk The investment risk of each Fideity Freedom Index Fund changes over time as its asset aocation changes. These risks are subject to the asset aocation decisions of the Investment Adviser. The funds are subject to the voatiity of the financia markets, incuding that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yied, sma-cap, commodity-inked, and foreign securities. Leverage can increase market exposure, magnify investment risks, and cause osses to be reaized more quicky. No target date fund is considered a compete retirement program and there is no guarantee any singe fund wi provide sufficient retirement income at or through retirement. Principa invested is not guaranteed at any time, incuding at or after the funds' target dates. Additiona Discosures This description is ony intended to provide a brief overview of the mutua fund. Read the fund's prospectus for more detaied information about the fund.returns prior to June 24, 2015 are those of the Investor Cass and refect the Investor Cass' expense ratio. Had the Institutiona Premium Cass' expense ratio been refected, tota returns woud have been higher. Gossary Of Terms BBgBarc U.S. Agg Bond: The Boomberg Barcays U.S. Aggregate Bond Index is an unmanaged market vaue-weighted index for U.S. doar denominated investment-grade fixed-rate debt issues, incuding government, corporate, asset-backed, and mortgage-backed securities with maturities of at east one year. Beta: A measure of a portfoio's sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (ess) than 1.0 indicates that a fund's historica returns have fuctuated more (ess) than the benchmark index. Beta is a more reiabe measure of voatiity when used in combination with a high R 2 which indicates a high correation between the movements in a fund's returns and movements in a benchmark index. Exp Ratio (Gross): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the gross expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus (before waivers or reimbursements). This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. Exp Ratio (Net): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the net expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus, after any fee waiver and/or expense reimbursements that wi reduce any fund operating expenses. This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. This number does not incude any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees during the one-year period. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. FID FF Idx 2005 Comp Idx: Fideity Freedom Index 2005 Composite Index is a customized bend of the foowing unmanaged indexes: Dow Jones U.S. Tota Stock Market Index; MSCI ACWI (A Country Word Index) ex USA Index; Boomberg Barcays U.S. Aggregate Bond Index; Dow Jones-UBS Commodity Index Tota Return Index; Boomberg Barcays U.S Year Treasury Infation-Protected Securities (TIPS) Index (Series-L); and Boomberg Barcays U.S. 3 Month Treasury Bewether Index. The index weightings are adjusted monthy to refect the fund's changing asset aocations. The composition differed in periods prior to January 1, Net Asset Vaue (NAV): The doar vaue of one mutua fund's share, excuding any saes charges or redemption fees. The NAV is cacuated by subtracting iabiities from the vaue of a fund's tota assets and dividing it by the number of fund's shares outstanding. Portfoio Net Assets ($M): The difference between a portfoio's tota assets and iabiities, incuding a share casses of the fund. R2: A measurement of how cosey the portfoio's performance correates with the performance of the fund's primary benchmark index or equivaent. R 2 is a proportion which ranges between 0.00 and An R 2 of 1.00 indicates perfect correation to the benchmark index, that is, a of the portfoio's fuctuations are expained by performance fuctuations of the index, whie an R 2 of 0.00 indicates no correation. Therefore, the ower the R 2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R 2 vaue of ess than 0.5 indicates that the Annuaized Apha and Beta are not reiabe performance statistics. Share Cass Net Assets ($M): The difference between the tota assets and iabiities of a singe share cass of a fund. Sharpe Ratio - Arithmetic: The Sharpe ratio is a measure of historica risk-adjusted performance. It is cacuated by dividing the fund's excess returns (the fund's average annua return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bi rate. Standard Deviation: Statistica measure of how much a return varies over an extended period of time. The more variabe the returns, the arger the standard deviation. Investors may examine historica standard deviation in conjunction with historica returns to decide whether an investment's voatiity woud have been acceptabe given the returns it woud have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historica voatiity. Standard deviation does not indicate how an investment actuay performed, but it does indicate the voatiity of its returns over time. Standard deviation is annuaized. The returns used for this cacuation are not oad-adjusted. Turnover Rate: The esser of amounts of purchases or saes of ong-term portfoio securities divided by the monthy average vaue of ong-term securities owned by the fund. Important Information Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fideity for a free prospectus and, if avaiabe, summary prospectus containing this information. Read it carefuy Morningstar, Inc. A rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, compete or timey. Neither Morningstar nor its content providers are responsibe for any damages or osses arising from any use of this information. Fideity does not review the Morningstar data and, for fund performance, you shoud check the fund's current prospectus or other product materias for the most up-to-date information concerning appicabe oads, fees and expenses. Generay, data on Fideity mutua funds is provided by FMR, LLC, Morningstar ratings and data on non-fideity mutua funds is provided by Morningstar, Inc. and data on non-mutua fund products is provided by the product's investment manager, trustee or issuer or the pan sponsor whose pan is offering the product to participants. Athough Fideity beieves the data gathered from these third-party sources is reiabe, it does not review such information and cannot warrant it to be accurate, compete or timey. Fideity is not responsibe for any damages or osses arising from any use of this third-party information. 1. No Transaction Fee Fideity funds are avaiabe without paying a trading fee to Fideity or a saes oad to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of ong-term sharehoders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information. 2. This chart iustrates the performance of a hypothetica $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is ater). The inception date used for products with underying funds, or mutipe shares casses, or are offered as a separate account, strategy or sub account, may be the inception date of the underying fund, the eariest share cass of the product, or the date composite performance for the product was first made avaiabe. The product's returns may not refect a its expenses. Any fees not refected woud ower the returns. Benchmark returns incude reinvestment of capita gains and dividends, if any, but do not refect any fees or expenses. It is not possibe to invest in Page 3 of 4

8 an index. Past performance is no guarantee of future resuts. This chart is not intended to impy any future performance of the investment product. 3. The Morningstar Category Average is the average return for the peer group based on the returns of each individua fund within the group, for the period shown. This average assumes reinvestment of dividends. 4. Risk of this Category: Morningstar cacuates these risk eves by ooking at the Morningstar Risk of the funds in the Category over the previous 5-year period. Morningstar Risk is the difference between the Morningstar Return, based on fund tota returns, and the Morningstar Risk Adjusted Return, based on fund tota returns adjusted for performance voatiity. The Category Risk Leve is based on the equa weighted average Morningstar Risk of the funds in the category. Morningstar's Research Committee evauates the Category Morningstar Risk and assigns the Category Risk Leve after further quaitative judgment. Overa Rating: The Overa Morningstar Rating TM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if appicabe) Morningstar Rating metrics, which are based on risk-adjusted returns, as of the date stated. Returns: This rating is based on a fund's Morningstar Return (its annuaized return in excess to the return of the 90-day U.S. Treasury bi over a three-, five-, or ten-year period). The Morningstar Returns in each category are then scored against each other on a be curve. In each Morningstar Category: top 10% - High next 22.5% - Above Average midde 35% - Average next 22.5% - Beow Average bottom 10% - Low Expenses: This Morningstar data point compares the fund's net expense ratio to the net expense ratio of a the other funds within its Morningstar Category grouping. 5. Tota returns are historica and incude change in share vaue and reinvestment of dividends and capita gains, if any. Cumuative tota returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumuative if the fund is ess than one year od. Tota returns do not refect the fund's [%] saes charge. If saes charges were incuded, tota returns woud have been ower. 6. Percent Rank in Category is the fund's tota-return percentie rank reative to a funds that have the same Morningstar Category. The highest (or most favorabe) percentie rank is 1 and the owest (or east favorabe) percentie rank is 100. The top-performing fund in a category wi aways receive a rank of 1. % Rank in Category is based on tota returns which incude reinvested dividends and capita gains, if any, and excude saes charges. Mutipe share casses of a fund have a common portfoio but impose different expense structures. Past performance is no guarantee of future resuts. 7. Equity StyeMap depictions of mutua fund characteristics are produced using data and cacuations provided by Morningstar, Inc. StyeMaps SM estimate characteristics of a fund's equity hodings over two dimensions: market capitaization and vauation. The percentage of fund assets represented by these hodings is indicated beside each StyeMap. Current StyeMap characteristics are cacuated each time Morningstar receives updated portfoio hodings from a fund and are denoted with a dot. Historica StyeMap characteristics are cacuated for the shorter of either the past 3 years or the ife of the fund, and are represented by the shading of the box(es) previousy occupied by the dot. StyeMap characteristics represent an approximate profie of the fund's equity hodings (e.g., domestic stocks, foreign stocks, and American Depositary Receipts), are based on historica data, and are not predictive of the fund's future investments. Athough the data are gathered from reiabe sources, accuracy and competeness cannot be guaranteed. 8. The percent of net assets invested in both domestic and foreign Equities (common stocks, preferred stocks, rights and warrants, convertibe preferred stocks and stock index futures and options), Bond (a debt instruments, incuding investment grade, non-investment grade, non-rated securities and convertibe bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivabes and payabes). 9. The asset aocation shown is presented to iustrate the underying funds in which the fund invested and may not be representative of the fund's current or future investments. The figures shown are as of the date shown, do not incude the fund's entire investment portfoio and may change at any time. 10. Net Other Assets can incude fund receivabes, fund payabes, and offsets to other derivative positions, as we as certain assets that do not fa into any of the Portfoio Composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are hed for future settement, Net Other Assets can be a negative number. 11. Investors shoud aocate assets based on individua risk toerance, investment time horizon, and persona financia situation. A particuar asset aocation may be achieved by using different aocations in different accounts or by using the same one across mutipe accounts. The gide path is not intended as a benchmark for individua investors; rather, it is a range of equity aocations that may be appropriate for many investors saving for retirement. When choosing a Freedom Fund, investors shoud consider whether they anticipate retiring significanty earier or ater than age 65 even if such investors retire on or near a fund's approximate target date. There may be other considerations reevant to fund seection and investors shoud seect the fund that best meets their individua circumstances and investment goas. 12. Any hodings, asset aocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. The Top Ten Hodings and Top 5 Issuers do not incude money market instruments or futures contracts, if any. Depository receipts are normay combined with the underying security. Some breakdowns may be intentionay imited to a particuar asset cass or other subset of the fund's entire portfoio, particuary in muti-asset cass funds where the attributes of the equity and fixed income portions are different. Under the asset aocation section, internationa (or foreign) assets may be reported differenty depending on how an investment option reports its hodings. Some do not report internationa (or foreign) hodings here, but instead report them in a "Regiona Diversification" section. Some report them in this section in addition to the equity, bond and other aocation shown. Others report internationa (or foreign) hoding as a subset of the equity and bond aocations shown. If the aocation without the foreign component equas (or rounds to) 100%, then internationa (or foreign) is a subset of the equity and bond percentage shown. 13. Initia minimum investments into group retirement accounts such as Fideity Simpified Empoyee Pension-IRA, Keogh, Sef-Empoyed 401(k), and Non-Fideity Prototype Retirement accounts are $500 or higher. There is no minimum for additiona investments in any type of Fideity fund you aready own. 14. Expense Cap is a imit that the fund company has paced on the eve of the expenses borne by the fund unti 5/31/2020 and indicates the maximum eve of expenses (with certain exceptions) that the fund woud be paying unti that time. After the expiration date, the expense cap may be terminated or revised, which may ower the fund's yied and return. Fideity Brokerage Services LLC, Member NYSE, SIPC, 900 Saem Street, Smithfied, RI Report as of 4/24/ RA8114 Page 4 of 4

9 Fideity Freedom Index 2010 Fund - Institutiona Premium Cass (FFWTX) NTF No Transaction Fee 1 Hypothetica Growth of $10,000 2,3 (10/2/2009-) n Fideity Freedom Index 2010 Fund - Institutiona Premium Cass $16,947 n Target-Date $16, K Morningstar Snapshot* 4 (AS OF ) Morningstar Category Target-Date K 14.40K 12.80K Risk of this Category Overa Rating LOWER HIGHER K The performance data featured represents past performance, which is no guarantee of future resuts. Investment return and principa vaue of an investment wi fuctuate; therefore, you may have a gain or oss when you se your shares. Current performance may be higher or ower than the performance data quoted. Returns Expenses *Data provided by Morningstar LOW AVG HIGH LOW AVG HIGH Performance 3,5,6 Average Annua Tota Returns Monthy (AS OF ) YTD (Monthy) 1 Yr 3 Yrs 5 Yrs 10 Yrs Life Fideity Freedom Index 2010 Fund - Institutiona Premium Cass -0.70% 6.59% 4.38% 5.10% % BBgBarc U.S. Agg Bond -1.46% 1.20% 1.20% 1.82% 3.63% 3.21% FID FF Idx 2010 Comp Idx -0.71% 6.76% 4.43% 5.67% 5.38% 7.03% Target-Date % 5.94% 4.11% 5.06% 4.77% -- Rank in Morningstar Category 27% 37% 48% # of Funds in Morningstar Category Equity StyeMap * 7 (AS OF 2/28/2018) Detais Large Bend *38.88% Fund Assets Covered Fund Inception 10/2/2009 NAV on $14.25 Quarter-End (AS OF ) Fideity Freedom Index 2010 Fund - Institutiona Premium Cass 6.59% 4.38% 5.10% % Exp Ratio (Gross) 5/30/2017 Exp Ratio (Net) 5/30/ % 0.1% Caendar Year Returns 3,5 (AS OF ) Fideity Freedom Index 2010 Fund - Institutiona Premium Cass 5.15% -0.55% 5.73% 10.73% -0.70% BBgBarc U.S. Agg Bond 5.97% 0.55% 2.65% 3.54% -1.46% FID FF Idx 2010 Comp Idx 5.31% -0.51% 5.78% 10.80% -0.71% Target-Date % -1.18% 5.86% 10.15% -0.71% Investment Approach Fideity Freedom Index Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire and begin graduay withdrawing their investment. Exp Cap (Dated) 14 6/24/ % Minimum to Invest 13 $9,999, Turnover Rate 9/30/2017 Portfoio Net Assets ($M) Share Cass Net Assets ($M) Fund Manager(s) Co-Manager: Team 22% $ $ Except for Fideity Freedom Index Income Fund, each of the Funds seeks high tota return unti reaching its respective target retirement date; thereafter, each Fund's objective wi be to seek high Page 1 of 4

10 Investment Approach (continued) Voatiity Measures current income and, as a secondary objective, capita appreciation. Except for Fideity Freedom Index Income Fund, each Fund's asset aocation strategy becomes increasingy conservative as it approaches its target date and beyond. Utimatey, the Funds are expected to merge with Fideity Freedom Index Income Fund. Beta R The Funds empoy a robust investment process focused on heping investors sove the chaenge of investing through retirement by everaging the depth and strength of Fideity's investment research and resources. Sharpe Ratio 0.83 Asset Aocations 8,9,10 (AS OF ) Standard Deviation 4.69 Bonds 39.85% Domestic Equities 28.89% Short-Term Investments & Net Other Assets 18.83% Internationa Equities 12.43% Asset Aocation Over Time 11,12 Fideity Freedom Funds invest in a diversified mix of Fideity domestic equity, internationa equity, bond, and short-term funds, many of which are managed excusivey for this purpose. As the chart beow shows, Freedom Funds foow a "neutra" asset aocation strategy that becomes increasingy more conservative as the target date approaches and passes. Freedom Funds are generay expected to reach their most conservative aocation years after the target date. Morningstar Ratings (AS OF ) Morningstar Category: TARGET-DATE Overa out of 110 funds 3 Yrs out of 110 funds 5 Yrs out of 87 funds The Morningstar Rating TM for funds, or "star rating", is cacuated for funds with at east a three-year history. (Exchange-traded funds and open-end mutua funds are considered a singe popuation for comparative purposes.) It is cacuated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthy excess performance (excuding the effect of saes charges, if any), pacing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Past performance is no guarantee of future resuts. Fund Overview Objective Seeks high tota return unti its target retirement date. Thereafter, the fund's objective wi be to seek high current income and, as a secondary objective, capita appreciation. Strategy Designed for investors who anticipate retiring in or within a few years of the fund's target retirement year at or around age 65 and pan to graduay withdraw the vaue of their account in the fund over time. Investing in a combination of Fideity domestic equity funds (incuding commodity funds), internationa funds (deveoped and emerging markets), bond funds (incuding treasury infation-protected security funds) and short-term funds (underying Fideity funds), each of which (excuding the money market fund) seeks to provide investment resuts that correspond to the tota return of a specific index or market segment. Aocating assets among underying Fideity funds according to an asset aocation strategy that becomes increasingy conservative unti it reaches an aocation simiar to that of the Fideity Freedom Index Income Fund - approximatey 17% in domestic equity funds, 7% in internationa equity funds, 46% in bond funds and 30% in short-term funds (approximatey 10 to 19 years after the target year). Utimatey, the fund wi merge with Fideity Freedom Index Income Fund. Buying and seing futures contracts (both ong and short positions) in an effort to manage cash fows efficienty, remain fuy invested, or faciitate asset aocation. The Adviser may continue to seek high tota return for severa years beyond the fund's target retirement date in an effort to achieve the fund's overa investment objective. Page 2 of 4

11 Fund Overview (continued) Risk The investment risk of each Fideity Freedom Index Fund changes over time as its asset aocation changes. These risks are subject to the asset aocation decisions of the Investment Adviser. The funds are subject to the voatiity of the financia markets, incuding that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yied, sma-cap, commodity-inked, and foreign securities. Leverage can increase market exposure, magnify investment risks, and cause osses to be reaized more quicky. No target date fund is considered a compete retirement program and there is no guarantee any singe fund wi provide sufficient retirement income at or through retirement. Principa invested is not guaranteed at any time, incuding at or after the funds' target dates. Additiona Discosures This description is ony intended to provide a brief overview of the mutua fund. Read the fund's prospectus for more detaied information about the fund.returns prior to June 24, 2015 are those of the Investor Cass and refect the Investor Cass' expense ratio. Had the Institutiona Premium Cass' expense ratio been refected, tota returns woud have been higher. Gossary Of Terms BBgBarc U.S. Agg Bond: The Boomberg Barcays U.S. Aggregate Bond Index is an unmanaged market vaue-weighted index for U.S. doar denominated investment-grade fixed-rate debt issues, incuding government, corporate, asset-backed, and mortgage-backed securities with maturities of at east one year. Beta: A measure of a portfoio's sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (ess) than 1.0 indicates that a fund's historica returns have fuctuated more (ess) than the benchmark index. Beta is a more reiabe measure of voatiity when used in combination with a high R 2 which indicates a high correation between the movements in a fund's returns and movements in a benchmark index. Exp Ratio (Gross): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the gross expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus (before waivers or reimbursements). This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. Exp Ratio (Net): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the net expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus, after any fee waiver and/or expense reimbursements that wi reduce any fund operating expenses. This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. This number does not incude any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees during the one-year period. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. FID FF Idx 2010 Comp Idx: Fideity Freedom Index 2010 Composite Index is a customized bend of the foowing unmanaged indexes: Dow Jones U.S. Tota Stock Market Index; MSCI ACWI (A Country Word Index) ex USA Index; Boomberg Barcays U.S. Aggregate Bond Index; Dow Jones-UBS Commodity Index Tota Return Index; Boomberg Barcays U.S Year Treasury Infation-Protected Securities (TIPS) Index (Series-L); and Boomberg Barcays U.S. 3 Month Treasury Bewether Index. The index weightings are adjusted monthy to refect the fund's changing asset aocations. The composition differed in periods prior to January 1, Net Asset Vaue (NAV): The doar vaue of one mutua fund's share, excuding any saes charges or redemption fees. The NAV is cacuated by subtracting iabiities from the vaue of a fund's tota assets and dividing it by the number of fund's shares outstanding. Portfoio Net Assets ($M): The difference between a portfoio's tota assets and iabiities, incuding a share casses of the fund. R2: A measurement of how cosey the portfoio's performance correates with the performance of the fund's primary benchmark index or equivaent. R 2 is a proportion which ranges between 0.00 and An R 2 of 1.00 indicates perfect correation to the benchmark index, that is, a of the portfoio's fuctuations are expained by performance fuctuations of the index, whie an R 2 of 0.00 indicates no correation. Therefore, the ower the R 2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R 2 vaue of ess than 0.5 indicates that the Annuaized Apha and Beta are not reiabe performance statistics. Share Cass Net Assets ($M): The difference between the tota assets and iabiities of a singe share cass of a fund. Sharpe Ratio - Arithmetic: The Sharpe ratio is a measure of historica risk-adjusted performance. It is cacuated by dividing the fund's excess returns (the fund's average annua return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bi rate. Standard Deviation: Statistica measure of how much a return varies over an extended period of time. The more variabe the returns, the arger the standard deviation. Investors may examine historica standard deviation in conjunction with historica returns to decide whether an investment's voatiity woud have been acceptabe given the returns it woud have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historica voatiity. Standard deviation does not indicate how an investment actuay performed, but it does indicate the voatiity of its returns over time. Standard deviation is annuaized. The returns used for this cacuation are not oad-adjusted. Turnover Rate: The esser of amounts of purchases or saes of ong-term portfoio securities divided by the monthy average vaue of ong-term securities owned by the fund. Important Information Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fideity for a free prospectus and, if avaiabe, summary prospectus containing this information. Read it carefuy Morningstar, Inc. A rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, compete or timey. Neither Morningstar nor its content providers are responsibe for any damages or osses arising from any use of this information. Fideity does not review the Morningstar data and, for fund performance, you shoud check the fund's current prospectus or other product materias for the most up-to-date information concerning appicabe oads, fees and expenses. Generay, data on Fideity mutua funds is provided by FMR, LLC, Morningstar ratings and data on non-fideity mutua funds is provided by Morningstar, Inc. and data on non-mutua fund products is provided by the product's investment manager, trustee or issuer or the pan sponsor whose pan is offering the product to participants. Athough Fideity beieves the data gathered from these third-party sources is reiabe, it does not review such information and cannot warrant it to be accurate, compete or timey. Fideity is not responsibe for any damages or osses arising from any use of this third-party information. 1. No Transaction Fee Fideity funds are avaiabe without paying a trading fee to Fideity or a saes oad to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of ong-term sharehoders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information. 2. This chart iustrates the performance of a hypothetica $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is ater). The inception date used for products with underying funds, or mutipe shares casses, or are offered as a separate account, strategy or sub account, may be the inception date of the underying fund, the eariest share cass of the product, or the date composite performance for the product was first made avaiabe. The product's returns may not refect a its expenses. Any fees not refected woud ower the returns. Benchmark returns incude reinvestment of capita gains and dividends, if any, but do not refect any fees or expenses. It is not possibe to invest in Page 3 of 4

12 an index. Past performance is no guarantee of future resuts. This chart is not intended to impy any future performance of the investment product. 3. The Morningstar Category Average is the average return for the peer group based on the returns of each individua fund within the group, for the period shown. This average assumes reinvestment of dividends. 4. Risk of this Category: Morningstar cacuates these risk eves by ooking at the Morningstar Risk of the funds in the Category over the previous 5-year period. Morningstar Risk is the difference between the Morningstar Return, based on fund tota returns, and the Morningstar Risk Adjusted Return, based on fund tota returns adjusted for performance voatiity. The Category Risk Leve is based on the equa weighted average Morningstar Risk of the funds in the category. Morningstar's Research Committee evauates the Category Morningstar Risk and assigns the Category Risk Leve after further quaitative judgment. Overa Rating: The Overa Morningstar Rating TM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if appicabe) Morningstar Rating metrics, which are based on risk-adjusted returns, as of the date stated. Returns: This rating is based on a fund's Morningstar Return (its annuaized return in excess to the return of the 90-day U.S. Treasury bi over a three-, five-, or ten-year period). The Morningstar Returns in each category are then scored against each other on a be curve. In each Morningstar Category: top 10% - High next 22.5% - Above Average midde 35% - Average next 22.5% - Beow Average bottom 10% - Low Expenses: This Morningstar data point compares the fund's net expense ratio to the net expense ratio of a the other funds within its Morningstar Category grouping. 5. Tota returns are historica and incude change in share vaue and reinvestment of dividends and capita gains, if any. Cumuative tota returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumuative if the fund is ess than one year od. Tota returns do not refect the fund's [%] saes charge. If saes charges were incuded, tota returns woud have been ower. 6. Percent Rank in Category is the fund's tota-return percentie rank reative to a funds that have the same Morningstar Category. The highest (or most favorabe) percentie rank is 1 and the owest (or east favorabe) percentie rank is 100. The top-performing fund in a category wi aways receive a rank of 1. % Rank in Category is based on tota returns which incude reinvested dividends and capita gains, if any, and excude saes charges. Mutipe share casses of a fund have a common portfoio but impose different expense structures. Past performance is no guarantee of future resuts. 7. Equity StyeMap depictions of mutua fund characteristics are produced using data and cacuations provided by Morningstar, Inc. StyeMaps SM estimate characteristics of a fund's equity hodings over two dimensions: market capitaization and vauation. The percentage of fund assets represented by these hodings is indicated beside each StyeMap. Current StyeMap characteristics are cacuated each time Morningstar receives updated portfoio hodings from a fund and are denoted with a dot. Historica StyeMap characteristics are cacuated for the shorter of either the past 3 years or the ife of the fund, and are represented by the shading of the box(es) previousy occupied by the dot. StyeMap characteristics represent an approximate profie of the fund's equity hodings (e.g., domestic stocks, foreign stocks, and American Depositary Receipts), are based on historica data, and are not predictive of the fund's future investments. Athough the data are gathered from reiabe sources, accuracy and competeness cannot be guaranteed. 8. The percent of net assets invested in both domestic and foreign Equities (common stocks, preferred stocks, rights and warrants, convertibe preferred stocks and stock index futures and options), Bond (a debt instruments, incuding investment grade, non-investment grade, non-rated securities and convertibe bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivabes and payabes). 9. The asset aocation shown is presented to iustrate the underying funds in which the fund invested and may not be representative of the fund's current or future investments. The figures shown are as of the date shown, do not incude the fund's entire investment portfoio and may change at any time. 10. Net Other Assets can incude fund receivabes, fund payabes, and offsets to other derivative positions, as we as certain assets that do not fa into any of the Portfoio Composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are hed for future settement, Net Other Assets can be a negative number. 11. Investors shoud aocate assets based on individua risk toerance, investment time horizon, and persona financia situation. A particuar asset aocation may be achieved by using different aocations in different accounts or by using the same one across mutipe accounts. The gide path is not intended as a benchmark for individua investors; rather, it is a range of equity aocations that may be appropriate for many investors saving for retirement. When choosing a Freedom Fund, investors shoud consider whether they anticipate retiring significanty earier or ater than age 65 even if such investors retire on or near a fund's approximate target date. There may be other considerations reevant to fund seection and investors shoud seect the fund that best meets their individua circumstances and investment goas. 12. Any hodings, asset aocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. The Top Ten Hodings and Top 5 Issuers do not incude money market instruments or futures contracts, if any. Depository receipts are normay combined with the underying security. Some breakdowns may be intentionay imited to a particuar asset cass or other subset of the fund's entire portfoio, particuary in muti-asset cass funds where the attributes of the equity and fixed income portions are different. Under the asset aocation section, internationa (or foreign) assets may be reported differenty depending on how an investment option reports its hodings. Some do not report internationa (or foreign) hodings here, but instead report them in a "Regiona Diversification" section. Some report them in this section in addition to the equity, bond and other aocation shown. Others report internationa (or foreign) hoding as a subset of the equity and bond aocations shown. If the aocation without the foreign component equas (or rounds to) 100%, then internationa (or foreign) is a subset of the equity and bond percentage shown. 13. Initia minimum investments into group retirement accounts such as Fideity Simpified Empoyee Pension-IRA, Keogh, Sef-Empoyed 401(k), and Non-Fideity Prototype Retirement accounts are $500 or higher. There is no minimum for additiona investments in any type of Fideity fund you aready own. 14. Expense Cap is a imit that the fund company has paced on the eve of the expenses borne by the fund unti 5/31/2020 and indicates the maximum eve of expenses (with certain exceptions) that the fund woud be paying unti that time. After the expiration date, the expense cap may be terminated or revised, which may ower the fund's yied and return. Fideity Brokerage Services LLC, Member NYSE, SIPC, 900 Saem Street, Smithfied, RI Report as of 4/24/ RA8114 Page 4 of 4

13 Fideity Freedom Index 2015 Fund - Institutiona Premium Cass (FIWFX) NTF No Transaction Fee 1 Hypothetica Growth of $10,000 2,3 (10/2/2009-) n Fideity Freedom Index 2015 Fund - Institutiona Premium Cass $17,607 n Target-Date 2015 $17, K 16.20K 14.40K 12.60K 10.80K Morningstar Snapshot* 4 (AS OF ) Morningstar Category Target-Date 2015 Risk of this Category Overa Rating Returns LOWER HIGHER LOW AVG HIGH The performance data featured represents past performance, which is no guarantee of future resuts. Investment return and principa vaue of an investment wi fuctuate; therefore, you may have a gain or oss when you se your shares. Current performance may be higher or ower than the performance data quoted. Expenses *Data provided by Morningstar LOW AVG HIGH Performance 3,5,6 Average Annua Tota Returns Monthy (AS OF ) YTD (Monthy) 1 Yr 3 Yrs 5 Yrs 10 Yrs Life Fideity Freedom Index 2015 Fund - Institutiona Premium Cass -0.67% 7.94% 5.10% 5.77% % S&P % 13.99% 10.78% 13.31% 9.49% 14.14% FID FF Idx 2015 Comp Idx -0.75% 7.98% 5.18% 6.37% 5.67% 7.54% Target-Date % 6.87% 4.43% 5.55% 5.06% -- Rank in Morningstar Category 17% 17% 47% # of Funds in Morningstar Category Equity StyeMap * 7 (AS OF 2/28/2018) Detais Large Bend *47.46% Fund Assets Covered Fund Inception 10/2/2009 NAV on $14.92 Quarter-End (AS OF ) Fideity Freedom Index 2015 Fund - Institutiona Premium Cass 7.94% 5.10% 5.77% % Exp Ratio (Gross) 5/30/2017 Exp Ratio (Net) 5/30/ % 0.1% Caendar Year Returns 3,5 (AS OF ) Fideity Freedom Index 2015 Fund - Institutiona Premium Cass 5.52% -0.73% 6.46% 12.66% -0.67% S&P % 1.38% 11.96% 21.83% -0.76% FID FF Idx 2015 Comp Idx 5.73% -0.65% 6.58% 12.70% -0.75% Target-Date % -1.34% 6.12% 11.29% -0.74% Investment Approach Fideity Freedom Index Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire and begin graduay withdrawing their investment. Exp Cap (Dated) 14 6/24/ % Minimum to Invest 13 $9,999, Turnover Rate 9/30/2017 Portfoio Net Assets ($M) Share Cass Net Assets ($M) Fund Manager(s) Co-Manager: Team 17% $1, $ Except for Fideity Freedom Index Income Fund, each of the Funds seeks high tota return unti reaching its respective target retirement date; thereafter, each Fund's objective wi be to seek high Page 1 of 4

14 Investment Approach (continued) Voatiity Measures current income and, as a secondary objective, capita appreciation. Except for Fideity Freedom Index Income Fund, each Fund's asset aocation strategy becomes increasingy conservative as it approaches its target date and beyond. Utimatey, the Funds are expected to merge with Fideity Freedom Index Income Fund. Beta R The Funds empoy a robust investment process focused on heping investors sove the chaenge of investing through retirement by everaging the depth and strength of Fideity's investment research and resources. Sharpe Ratio 0.83 Asset Aocations 8,9,10 (AS OF ) Standard Deviation 5.54 Bonds 36.29% Domestic Equities 35.14% Internationa Equities 15.13% Short-Term Investments & Net Other Assets Asset Aocation Over Time 11, % Fideity Freedom Funds invest in a diversified mix of Fideity domestic equity, internationa equity, bond, and short-term funds, many of which are managed excusivey for this purpose. As the chart beow shows, Freedom Funds foow a "neutra" asset aocation strategy that becomes increasingy more conservative as the target date approaches and passes. Freedom Funds are generay expected to reach their most conservative aocation years after the target date. Morningstar Ratings (AS OF ) Morningstar Category: TARGET-DATE 2015 Overa out of 105 funds 3 Yrs out of 105 funds 5 Yrs out of 74 funds The Morningstar Rating TM for funds, or "star rating", is cacuated for funds with at east a three-year history. (Exchange-traded funds and open-end mutua funds are considered a singe popuation for comparative purposes.) It is cacuated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthy excess performance (excuding the effect of saes charges, if any), pacing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Past performance is no guarantee of future resuts. Fund Overview Objective Seeks high tota return unti its target retirement date. Thereafter, the fund's objective wi be to seek high current income and, as a secondary objective, capita appreciation. Strategy Designed for investors who anticipate retiring in or within a few years of the fund's target retirement year at or around age 65 and pan to graduay withdraw the vaue of their account in the fund over time. Investing in a combination of Fideity domestic equity funds (incuding commodity funds), internationa funds (deveoped and emerging markets), bond funds (incuding treasury infation-protected security funds) and short-term funds (underying Fideity funds), each of which (excuding the money market fund) seeks to provide investment resuts that correspond to the tota return of a specific index or market segment. Aocating assets among underying Fideity funds according to an asset aocation strategy that becomes increasingy conservative unti it reaches an aocation simiar to that of the Fideity Freedom Index Income Fund - approximatey 17% in domestic equity funds, 7% in internationa equity funds, 46% in bond funds and 30% in short-term funds (approximatey 10 to 19 years after the target year). Utimatey, the fund wi merge with Fideity Freedom Index Income Fund. Buying and seing futures contracts (both ong and short positions) in an effort to manage cash fows efficienty, remain fuy invested, or faciitate asset aocation. The Adviser may continue to seek high tota return for severa years beyond the fund's target retirement date in an effort to achieve the fund's overa investment objective. Page 2 of 4

15 Fund Overview (continued) Risk The investment risk of each Fideity Freedom Index Fund changes over time as its asset aocation changes. These risks are subject to the asset aocation decisions of the Investment Adviser. The funds are subject to the voatiity of the financia markets, incuding that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yied, sma-cap, commodity-inked, and foreign securities. Leverage can increase market exposure, magnify investment risks, and cause osses to be reaized more quicky. No target date fund is considered a compete retirement program and there is no guarantee any singe fund wi provide sufficient retirement income at or through retirement. Principa invested is not guaranteed at any time, incuding at or after the funds' target dates. Additiona Discosures This description is ony intended to provide a brief overview of the mutua fund. Read the fund's prospectus for more detaied information about the fund.returns prior to June 24, 2015 are those of the Investor Cass and refect the Investor Cass' expense ratio. Had the Institutiona Premium Cass' expense ratio been refected, tota returns woud have been higher. Gossary Of Terms Beta: A measure of a portfoio's sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (ess) than 1.0 indicates that a fund's historica returns have fuctuated more (ess) than the benchmark index. Beta is a more reiabe measure of voatiity when used in combination with a high R 2 which indicates a high correation between the movements in a fund's returns and movements in a benchmark index. Exp Ratio (Gross): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the gross expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus (before waivers or reimbursements). This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. Exp Ratio (Net): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the net expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus, after any fee waiver and/or expense reimbursements that wi reduce any fund operating expenses. This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. This number does not incude any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees during the one-year period. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. FID FF Idx 2015 Comp Idx: Fideity Freedom Index 2015 Composite Index is a customized bend of the foowing unmanaged indexes: Dow Jones U.S. Tota Stock Market Index; MSCI ACWI (A Country Word Index) ex USA Index; Boomberg Barcays U.S. Aggregate Bond Index; Dow Jones-UBS Commodity Index Tota Return Index; Boomberg Barcays U.S Year Treasury Infation-Protected Securities (TIPS) Index (Series-L); and Boomberg Barcays U.S. 3 Month Treasury Bewether Index. The index weightings are adjusted monthy to refect the fund's changing asset aocations. The composition differed in periods prior to January 1, 2014 Net Asset Vaue (NAV): The doar vaue of one mutua fund's share, excuding any saes charges or redemption fees. The NAV is cacuated by subtracting iabiities from the vaue of a fund's tota assets and dividing it by the number of fund's shares outstanding. Portfoio Net Assets ($M): The difference between a portfoio's tota assets and iabiities, incuding a share casses of the fund. R2: A measurement of how cosey the portfoio's performance correates with the performance of the fund's primary benchmark index or equivaent. R 2 is a proportion which ranges between 0.00 and An R 2 of 1.00 indicates perfect correation to the benchmark index, that is, a of the portfoio's fuctuations are expained by performance fuctuations of the index, whie an R 2 of 0.00 indicates no correation. Therefore, the ower the R 2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R 2 vaue of ess than 0.5 indicates that the Annuaized Apha and Beta are not reiabe performance statistics. S&P 500: S&P 500 Index is a market capitaization-weighted index of 500 common stocks chosen for market size, iquidity, and industry group representation to represent U.S. equity performance. Share Cass Net Assets ($M): The difference between the tota assets and iabiities of a singe share cass of a fund. Sharpe Ratio - Arithmetic: The Sharpe ratio is a measure of historica risk-adjusted performance. It is cacuated by dividing the fund's excess returns (the fund's average annua return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bi rate. Standard Deviation: Statistica measure of how much a return varies over an extended period of time. The more variabe the returns, the arger the standard deviation. Investors may examine historica standard deviation in conjunction with historica returns to decide whether an investment's voatiity woud have been acceptabe given the returns it woud have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historica voatiity. Standard deviation does not indicate how an investment actuay performed, but it does indicate the voatiity of its returns over time. Standard deviation is annuaized. The returns used for this cacuation are not oad-adjusted. Turnover Rate: The esser of amounts of purchases or saes of ong-term portfoio securities divided by the monthy average vaue of ong-term securities owned by the fund. Important Information Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fideity for a free prospectus and, if avaiabe, summary prospectus containing this information. Read it carefuy Morningstar, Inc. A rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, compete or timey. Neither Morningstar nor its content providers are responsibe for any damages or osses arising from any use of this information. Fideity does not review the Morningstar data and, for fund performance, you shoud check the fund's current prospectus or other product materias for the most up-to-date information concerning appicabe oads, fees and expenses. Generay, data on Fideity mutua funds is provided by FMR, LLC, Morningstar ratings and data on non-fideity mutua funds is provided by Morningstar, Inc. and data on non-mutua fund products is provided by the product's investment manager, trustee or issuer or the pan sponsor whose pan is offering the product to participants. Athough Fideity beieves the data gathered from these third-party sources is reiabe, it does not review such information and cannot warrant it to be accurate, compete or timey. Fideity is not responsibe for any damages or osses arising from any use of this third-party information. 1. No Transaction Fee Fideity funds are avaiabe without paying a trading fee to Fideity or a saes oad to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of ong-term sharehoders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information. 2. This chart iustrates the performance of a hypothetica $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is ater). The inception date used for products with underying funds, or mutipe shares casses, or are offered as a separate account, strategy or sub account, may be the inception date of the underying fund, the eariest share cass of the product, or the date composite performance for the product was first made avaiabe. The product's returns may not refect a its expenses. Any fees not refected woud ower the returns. Benchmark returns incude reinvestment of capita gains and dividends, if any, but do not refect any fees or expenses. It is not possibe to invest in an index. Past performance is no guarantee of future resuts. This chart is not intended to impy any future performance of the investment product. Page 3 of 4

16 3. The Morningstar Category Average is the average return for the peer group based on the returns of each individua fund within the group, for the period shown. This average assumes reinvestment of dividends. 4. Risk of this Category: Morningstar cacuates these risk eves by ooking at the Morningstar Risk of the funds in the Category over the previous 5-year period. Morningstar Risk is the difference between the Morningstar Return, based on fund tota returns, and the Morningstar Risk Adjusted Return, based on fund tota returns adjusted for performance voatiity. The Category Risk Leve is based on the equa weighted average Morningstar Risk of the funds in the category. Morningstar's Research Committee evauates the Category Morningstar Risk and assigns the Category Risk Leve after further quaitative judgment. Overa Rating: The Overa Morningstar Rating TM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if appicabe) Morningstar Rating metrics, which are based on risk-adjusted returns, as of the date stated. Returns: This rating is based on a fund's Morningstar Return (its annuaized return in excess to the return of the 90-day U.S. Treasury bi over a three-, five-, or ten-year period). The Morningstar Returns in each category are then scored against each other on a be curve. In each Morningstar Category: top 10% - High next 22.5% - Above Average midde 35% - Average next 22.5% - Beow Average bottom 10% - Low Expenses: This Morningstar data point compares the fund's net expense ratio to the net expense ratio of a the other funds within its Morningstar Category grouping. 5. Tota returns are historica and incude change in share vaue and reinvestment of dividends and capita gains, if any. Cumuative tota returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumuative if the fund is ess than one year od. Tota returns do not refect the fund's [%] saes charge. If saes charges were incuded, tota returns woud have been ower. 6. Percent Rank in Category is the fund's tota-return percentie rank reative to a funds that have the same Morningstar Category. The highest (or most favorabe) percentie rank is 1 and the owest (or east favorabe) percentie rank is 100. The top-performing fund in a category wi aways receive a rank of 1. % Rank in Category is based on tota returns which incude reinvested dividends and capita gains, if any, and excude saes charges. Mutipe share casses of a fund have a common portfoio but impose different expense structures. Past performance is no guarantee of future resuts. 7. Equity StyeMap depictions of mutua fund characteristics are produced using data and cacuations provided by Morningstar, Inc. StyeMaps SM estimate characteristics of a fund's equity hodings over two dimensions: market capitaization and vauation. The percentage of fund assets represented by these hodings is indicated beside each StyeMap. Current StyeMap characteristics are cacuated each time Morningstar receives updated portfoio hodings from a fund and are denoted with a dot. Historica StyeMap characteristics are cacuated for the shorter of either the past 3 years or the ife of the fund, and are represented by the shading of the box(es) previousy occupied by the dot. StyeMap characteristics represent an approximate profie of the fund's equity hodings (e.g., domestic stocks, foreign stocks, and American Depositary Receipts), are based on historica data, and are not predictive of the fund's future investments. Athough the data are gathered from reiabe sources, accuracy and competeness cannot be guaranteed. 8. The percent of net assets invested in both domestic and foreign Equities (common stocks, preferred stocks, rights and warrants, convertibe preferred stocks and stock index futures and options), Bond (a debt instruments, incuding investment grade, non-investment grade, non-rated securities and convertibe bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivabes and payabes). 9. The asset aocation shown is presented to iustrate the underying funds in which the fund invested and may not be representative of the fund's current or future investments. The figures shown are as of the date shown, do not incude the fund's entire investment portfoio and may change at any time. 10. Net Other Assets can incude fund receivabes, fund payabes, and offsets to other derivative positions, as we as certain assets that do not fa into any of the Portfoio Composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are hed for future settement, Net Other Assets can be a negative number. 11. Investors shoud aocate assets based on individua risk toerance, investment time horizon, and persona financia situation. A particuar asset aocation may be achieved by using different aocations in different accounts or by using the same one across mutipe accounts. The gide path is not intended as a benchmark for individua investors; rather, it is a range of equity aocations that may be appropriate for many investors saving for retirement. When choosing a Freedom Fund, investors shoud consider whether they anticipate retiring significanty earier or ater than age 65 even if such investors retire on or near a fund's approximate target date. There may be other considerations reevant to fund seection and investors shoud seect the fund that best meets their individua circumstances and investment goas. 12. Any hodings, asset aocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. The Top Ten Hodings and Top 5 Issuers do not incude money market instruments or futures contracts, if any. Depository receipts are normay combined with the underying security. Some breakdowns may be intentionay imited to a particuar asset cass or other subset of the fund's entire portfoio, particuary in muti-asset cass funds where the attributes of the equity and fixed income portions are different. Under the asset aocation section, internationa (or foreign) assets may be reported differenty depending on how an investment option reports its hodings. Some do not report internationa (or foreign) hodings here, but instead report them in a "Regiona Diversification" section. Some report them in this section in addition to the equity, bond and other aocation shown. Others report internationa (or foreign) hoding as a subset of the equity and bond aocations shown. If the aocation without the foreign component equas (or rounds to) 100%, then internationa (or foreign) is a subset of the equity and bond percentage shown. 13. Initia minimum investments into group retirement accounts such as Fideity Simpified Empoyee Pension-IRA, Keogh, Sef-Empoyed 401(k), and Non-Fideity Prototype Retirement accounts are $500 or higher. There is no minimum for additiona investments in any type of Fideity fund you aready own. 14. Expense Cap is a imit that the fund company has paced on the eve of the expenses borne by the fund unti 5/31/2020 and indicates the maximum eve of expenses (with certain exceptions) that the fund woud be paying unti that time. After the expiration date, the expense cap may be terminated or revised, which may ower the fund's yied and return. Fideity Brokerage Services LLC, Member NYSE, SIPC, 900 Saem Street, Smithfied, RI Report as of 4/24/ OA8114 Page 4 of 4

17 Fideity Freedom Index 2020 Fund - Institutiona Premium Cass (FIWTX) NTF No Transaction Fee 1 Hypothetica Growth of $10,000 2,3 (10/2/2009-) n Fideity Freedom Index 2020 Fund - Institutiona Premium Cass $18,542 n Target-Date 2020 $17, K Morningstar Snapshot* 4 (AS OF ) Morningstar Category Target-Date K 16.00K Risk of this Category LOWER HIGHER 14.00K Overa Rating K 10.00K The performance data featured represents past performance, which is no guarantee of future resuts. Investment return and principa vaue of an investment wi fuctuate; therefore, you may have a gain or oss when you se your shares. Current performance may be higher or ower than the performance data quoted. Returns Expenses *Data provided by Morningstar LOW AVG HIGH LOW AVG HIGH Performance 3,5,6 Average Annua Tota Returns Monthy (AS OF ) YTD (Monthy) 1 Yr 3 Yrs 5 Yrs 10 Yrs Life Fideity Freedom Index 2020 Fund - Institutiona Premium Cass -0.70% 8.77% 5.62% 6.31% % S&P % 13.99% 10.78% 13.31% 9.49% 14.14% FID FF Idx 2020 Comp Idx -0.79% 8.84% 5.68% 6.93% 5.90% 8.25% Target-Date % 7.60% 4.65% 5.74% 5.16% -- Rank in Morningstar Category 19% 14% 42% # of Funds in Morningstar Category Equity StyeMap * 7 (AS OF 2/28/2018) Detais Large Bend *53.92% Fund Assets Covered Fund Inception 10/2/2009 NAV on $15.69 Quarter-End (AS OF ) Fideity Freedom Index 2020 Fund - Institutiona Premium Cass 8.77% 5.62% 6.31% % Exp Ratio (Gross) 5/30/2017 Exp Ratio (Net) 5/30/ % 0.1% Caendar Year Returns 3,5 (AS OF ) Fideity Freedom Index 2020 Fund - Institutiona Premium Cass 5.84% -0.84% 7.07% 13.95% -0.70% S&P % 1.38% 11.96% 21.83% -0.76% FID FF Idx 2020 Comp Idx 6.03% -0.76% 7.10% 14.04% -0.79% Target-Date % -1.57% 6.23% 12.46% -0.81% Investment Approach Fideity Freedom Index Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire and begin graduay withdrawing their investment. Exp Cap (Dated) 14 6/24/ % Minimum to Invest 13 $9,999, Turnover Rate 9/30/2017 Portfoio Net Assets ($M) Share Cass Net Assets ($M) Fund Manager(s) Co-Manager: Team 10% $3, $2, Except for Fideity Freedom Index Income Fund, each of the Funds seeks high tota return unti reaching its respective target retirement date; thereafter, each Fund's objective wi be to seek high Page 1 of 4

18 Investment Approach (continued) Voatiity Measures current income and, as a secondary objective, capita appreciation. Except for Fideity Freedom Index Income Fund, each Fund's asset aocation strategy becomes increasingy conservative as it approaches its target date and beyond. Utimatey, the Funds are expected to merge with Fideity Freedom Index Income Fund. Beta R The Funds empoy a robust investment process focused on heping investors sove the chaenge of investing through retirement by everaging the depth and strength of Fideity's investment research and resources. Sharpe Ratio 0.83 Asset Aocations 8,9,10 (AS OF ) Standard Deviation 6.17 Domestic Equities 39.85% Bonds 33.56% Internationa Equities 17.16% Short-Term Investments & Net Other Assets Asset Aocation Over Time 11, % Fideity Freedom Funds invest in a diversified mix of Fideity domestic equity, internationa equity, bond, and short-term funds, many of which are managed excusivey for this purpose. As the chart beow shows, Freedom Funds foow a "neutra" asset aocation strategy that becomes increasingy more conservative as the target date approaches and passes. Freedom Funds are generay expected to reach their most conservative aocation years after the target date. Morningstar Ratings (AS OF ) Morningstar Category: TARGET-DATE 2020 Overa out of 200 funds 3 Yrs out of 200 funds 5 Yrs out of 159 funds The Morningstar Rating TM for funds, or "star rating", is cacuated for funds with at east a three-year history. (Exchange-traded funds and open-end mutua funds are considered a singe popuation for comparative purposes.) It is cacuated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthy excess performance (excuding the effect of saes charges, if any), pacing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Past performance is no guarantee of future resuts. Fund Overview Objective Seeks high tota return unti its target retirement date. Thereafter, the fund's objective wi be to seek high current income and, as a secondary objective, capita appreciation. Strategy Designed for investors who anticipate retiring in or within a few years of the fund's target retirement year at or around age 65 and pan to graduay withdraw the vaue of their account in the fund over time. Investing in a combination of Fideity domestic equity funds (incuding commodity funds), internationa funds (deveoped and emerging markets), bond funds (incuding treasury infation-protected security funds) and short-term funds (underying Fideity funds), each of which (excuding the money market fund) seeks to provide investment resuts that correspond to the tota return of a specific index or market segment. Aocating assets among underying Fideity funds according to an asset aocation strategy that becomes increasingy conservative unti it reaches an aocation simiar to that of the Fideity Freedom Index Income Fund - approximatey 17% in domestic equity funds, 7% in internationa equity funds, 46% in bond funds and 30% in short-term funds (approximatey 10 to 19 years after the target year). Utimatey, the fund wi merge with Fideity Freedom Index Income Fund. Buying and seing futures contracts (both ong and short positions) in an effort to manage cash fows efficienty, remain fuy invested, or faciitate asset aocation. The Adviser may continue to seek high tota return for severa years beyond the fund's target retirement date in an effort to achieve the fund's overa investment objective. Page 2 of 4

19 Fund Overview (continued) Risk The investment risk of each Fideity Freedom Index Fund changes over time as its asset aocation changes. These risks are subject to the asset aocation decisions of the Investment Adviser. The funds are subject to the voatiity of the financia markets, incuding that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yied, sma-cap, commodity-inked, and foreign securities. Leverage can increase market exposure, magnify investment risks, and cause osses to be reaized more quicky. No target date fund is considered a compete retirement program and there is no guarantee any singe fund wi provide sufficient retirement income at or through retirement. Principa invested is not guaranteed at any time, incuding at or after the funds' target dates. Additiona Discosures This description is ony intended to provide a brief overview of the mutua fund. Read the fund's prospectus for more detaied information about the fund.returns prior to June 24, 2015 are those of the Investor Cass and refect the Investor Cass' expense ratio. Had the Institutiona Premium Cass' expense ratio been refected, tota returns woud have been higher. Gossary Of Terms Beta: A measure of a portfoio's sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (ess) than 1.0 indicates that a fund's historica returns have fuctuated more (ess) than the benchmark index. Beta is a more reiabe measure of voatiity when used in combination with a high R 2 which indicates a high correation between the movements in a fund's returns and movements in a benchmark index. Exp Ratio (Gross): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the gross expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus (before waivers or reimbursements). This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. Exp Ratio (Net): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the net expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus, after any fee waiver and/or expense reimbursements that wi reduce any fund operating expenses. This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. This number does not incude any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees during the one-year period. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. FID FF Idx 2020 Comp Idx: Fideity Freedom Index 2020 Composite Index is a customized bend of the foowing unmanaged indexes: Dow Jones U.S. Tota Stock Market Index; MSCI ACWI (A Country Word Index) ex USA Index; Boomberg Barcays U.S. Aggregate Bond Index; Dow Jones-UBS Commodity Index Tota Return Index; Boomberg Barcays U.S Year Treasury Infation-Protected Securities (TIPS) Index (Series-L); and Boomberg Barcays U.S. 3 Month Treasury Bewether Index. The index weightings are adjusted monthy to refect the fund's changing asset aocations. The composition differed in periods prior to January 1, Net Asset Vaue (NAV): The doar vaue of one mutua fund's share, excuding any saes charges or redemption fees. The NAV is cacuated by subtracting iabiities from the vaue of a fund's tota assets and dividing it by the number of fund's shares outstanding. Portfoio Net Assets ($M): The difference between a portfoio's tota assets and iabiities, incuding a share casses of the fund. R2: A measurement of how cosey the portfoio's performance correates with the performance of the fund's primary benchmark index or equivaent. R 2 is a proportion which ranges between 0.00 and An R 2 of 1.00 indicates perfect correation to the benchmark index, that is, a of the portfoio's fuctuations are expained by performance fuctuations of the index, whie an R 2 of 0.00 indicates no correation. Therefore, the ower the R 2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R 2 vaue of ess than 0.5 indicates that the Annuaized Apha and Beta are not reiabe performance statistics. S&P 500: S&P 500 Index is a market capitaization-weighted index of 500 common stocks chosen for market size, iquidity, and industry group representation to represent U.S. equity performance. Share Cass Net Assets ($M): The difference between the tota assets and iabiities of a singe share cass of a fund. Sharpe Ratio - Arithmetic: The Sharpe ratio is a measure of historica risk-adjusted performance. It is cacuated by dividing the fund's excess returns (the fund's average annua return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bi rate. Standard Deviation: Statistica measure of how much a return varies over an extended period of time. The more variabe the returns, the arger the standard deviation. Investors may examine historica standard deviation in conjunction with historica returns to decide whether an investment's voatiity woud have been acceptabe given the returns it woud have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historica voatiity. Standard deviation does not indicate how an investment actuay performed, but it does indicate the voatiity of its returns over time. Standard deviation is annuaized. The returns used for this cacuation are not oad-adjusted. Turnover Rate: The esser of amounts of purchases or saes of ong-term portfoio securities divided by the monthy average vaue of ong-term securities owned by the fund. Important Information Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fideity for a free prospectus and, if avaiabe, summary prospectus containing this information. Read it carefuy Morningstar, Inc. A rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, compete or timey. Neither Morningstar nor its content providers are responsibe for any damages or osses arising from any use of this information. Fideity does not review the Morningstar data and, for fund performance, you shoud check the fund's current prospectus or other product materias for the most up-to-date information concerning appicabe oads, fees and expenses. Generay, data on Fideity mutua funds is provided by FMR, LLC, Morningstar ratings and data on non-fideity mutua funds is provided by Morningstar, Inc. and data on non-mutua fund products is provided by the product's investment manager, trustee or issuer or the pan sponsor whose pan is offering the product to participants. Athough Fideity beieves the data gathered from these third-party sources is reiabe, it does not review such information and cannot warrant it to be accurate, compete or timey. Fideity is not responsibe for any damages or osses arising from any use of this third-party information. 1. No Transaction Fee Fideity funds are avaiabe without paying a trading fee to Fideity or a saes oad to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of ong-term sharehoders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information. 2. This chart iustrates the performance of a hypothetica $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is ater). The inception date used for products with underying funds, or mutipe shares casses, or are offered as a separate account, strategy or sub account, may be the inception date of the underying fund, the eariest share cass of the product, or the date composite performance for the product was first made avaiabe. The product's returns may not refect a its expenses. Any fees not refected woud ower the returns. Benchmark returns incude reinvestment of capita gains and dividends, if any, but do not refect any fees or expenses. It is not possibe to invest in an index. Past performance is no guarantee of future resuts. This chart is not intended to impy any future performance of the investment product. Page 3 of 4

20 3. The Morningstar Category Average is the average return for the peer group based on the returns of each individua fund within the group, for the period shown. This average assumes reinvestment of dividends. 4. Risk of this Category: Morningstar cacuates these risk eves by ooking at the Morningstar Risk of the funds in the Category over the previous 5-year period. Morningstar Risk is the difference between the Morningstar Return, based on fund tota returns, and the Morningstar Risk Adjusted Return, based on fund tota returns adjusted for performance voatiity. The Category Risk Leve is based on the equa weighted average Morningstar Risk of the funds in the category. Morningstar's Research Committee evauates the Category Morningstar Risk and assigns the Category Risk Leve after further quaitative judgment. Overa Rating: The Overa Morningstar Rating TM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if appicabe) Morningstar Rating metrics, which are based on risk-adjusted returns, as of the date stated. Returns: This rating is based on a fund's Morningstar Return (its annuaized return in excess to the return of the 90-day U.S. Treasury bi over a three-, five-, or ten-year period). The Morningstar Returns in each category are then scored against each other on a be curve. In each Morningstar Category: top 10% - High next 22.5% - Above Average midde 35% - Average next 22.5% - Beow Average bottom 10% - Low Expenses: This Morningstar data point compares the fund's net expense ratio to the net expense ratio of a the other funds within its Morningstar Category grouping. 5. Tota returns are historica and incude change in share vaue and reinvestment of dividends and capita gains, if any. Cumuative tota returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumuative if the fund is ess than one year od. Tota returns do not refect the fund's [%] saes charge. If saes charges were incuded, tota returns woud have been ower. 6. Percent Rank in Category is the fund's tota-return percentie rank reative to a funds that have the same Morningstar Category. The highest (or most favorabe) percentie rank is 1 and the owest (or east favorabe) percentie rank is 100. The top-performing fund in a category wi aways receive a rank of 1. % Rank in Category is based on tota returns which incude reinvested dividends and capita gains, if any, and excude saes charges. Mutipe share casses of a fund have a common portfoio but impose different expense structures. Past performance is no guarantee of future resuts. 7. Equity StyeMap depictions of mutua fund characteristics are produced using data and cacuations provided by Morningstar, Inc. StyeMaps SM estimate characteristics of a fund's equity hodings over two dimensions: market capitaization and vauation. The percentage of fund assets represented by these hodings is indicated beside each StyeMap. Current StyeMap characteristics are cacuated each time Morningstar receives updated portfoio hodings from a fund and are denoted with a dot. Historica StyeMap characteristics are cacuated for the shorter of either the past 3 years or the ife of the fund, and are represented by the shading of the box(es) previousy occupied by the dot. StyeMap characteristics represent an approximate profie of the fund's equity hodings (e.g., domestic stocks, foreign stocks, and American Depositary Receipts), are based on historica data, and are not predictive of the fund's future investments. Athough the data are gathered from reiabe sources, accuracy and competeness cannot be guaranteed. 8. The percent of net assets invested in both domestic and foreign Equities (common stocks, preferred stocks, rights and warrants, convertibe preferred stocks and stock index futures and options), Bond (a debt instruments, incuding investment grade, non-investment grade, non-rated securities and convertibe bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivabes and payabes). 9. The asset aocation shown is presented to iustrate the underying funds in which the fund invested and may not be representative of the fund's current or future investments. The figures shown are as of the date shown, do not incude the fund's entire investment portfoio and may change at any time. 10. Net Other Assets can incude fund receivabes, fund payabes, and offsets to other derivative positions, as we as certain assets that do not fa into any of the Portfoio Composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are hed for future settement, Net Other Assets can be a negative number. 11. Investors shoud aocate assets based on individua risk toerance, investment time horizon, and persona financia situation. A particuar asset aocation may be achieved by using different aocations in different accounts or by using the same one across mutipe accounts. The gide path is not intended as a benchmark for individua investors; rather, it is a range of equity aocations that may be appropriate for many investors saving for retirement. When choosing a Freedom Fund, investors shoud consider whether they anticipate retiring significanty earier or ater than age 65 even if such investors retire on or near a fund's approximate target date. There may be other considerations reevant to fund seection and investors shoud seect the fund that best meets their individua circumstances and investment goas. 12. Any hodings, asset aocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. The Top Ten Hodings and Top 5 Issuers do not incude money market instruments or futures contracts, if any. Depository receipts are normay combined with the underying security. Some breakdowns may be intentionay imited to a particuar asset cass or other subset of the fund's entire portfoio, particuary in muti-asset cass funds where the attributes of the equity and fixed income portions are different. Under the asset aocation section, internationa (or foreign) assets may be reported differenty depending on how an investment option reports its hodings. Some do not report internationa (or foreign) hodings here, but instead report them in a "Regiona Diversification" section. Some report them in this section in addition to the equity, bond and other aocation shown. Others report internationa (or foreign) hoding as a subset of the equity and bond aocations shown. If the aocation without the foreign component equas (or rounds to) 100%, then internationa (or foreign) is a subset of the equity and bond percentage shown. 13. Initia minimum investments into group retirement accounts such as Fideity Simpified Empoyee Pension-IRA, Keogh, Sef-Empoyed 401(k), and Non-Fideity Prototype Retirement accounts are $500 or higher. There is no minimum for additiona investments in any type of Fideity fund you aready own. 14. Expense Cap is a imit that the fund company has paced on the eve of the expenses borne by the fund unti 5/31/2020 and indicates the maximum eve of expenses (with certain exceptions) that the fund woud be paying unti that time. After the expiration date, the expense cap may be terminated or revised, which may ower the fund's yied and return. Fideity Brokerage Services LLC, Member NYSE, SIPC, 900 Saem Street, Smithfied, RI Report as of 4/24/ RA8114 Page 4 of 4

21 Fideity Freedom Index 2025 Fund - Institutiona Premium Cass (FFEDX) NTF No Transaction Fee 1 Hypothetica Growth of $10,000 2,3 (10/2/2009-) n Fideity Freedom Index 2025 Fund - Institutiona Premium Cass $19,762 n Target-Date 2025 $19, K 17.60K 15.40K 13.20K 11.00K Morningstar Snapshot* 4 (AS OF ) Morningstar Category Target-Date 2025 Risk of this Category Overa Rating Returns LOWER HIGHER LOW AVG HIGH The performance data featured represents past performance, which is no guarantee of future resuts. Investment return and principa vaue of an investment wi fuctuate; therefore, you may have a gain or oss when you se your shares. Current performance may be higher or ower than the performance data quoted. Expenses *Data provided by Morningstar LOW AVG HIGH Performance 3,5,6 Average Annua Tota Returns Monthy (AS OF ) YTD (Monthy) 1 Yr 3 Yrs 5 Yrs 10 Yrs Life Fideity Freedom Index 2025 Fund - Institutiona Premium Cass -0.71% 9.58% 6.06% 7.12% % S&P % 13.99% 10.78% 13.31% 9.49% 14.14% FID FF Idx 2025 Comp Idx -0.82% 9.63% 6.12% 7.81% 6.57% 9.19% Target-Date % 9.10% 5.42% 6.69% 5.74% -- Rank in Morningstar Category 40% 21% 41% # of Funds in Morningstar Category Equity StyeMap * 7 (AS OF 2/28/2018) Detais Large Bend *59.52% Fund Assets Covered Fund Inception 10/2/2009 NAV on $16.67 Quarter-End (AS OF ) Fideity Freedom Index 2025 Fund - Institutiona Premium Cass 9.58% 6.06% 7.12% % Exp Ratio (Gross) 5/30/2017 Exp Ratio (Net) 5/30/ % 0.1% Caendar Year Returns 3,5 (AS OF ) Fideity Freedom Index 2025 Fund - Institutiona Premium Cass 6.27% -0.91% 7.53% 15.20% -0.71% S&P % 1.38% 11.96% 21.83% -0.76% FID FF Idx 2025 Comp Idx 6.53% -0.90% 7.60% 15.29% -0.82% Target-Date % -1.59% 6.73% 14.67% -0.75% Investment Approach Fideity Freedom Index Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire and begin graduay withdrawing their investment. Exp Cap (Dated) 14 6/24/ % Minimum to Invest 13 $9,999, Turnover Rate 9/30/2017 Portfoio Net Assets ($M) Share Cass Net Assets ($M) Fund Manager(s) Co-Manager: Team 8% $3, $1, Except for Fideity Freedom Index Income Fund, each of the Funds seeks high tota return unti reaching its respective target retirement date; thereafter, each Fund's objective wi be to seek high Page 1 of 4

22 Investment Approach (continued) Voatiity Measures current income and, as a secondary objective, capita appreciation. Except for Fideity Freedom Index Income Fund, each Fund's asset aocation strategy becomes increasingy conservative as it approaches its target date and beyond. Utimatey, the Funds are expected to merge with Fideity Freedom Index Income Fund. Beta R The Funds empoy a robust investment process focused on heping investors sove the chaenge of investing through retirement by everaging the depth and strength of Fideity's investment research and resources. Sharpe Ratio 0.81 Asset Aocations 8,9,10 (AS OF ) Standard Deviation 6.85 Domestic Equities 43.92% Bonds 31.20% Internationa Equities 18.87% Short-Term Investments & Net Other Assets Asset Aocation Over Time 11, % Fideity Freedom Funds invest in a diversified mix of Fideity domestic equity, internationa equity, bond, and short-term funds, many of which are managed excusivey for this purpose. As the chart beow shows, Freedom Funds foow a "neutra" asset aocation strategy that becomes increasingy more conservative as the target date approaches and passes. Freedom Funds are generay expected to reach their most conservative aocation years after the target date. Morningstar Ratings (AS OF ) Morningstar Category: TARGET-DATE 2025 Overa out of 173 funds 3 Yrs out of 173 funds 5 Yrs out of 136 funds The Morningstar Rating TM for funds, or "star rating", is cacuated for funds with at east a three-year history. (Exchange-traded funds and open-end mutua funds are considered a singe popuation for comparative purposes.) It is cacuated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthy excess performance (excuding the effect of saes charges, if any), pacing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Past performance is no guarantee of future resuts. Fund Overview Objective Seeks high tota return unti its target retirement date. Thereafter, the fund's objective wi be to seek high current income and, as a secondary objective, capita appreciation. Strategy Designed for investors who anticipate retiring in or within a few years of the fund's target retirement year at or around age 65 and pan to graduay withdraw the vaue of their account in the fund over time. Investing in a combination of Fideity domestic equity funds (incuding commodity funds), internationa funds (deveoped and emerging markets), bond funds (incuding treasury infation-protected security funds) and short-term funds (underying Fideity funds), each of which (excuding the money market fund) seeks to provide investment resuts that correspond to the tota return of a specific index or market segment. Aocating assets among underying Fideity funds according to an asset aocation strategy that becomes increasingy conservative unti it reaches an aocation simiar to that of the Fideity Freedom Index Income Fund - approximatey 17% in domestic equity funds, 7% in internationa equity funds, 46% in bond funds and 30% in short-term funds (approximatey 10 to 19 years after the target year). Utimatey, the fund wi merge with Fideity Freedom Index Income Fund. Buying and seing futures contracts (both ong and short positions) in an effort to manage cash fows efficienty, remain fuy invested, or faciitate asset aocation. The Adviser may continue to seek high tota return for severa years beyond the fund's target retirement date in an effort to achieve the fund's overa investment objective. Page 2 of 4

23 Fund Overview (continued) Risk The investment risk of each Fideity Freedom Index Fund changes over time as its asset aocation changes. These risks are subject to the asset aocation decisions of the Investment Adviser. The funds are subject to the voatiity of the financia markets, incuding that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yied, sma-cap, commodity-inked, and foreign securities. Leverage can increase market exposure, magnify investment risks, and cause osses to be reaized more quicky. No target date fund is considered a compete retirement program and there is no guarantee any singe fund wi provide sufficient retirement income at or through retirement. Principa invested is not guaranteed at any time, incuding at or after the funds' target dates. Additiona Discosures This description is ony intended to provide a brief overview of the mutua fund. Read the fund's prospectus for more detaied information about the fund.returns prior to June 24, 2015 are those of the Investor Cass and refect the Investor Cass' expense ratio. Had the Institutiona Premium Cass' expense ratio been refected, tota returns woud have been higher. Gossary Of Terms Beta: A measure of a portfoio's sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (ess) than 1.0 indicates that a fund's historica returns have fuctuated more (ess) than the benchmark index. Beta is a more reiabe measure of voatiity when used in combination with a high R 2 which indicates a high correation between the movements in a fund's returns and movements in a benchmark index. Exp Ratio (Gross): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the gross expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus (before waivers or reimbursements). This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. Exp Ratio (Net): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the net expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus, after any fee waiver and/or expense reimbursements that wi reduce any fund operating expenses. This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. This number does not incude any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees during the one-year period. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. FID FF Idx 2025 Comp Idx: Fideity Freedom Index 2025 Composite Index is a customized bend of the foowing unmanaged indexes: Dow Jones U.S. Tota Stock Market Index; MSCI ACWI (A Country Word Index) ex USA Index; Boomberg Barcays U.S. Aggregate Bond Index; Dow Jones-UBS Commodity Index Tota Return Index; Boomberg Barcays U.S Year Treasury Infation-Protected Securities (TIPS) Index (Series-L); and Boomberg Barcays U.S. 3 Month Treasury Bewether Index. The index weightings are adjusted monthy to refect the fund's changing asset aocations. The composition differed in periods prior to January 1, Net Asset Vaue (NAV): The doar vaue of one mutua fund's share, excuding any saes charges or redemption fees. The NAV is cacuated by subtracting iabiities from the vaue of a fund's tota assets and dividing it by the number of fund's shares outstanding. Portfoio Net Assets ($M): The difference between a portfoio's tota assets and iabiities, incuding a share casses of the fund. R2: A measurement of how cosey the portfoio's performance correates with the performance of the fund's primary benchmark index or equivaent. R 2 is a proportion which ranges between 0.00 and An R 2 of 1.00 indicates perfect correation to the benchmark index, that is, a of the portfoio's fuctuations are expained by performance fuctuations of the index, whie an R 2 of 0.00 indicates no correation. Therefore, the ower the R 2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R 2 vaue of ess than 0.5 indicates that the Annuaized Apha and Beta are not reiabe performance statistics. S&P 500: S&P 500 Index is a market capitaization-weighted index of 500 common stocks chosen for market size, iquidity, and industry group representation to represent U.S. equity performance. Share Cass Net Assets ($M): The difference between the tota assets and iabiities of a singe share cass of a fund. Sharpe Ratio - Arithmetic: The Sharpe ratio is a measure of historica risk-adjusted performance. It is cacuated by dividing the fund's excess returns (the fund's average annua return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bi rate. Standard Deviation: Statistica measure of how much a return varies over an extended period of time. The more variabe the returns, the arger the standard deviation. Investors may examine historica standard deviation in conjunction with historica returns to decide whether an investment's voatiity woud have been acceptabe given the returns it woud have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historica voatiity. Standard deviation does not indicate how an investment actuay performed, but it does indicate the voatiity of its returns over time. Standard deviation is annuaized. The returns used for this cacuation are not oad-adjusted. Turnover Rate: The esser of amounts of purchases or saes of ong-term portfoio securities divided by the monthy average vaue of ong-term securities owned by the fund. Important Information Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fideity for a free prospectus and, if avaiabe, summary prospectus containing this information. Read it carefuy Morningstar, Inc. A rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, compete or timey. Neither Morningstar nor its content providers are responsibe for any damages or osses arising from any use of this information. Fideity does not review the Morningstar data and, for fund performance, you shoud check the fund's current prospectus or other product materias for the most up-to-date information concerning appicabe oads, fees and expenses. Generay, data on Fideity mutua funds is provided by FMR, LLC, Morningstar ratings and data on non-fideity mutua funds is provided by Morningstar, Inc. and data on non-mutua fund products is provided by the product's investment manager, trustee or issuer or the pan sponsor whose pan is offering the product to participants. Athough Fideity beieves the data gathered from these third-party sources is reiabe, it does not review such information and cannot warrant it to be accurate, compete or timey. Fideity is not responsibe for any damages or osses arising from any use of this third-party information. 1. No Transaction Fee Fideity funds are avaiabe without paying a trading fee to Fideity or a saes oad to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of ong-term sharehoders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information. 2. This chart iustrates the performance of a hypothetica $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is ater). The inception date used for products with underying funds, or mutipe shares casses, or are offered as a separate account, strategy or sub account, may be the inception date of the underying fund, the eariest share cass of the product, or the date composite performance for the product was first made avaiabe. The product's returns may not refect a its expenses. Any fees not refected woud ower the returns. Benchmark returns incude reinvestment of capita gains and dividends, if any, but do not refect any fees or expenses. It is not possibe to invest in an index. Past performance is no guarantee of future resuts. This chart is not intended to impy any future performance of the investment product. Page 3 of 4

24 3. The Morningstar Category Average is the average return for the peer group based on the returns of each individua fund within the group, for the period shown. This average assumes reinvestment of dividends. 4. Risk of this Category: Morningstar cacuates these risk eves by ooking at the Morningstar Risk of the funds in the Category over the previous 5-year period. Morningstar Risk is the difference between the Morningstar Return, based on fund tota returns, and the Morningstar Risk Adjusted Return, based on fund tota returns adjusted for performance voatiity. The Category Risk Leve is based on the equa weighted average Morningstar Risk of the funds in the category. Morningstar's Research Committee evauates the Category Morningstar Risk and assigns the Category Risk Leve after further quaitative judgment. Overa Rating: The Overa Morningstar Rating TM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if appicabe) Morningstar Rating metrics, which are based on risk-adjusted returns, as of the date stated. Returns: This rating is based on a fund's Morningstar Return (its annuaized return in excess to the return of the 90-day U.S. Treasury bi over a three-, five-, or ten-year period). The Morningstar Returns in each category are then scored against each other on a be curve. In each Morningstar Category: top 10% - High next 22.5% - Above Average midde 35% - Average next 22.5% - Beow Average bottom 10% - Low Expenses: This Morningstar data point compares the fund's net expense ratio to the net expense ratio of a the other funds within its Morningstar Category grouping. 5. Tota returns are historica and incude change in share vaue and reinvestment of dividends and capita gains, if any. Cumuative tota returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumuative if the fund is ess than one year od. Tota returns do not refect the fund's [%] saes charge. If saes charges were incuded, tota returns woud have been ower. 6. Percent Rank in Category is the fund's tota-return percentie rank reative to a funds that have the same Morningstar Category. The highest (or most favorabe) percentie rank is 1 and the owest (or east favorabe) percentie rank is 100. The top-performing fund in a category wi aways receive a rank of 1. % Rank in Category is based on tota returns which incude reinvested dividends and capita gains, if any, and excude saes charges. Mutipe share casses of a fund have a common portfoio but impose different expense structures. Past performance is no guarantee of future resuts. 7. Equity StyeMap depictions of mutua fund characteristics are produced using data and cacuations provided by Morningstar, Inc. StyeMaps SM estimate characteristics of a fund's equity hodings over two dimensions: market capitaization and vauation. The percentage of fund assets represented by these hodings is indicated beside each StyeMap. Current StyeMap characteristics are cacuated each time Morningstar receives updated portfoio hodings from a fund and are denoted with a dot. Historica StyeMap characteristics are cacuated for the shorter of either the past 3 years or the ife of the fund, and are represented by the shading of the box(es) previousy occupied by the dot. StyeMap characteristics represent an approximate profie of the fund's equity hodings (e.g., domestic stocks, foreign stocks, and American Depositary Receipts), are based on historica data, and are not predictive of the fund's future investments. Athough the data are gathered from reiabe sources, accuracy and competeness cannot be guaranteed. 8. The percent of net assets invested in both domestic and foreign Equities (common stocks, preferred stocks, rights and warrants, convertibe preferred stocks and stock index futures and options), Bond (a debt instruments, incuding investment grade, non-investment grade, non-rated securities and convertibe bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivabes and payabes). 9. The asset aocation shown is presented to iustrate the underying funds in which the fund invested and may not be representative of the fund's current or future investments. The figures shown are as of the date shown, do not incude the fund's entire investment portfoio and may change at any time. 10. Net Other Assets can incude fund receivabes, fund payabes, and offsets to other derivative positions, as we as certain assets that do not fa into any of the Portfoio Composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are hed for future settement, Net Other Assets can be a negative number. 11. Investors shoud aocate assets based on individua risk toerance, investment time horizon, and persona financia situation. A particuar asset aocation may be achieved by using different aocations in different accounts or by using the same one across mutipe accounts. The gide path is not intended as a benchmark for individua investors; rather, it is a range of equity aocations that may be appropriate for many investors saving for retirement. When choosing a Freedom Fund, investors shoud consider whether they anticipate retiring significanty earier or ater than age 65 even if such investors retire on or near a fund's approximate target date. There may be other considerations reevant to fund seection and investors shoud seect the fund that best meets their individua circumstances and investment goas. 12. Any hodings, asset aocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. The Top Ten Hodings and Top 5 Issuers do not incude money market instruments or futures contracts, if any. Depository receipts are normay combined with the underying security. Some breakdowns may be intentionay imited to a particuar asset cass or other subset of the fund's entire portfoio, particuary in muti-asset cass funds where the attributes of the equity and fixed income portions are different. Under the asset aocation section, internationa (or foreign) assets may be reported differenty depending on how an investment option reports its hodings. Some do not report internationa (or foreign) hodings here, but instead report them in a "Regiona Diversification" section. Some report them in this section in addition to the equity, bond and other aocation shown. Others report internationa (or foreign) hoding as a subset of the equity and bond aocations shown. If the aocation without the foreign component equas (or rounds to) 100%, then internationa (or foreign) is a subset of the equity and bond percentage shown. 13. Initia minimum investments into group retirement accounts such as Fideity Simpified Empoyee Pension-IRA, Keogh, Sef-Empoyed 401(k), and Non-Fideity Prototype Retirement accounts are $500 or higher. There is no minimum for additiona investments in any type of Fideity fund you aready own. 14. Expense Cap is a imit that the fund company has paced on the eve of the expenses borne by the fund unti 5/31/2020 and indicates the maximum eve of expenses (with certain exceptions) that the fund woud be paying unti that time. After the expiration date, the expense cap may be terminated or revised, which may ower the fund's yied and return. Fideity Brokerage Services LLC, Member NYSE, SIPC, 900 Saem Street, Smithfied, RI Report as of 4/24/ RA8114 Page 4 of 4

25 Fideity Freedom Index 2030 Fund - Institutiona Premium Cass (FFEGX) NTF No Transaction Fee 1 Hypothetica Growth of $10,000 2,3 (10/2/2009-) n Fideity Freedom Index 2030 Fund - Institutiona Premium Cass $20,848 n Target-Date 2030 $20, K Morningstar Snapshot* 4 (AS OF ) Morningstar Category Target-Date K 16.80K 14.40K Risk of this Category Overa Rating LOWER HIGHER K The performance data featured represents past performance, which is no guarantee of future resuts. Investment return and principa vaue of an investment wi fuctuate; therefore, you may have a gain or oss when you se your shares. Current performance may be higher or ower than the performance data quoted. Returns Expenses *Data provided by Morningstar LOW AVG HIGH LOW AVG HIGH Performance 3,5,6 Average Annua Tota Returns Monthy (AS OF ) YTD (Monthy) 1 Yr 3 Yrs 5 Yrs 10 Yrs Life Fideity Freedom Index 2030 Fund - Institutiona Premium Cass -0.68% 11.39% 7.15% 8.07% % S&P % 13.99% 10.78% 13.31% 9.49% 14.14% FID FF Idx 2030 Comp Idx -0.84% 11.43% 7.20% 8.78% 6.80% 9.92% Target-Date % 10.37% 6.07% 7.36% 5.86% -- Rank in Morningstar Category 21% 12% 31% # of Funds in Morningstar Category Equity StyeMap * 7 (AS OF 2/28/2018) Detais Large Bend *71.62% Fund Assets Covered Fund Inception 10/2/2009 NAV on $17.57 Quarter-End (AS OF ) Fideity Freedom Index 2030 Fund - Institutiona Premium Cass 11.39% 7.15% 8.07% % Exp Ratio (Gross) 5/30/2017 Exp Ratio (Net) 5/30/ % 0.1% Caendar Year Returns 3,5 (AS OF ) Fideity Freedom Index 2030 Fund - Institutiona Premium Cass 6.50% -1.30% 8.70% 18.03% -0.68% S&P % 1.38% 11.96% 21.83% -0.76% FID FF Idx 2030 Comp Idx 6.78% -1.22% 8.75% 18.15% -0.84% Target-Date % -1.79% 7.33% 16.57% -0.75% Investment Approach Fideity Freedom Index Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire and begin graduay withdrawing their investment. Exp Cap (Dated) 14 6/24/ % Minimum to Invest 13 $9,999, Turnover Rate 9/30/2017 Portfoio Net Assets ($M) Share Cass Net Assets ($M) Fund Manager(s) Co-Manager: Team 9% $4, $2, Except for Fideity Freedom Index Income Fund, each of the Funds seeks high tota return unti reaching its respective target retirement date; thereafter, each Fund's objective wi be to seek high Page 1 of 4

26 Investment Approach (continued) Voatiity Measures current income and, as a secondary objective, capita appreciation. Except for Fideity Freedom Index Income Fund, each Fund's asset aocation strategy becomes increasingy conservative as it approaches its target date and beyond. Utimatey, the Funds are expected to merge with Fideity Freedom Index Income Fund. Beta R The Funds empoy a robust investment process focused on heping investors sove the chaenge of investing through retirement by everaging the depth and strength of Fideity's investment research and resources. Sharpe Ratio 0.81 Asset Aocations 8,9,10 (AS OF ) Standard Deviation 8.27 Domestic Equities 52.50% Bonds 24.83% Internationa Equities 22.63% Short-Term Investments & Net Other Assets Asset Aocation Over Time 11, % Fideity Freedom Funds invest in a diversified mix of Fideity domestic equity, internationa equity, bond, and short-term funds, many of which are managed excusivey for this purpose. As the chart beow shows, Freedom Funds foow a "neutra" asset aocation strategy that becomes increasingy more conservative as the target date approaches and passes. Freedom Funds are generay expected to reach their most conservative aocation years after the target date. Morningstar Ratings (AS OF ) Morningstar Category: TARGET-DATE 2030 Overa out of 190 funds 3 Yrs out of 190 funds 5 Yrs out of 149 funds The Morningstar Rating TM for funds, or "star rating", is cacuated for funds with at east a three-year history. (Exchange-traded funds and open-end mutua funds are considered a singe popuation for comparative purposes.) It is cacuated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthy excess performance (excuding the effect of saes charges, if any), pacing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Past performance is no guarantee of future resuts. Fund Overview Objective Seeks high tota return unti its target retirement date. Thereafter, the fund's objective wi be to seek high current income and, as a secondary objective, capita appreciation. Strategy Designed for investors who anticipate retiring in or within a few years of the fund's target retirement year at or around age 65 and pan to graduay withdraw the vaue of their account in the fund over time. Investing in a combination of Fideity domestic equity funds (incuding commodity funds), internationa funds (deveoped and emerging markets), bond funds (incuding treasury infation-protected security funds) and short-term funds (underying Fideity funds), each of which (excuding the money market fund) seeks to provide investment resuts that correspond to the tota return of a specific index or market segment. Aocating assets among underying Fideity funds according to an asset aocation strategy that becomes increasingy conservative unti it reaches an aocation simiar to that of the Fideity Freedom Index Income Fund - approximatey 17% in domestic equity funds, 7% in internationa equity funds, 46% in bond funds and 30% in short-term funds (approximatey 10 to 19 years after the target year). Utimatey, the fund wi merge with Fideity Freedom Index Income Fund. Buying and seing futures contracts (both ong and short positions) in an effort to manage cash fows efficienty, remain fuy invested, or faciitate asset aocation. The Adviser may continue to seek high tota return for severa years beyond the fund's target retirement date in an effort to achieve the fund's overa investment objective. Page 2 of 4

27 Fund Overview (continued) Risk The investment risk of each Fideity Freedom Index Fund changes over time as its asset aocation changes. These risks are subject to the asset aocation decisions of the Investment Adviser. The funds are subject to the voatiity of the financia markets, incuding that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yied, sma-cap, commodity-inked, and foreign securities. Leverage can increase market exposure, magnify investment risks, and cause osses to be reaized more quicky. No target date fund is considered a compete retirement program and there is no guarantee any singe fund wi provide sufficient retirement income at or through retirement. Principa invested is not guaranteed at any time, incuding at or after the funds' target dates. Additiona Discosures This description is ony intended to provide a brief overview of the mutua fund. Read the fund's prospectus for more detaied information about the fund.returns prior to June 24, 2015 are those of the Investor Cass and refect the Investor Cass' expense ratio. Had the Institutiona Premium Cass' expense ratio been refected, tota returns woud have been higher. Gossary Of Terms Beta: A measure of a portfoio's sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (ess) than 1.0 indicates that a fund's historica returns have fuctuated more (ess) than the benchmark index. Beta is a more reiabe measure of voatiity when used in combination with a high R 2 which indicates a high correation between the movements in a fund's returns and movements in a benchmark index. Exp Ratio (Gross): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the gross expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus (before waivers or reimbursements). This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. Exp Ratio (Net): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the net expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus, after any fee waiver and/or expense reimbursements that wi reduce any fund operating expenses. This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. This number does not incude any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees during the one-year period. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. FID FF Idx 2030 Comp Idx: Fideity Freedom Index 2030 Composite Index is a customized bend of the foowing unmanaged indexes: Dow Jones U.S. Tota Stock Market Index; MSCI ACWI (A Country Word Index) ex USA Index; Boomberg Barcays U.S. Aggregate Bond Index; Dow Jones-UBS Commodity Index Tota Return Index; Boomberg Barcays U.S Year Treasury Infation-Protected Securities (TIPS) Index (Series-L); and Boomberg Barcays U.S. 3 Month Treasury Bewether Index. The index weightings are adjusted monthy to refect the fund's changing asset aocations. The composition differed in periods prior to January 1, Net Asset Vaue (NAV): The doar vaue of one mutua fund's share, excuding any saes charges or redemption fees. The NAV is cacuated by subtracting iabiities from the vaue of a fund's tota assets and dividing it by the number of fund's shares outstanding. Portfoio Net Assets ($M): The difference between a portfoio's tota assets and iabiities, incuding a share casses of the fund. R2: A measurement of how cosey the portfoio's performance correates with the performance of the fund's primary benchmark index or equivaent. R 2 is a proportion which ranges between 0.00 and An R 2 of 1.00 indicates perfect correation to the benchmark index, that is, a of the portfoio's fuctuations are expained by performance fuctuations of the index, whie an R 2 of 0.00 indicates no correation. Therefore, the ower the R 2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R 2 vaue of ess than 0.5 indicates that the Annuaized Apha and Beta are not reiabe performance statistics. S&P 500: S&P 500 Index is a market capitaization-weighted index of 500 common stocks chosen for market size, iquidity, and industry group representation to represent U.S. equity performance. Share Cass Net Assets ($M): The difference between the tota assets and iabiities of a singe share cass of a fund. Sharpe Ratio - Arithmetic: The Sharpe ratio is a measure of historica risk-adjusted performance. It is cacuated by dividing the fund's excess returns (the fund's average annua return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bi rate. Standard Deviation: Statistica measure of how much a return varies over an extended period of time. The more variabe the returns, the arger the standard deviation. Investors may examine historica standard deviation in conjunction with historica returns to decide whether an investment's voatiity woud have been acceptabe given the returns it woud have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historica voatiity. Standard deviation does not indicate how an investment actuay performed, but it does indicate the voatiity of its returns over time. Standard deviation is annuaized. The returns used for this cacuation are not oad-adjusted. Turnover Rate: The esser of amounts of purchases or saes of ong-term portfoio securities divided by the monthy average vaue of ong-term securities owned by the fund. Important Information Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fideity for a free prospectus and, if avaiabe, summary prospectus containing this information. Read it carefuy Morningstar, Inc. A rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, compete or timey. Neither Morningstar nor its content providers are responsibe for any damages or osses arising from any use of this information. Fideity does not review the Morningstar data and, for fund performance, you shoud check the fund's current prospectus or other product materias for the most up-to-date information concerning appicabe oads, fees and expenses. Generay, data on Fideity mutua funds is provided by FMR, LLC, Morningstar ratings and data on non-fideity mutua funds is provided by Morningstar, Inc. and data on non-mutua fund products is provided by the product's investment manager, trustee or issuer or the pan sponsor whose pan is offering the product to participants. Athough Fideity beieves the data gathered from these third-party sources is reiabe, it does not review such information and cannot warrant it to be accurate, compete or timey. Fideity is not responsibe for any damages or osses arising from any use of this third-party information. 1. No Transaction Fee Fideity funds are avaiabe without paying a trading fee to Fideity or a saes oad to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of ong-term sharehoders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information. 2. This chart iustrates the performance of a hypothetica $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is ater). The inception date used for products with underying funds, or mutipe shares casses, or are offered as a separate account, strategy or sub account, may be the inception date of the underying fund, the eariest share cass of the product, or the date composite performance for the product was first made avaiabe. The product's returns may not refect a its expenses. Any fees not refected woud ower the returns. Benchmark returns incude reinvestment of capita gains and dividends, if any, but do not refect any fees or expenses. It is not possibe to invest in an index. Past performance is no guarantee of future resuts. This chart is not intended to impy any future performance of the investment product. Page 3 of 4

28 3. The Morningstar Category Average is the average return for the peer group based on the returns of each individua fund within the group, for the period shown. This average assumes reinvestment of dividends. 4. Risk of this Category: Morningstar cacuates these risk eves by ooking at the Morningstar Risk of the funds in the Category over the previous 5-year period. Morningstar Risk is the difference between the Morningstar Return, based on fund tota returns, and the Morningstar Risk Adjusted Return, based on fund tota returns adjusted for performance voatiity. The Category Risk Leve is based on the equa weighted average Morningstar Risk of the funds in the category. Morningstar's Research Committee evauates the Category Morningstar Risk and assigns the Category Risk Leve after further quaitative judgment. Overa Rating: The Overa Morningstar Rating TM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if appicabe) Morningstar Rating metrics, which are based on risk-adjusted returns, as of the date stated. Returns: This rating is based on a fund's Morningstar Return (its annuaized return in excess to the return of the 90-day U.S. Treasury bi over a three-, five-, or ten-year period). The Morningstar Returns in each category are then scored against each other on a be curve. In each Morningstar Category: top 10% - High next 22.5% - Above Average midde 35% - Average next 22.5% - Beow Average bottom 10% - Low Expenses: This Morningstar data point compares the fund's net expense ratio to the net expense ratio of a the other funds within its Morningstar Category grouping. 5. Tota returns are historica and incude change in share vaue and reinvestment of dividends and capita gains, if any. Cumuative tota returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumuative if the fund is ess than one year od. Tota returns do not refect the fund's [%] saes charge. If saes charges were incuded, tota returns woud have been ower. 6. Percent Rank in Category is the fund's tota-return percentie rank reative to a funds that have the same Morningstar Category. The highest (or most favorabe) percentie rank is 1 and the owest (or east favorabe) percentie rank is 100. The top-performing fund in a category wi aways receive a rank of 1. % Rank in Category is based on tota returns which incude reinvested dividends and capita gains, if any, and excude saes charges. Mutipe share casses of a fund have a common portfoio but impose different expense structures. Past performance is no guarantee of future resuts. 7. Equity StyeMap depictions of mutua fund characteristics are produced using data and cacuations provided by Morningstar, Inc. StyeMaps SM estimate characteristics of a fund's equity hodings over two dimensions: market capitaization and vauation. The percentage of fund assets represented by these hodings is indicated beside each StyeMap. Current StyeMap characteristics are cacuated each time Morningstar receives updated portfoio hodings from a fund and are denoted with a dot. Historica StyeMap characteristics are cacuated for the shorter of either the past 3 years or the ife of the fund, and are represented by the shading of the box(es) previousy occupied by the dot. StyeMap characteristics represent an approximate profie of the fund's equity hodings (e.g., domestic stocks, foreign stocks, and American Depositary Receipts), are based on historica data, and are not predictive of the fund's future investments. Athough the data are gathered from reiabe sources, accuracy and competeness cannot be guaranteed. 8. The percent of net assets invested in both domestic and foreign Equities (common stocks, preferred stocks, rights and warrants, convertibe preferred stocks and stock index futures and options), Bond (a debt instruments, incuding investment grade, non-investment grade, non-rated securities and convertibe bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivabes and payabes). 9. The asset aocation shown is presented to iustrate the underying funds in which the fund invested and may not be representative of the fund's current or future investments. The figures shown are as of the date shown, do not incude the fund's entire investment portfoio and may change at any time. 10. Net Other Assets can incude fund receivabes, fund payabes, and offsets to other derivative positions, as we as certain assets that do not fa into any of the Portfoio Composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are hed for future settement, Net Other Assets can be a negative number. 11. Investors shoud aocate assets based on individua risk toerance, investment time horizon, and persona financia situation. A particuar asset aocation may be achieved by using different aocations in different accounts or by using the same one across mutipe accounts. The gide path is not intended as a benchmark for individua investors; rather, it is a range of equity aocations that may be appropriate for many investors saving for retirement. When choosing a Freedom Fund, investors shoud consider whether they anticipate retiring significanty earier or ater than age 65 even if such investors retire on or near a fund's approximate target date. There may be other considerations reevant to fund seection and investors shoud seect the fund that best meets their individua circumstances and investment goas. 12. Any hodings, asset aocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. The Top Ten Hodings and Top 5 Issuers do not incude money market instruments or futures contracts, if any. Depository receipts are normay combined with the underying security. Some breakdowns may be intentionay imited to a particuar asset cass or other subset of the fund's entire portfoio, particuary in muti-asset cass funds where the attributes of the equity and fixed income portions are different. Under the asset aocation section, internationa (or foreign) assets may be reported differenty depending on how an investment option reports its hodings. Some do not report internationa (or foreign) hodings here, but instead report them in a "Regiona Diversification" section. Some report them in this section in addition to the equity, bond and other aocation shown. Others report internationa (or foreign) hoding as a subset of the equity and bond aocations shown. If the aocation without the foreign component equas (or rounds to) 100%, then internationa (or foreign) is a subset of the equity and bond percentage shown. 13. Initia minimum investments into group retirement accounts such as Fideity Simpified Empoyee Pension-IRA, Keogh, Sef-Empoyed 401(k), and Non-Fideity Prototype Retirement accounts are $500 or higher. There is no minimum for additiona investments in any type of Fideity fund you aready own. 14. Expense Cap is a imit that the fund company has paced on the eve of the expenses borne by the fund unti 5/31/2020 and indicates the maximum eve of expenses (with certain exceptions) that the fund woud be paying unti that time. After the expiration date, the expense cap may be terminated or revised, which may ower the fund's yied and return. Fideity Brokerage Services LLC, Member NYSE, SIPC, 900 Saem Street, Smithfied, RI Report as of 4/24/ OA8114 Page 4 of 4

29 Fideity Freedom Index 2035 Fund - Institutiona Premium Cass (FFEZX) NTF No Transaction Fee 1 Hypothetica Growth of $10,000 2,3 (10/2/2009-) n Fideity Freedom Index 2035 Fund - Institutiona Premium Cass $22,054 n Target-Date 2035 $21, K 19.60K 16.80K 14.00K 11.20K Morningstar Snapshot* 4 (AS OF ) Morningstar Category Target-Date 2035 Risk of this Category Overa Rating Returns LOWER HIGHER LOW AVG HIGH The performance data featured represents past performance, which is no guarantee of future resuts. Investment return and principa vaue of an investment wi fuctuate; therefore, you may have a gain or oss when you se your shares. Current performance may be higher or ower than the performance data quoted. Expenses *Data provided by Morningstar LOW AVG HIGH Performance 3,5,6 Average Annua Tota Returns Monthy (AS OF ) YTD (Monthy) 1 Yr 3 Yrs 5 Yrs 10 Yrs Life Fideity Freedom Index 2035 Fund - Institutiona Premium Cass -0.64% 13.00% 8.05% 8.97% % S&P % 13.99% 10.78% 13.31% 9.49% 14.14% FID FF Idx 2035 Comp Idx -0.80% 13.01% 8.08% 9.71% 7.42% 10.74% Target-Date % 11.73% 6.73% 8.16% 6.35% -- Rank in Morningstar Category 15% 7% 27% # of Funds in Morningstar Category Equity StyeMap * 7 (AS OF 2/28/2018) Detais Large Bend *83.37% Fund Assets Covered Fund Inception 10/2/2009 NAV on $18.64 Quarter-End (AS OF ) Fideity Freedom Index 2035 Fund - Institutiona Premium Cass 13.00% 8.05% 8.97% % Exp Ratio (Gross) 5/30/2017 Exp Ratio (Net) 5/30/ % 0.1% Caendar Year Returns 3,5 (AS OF ) Fideity Freedom Index 2035 Fund - Institutiona Premium Cass 6.62% -1.47% 9.46% 20.40% -0.64% S&P % 1.38% 11.96% 21.83% -0.76% FID FF Idx 2035 Comp Idx 6.86% -1.43% 9.53% 20.45% -0.80% Target-Date % -1.76% 7.57% 18.43% -0.61% Investment Approach Fideity Freedom Index Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire and begin graduay withdrawing their investment. Exp Cap (Dated) 14 6/24/ % Minimum to Invest 13 $9,999, Turnover Rate 9/30/2017 Portfoio Net Assets ($M) Share Cass Net Assets ($M) Fund Manager(s) Co-Manager: Team 8% $2, $1, Except for Fideity Freedom Index Income Fund, each of the Funds seeks high tota return unti reaching its respective target retirement date; thereafter, each Fund's objective wi be to seek high Page 1 of 4

30 Investment Approach (continued) Voatiity Measures current income and, as a secondary objective, capita appreciation. Except for Fideity Freedom Index Income Fund, each Fund's asset aocation strategy becomes increasingy conservative as it approaches its target date and beyond. Utimatey, the Funds are expected to merge with Fideity Freedom Index Income Fund. Beta R The Funds empoy a robust investment process focused on heping investors sove the chaenge of investing through retirement by everaging the depth and strength of Fideity's investment research and resources. Sharpe Ratio 0.82 Asset Aocations 8,9,10 (AS OF ) Standard Deviation 9.17 Domestic Equities 61.01% Internationa Equities 26.28% Bonds 12.69% Short-Term Investments & Net Other Assets Asset Aocation Over Time 11, % Fideity Freedom Funds invest in a diversified mix of Fideity domestic equity, internationa equity, bond, and short-term funds, many of which are managed excusivey for this purpose. As the chart beow shows, Freedom Funds foow a "neutra" asset aocation strategy that becomes increasingy more conservative as the target date approaches and passes. Freedom Funds are generay expected to reach their most conservative aocation years after the target date. Morningstar Ratings (AS OF ) Morningstar Category: TARGET-DATE 2035 Overa out of 168 funds 3 Yrs out of 168 funds 5 Yrs out of 131 funds The Morningstar Rating TM for funds, or "star rating", is cacuated for funds with at east a three-year history. (Exchange-traded funds and open-end mutua funds are considered a singe popuation for comparative purposes.) It is cacuated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthy excess performance (excuding the effect of saes charges, if any), pacing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Past performance is no guarantee of future resuts. Fund Overview Objective Seeks high tota return unti its target retirement date. Thereafter, the fund's objective wi be to seek high current income and, as a secondary objective, capita appreciation. Strategy Designed for investors who anticipate retiring in or within a few years of the fund's target retirement year at or around age 65 and pan to graduay withdraw the vaue of their account in the fund over time. Investing in a combination of Fideity domestic equity funds (incuding commodity funds), internationa funds (deveoped and emerging markets), bond funds (incuding treasury infation-protected security funds) and short-term funds (underying Fideity funds), each of which (excuding the money market fund) seeks to provide investment resuts that correspond to the tota return of a specific index or market segment. Aocating assets among underying Fideity funds according to an asset aocation strategy that becomes increasingy conservative unti it reaches an aocation simiar to that of the Fideity Freedom Index Income Fund - approximatey 17% in domestic equity funds, 7% in internationa equity funds, 46% in bond funds and 30% in short-term funds (approximatey 10 to 19 years after the target year). Utimatey, the fund wi merge with Fideity Freedom Index Income Fund. Buying and seing futures contracts (both ong and short positions) in an effort to manage cash fows efficienty, remain fuy invested, or faciitate asset aocation. The Adviser may continue to seek high tota return for severa years beyond the fund's target retirement date in an effort to achieve the fund's overa investment objective. Page 2 of 4

31 Fund Overview (continued) Risk The investment risk of each Fideity Freedom Index Fund changes over time as its asset aocation changes. These risks are subject to the asset aocation decisions of the Investment Adviser. The funds are subject to the voatiity of the financia markets, incuding that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yied, sma-cap, commodity-inked, and foreign securities. Leverage can increase market exposure, magnify investment risks, and cause osses to be reaized more quicky. No target date fund is considered a compete retirement program and there is no guarantee any singe fund wi provide sufficient retirement income at or through retirement. Principa invested is not guaranteed at any time, incuding at or after the funds' target dates. Additiona Discosures This description is ony intended to provide a brief overview of the mutua fund. Read the fund's prospectus for more detaied information about the fund.returns prior to June 24, 2015 are those of the Investor Cass and refect the Investor Cass' expense ratio. Had the Institutiona Premium Cass' expense ratio been refected, tota returns woud have been higher. Gossary Of Terms Beta: A measure of a portfoio's sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (ess) than 1.0 indicates that a fund's historica returns have fuctuated more (ess) than the benchmark index. Beta is a more reiabe measure of voatiity when used in combination with a high R 2 which indicates a high correation between the movements in a fund's returns and movements in a benchmark index. Exp Ratio (Gross): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the gross expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus (before waivers or reimbursements). This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. Exp Ratio (Net): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the net expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus, after any fee waiver and/or expense reimbursements that wi reduce any fund operating expenses. This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. This number does not incude any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees during the one-year period. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. FID FF Idx 2035 Comp Idx: Fideity Freedom Index 2035 Composite Index is a customized bend of the foowing unmanaged indexes: Dow Jones U.S. Tota Stock Market Index; MSCI ACWI (A Country Word Index) ex USA Index; Boomberg Barcays U.S. Aggregate Bond Index; and Dow Jones-UBS Commodity Index Tota Return Index. The index weightings are adjusted monthy to refect the fund's changing asset aocations. The composition differed in periods prior to January 1, Net Asset Vaue (NAV): The doar vaue of one mutua fund's share, excuding any saes charges or redemption fees. The NAV is cacuated by subtracting iabiities from the vaue of a fund's tota assets and dividing it by the number of fund's shares outstanding. Portfoio Net Assets ($M): The difference between a portfoio's tota assets and iabiities, incuding a share casses of the fund. R2: A measurement of how cosey the portfoio's performance correates with the performance of the fund's primary benchmark index or equivaent. R 2 is a proportion which ranges between 0.00 and An R 2 of 1.00 indicates perfect correation to the benchmark index, that is, a of the portfoio's fuctuations are expained by performance fuctuations of the index, whie an R 2 of 0.00 indicates no correation. Therefore, the ower the R 2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R 2 vaue of ess than 0.5 indicates that the Annuaized Apha and Beta are not reiabe performance statistics. S&P 500: S&P 500 Index is a market capitaization-weighted index of 500 common stocks chosen for market size, iquidity, and industry group representation to represent U.S. equity performance. Share Cass Net Assets ($M): The difference between the tota assets and iabiities of a singe share cass of a fund. Sharpe Ratio - Arithmetic: The Sharpe ratio is a measure of historica risk-adjusted performance. It is cacuated by dividing the fund's excess returns (the fund's average annua return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bi rate. Standard Deviation: Statistica measure of how much a return varies over an extended period of time. The more variabe the returns, the arger the standard deviation. Investors may examine historica standard deviation in conjunction with historica returns to decide whether an investment's voatiity woud have been acceptabe given the returns it woud have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historica voatiity. Standard deviation does not indicate how an investment actuay performed, but it does indicate the voatiity of its returns over time. Standard deviation is annuaized. The returns used for this cacuation are not oad-adjusted. Turnover Rate: The esser of amounts of purchases or saes of ong-term portfoio securities divided by the monthy average vaue of ong-term securities owned by the fund. Important Information Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fideity for a free prospectus and, if avaiabe, summary prospectus containing this information. Read it carefuy Morningstar, Inc. A rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, compete or timey. Neither Morningstar nor its content providers are responsibe for any damages or osses arising from any use of this information. Fideity does not review the Morningstar data and, for fund performance, you shoud check the fund's current prospectus or other product materias for the most up-to-date information concerning appicabe oads, fees and expenses. Generay, data on Fideity mutua funds is provided by FMR, LLC, Morningstar ratings and data on non-fideity mutua funds is provided by Morningstar, Inc. and data on non-mutua fund products is provided by the product's investment manager, trustee or issuer or the pan sponsor whose pan is offering the product to participants. Athough Fideity beieves the data gathered from these third-party sources is reiabe, it does not review such information and cannot warrant it to be accurate, compete or timey. Fideity is not responsibe for any damages or osses arising from any use of this third-party information. 1. No Transaction Fee Fideity funds are avaiabe without paying a trading fee to Fideity or a saes oad to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of ong-term sharehoders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information. 2. This chart iustrates the performance of a hypothetica $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is ater). The inception date used for products with underying funds, or mutipe shares casses, or are offered as a separate account, strategy or sub account, may be the inception date of the underying fund, the eariest share cass of the product, or the date composite performance for the product was first made avaiabe. The product's returns may not refect a its expenses. Any fees not refected woud ower the returns. Benchmark returns incude reinvestment of capita gains and dividends, if any, but do not refect any fees or expenses. It is not possibe to invest in an index. Past performance is no guarantee of future resuts. This chart is not intended to impy any future performance of the investment product. Page 3 of 4

32 3. The Morningstar Category Average is the average return for the peer group based on the returns of each individua fund within the group, for the period shown. This average assumes reinvestment of dividends. 4. Risk of this Category: Morningstar cacuates these risk eves by ooking at the Morningstar Risk of the funds in the Category over the previous 5-year period. Morningstar Risk is the difference between the Morningstar Return, based on fund tota returns, and the Morningstar Risk Adjusted Return, based on fund tota returns adjusted for performance voatiity. The Category Risk Leve is based on the equa weighted average Morningstar Risk of the funds in the category. Morningstar's Research Committee evauates the Category Morningstar Risk and assigns the Category Risk Leve after further quaitative judgment. Overa Rating: The Overa Morningstar Rating TM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if appicabe) Morningstar Rating metrics, which are based on risk-adjusted returns, as of the date stated. Returns: This rating is based on a fund's Morningstar Return (its annuaized return in excess to the return of the 90-day U.S. Treasury bi over a three-, five-, or ten-year period). The Morningstar Returns in each category are then scored against each other on a be curve. In each Morningstar Category: top 10% - High next 22.5% - Above Average midde 35% - Average next 22.5% - Beow Average bottom 10% - Low Expenses: This Morningstar data point compares the fund's net expense ratio to the net expense ratio of a the other funds within its Morningstar Category grouping. 5. Tota returns are historica and incude change in share vaue and reinvestment of dividends and capita gains, if any. Cumuative tota returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumuative if the fund is ess than one year od. Tota returns do not refect the fund's [%] saes charge. If saes charges were incuded, tota returns woud have been ower. 6. Percent Rank in Category is the fund's tota-return percentie rank reative to a funds that have the same Morningstar Category. The highest (or most favorabe) percentie rank is 1 and the owest (or east favorabe) percentie rank is 100. The top-performing fund in a category wi aways receive a rank of 1. % Rank in Category is based on tota returns which incude reinvested dividends and capita gains, if any, and excude saes charges. Mutipe share casses of a fund have a common portfoio but impose different expense structures. Past performance is no guarantee of future resuts. 7. Equity StyeMap depictions of mutua fund characteristics are produced using data and cacuations provided by Morningstar, Inc. StyeMaps SM estimate characteristics of a fund's equity hodings over two dimensions: market capitaization and vauation. The percentage of fund assets represented by these hodings is indicated beside each StyeMap. Current StyeMap characteristics are cacuated each time Morningstar receives updated portfoio hodings from a fund and are denoted with a dot. Historica StyeMap characteristics are cacuated for the shorter of either the past 3 years or the ife of the fund, and are represented by the shading of the box(es) previousy occupied by the dot. StyeMap characteristics represent an approximate profie of the fund's equity hodings (e.g., domestic stocks, foreign stocks, and American Depositary Receipts), are based on historica data, and are not predictive of the fund's future investments. Athough the data are gathered from reiabe sources, accuracy and competeness cannot be guaranteed. 8. The percent of net assets invested in both domestic and foreign Equities (common stocks, preferred stocks, rights and warrants, convertibe preferred stocks and stock index futures and options), Bond (a debt instruments, incuding investment grade, non-investment grade, non-rated securities and convertibe bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivabes and payabes). 9. The asset aocation shown is presented to iustrate the underying funds in which the fund invested and may not be representative of the fund's current or future investments. The figures shown are as of the date shown, do not incude the fund's entire investment portfoio and may change at any time. 10. Net Other Assets can incude fund receivabes, fund payabes, and offsets to other derivative positions, as we as certain assets that do not fa into any of the Portfoio Composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are hed for future settement, Net Other Assets can be a negative number. 11. Investors shoud aocate assets based on individua risk toerance, investment time horizon, and persona financia situation. A particuar asset aocation may be achieved by using different aocations in different accounts or by using the same one across mutipe accounts. The gide path is not intended as a benchmark for individua investors; rather, it is a range of equity aocations that may be appropriate for many investors saving for retirement. When choosing a Freedom Fund, investors shoud consider whether they anticipate retiring significanty earier or ater than age 65 even if such investors retire on or near a fund's approximate target date. There may be other considerations reevant to fund seection and investors shoud seect the fund that best meets their individua circumstances and investment goas. 12. Any hodings, asset aocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. The Top Ten Hodings and Top 5 Issuers do not incude money market instruments or futures contracts, if any. Depository receipts are normay combined with the underying security. Some breakdowns may be intentionay imited to a particuar asset cass or other subset of the fund's entire portfoio, particuary in muti-asset cass funds where the attributes of the equity and fixed income portions are different. Under the asset aocation section, internationa (or foreign) assets may be reported differenty depending on how an investment option reports its hodings. Some do not report internationa (or foreign) hodings here, but instead report them in a "Regiona Diversification" section. Some report them in this section in addition to the equity, bond and other aocation shown. Others report internationa (or foreign) hoding as a subset of the equity and bond aocations shown. If the aocation without the foreign component equas (or rounds to) 100%, then internationa (or foreign) is a subset of the equity and bond percentage shown. 13. Initia minimum investments into group retirement accounts such as Fideity Simpified Empoyee Pension-IRA, Keogh, Sef-Empoyed 401(k), and Non-Fideity Prototype Retirement accounts are $500 or higher. There is no minimum for additiona investments in any type of Fideity fund you aready own. 14. Expense Cap is a imit that the fund company has paced on the eve of the expenses borne by the fund unti 5/31/2020 and indicates the maximum eve of expenses (with certain exceptions) that the fund woud be paying unti that time. After the expiration date, the expense cap may be terminated or revised, which may ower the fund's yied and return. Fideity Brokerage Services LLC, Member NYSE, SIPC, 900 Saem Street, Smithfied, RI Report as of 4/24/ RA8114 Page 4 of 4

33 Fideity Freedom Index 2040 Fund - Institutiona Premium Cass (FFIZX) NTF No Transaction Fee 1 Hypothetica Growth of $10,000 2,3 (10/2/2009-) n Fideity Freedom Index 2040 Fund - Institutiona Premium Cass $22,207 n Target-Date 2040 $21, K 19.60K 16.80K 14.00K 11.20K Morningstar Snapshot* 4 (AS OF ) Morningstar Category Target-Date 2040 Risk of this Category Overa Rating Returns LOWER HIGHER LOW AVG HIGH The performance data featured represents past performance, which is no guarantee of future resuts. Investment return and principa vaue of an investment wi fuctuate; therefore, you may have a gain or oss when you se your shares. Current performance may be higher or ower than the performance data quoted. Expenses *Data provided by Morningstar LOW AVG HIGH Performance 3,5,6 Average Annua Tota Returns Monthy (AS OF ) YTD (Monthy) 1 Yr 3 Yrs 5 Yrs 10 Yrs Life Fideity Freedom Index 2040 Fund - Institutiona Premium Cass -0.64% 13.20% 8.11% 9.04% % S&P % 13.99% 10.78% 13.31% 9.49% 14.14% FID FF Idx 2040 Comp Idx -0.80% 13.19% 8.15% 9.82% 7.42% 10.85% Target-Date % 12.42% 7.04% 8.48% 6.33% -- Rank in Morningstar Category 27% 17% 35% # of Funds in Morningstar Category Equity StyeMap * 7 (AS OF 2/28/2018) Detais Large Bend *85.56% Fund Assets Covered Fund Inception 10/2/2009 NAV on $18.77 Quarter-End (AS OF ) Fideity Freedom Index 2040 Fund - Institutiona Premium Cass 13.20% 8.11% 9.04% % Exp Ratio (Gross) 5/30/2017 Exp Ratio (Net) 5/30/ % 0.1% Caendar Year Returns 3,5 (AS OF ) Fideity Freedom Index 2040 Fund - Institutiona Premium Cass 6.57% -1.51% 9.53% 20.56% -0.64% S&P % 1.38% 11.96% 21.83% -0.76% FID FF Idx 2040 Comp Idx 6.86% -1.43% 9.54% 20.67% -0.80% Target-Date % -1.99% 7.95% 19.52% -0.66% Investment Approach Fideity Freedom Index Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire and begin graduay withdrawing their investment. Exp Cap (Dated) 14 6/24/ % Minimum to Invest 13 $9,999, Turnover Rate 9/30/2017 Portfoio Net Assets ($M) Share Cass Net Assets ($M) Fund Manager(s) Co-Manager: Team 7% $3, $1, Except for Fideity Freedom Index Income Fund, each of the Funds seeks high tota return unti reaching its respective target retirement date; thereafter, each Fund's objective wi be to seek high Page 1 of 4

34 Investment Approach (continued) Voatiity Measures current income and, as a secondary objective, capita appreciation. Except for Fideity Freedom Index Income Fund, each Fund's asset aocation strategy becomes increasingy conservative as it approaches its target date and beyond. Utimatey, the Funds are expected to merge with Fideity Freedom Index Income Fund. Beta R The Funds empoy a robust investment process focused on heping investors sove the chaenge of investing through retirement by everaging the depth and strength of Fideity's investment research and resources. Sharpe Ratio 0.83 Asset Aocations 8,9,10 (AS OF ) Standard Deviation 9.21 Domestic Equities 62.74% Internationa Equities 27.01% Bonds 10.23% Short-Term Investments & Net Other Assets Asset Aocation Over Time 11, % Fideity Freedom Funds invest in a diversified mix of Fideity domestic equity, internationa equity, bond, and short-term funds, many of which are managed excusivey for this purpose. As the chart beow shows, Freedom Funds foow a "neutra" asset aocation strategy that becomes increasingy more conservative as the target date approaches and passes. Freedom Funds are generay expected to reach their most conservative aocation years after the target date. Morningstar Ratings (AS OF ) Morningstar Category: TARGET-DATE 2040 Overa out of 190 funds 3 Yrs out of 190 funds 5 Yrs out of 149 funds The Morningstar Rating TM for funds, or "star rating", is cacuated for funds with at east a three-year history. (Exchange-traded funds and open-end mutua funds are considered a singe popuation for comparative purposes.) It is cacuated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthy excess performance (excuding the effect of saes charges, if any), pacing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Past performance is no guarantee of future resuts. Fund Overview Objective Seeks high tota return unti its target retirement date. Thereafter, the fund's objective wi be to seek high current income and, as a secondary objective, capita appreciation. Strategy Designed for investors who anticipate retiring in or within a few years of the fund's target retirement year at or around age 65 and pan to graduay withdraw the vaue of their account in the fund over time. Investing in a combination of Fideity domestic equity funds (incuding commodity funds), internationa funds (deveoped and emerging markets), bond funds (incuding treasury infation-protected security funds) and short-term funds (underying Fideity funds), each of which (excuding the money market fund) seeks to provide investment resuts that correspond to the tota return of a specific index or market segment. Aocating assets among underying Fideity funds according to an asset aocation strategy that becomes increasingy conservative unti it reaches an aocation simiar to that of the Fideity Freedom Index Income Fund - approximatey 17% in domestic equity funds, 7% in internationa equity funds, 46% in bond funds and 30% in short-term funds (approximatey 10 to 19 years after the target year). Utimatey, the fund wi merge with Fideity Freedom Index Income Fund. Buying and seing futures contracts (both ong and short positions) in an effort to manage cash fows efficienty, remain fuy invested, or faciitate asset aocation. The Adviser may continue to seek high tota return for severa years beyond the fund's target retirement date in an effort to achieve the fund's overa investment objective. Page 2 of 4

35 Fund Overview (continued) Risk The investment risk of each Fideity Freedom Index Fund changes over time as its asset aocation changes. These risks are subject to the asset aocation decisions of the Investment Adviser. The funds are subject to the voatiity of the financia markets, incuding that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yied, sma-cap, commodity-inked, and foreign securities. Leverage can increase market exposure, magnify investment risks, and cause osses to be reaized more quicky. No target date fund is considered a compete retirement program and there is no guarantee any singe fund wi provide sufficient retirement income at or through retirement. Principa invested is not guaranteed at any time, incuding at or after the funds' target dates. Additiona Discosures This description is ony intended to provide a brief overview of the mutua fund. Read the fund's prospectus for more detaied information about the fund.returns prior to June 24, 2015 are those of the Investor Cass and refect the Investor Cass' expense ratio. Had the Institutiona Premium Cass' expense ratio been refected, tota returns woud have been higher. Gossary Of Terms Beta: A measure of a portfoio's sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (ess) than 1.0 indicates that a fund's historica returns have fuctuated more (ess) than the benchmark index. Beta is a more reiabe measure of voatiity when used in combination with a high R 2 which indicates a high correation between the movements in a fund's returns and movements in a benchmark index. Exp Ratio (Gross): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the gross expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus (before waivers or reimbursements). This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. Exp Ratio (Net): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the net expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus, after any fee waiver and/or expense reimbursements that wi reduce any fund operating expenses. This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. This number does not incude any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees during the one-year period. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. FID FF Idx 2040 Comp Idx: Fideity Freedom Index 2040 Composite Index is a customized bend of the foowing unmanaged indexes: Dow Jones U.S. Tota Stock Market Index; MSCI ACWI (A Country Word Index) ex USA Index; Boomberg Barcays U.S. Aggregate Bond Index; and Dow Jones-UBS Commodity Index Tota Return Index. The index weightings are adjusted monthy to refect the fund's changing asset aocations. The composition differed in periods prior to January 1, Net Asset Vaue (NAV): The doar vaue of one mutua fund's share, excuding any saes charges or redemption fees. The NAV is cacuated by subtracting iabiities from the vaue of a fund's tota assets and dividing it by the number of fund's shares outstanding. Portfoio Net Assets ($M): The difference between a portfoio's tota assets and iabiities, incuding a share casses of the fund. R2: A measurement of how cosey the portfoio's performance correates with the performance of the fund's primary benchmark index or equivaent. R 2 is a proportion which ranges between 0.00 and An R 2 of 1.00 indicates perfect correation to the benchmark index, that is, a of the portfoio's fuctuations are expained by performance fuctuations of the index, whie an R 2 of 0.00 indicates no correation. Therefore, the ower the R 2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R 2 vaue of ess than 0.5 indicates that the Annuaized Apha and Beta are not reiabe performance statistics. S&P 500: S&P 500 Index is a market capitaization-weighted index of 500 common stocks chosen for market size, iquidity, and industry group representation to represent U.S. equity performance. Share Cass Net Assets ($M): The difference between the tota assets and iabiities of a singe share cass of a fund. Sharpe Ratio - Arithmetic: The Sharpe ratio is a measure of historica risk-adjusted performance. It is cacuated by dividing the fund's excess returns (the fund's average annua return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bi rate. Standard Deviation: Statistica measure of how much a return varies over an extended period of time. The more variabe the returns, the arger the standard deviation. Investors may examine historica standard deviation in conjunction with historica returns to decide whether an investment's voatiity woud have been acceptabe given the returns it woud have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historica voatiity. Standard deviation does not indicate how an investment actuay performed, but it does indicate the voatiity of its returns over time. Standard deviation is annuaized. The returns used for this cacuation are not oad-adjusted. Turnover Rate: The esser of amounts of purchases or saes of ong-term portfoio securities divided by the monthy average vaue of ong-term securities owned by the fund. Important Information Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fideity for a free prospectus and, if avaiabe, summary prospectus containing this information. Read it carefuy Morningstar, Inc. A rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, compete or timey. Neither Morningstar nor its content providers are responsibe for any damages or osses arising from any use of this information. Fideity does not review the Morningstar data and, for fund performance, you shoud check the fund's current prospectus or other product materias for the most up-to-date information concerning appicabe oads, fees and expenses. Generay, data on Fideity mutua funds is provided by FMR, LLC, Morningstar ratings and data on non-fideity mutua funds is provided by Morningstar, Inc. and data on non-mutua fund products is provided by the product's investment manager, trustee or issuer or the pan sponsor whose pan is offering the product to participants. Athough Fideity beieves the data gathered from these third-party sources is reiabe, it does not review such information and cannot warrant it to be accurate, compete or timey. Fideity is not responsibe for any damages or osses arising from any use of this third-party information. 1. No Transaction Fee Fideity funds are avaiabe without paying a trading fee to Fideity or a saes oad to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of ong-term sharehoders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information. 2. This chart iustrates the performance of a hypothetica $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is ater). The inception date used for products with underying funds, or mutipe shares casses, or are offered as a separate account, strategy or sub account, may be the inception date of the underying fund, the eariest share cass of the product, or the date composite performance for the product was first made avaiabe. The product's returns may not refect a its expenses. Any fees not refected woud ower the returns. Benchmark returns incude reinvestment of capita gains and dividends, if any, but do not refect any fees or expenses. It is not possibe to invest in an index. Past performance is no guarantee of future resuts. This chart is not intended to impy any future performance of the investment product. Page 3 of 4

36 3. The Morningstar Category Average is the average return for the peer group based on the returns of each individua fund within the group, for the period shown. This average assumes reinvestment of dividends. 4. Risk of this Category: Morningstar cacuates these risk eves by ooking at the Morningstar Risk of the funds in the Category over the previous 5-year period. Morningstar Risk is the difference between the Morningstar Return, based on fund tota returns, and the Morningstar Risk Adjusted Return, based on fund tota returns adjusted for performance voatiity. The Category Risk Leve is based on the equa weighted average Morningstar Risk of the funds in the category. Morningstar's Research Committee evauates the Category Morningstar Risk and assigns the Category Risk Leve after further quaitative judgment. Overa Rating: The Overa Morningstar Rating TM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if appicabe) Morningstar Rating metrics, which are based on risk-adjusted returns, as of the date stated. Returns: This rating is based on a fund's Morningstar Return (its annuaized return in excess to the return of the 90-day U.S. Treasury bi over a three-, five-, or ten-year period). The Morningstar Returns in each category are then scored against each other on a be curve. In each Morningstar Category: top 10% - High next 22.5% - Above Average midde 35% - Average next 22.5% - Beow Average bottom 10% - Low Expenses: This Morningstar data point compares the fund's net expense ratio to the net expense ratio of a the other funds within its Morningstar Category grouping. 5. Tota returns are historica and incude change in share vaue and reinvestment of dividends and capita gains, if any. Cumuative tota returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumuative if the fund is ess than one year od. Tota returns do not refect the fund's [%] saes charge. If saes charges were incuded, tota returns woud have been ower. 6. Percent Rank in Category is the fund's tota-return percentie rank reative to a funds that have the same Morningstar Category. The highest (or most favorabe) percentie rank is 1 and the owest (or east favorabe) percentie rank is 100. The top-performing fund in a category wi aways receive a rank of 1. % Rank in Category is based on tota returns which incude reinvested dividends and capita gains, if any, and excude saes charges. Mutipe share casses of a fund have a common portfoio but impose different expense structures. Past performance is no guarantee of future resuts. 7. Equity StyeMap depictions of mutua fund characteristics are produced using data and cacuations provided by Morningstar, Inc. StyeMaps SM estimate characteristics of a fund's equity hodings over two dimensions: market capitaization and vauation. The percentage of fund assets represented by these hodings is indicated beside each StyeMap. Current StyeMap characteristics are cacuated each time Morningstar receives updated portfoio hodings from a fund and are denoted with a dot. Historica StyeMap characteristics are cacuated for the shorter of either the past 3 years or the ife of the fund, and are represented by the shading of the box(es) previousy occupied by the dot. StyeMap characteristics represent an approximate profie of the fund's equity hodings (e.g., domestic stocks, foreign stocks, and American Depositary Receipts), are based on historica data, and are not predictive of the fund's future investments. Athough the data are gathered from reiabe sources, accuracy and competeness cannot be guaranteed. 8. The percent of net assets invested in both domestic and foreign Equities (common stocks, preferred stocks, rights and warrants, convertibe preferred stocks and stock index futures and options), Bond (a debt instruments, incuding investment grade, non-investment grade, non-rated securities and convertibe bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivabes and payabes). 9. The asset aocation shown is presented to iustrate the underying funds in which the fund invested and may not be representative of the fund's current or future investments. The figures shown are as of the date shown, do not incude the fund's entire investment portfoio and may change at any time. 10. Net Other Assets can incude fund receivabes, fund payabes, and offsets to other derivative positions, as we as certain assets that do not fa into any of the Portfoio Composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are hed for future settement, Net Other Assets can be a negative number. 11. Investors shoud aocate assets based on individua risk toerance, investment time horizon, and persona financia situation. A particuar asset aocation may be achieved by using different aocations in different accounts or by using the same one across mutipe accounts. The gide path is not intended as a benchmark for individua investors; rather, it is a range of equity aocations that may be appropriate for many investors saving for retirement. When choosing a Freedom Fund, investors shoud consider whether they anticipate retiring significanty earier or ater than age 65 even if such investors retire on or near a fund's approximate target date. There may be other considerations reevant to fund seection and investors shoud seect the fund that best meets their individua circumstances and investment goas. 12. Any hodings, asset aocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. The Top Ten Hodings and Top 5 Issuers do not incude money market instruments or futures contracts, if any. Depository receipts are normay combined with the underying security. Some breakdowns may be intentionay imited to a particuar asset cass or other subset of the fund's entire portfoio, particuary in muti-asset cass funds where the attributes of the equity and fixed income portions are different. Under the asset aocation section, internationa (or foreign) assets may be reported differenty depending on how an investment option reports its hodings. Some do not report internationa (or foreign) hodings here, but instead report them in a "Regiona Diversification" section. Some report them in this section in addition to the equity, bond and other aocation shown. Others report internationa (or foreign) hoding as a subset of the equity and bond aocations shown. If the aocation without the foreign component equas (or rounds to) 100%, then internationa (or foreign) is a subset of the equity and bond percentage shown. 13. Initia minimum investments into group retirement accounts such as Fideity Simpified Empoyee Pension-IRA, Keogh, Sef-Empoyed 401(k), and Non-Fideity Prototype Retirement accounts are $500 or higher. There is no minimum for additiona investments in any type of Fideity fund you aready own. 14. Expense Cap is a imit that the fund company has paced on the eve of the expenses borne by the fund unti 5/31/2020 and indicates the maximum eve of expenses (with certain exceptions) that the fund woud be paying unti that time. After the expiration date, the expense cap may be terminated or revised, which may ower the fund's yied and return. Fideity Brokerage Services LLC, Member NYSE, SIPC, 900 Saem Street, Smithfied, RI Report as of 4/24/ RA8114 Page 4 of 4

37 Fideity Freedom Index 2045 Fund - Institutiona Premium Cass (FFOLX) NTF No Transaction Fee 1 Hypothetica Growth of $10,000 2,3 (10/2/2009-) n Fideity Freedom Index 2045 Fund - Institutiona Premium Cass $22,350 n Target-Date 2045 $22, K 19.60K 16.80K 14.00K 11.20K Morningstar Snapshot* 4 (AS OF ) Morningstar Category Target-Date 2045 Risk of this Category Overa Rating Returns LOWER HIGHER LOW AVG HIGH The performance data featured represents past performance, which is no guarantee of future resuts. Investment return and principa vaue of an investment wi fuctuate; therefore, you may have a gain or oss when you se your shares. Current performance may be higher or ower than the performance data quoted. Expenses *Data provided by Morningstar LOW AVG HIGH Performance 3,5,6 Average Annua Tota Returns Monthy (AS OF ) YTD (Monthy) 1 Yr 3 Yrs 5 Yrs 10 Yrs Life Fideity Freedom Index 2045 Fund - Institutiona Premium Cass -0.63% 13.20% 8.13% 9.11% % S&P % 13.99% 10.78% 13.31% 9.49% 14.14% FID FF Idx 2045 Comp Idx -0.80% 13.19% 8.15% 9.90% 7.46% 10.94% Target-Date % 13.18% 7.38% 8.89% 6.57% -- Rank in Morningstar Category 50% 19% 45% # of Funds in Morningstar Category Equity StyeMap * 7 (AS OF 2/28/2018) Detais Large Bend *85.56% Fund Assets Covered Fund Inception 10/2/2009 NAV on $18.92 Quarter-End (AS OF ) Fideity Freedom Index 2045 Fund - Institutiona Premium Cass 13.20% 8.13% 9.11% % Exp Ratio (Gross) 5/30/2017 Exp Ratio (Net) 5/30/ % 0.1% Caendar Year Returns 3,5 (AS OF ) Fideity Freedom Index 2045 Fund - Institutiona Premium Cass 6.60% -1.50% 9.54% 20.56% -0.63% S&P % 1.38% 11.96% 21.83% -0.76% FID FF Idx 2045 Comp Idx 6.86% -1.43% 9.54% 20.67% -0.80% Target-Date % -1.87% 7.93% 20.51% -0.54% Investment Approach Fideity Freedom Index Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire and begin graduay withdrawing their investment. Exp Cap (Dated) 14 6/24/ % Minimum to Invest 13 $9,999, Turnover Rate 9/30/2017 Portfoio Net Assets ($M) Share Cass Net Assets ($M) Fund Manager(s) Co-Manager: Team 7% $1, $1, Except for Fideity Freedom Index Income Fund, each of the Funds seeks high tota return unti reaching its respective target retirement date; thereafter, each Fund's objective wi be to seek high Page 1 of 4

38 Investment Approach (continued) Voatiity Measures current income and, as a secondary objective, capita appreciation. Except for Fideity Freedom Index Income Fund, each Fund's asset aocation strategy becomes increasingy conservative as it approaches its target date and beyond. Utimatey, the Funds are expected to merge with Fideity Freedom Index Income Fund. Beta R The Funds empoy a robust investment process focused on heping investors sove the chaenge of investing through retirement by everaging the depth and strength of Fideity's investment research and resources. Sharpe Ratio 0.83 Asset Aocations 8,9,10 (AS OF ) Standard Deviation 9.21 Domestic Equities 62.74% Internationa Equities 27.01% Bonds 10.23% Short-Term Investments & Net Other Assets Asset Aocation Over Time 11, % Fideity Freedom Funds invest in a diversified mix of Fideity domestic equity, internationa equity, bond, and short-term funds, many of which are managed excusivey for this purpose. As the chart beow shows, Freedom Funds foow a "neutra" asset aocation strategy that becomes increasingy more conservative as the target date approaches and passes. Freedom Funds are generay expected to reach their most conservative aocation years after the target date. Morningstar Ratings (AS OF ) Morningstar Category: TARGET-DATE 2045 Overa out of 168 funds 3 Yrs out of 168 funds 5 Yrs out of 131 funds The Morningstar Rating TM for funds, or "star rating", is cacuated for funds with at east a three-year history. (Exchange-traded funds and open-end mutua funds are considered a singe popuation for comparative purposes.) It is cacuated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthy excess performance (excuding the effect of saes charges, if any), pacing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Past performance is no guarantee of future resuts. Fund Overview Objective Seeks high tota return unti its target retirement date. Thereafter, the fund's objective wi be to seek high current income and, as a secondary objective, capita appreciation. Strategy Designed for investors who anticipate retiring in or within a few years of the fund's target retirement year at or around age 65 and pan to graduay withdraw the vaue of their account in the fund over time. Investing in a combination of Fideity domestic equity funds (incuding commodity funds), internationa funds (deveoped and emerging markets), bond funds (incuding treasury infation-protected security funds) and short-term funds (underying Fideity funds), each of which (excuding the money market fund) seeks to provide investment resuts that correspond to the tota return of a specific index or market segment. Aocating assets among underying Fideity funds according to an asset aocation strategy that becomes increasingy conservative unti it reaches an aocation simiar to that of the Fideity Freedom Index Income Fund - approximatey 17% in domestic equity funds, 7% in internationa equity funds, 46% in bond funds and 30% in short-term funds (approximatey 10 to 19 years after the target year). Utimatey, the fund wi merge with Fideity Freedom Index Income Fund. Buying and seing futures contracts (both ong and short positions) in an effort to manage cash fows efficienty, remain fuy invested, or faciitate asset aocation. The Adviser may continue to seek high tota return for severa years beyond the fund's target retirement date in an effort to achieve the fund's overa investment objective. Page 2 of 4

39 Fund Overview (continued) Risk The investment risk of each Fideity Freedom Index Fund changes over time as its asset aocation changes. These risks are subject to the asset aocation decisions of the Investment Adviser. The funds are subject to the voatiity of the financia markets, incuding that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yied, sma-cap, commodity-inked, and foreign securities. Leverage can increase market exposure, magnify investment risks, and cause osses to be reaized more quicky. No target date fund is considered a compete retirement program and there is no guarantee any singe fund wi provide sufficient retirement income at or through retirement. Principa invested is not guaranteed at any time, incuding at or after the funds' target dates. Additiona Discosures This description is ony intended to provide a brief overview of the mutua fund. Read the fund's prospectus for more detaied information about the fund.returns prior to June 24, 2015 are those of the Investor Cass and refect the Investor Cass' expense ratio. Had the Institutiona Premium Cass' expense ratio been refected, tota returns woud have been higher. Gossary Of Terms Beta: A measure of a portfoio's sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (ess) than 1.0 indicates that a fund's historica returns have fuctuated more (ess) than the benchmark index. Beta is a more reiabe measure of voatiity when used in combination with a high R 2 which indicates a high correation between the movements in a fund's returns and movements in a benchmark index. Exp Ratio (Gross): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the gross expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus (before waivers or reimbursements). This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. Exp Ratio (Net): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a doar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutua fund, the net expense ratio is the tota annua fund or cass operating expenses directy paid by the fund from the fund's most recent prospectus, after any fee waiver and/or expense reimbursements that wi reduce any fund operating expenses. This ratio aso incudes Acquired Fund Fees and Expenses, which are expenses indirecty incurred by a fund through its ownership of shares in other investment companies. This number does not incude any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees during the one-year period. If the investment option is not a mutua fund, the expense ratio may be cacuated using methodoogies that differ from those used for mutua funds. FID FF Idx 2045 Comp Idx: Fideity Freedom Index 2045 Composite Index is a customized bend of the foowing unmanaged indexes: Dow Jones U.S. Tota Stock Market Index; MSCI ACWI (A Country Word Index) ex USA Index; Boomberg Barcays U.S. Aggregate Bond Index; and Dow Jones-UBS Commodity Index Tota Return Index. The index weightings are adjusted monthy to refect the fund's changing asset aocations. The composition differed in periods prior to January 1, Net Asset Vaue (NAV): The doar vaue of one mutua fund's share, excuding any saes charges or redemption fees. The NAV is cacuated by subtracting iabiities from the vaue of a fund's tota assets and dividing it by the number of fund's shares outstanding. Portfoio Net Assets ($M): The difference between a portfoio's tota assets and iabiities, incuding a share casses of the fund. R2: A measurement of how cosey the portfoio's performance correates with the performance of the fund's primary benchmark index or equivaent. R 2 is a proportion which ranges between 0.00 and An R 2 of 1.00 indicates perfect correation to the benchmark index, that is, a of the portfoio's fuctuations are expained by performance fuctuations of the index, whie an R 2 of 0.00 indicates no correation. Therefore, the ower the R 2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R 2 vaue of ess than 0.5 indicates that the Annuaized Apha and Beta are not reiabe performance statistics. S&P 500: S&P 500 Index is a market capitaization-weighted index of 500 common stocks chosen for market size, iquidity, and industry group representation to represent U.S. equity performance. Share Cass Net Assets ($M): The difference between the tota assets and iabiities of a singe share cass of a fund. Sharpe Ratio - Arithmetic: The Sharpe ratio is a measure of historica risk-adjusted performance. It is cacuated by dividing the fund's excess returns (the fund's average annua return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bi rate. Standard Deviation: Statistica measure of how much a return varies over an extended period of time. The more variabe the returns, the arger the standard deviation. Investors may examine historica standard deviation in conjunction with historica returns to decide whether an investment's voatiity woud have been acceptabe given the returns it woud have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historica voatiity. Standard deviation does not indicate how an investment actuay performed, but it does indicate the voatiity of its returns over time. Standard deviation is annuaized. The returns used for this cacuation are not oad-adjusted. Turnover Rate: The esser of amounts of purchases or saes of ong-term portfoio securities divided by the monthy average vaue of ong-term securities owned by the fund. Important Information Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fideity for a free prospectus and, if avaiabe, summary prospectus containing this information. Read it carefuy Morningstar, Inc. A rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, compete or timey. Neither Morningstar nor its content providers are responsibe for any damages or osses arising from any use of this information. Fideity does not review the Morningstar data and, for fund performance, you shoud check the fund's current prospectus or other product materias for the most up-to-date information concerning appicabe oads, fees and expenses. Generay, data on Fideity mutua funds is provided by FMR, LLC, Morningstar ratings and data on non-fideity mutua funds is provided by Morningstar, Inc. and data on non-mutua fund products is provided by the product's investment manager, trustee or issuer or the pan sponsor whose pan is offering the product to participants. Athough Fideity beieves the data gathered from these third-party sources is reiabe, it does not review such information and cannot warrant it to be accurate, compete or timey. Fideity is not responsibe for any damages or osses arising from any use of this third-party information. 1. No Transaction Fee Fideity funds are avaiabe without paying a trading fee to Fideity or a saes oad to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of ong-term sharehoders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information. 2. This chart iustrates the performance of a hypothetica $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is ater). The inception date used for products with underying funds, or mutipe shares casses, or are offered as a separate account, strategy or sub account, may be the inception date of the underying fund, the eariest share cass of the product, or the date composite performance for the product was first made avaiabe. The product's returns may not refect a its expenses. Any fees not refected woud ower the returns. Benchmark returns incude reinvestment of capita gains and dividends, if any, but do not refect any fees or expenses. It is not possibe to invest in an index. Past performance is no guarantee of future resuts. This chart is not intended to impy any future performance of the investment product. Page 3 of 4

40 3. The Morningstar Category Average is the average return for the peer group based on the returns of each individua fund within the group, for the period shown. This average assumes reinvestment of dividends. 4. Risk of this Category: Morningstar cacuates these risk eves by ooking at the Morningstar Risk of the funds in the Category over the previous 5-year period. Morningstar Risk is the difference between the Morningstar Return, based on fund tota returns, and the Morningstar Risk Adjusted Return, based on fund tota returns adjusted for performance voatiity. The Category Risk Leve is based on the equa weighted average Morningstar Risk of the funds in the category. Morningstar's Research Committee evauates the Category Morningstar Risk and assigns the Category Risk Leve after further quaitative judgment. Overa Rating: The Overa Morningstar Rating TM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if appicabe) Morningstar Rating metrics, which are based on risk-adjusted returns, as of the date stated. Returns: This rating is based on a fund's Morningstar Return (its annuaized return in excess to the return of the 90-day U.S. Treasury bi over a three-, five-, or ten-year period). The Morningstar Returns in each category are then scored against each other on a be curve. In each Morningstar Category: top 10% - High next 22.5% - Above Average midde 35% - Average next 22.5% - Beow Average bottom 10% - Low Expenses: This Morningstar data point compares the fund's net expense ratio to the net expense ratio of a the other funds within its Morningstar Category grouping. 5. Tota returns are historica and incude change in share vaue and reinvestment of dividends and capita gains, if any. Cumuative tota returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumuative if the fund is ess than one year od. Tota returns do not refect the fund's [%] saes charge. If saes charges were incuded, tota returns woud have been ower. 6. Percent Rank in Category is the fund's tota-return percentie rank reative to a funds that have the same Morningstar Category. The highest (or most favorabe) percentie rank is 1 and the owest (or east favorabe) percentie rank is 100. The top-performing fund in a category wi aways receive a rank of 1. % Rank in Category is based on tota returns which incude reinvested dividends and capita gains, if any, and excude saes charges. Mutipe share casses of a fund have a common portfoio but impose different expense structures. Past performance is no guarantee of future resuts. 7. Equity StyeMap depictions of mutua fund characteristics are produced using data and cacuations provided by Morningstar, Inc. StyeMaps SM estimate characteristics of a fund's equity hodings over two dimensions: market capitaization and vauation. The percentage of fund assets represented by these hodings is indicated beside each StyeMap. Current StyeMap characteristics are cacuated each time Morningstar receives updated portfoio hodings from a fund and are denoted with a dot. Historica StyeMap characteristics are cacuated for the shorter of either the past 3 years or the ife of the fund, and are represented by the shading of the box(es) previousy occupied by the dot. StyeMap characteristics represent an approximate profie of the fund's equity hodings (e.g., domestic stocks, foreign stocks, and American Depositary Receipts), are based on historica data, and are not predictive of the fund's future investments. Athough the data are gathered from reiabe sources, accuracy and competeness cannot be guaranteed. 8. The percent of net assets invested in both domestic and foreign Equities (common stocks, preferred stocks, rights and warrants, convertibe preferred stocks and stock index futures and options), Bond (a debt instruments, incuding investment grade, non-investment grade, non-rated securities and convertibe bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivabes and payabes). 9. The asset aocation shown is presented to iustrate the underying funds in which the fund invested and may not be representative of the fund's current or future investments. The figures shown are as of the date shown, do not incude the fund's entire investment portfoio and may change at any time. 10. Net Other Assets can incude fund receivabes, fund payabes, and offsets to other derivative positions, as we as certain assets that do not fa into any of the Portfoio Composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are hed for future settement, Net Other Assets can be a negative number. 11. Investors shoud aocate assets based on individua risk toerance, investment time horizon, and persona financia situation. A particuar asset aocation may be achieved by using different aocations in different accounts or by using the same one across mutipe accounts. The gide path is not intended as a benchmark for individua investors; rather, it is a range of equity aocations that may be appropriate for many investors saving for retirement. When choosing a Freedom Fund, investors shoud consider whether they anticipate retiring significanty earier or ater than age 65 even if such investors retire on or near a fund's approximate target date. There may be other considerations reevant to fund seection and investors shoud seect the fund that best meets their individua circumstances and investment goas. 12. Any hodings, asset aocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. The Top Ten Hodings and Top 5 Issuers do not incude money market instruments or futures contracts, if any. Depository receipts are normay combined with the underying security. Some breakdowns may be intentionay imited to a particuar asset cass or other subset of the fund's entire portfoio, particuary in muti-asset cass funds where the attributes of the equity and fixed income portions are different. Under the asset aocation section, internationa (or foreign) assets may be reported differenty depending on how an investment option reports its hodings. Some do not report internationa (or foreign) hodings here, but instead report them in a "Regiona Diversification" section. Some report them in this section in addition to the equity, bond and other aocation shown. Others report internationa (or foreign) hoding as a subset of the equity and bond aocations shown. If the aocation without the foreign component equas (or rounds to) 100%, then internationa (or foreign) is a subset of the equity and bond percentage shown. 13. Initia minimum investments into group retirement accounts such as Fideity Simpified Empoyee Pension-IRA, Keogh, Sef-Empoyed 401(k), and Non-Fideity Prototype Retirement accounts are $500 or higher. There is no minimum for additiona investments in any type of Fideity fund you aready own. 14. Expense Cap is a imit that the fund company has paced on the eve of the expenses borne by the fund unti 5/31/2020 and indicates the maximum eve of expenses (with certain exceptions) that the fund woud be paying unti that time. After the expiration date, the expense cap may be terminated or revised, which may ower the fund's yied and return. Fideity Brokerage Services LLC, Member NYSE, SIPC, 900 Saem Street, Smithfied, RI Report as of 4/24/ RA8114 Page 4 of 4

41 Fideity Freedom Index 2050 Fund - Institutiona Premium Cass (FFOPX) NTF No Transaction Fee 1 Hypothetica Growth of $10,000 2,3 (10/2/2009-) n Fideity Freedom Index 2050 Fund - Institutiona Premium Cass $22,443 n Target-Date 2050 $22, K 19.60K 16.80K 14.00K 11.20K Morningstar Snapshot* 4 (AS OF ) Morningstar Category Target-Date 2050 Risk of this Category Overa Rating Returns LOWER HIGHER LOW AVG HIGH The performance data featured represents past performance, which is no guarantee of future resuts. Investment return and principa vaue of an investment wi fuctuate; therefore, you may have a gain or oss when you se your shares. Current performance may be higher or ower than the performance data quoted. Expenses *Data provided by Morningstar LOW AVG HIGH Performance 3,5,6 Average Annua Tota Returns Monthy (AS OF ) YTD (Monthy) 1 Yr 3 Yrs 5 Yrs 10 Yrs Life Fideity Freedom Index 2050 Fund - Institutiona Premium Cass -0.63% 13.20% 8.10% 9.12% % S&P % 13.99% 10.78% 13.31% 9.49% 14.14% FID FF Idx 2050 Comp Idx -0.80% 13.19% 8.15% 9.92% 7.38% 11.02% Target-Date % 13.25% 7.41% 8.91% 6.57% -- Rank in Morningstar Category 54% 20% 50% # of Funds in Morningstar Category Equity StyeMap * 7 (AS OF 2/28/2018) Detais Large Bend *85.56% Fund Assets Covered Fund Inception 10/2/2009 NAV on $19.00 Quarter-End (AS OF ) Fideity Freedom Index 2050 Fund - Institutiona Premium Cass 13.20% 8.10% 9.12% % Exp Ratio (Gross) 5/30/2017 Exp Ratio (Net) 5/30/ % 0.1% Caendar Year Returns 3,5 (AS OF ) Fideity Freedom Index 2050 Fund - Institutiona Premium Cass 6.57% -1.47% 9.45% 20.60% -0.63% S&P % 1.38% 11.96% 21.83% -0.76% FID FF Idx 2050 Comp Idx 6.86% -1.43% 9.54% 20.67% -0.80% Target-Date % -2.01% 8.22% 20.67% -0.62% Investment Approach Fideity Freedom Index Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire and begin graduay withdrawing their investment. Exp Cap (Dated) 14 6/24/ % Minimum to Invest 13 $9,999, Turnover Rate 9/30/2017 Portfoio Net Assets ($M) Share Cass Net Assets ($M) Fund Manager(s) Co-Manager: Team 7% $1, $1, Except for Fideity Freedom Index Income Fund, each of the Funds seeks high tota return unti reaching its respective target retirement date; thereafter, each Fund's objective wi be to seek high Page 1 of 4

42 Investment Approach (continued) Voatiity Measures current income and, as a secondary objective, capita appreciation. Except for Fideity Freedom Index Income Fund, each Fund's asset aocation strategy becomes increasingy conservative as it approaches its target date and beyond. Utimatey, the Funds are expected to merge with Fideity Freedom Index Income Fund. Beta R The Funds empoy a robust investment process focused on heping investors sove the chaenge of investing through retirement by everaging the depth and strength of Fideity's investment research and resources. Sharpe Ratio 0.82 Asset Aocations 8,9,10 (AS OF ) Standard Deviation 9.24 Domestic Equities 62.74% Internationa Equities 27.01% Bonds 10.23% Short-Term Investments & Net Other Assets Asset Aocation Over Time 11, % Fideity Freedom Funds invest in a diversified mix of Fideity domestic equity, internationa equity, bond, and short-term funds, many of which are managed excusivey for this purpose. As the chart beow shows, Freedom Funds foow a "neutra" asset aocation strategy that becomes increasingy more conservative as the target date approaches and passes. Freedom Funds are generay expected to reach their most conservative aocation years after the target date. Morningstar Ratings (AS OF ) Morningstar Category: TARGET-DATE 2050 Overa out of 185 funds 3 Yrs out of 185 funds 5 Yrs out of 144 funds The Morningstar Rating TM for funds, or "star rating", is cacuated for funds with at east a three-year history. (Exchange-traded funds and open-end mutua funds are considered a singe popuation for comparative purposes.) It is cacuated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthy excess performance (excuding the effect of saes charges, if any), pacing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Past performance is no guarantee of future resuts. Fund Overview Objective Seeks high tota return unti its target retirement date. Thereafter, the fund's objective wi be to seek high current income and, as a secondary objective, capita appreciation. Strategy Designed for investors who anticipate retiring in or within a few years of the fund's target retirement year at or around age 65 and pan to graduay withdraw the vaue of their account in the fund over time. Investing in a combination of Fideity domestic equity funds (incuding commodity funds), internationa funds (deveoped and emerging markets), bond funds (incuding treasury infation-protected security funds) and short-term funds (underying Fideity funds), each of which (excuding the money market fund) seeks to provide investment resuts that correspond to the tota return of a specific index or market segment. Aocating assets among underying Fideity funds according to an asset aocation strategy that becomes increasingy conservative unti it reaches an aocation simiar to that of the Fideity Freedom Index Income Fund - approximatey 17% in domestic equity funds, 7% in internationa equity funds, 46% in bond funds and 30% in short-term funds (approximatey 10 to 19 years after the target year). Utimatey, the fund wi merge with Fideity Freedom Index Income Fund. Buying and seing futures contracts (both ong and short positions) in an effort to manage cash fows efficienty, remain fuy invested, or faciitate asset aocation. The Adviser may continue to seek high tota return for severa years beyond the fund's target retirement date in an effort to achieve the fund's overa investment objective. Page 2 of 4