Fidelity Contrafund. Investment Approach QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 FUND INFORMATION PERFORMANCE SUMMARY

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1 QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Contrafund Investment Approach Fidelity Contrafund is an opportunistic, diversified equity strategy with a large-cap growth bias. Philosophically, we believe stock prices follow companies' earnings, and those companies that can deliver durable multiyear earnings growth provide attractive investment opportunities. As a result, our investment approach seeks firms we believe are poised for sustained, aboveaverage earnings growth that is not accurately reflected in the stocks' current valuation. In particular, we emphasize companies with "best of breed" qualities, including those with a strong competitive position, high returns on capital, solid free-cash-flow generation and management teams that are stewards of shareholder capital. We strive to uncover these investment opportunities through in-depth bottom-up, fundamental analysis, working in concert with Fidelity's global research team. PERFORMANCE SUMMARY Cumulative 3 Month YTD 1 Year Annualized 3 Year 5 Year 10 Year/ LOF 1 Fidelity Contrafund Gross Expense Ratio: 0.68% % 32.26% 32.26% 13.33% 16.43% 8.96% S&P 500 Index 6.64% 21.83% 21.83% 11.41% 15.79% 8.50% Morningstar Fund Large Growth 6.44% 27.67% 27.67% 11.06% 15.29% 8.31% % Rank in Morningstar Category (1% = Best) % 20% 32% 37% # of Funds in Morningstar Category ,363 1,216 1, FUND INFORMATION Manager(s): William Danoff Trading Symbol: FCNTX Start Date: May 17, 1967 Size (in millions): $123, Morningstar Category: Fund Large Growth The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. Investments in foreign securities involve greater risk than U.S. investments. You may have a gain or loss when you sell your shares. 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 05/17/ This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the most recent fiscal year. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. For definitions and other important information, please see the Definitions and Important section of this Fund Review. Not FDIC Insured May Lose Value No Bank Guarantee

2 Performance Review For the quarter, the fund's Retail Class shares gained 6.75%, topping the 6.64% advance of the benchmark S&P 500 index. The past three months and throughout 2017, the faster-growing, "best of breed" companies we prefer were supported by a highly favorable backdrop of steady global economic growth, accommodative monetary policies and low inflation. Indeed, the fourth quarter capped a year in which the fund gained 32.26% and topped its benchmark by roughly 10 percentage points. Amid remarkably low volatility, growth edged value stocks the past three months, boosted by information technology, which rose 9%. Among other sectors, consumer discretionary led the S&P 500 with a 10% gain, followed by financials (+9%) and materials (+7%), whereas the defensive-oriented utilities and health care sectors returned 0% and about 1%, respectively. Against this backdrop, the fund's outperformance of the benchmark this quarter was primarily driven by a considerable overweighting in technology. Here, our sizable, long-term commitment represented 43% of fund assets, on average. Other notable relative contributors included lower-than-benchmark exposure to health care and security selection in industrials. The top individual contributor was a large position in Amazon.com. Shares of the online retailer gained about 22% for the quarter, soaring in late-october after the firm announced quarterly financial results that far exceeded analysts' expectations. Revenue increased 34% over the same period a year earlier, partly due to $1.3 billion in sales from Whole Foods Market, acquired in late August. Earnings were even stronger, topping expectations by $0.49. Amazon Web Services (AWS) remained a prominent growth driver, as sales for the company's cloud-computing division rose 42%. Amazon also offered a positive financial outlook for the final three months of Elsewhere, relative performance benefited from our avoidance of three benchmark stocks that each lost ground the past three months: industrial conglomerate General Electric, pharmaceutical firm Merck and Ireland-based drugmaker Allergan. LARGEST CONTRIBUTORS VS. BENCHMARK Amazon.com, Inc. Consumer Discretionary Average Contribution (basis points)* 2.83% 38 General Electric Co. Industrials -0.78% 33 Merck & Co., Inc. Health Care -0.71% 15 Adobe Systems, Inc. 1.47% 14 UnitedHealth Group, Inc. Health Care 1.79% 11 * 1 basis point = 0.01%. Within tech's software & services group, the fund benefited from a position in publishing software developer Adobe Systems, which was driven by strong demand for new products, and online payment processor PayPal s, which was helped by the continued trend of e-commerce and mobile payments. Conversely, the fund was hurt by weak stock picking in tech, including Facebook, our largest holding as of December 31. Shares of the social-media firm gained only modest ground this quarter. We continue to have a favorable view of Facebook, based on growth in its various apps and revenue from advertisers that want to reach the firm's enormous base of daily active users. The largest individual relative detractor was a non-benchmark stake in electric car manufacturer Tesla (-9%). The company sparked widely divergent opinions, with naysayers pointing to battery limitations and production delays, and bulls highlighting surveys touting industry-topping owner satisfaction. This quarter, selling pressure gained the upper hand amid non-performance across business and products SolarCity, Solar Roof, Powerwall and, especially, the Model 3 all faced substantial hurdles. That said, on November 23, Tesla met its 100-day deadline to power up Powerpack, its 100-megawatt lithium-ion battery built in Australia and believed to be largest in the world. Other detractors included Boston Scientific (-15%), maker of the implantable Watchman TM device aimed at preventing strokes. Shares stumbled in late November after the firm announced a delay in the commercialization of its LOTUS Edge TM Aortic Valve System. The delay followed February's voluntary recall for the product, which can help doctors replace a diseased heart valve without open-heart surgery. Lastly, the stock of Electronic Arts returned -11% for the quarter, taking its biggest hit heading into November after the video-game company temporarily turned off all in-game purchases for its high-profile "Star Wars Battlefront II" title amid pressure from gamers who complained those who spend the most within the game have an unfair advantage. The firm said it plans to enable in-game purchases at a later date, following changes. LARGEST DETRACTORS VS. BENCHMARK Tesla, Inc. Facebook, Inc. Class A Consumer Discretionary Average Contribution (basis points)* 1.26% % -18 Boston Scientific Corp. Health Care 0.66% -15 Activision Blizzard, Inc. Electronic Arts, Inc. * 1 basis point = 0.01%. 1.59% % For definitions and other important information, please see Definitions and Important section of this Fund Review.

3 Outlook and Positioning Global assets experienced remarkably low levels of volatility the past three months. Since equity markets hit a bottom in early 2016, riskier assets have registered gains far above their longterm historical averages, even as their price fluctuations were far below average. U.S. stock-price moves were particularly tranquil during Indeed, 2017 was a rare year when an accelerating global economy accompanied considerable outperformance by growth stocks relative to their value counterparts. For the first time in years, global corporate earnings expectations rose throughout the year and finished on an upswing. The global economy is experiencing steady, synchronous expansion, with low risk of global recession. Broadly speaking, most developed economies are in more-mature (mid-to-late) stages of the business cycle, with the eurozone not as far along as the United States. The U.S. has remained on a very gradual progression through its business cycle, with mid-cycle dynamics staying solid and just a few hints of late-cycle trends. With unemployment at a cyclical low of 4.1%, tightening labor markets continue to boost consumers and keep U.S. recession risk low. In this environment, we plan to remain focused on firms with improving growth prospects that seem overlooked by the market. We prefer faster growers, and the portfolio is positioned for an environment in which earnings growth is a prominent driver of stock performance. While exposure to tech edged lower this quarter, it remained by far the fund's largest sector allocation in both absolute and relative terms. The fund is positioned to capture the benefits of increases in internet usage and cloud-based computing. We believe the world is growing increasingly tech-intensive. The fund emphasizes what we consider to be franchise companies in technology. These include Facebook, mentioned earlier, and Google parent Alphabet. While Amazon is categorized as a retailer, it, too, is exactly the type of "tech" company we seek. All are sizable holdings at year-end. We believe these companies could continue to grow revenues from online advertising as consumers search the web more often from their smartphones. With the election of President Trump, we believe the U.S. economy should be biased toward expansion, regulatory pressure will ease and interest rates may rise. All three of these changes would be positive for bank earnings and valuations, in our view, as estimates could increase and banks would be in a position to buy back their own shares and increase their dividends. As a result, we have greater-than-index exposure to financials as of December 31. We've continued to avoid the utilities sector due to its persistent capital-intensive business models, regulatory pressure and historically slow growth. This positioning helped relative performance this quarter. Similarly, we've largely avoided telecom companies, as they tend to be capital-intensive, regulated and commodity-like. This stance modestly contributed. Looking ahead, the fund will adjust, if and when necessary, to changes in the earnings outlook for the companies we own. We remain confident that with the help of the global Fidelity research department, we will be able to find appropriate investments for Contrafund. While it's tougher than it was earlier in the decade to find strong investment themes, our view is that the market is so large and the global economy so vibrant that new companies and ideas sprout all the time. MARKET-SEGMENT DIVERSIFICATION Portfolio Index Change From Prior Quarter 41.58% 23.76% 17.82% -2.53% Financials 18.77% 14.78% 3.99% 1.29% Consumer Discretionary 14.09% 12.20% 1.89% -0.83% Health Care 9.08% 13.84% -4.76% -0.65% Industrials 6.91% 10.26% -3.35% 0.72% Materials 2.61% 3.00% -0.39% 0.72% Consumer Staples 2.56% 8.20% -5.64% -0.03% Energy 2.18% 6.07% -3.89% 0.78% Real Estate 0.40% 2.89% -2.49% 0.05% Telecommunication Services 0.33% 2.06% -1.73% -0.05% Utilities 0.00% 2.93% -2.93% 0.19% Other 0.00% 0.00% 0.00% 0.00% CHARACTERISTICS Valuation Portfolio Index Price/Earnings Trailing 29.6x 22.5x Price/Earnings (IBES 1-Year Forecast) 23.7x 18.5x Price/Book 4.0x 3.3x Price/Cash Flow 20.1x 14.4x Return on Equity (5-Year Trailing) 14.7% 14.6% Growth Sales/Share Growth 1-Year (Trailing) 16.8% 6.9% Earnings/Share Growth 1-Year (Trailing) 26.1% 8.3% Earnings/Share Growth 1-Year (IBES Forecast) 27.5% 21.9% Earnings/Share Growth 5-Year (Trailing) 19.8% 11.2% Size ed Average Market Cap ($ Billions) ed Median Market Cap ($ Billions) Median Market Cap ($ Billions) For definitions and other important information, please see Definitions and Important section of this Fund Review.

4 LARGEST OVERWEIGHTS BY HOLDING Facebook, Inc. Class A 5.29% Alphabet, Inc. Class A 3.99% Berkshire Hathaway, Inc. Class A Financials 3.54% Amazon.com, Inc. Consumer Discretionary 2.98% Salesforce.com, Inc. 1.93% LARGEST UNDERWEIGHTS BY HOLDING Johnson & Johnson Health Care -1.58% Exxon Mobil Corp. Energy -1.55% AT&T, Inc. Telecommunication Services -1.05% Chevron Corp. Energy -1.04% Procter & Gamble Co. Consumer Staples -1.03% 10 LARGEST HOLDINGS Facebook, Inc. Class A Berkshire Hathaway, Inc. Class A Amazon.com, Inc. Alphabet, Inc. Class A Alphabet, Inc. Class C Apple, Inc. Microsoft Corp. UnitedHealth Group, Inc. Visa, Inc. Class A Salesforce.com, Inc. 10 Largest s as a % of Net Assets Financials Consumer Discretionary Health Care 37.94% Total Number of s 342 The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. s do not include money market investments. ASSET ALLOCATION Asset Class Portfolio Index Change From Prior Quarter Domestic Equities 91.92% 99.03% -7.11% 0.84% International Equities 6.59% 0.97% 5.62% -1.19% Developed Markets 4.68% 0.76% 3.92% -0.88% Emerging Markets 1.91% 0.21% 1.70% -0.31% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Bonds 0.12% 0.00% 0.12% 0.10% Cash & Net Other Assets 1.37% 0.00% 1.37% 0.25% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. 3-YEAR RISK/RETURN STATISTICS Portfolio Index Beta Standard Deviation 10.09% 10.07% Sharpe Ratio Tracking Error 4.68% -- Ratio R-Squared For definitions and other important information, please see Definitions and Important section of this Fund Review.

5 Definitions and Important Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. CHARACTERISTICS Earnings-Per-Share Growth measures the growth in reported earnings per share over the specified past time period. Median Market Cap identifies the median market capitalization of the portfolio or benchmark as determined by the underlying security market caps. Price-to-Book (P/B) Ratio is the ratio of a company's current share price to reported accumulated profits and capital. Price/Cash Flow is the ratio of a company's current share price to its trailing 12-months cash flow per share. Price-to-Earnings (P/E) Ratio (IBES 1-Year Forecast) is the ratio of a company's current share price to Wall Street analysts' estimates of earnings. Price-to-Earnings (P/E) Ratio Trailing is the ratio of a company's current share price to its trailing 12-months earnings per share. Return on Equity (ROE) 5-Year Trailing is the ratio of a company's last five years historical profitability to its shareholders' equity. Preferred stock is included as part of each company's net worth. Sales-Per-Share Growth measures the growth in reported sales over the specified past time period. ed Average Market Cap identifies the market capitalization of the average equity holding as determined by the dollars invested in the portfolio or benchmark. ed Median Market Cap identifies the market capitalization of the median equity holding as determined by the dollars invested in the portfolio or benchmark Morningstar, Inc. All 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, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. RELATIVE WEIGHTS weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary. IMPORTANT FUND INFORMATION positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. Should not be construed or used as a recommendation for any sector or industry. RANKING INFORMATION 5

6 3-YEAR RISK/RETURN STATISTICS Beta is a measure of the volatility of a fund relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index. Ratio measures a fund's active return (fund's average monthly return minus the benchmark's average monthly return) in relation to the volatility of its active returns. R-Squared measures how a fund's performance correlates with a benchmark index's performance and shows what portion of it can be explained by the performance of the overall market/index. R- Squared ranges from 0, meaning no correlation, to 1, meaning perfect correlation. An R-Squared value of less than 0.5 indicates that annualized alpha and beta are not reliable performance statistics. Sharpe Ratio is a measure of historical risk-adjusted performance. It is calculated by dividing the fund's excess returns (the fund's average annual 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 Bill rate. Standard Deviation is a statistical measurement of the dispersion of a fund's return over a specified time period. Fidelity calculates standard deviations by comparing a fund's monthly returns to its average monthly return over a 36-month period, and then annualizes the number. Investors may examine historical standard deviation in conjunction with historical returns to decide whether a fund's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how the fund actually performed, but merely indicates the volatility of its returns over time. Tracking Error is the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark, creating an unexpected profit or loss. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee