Fidelity Multi-Manager Target Date Funds

Fidelity Multi-Manager Target Date Key Takeaways For the fiscal year ending March 3, 207, the share classes of the Multi-Manager posted returns ranging from approximately 6% to 6%. Each Fund outperformed its respective Composite index by about to 2 percentage points. Allocation decisions added value versus Composites, largely due to underweighting the investment-grade debt asset class. Overweighting emerging-markets (EM) equity and U.S. high-yield debt also helped. Overall effects from results among underlying investments within asset classes were mixed across. to Composites and given our evolving outlook, we gradually reduced the ' U.S. equity overweighting during the year to end with a slight underweight position, a neutral stance in developed-markets (DM) equity and an overweight position in EM equity. We raised the overweightings in commodity securities and inflation-protected debt. Fidelity remains committed to ongoing excellence in target-date strategies, providing shareholder-focused solutions supported by the firm's strongest capabilities, expertise and resources in all aspects of the investment process. FUND NAMES Fidelity Multi-Manager Income Fund Fidelity Multi-Manager 2005 Fund Fidelity Multi-Manager 200 Fund Fidelity Multi-Manager 205 Fund Fidelity Multi-Manager 2020 Fund Fidelity Multi-Manager 2025 Fund Fidelity Multi-Manager 2030 Fund Fidelity Multi-Manager 2035 Fund Fidelity Multi-Manager 2040 Fund Fidelity Multi-Manager 2045 Fund Fidelity Multi-Manager 2050 Fund Fidelity Multi-Manager 2055 Fund Fidelity Multi-Manager 2060 Fund Not FDIC Insured May Lose Value No Bank Guarantee

Market Recap Despite bouts of volatility, the MSCI ACWI Index of global equities gained 5.52% for the year ending March 3, 207, surging from November onward on renewed optimism for economic growth before leveling off in March. Earlier on, sentiment had been bolstered by U.S. economic strength, a global rally in energy and other stimuli that helped establish the uptrend. Markets tumbled briefly after Brexit the U.K.'s June vote to exit the European Union. Later, in response to President Trump's surprise victory in November, U.S. stocks hit a series of all-time highs on expectations for reflation and fiscal stimulus. Non-U.S. markets responded similarly. Globally, small-cap stocks bested large-caps, although this trend was reversed for the first quarter of 207. Similarly, value- outperformed growth-oriented stocks across all market capitalizations for the full year, despite a first-quarter 207 reversal. Regionally within the MSCI ACWI, emerging markets (+8%) and Canada (+6%) benefited from rising commodity prices. The U.S. (+7%) also outperformed, as noted. Japan (+5%) lagged the rest of the Asia Pacific group (+8%). Meanwhile, Europe (+2%) and the U.K. (+6%) battled Brexit stress for much of the year. Among sectors, materials (+26%) was helped by promises of increased U.S. infrastructure spending plus a cyclical rebound in commodity prices that also buoyed industrials (+6%) and energy (+6%). Financials (+26%) rode an uptick in interest rates and a late rally in banks. Similarly, technology (+25%) rose on expectations of higher enterprise IT spending. Conversely, telecom services (+%), consumer staples (+5%) and utilities (+5%) lagged as an improved backdrop for riskier assets curbed demand for dividend-rich sectors; real estate (+4%) faced the additional concern of potential future interest rate hikes. Health care (+9%) was hampered by political and regulatory uncertainty. In fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index returned 0.44%. Yields rallied in reaction to Trump's potentially stimulative and inflationary economic agenda, as well as the U.S. Federal Reserve's December rate hike. Within the Bloomberg Barclays index, spread sectors outperformed Treasuries, led by corporate credit. Outside the index, riskier, non-core fixed-income segments such as emerging-markets and U.S. high-yield debt rose strongly; inflation-protected securities also outperformed. BROAD ASSET CLASS RETURNS (%) PERIOD ENDING MARCH 3, 207 P e r f o r m a n c e Best Worst Dispersion of Returns* Calendar- Returns Average Annual Cumulative 2007 2008 2009 200 20 202 203 204 205 206 5 3 6 Mos 3 Mos 39.8 5.2 79.0 9.7 8.9 8.6 33.5 6.9 4. 7.5 3. 9.7 8. 0.2.5 6.2 2.2 58. 9.2 8.7 8.5 2.2 2.5.2 2.6 6.9 7.3 7.7 6.9 6.9 2.6-2.4 53.5 7.5 8.5 6.6 7.4 6.0 0.5.8 6.8 5.7 6.9 6.5 5.8.4-0.9 52.5 6.8 7.8 6.4 5.4 5.5 0.4.6 5.6 4.6 2.2 4.6 3.9 7.0-25.5 33.9 5. 4.4 5.5 0. 2.5 0. 0.4 5.2 4.0 9.9 3.5 3.2 6.3-26. 28.6 2.0.5 2.7 -.8.8 0. 0.2 4.9 2.7 8.8 0.3 2.7 5.6-29.3 28.2 0.4. 9.8-2.0 0.9-0.5 4.9 2.3.5 8.7 0.2.2 5. -35.6 8.9 9. 0. 5.0-2.3 0. -2.9 4.0.2.5 4.8-0.. 2.5-37.2 2.0 6.5-2. 4.2-5.6 -.8-4.6 3.0 0.6 0.5.5-0.4 0.8 2.0-43.4 5.9 5.2-3.3 0. -6.6-4.2-4.6 2.6 0.2 0.2 0.4-0.5 0. -7.8-53.2 0.2 0.2-8.2 -. -9.5-7.0-24.7 0.3-9.5-3.9 0.4-2.2-2.3 47.5 58.4 78.8 9.5 27. 9.7 43.0 33.9 28.8 7. 22.7 23.6 7.7 2.4 3.8 Source: FMRCo., periods greater than one year are annualized *Difference between best- and worst-performing asset classes over the given time period You cannot invest directly in an index. Past performance is no guarantee of future results. U.S. Equities - Dow Jones U.S. Total Stock Market Index, Non-U.S. Developed-Markets Equities - MSCI World ex USA Net Mass, Emerging-Markets Equities - MSCI Emerging Markets Index, Commodities - Bloomberg Commodity Index Total Return, High-Yield Debt - The BofA Merrill Lynch U.S. High Yield Constrained Index, Floating-Rate Debt - S&P/LSTA Leveraged Performing Loan Index, Emerging-Markets Debt - J.P. Morgan Emerging Markets Bond Index Global, Real Estate Debt - Fidelity Real Estate Income Composite Index, Investment-Grade Debt - Bloomberg Barclays U.S. Aggregate Bond Index, Inflation- Protected Debt - Bloomberg Barclays U.S. -0 Treasury Inflation-Protected Securities (TIPS) Index (Series-L), Short-Term Debt - Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index U.S. Equities Non-U.S. Developed-Markets Equities Emerging-Markets Equities Commodities High-Yield Debt Floating-Rate Debt Emerging-Markets Debt Real Estate Debt Investment-Grade Debt Inflation-Protected Debt Short-Term Debt 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Q&A Andrew Dierdorf Co-Manager Fund Facts SAI Multi- Mgr Fund Trading Symbol Start Date Brett Sumsion Co-Manager Size (in millions) Income FEBPX 2/20/202 $. 2005 FEHPX 2/20/202 $0.3 200 FEMPX 2/20/202 $0.5 205 FEJPX 2/20/202 $.3 2020 FEKPX 2/20/202 $5.8 2025 FEDPX 2/20/202 $2.3 2030 FECPX 2/20/202 $.9 2035 FENPX 2/20/202 $2.6 2040 FEWPX 2/20/202 $2.0 2045 FEZPX 2/20/202 $2.3 2050 FEYPX 2/20/202 $.7 2055 FESPX 2/20/202 $.9 2060 FNJPX 08/05/204 $0.8 Investment Approach Fidelity Multi-Manager Target Date (the ) are open-architecture target-date funds designed to be a lifetime investment strategy for individuals with retirement accumulation and distribution objectives. The are designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire and begin gradually withdrawing their investment. Except for Fidelity Multi-Manager Income Fund, each of the seeks high total return until reaching its respective target retirement date; thereafter, each Fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. Except for Income Fund, each Fund's asset allocation strategy becomes increasingly conservative as it approaches its target date and beyond. Ultimately, the are expected to merge with Income Fund. The employ a robust investment process focused on helping investors solve the challenge of investing through retirement by leveraging the depth and strength of Fidelity's investment research and resources. An interview with Co- Managers Andrew Dierdorf and Brett Sumsion Q: Brett, how did the perform for the fiscal year ending March 3, 207 B.S. For the year, the share classes of each Fund posted positive returns ranging from about 6% for Multi-Manager Income Fund to about 6% for longer-dated starting with Multi-Manager 2035 Fund. Each Fund topped its respective Composite index by roughly to 2 percentage points. (For specific Fund results, please refer to the Fiscal Performance Summaries.) Q: Please tell us about equity-market performance the past 2 months B.S. The U.S. bellwether S&P 500 gained 7.7% for the year, rising sharply from early November through February 207 amid optimism for President Trump's pro-business agenda. Investors bid up asset prices in anticipation of faster U.S. growth relative to the rest of a world, a stronger U.S. dollar and an improved outlook for smaller U.S. businesses relative to large ones. Perhaps in recognition of a slower and more uncertain outlook for U.S. policy changes than originally anticipated, many of these relative trades reversed near period end as the new administration faced tests of its domestic policy. U.S. equity markets reacted with uncertainty to efforts by Congress to replace the Affordable Care Act, then rallied after those efforts failed partly on expectations that Republicans may move on to other priorities, namely tax reform, which could more broadly affect stocks. Looking mostly at the period's final three months, a weaker U.S. dollar helped non-u.s. equities to lead a global stockmarket rally, with EM equity surpassing U.S. large-cap's trailing one-year result for the first time in several years. Q: And how about bond markets B.S. The Bloomberg Barclays U.S. Aggregate Bond Index returned 0.44% for the year. Bond yields declined early on and reached an all-time low shortly after the U.K.'s late- June "Brexit" vote to exit the European Union. Bond yields began to rise heading into the U.S. presidential election, and rallied strongly thereafter, as many bond investors 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

viewed then-president-elect Donald Trump's economic agenda as stimulative and potentially inflationary. Yields also rode the Fed's December decision to raise policy interest rates, as well as its signal for hikes in 207. Bond yields then moderated to begin 207: returns were positive in both January and February, aided by coupon (stated interest) income, and roughly flat in March. Within the Bloomberg Barclays index, investment-grade corporate credit, up roughly 3%, led major bond segments. Meanwhile, Treasuries returned about -%. Outside the index, Treasury Inflation-Protected Securities (TIPS) rose about %. Many riskier non-core debt segments rose much higher. Most notably, U.S. high-yield debt posted a doubledigit gain that rivaled the result of the S&P 500. Also, floating-rate debt rounded to a double-digit gain, with EM debt not far behind. Q: Andrew, what influenced the ' relative performance for the 2-month period A.D. Versus Composite indexes, asset allocation added value for the year, most notably from underweighting the investment-grade debt asset class and overweighting emerging-markets equity. Allocations to high-yield debt also helped, offset somewhat by allocations to commodity securities that, despite a positive result, underperformed most Composites and thus generally detracted. All of the ' out-of-index fixed-income allocations outperformed the core fixed-income result. Moreover, in all cases save for inflation-protected debt, underlying investments in these portfolio diversifiers outperformed their specific benchmarks. In some cases, the allocations were modest and thus exerted small influence individually but collectively these exposures provided diversification from an asset allocation perspective, while Fidelity portfolio managers added further value via positive effects from their active-management efforts. Q: Would you please offer some more detail regarding noteworthy Fund investments A.D. Drilling down to the individual-investment level, Strategic Advisers Core Income Multi-Manager Fund led the Bloomberg Barclays U.S. Aggregate Bond Index by 2 percentage points. Its portfolio management team seeks to add value through sector positioning and security selection, and to manage risk by keeping portfolio duration roughly in line with that of the Bloomberg Barclays index. Strategic Advisers Emerging Markets Fund of also topped its related benchmark, here by about a percentage point, while our EM debt investment albeit minor led its specific benchmark by 6 percentage points. Conversely, Strategic Advisers Income Opportunities Fund of, up about 5%, lagged its benchmark, but it outperformed other bond segments and even many equity components and Composite indexes. In the U.S. equity sleeve, small- and mid-cap investments detracted, offsetting positive selection effects from largecap growth investments. Non-U.S. equity investments also detracted overall, as Strategic Advisers International Multi- Manager Fund lagged its fund-level benchmark. Despite a turnaround so far in 207, much of the year was challenging for managers focused on higher quality and value: global growth was uncertain for much of the period, and investors gravitated toward typically more-defensive areas with less regard for valuation. Fidelity Multi-Manager offer structured and disciplined exposure across multiple asset classes stocks and bonds; domestic and international; large, small, value and growth. We believe this diversified investment strategy can help mitigate segment swings over short-term periods, smooth overall returns over time and provide participants with an effective approach to retirement saving. Q: What is your outlook as of March 3 A.D. Overall, in our view, potential future risks include a trend toward a reversal in globalization; market volatility as central banks evaluate policy; and a rapidly strengthening U.S. dollar. In addition, we continue to monitor China's economy for signs of a "hard landing." Later, I'll dig more deeply into some of the underpinnings of this outlook and how it affects the ' strategic and active positioning. In response to our evolving capital-markets views, during the year we gradually reduced the ' overweighting in the U.S. equity asset class, ending the period with a slight underweighting. We similarly reduced the non-u.s. DM equity underweighting, finishing more or less neutral with Composite benchmarks. At the same time, we increased the ' overweighting to EM equity, which we view as out of favor and undervalued. We also have been raising allocations to commodities and inflation-protected debt. While past performance does not guarantee future results, it was gratifying to see a general affirmation of Fidelity's active-management philosophy. In constructing multiasset-class portfolios, we believe the main driver of positive outcomes is strategic asset allocation actively decided, skillfully applied. Active management among underlying investments offers additional potential to outperform indexes, and the market environment going forward may offer more opportunity for active managers. We believe the long-term power of incremental and above-benchmark compounding returns can help shareholders increase their ability to achieve their most important life goals. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Andrew Dierdorf expands on the management team's outlook: "Ongoing structural shifts are expressed via our capital-markets views and quantitative and qualitative assessments that help establish the strategic glide path. Our views also inform the ' active asset allocation positioning over intermediate time frames. 'Active asset allocation' refers to the over-/underweighting of asset classes relative to strategic exposures in each Fund's glide path and Composite index. "We believe financial markets are largely efficient and that fundamentals drive market and security prices over time. We also believe instances arise where market prices diverge from underlying fair values, creating opportunities to improve outcomes through strategic and active investment decisions. "To evaluate active allocation opportunities, we synthesize information from many kinds of research and consider market mispricings via broad categorizations such as: Macro Environment: We think the U.S. economy is experiencing signs of the late phase of the business cycle, including increased inflation risk. EM economies appear positioned to benefit from global growth. We are monitoring changes in global monetary policy and interest rates, which continue to evolve. Valuation: We see EM equity and debt as discounted relative to U.S. counterparts, which seem expensive to us. Our TIPS exposure reflects value we see versus nominal bonds. Market Sentiment: Often contrarian, sentiment remains relatively bearish, especially for EM equity and commodities. This past year, we reduced exposure to U.S. equity in favor of non- U.S. DM equity and inflation-sensitive assets. Bottom-Up: Our research suggests U.S. corporate fundamentals, and job and wage growth, remain generally healthy, though our overall outlook is more cautious." 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Fidelity Multi-Manager Income Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 7.53% 7.40% Equity 5.85% 5.80% Commodity.68%.60% International Equity 0.6% 0.33% Developed-Markets Equity 5.75% 5.47% Emerging-Markets Equity 4.86% 4.86% Bond 44.26% 45.56% Investment-Grade Bond 37.45% 37.49% Inflation-Protected Bond 3.87% 3.84% High-Yield Bond.50% 2.82% Floating-Rate 0.26% 0.26% Emerging-Markets Debt 0.69% 0.66% Real Estate Debt 0.50% 0.49% Short-Term & Net Other Assets 27.60% 26.7% 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 Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average DJ US Total Stk Mkt.2% -3 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond Contribution (basis points)* 2.7% 34-0.5% 27 BBgBarc 3M t-bill -3.4% 24 FD MM Income Comp Idx 0.0% 83 Net Expenses -- -- -8 Total Value Added 75 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% 45 40 35 30 25 20 5 0 5 0 5 0 5 20 25 YEARS TO RETIREMENT RETIREMENT YEARS Domestic Equity International Equity Bond Short-Term Source: FMRCo. Fidelity Multi-Manager Target Date (the ) invest in a diversified mix of domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds), and non-affiliated funds that participate in Fidelity's Network. As the chart above shows, the follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. The are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Fund featured above may differ from this approximate illustration. 6 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Fidelity Multi-Manager Income Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 7.53% 7.40% Equity 5.85% 5.80% SA Core MM - CL F 4.78% 4.73% SA Value MM - CL F 4.69% 4.72% SA Growth MM - CL F 4.00% 3.97% SA SMID Cap MM - CL F 2.38% 2.38% Commodity.68%.60% Series Commod Stgy - CL F.68%.60% International Equity 0.6% 0.33% Developed-Markets Equity 5.75% 5.47% SA Intl MM - CL F 5.75% 5.47% Emerging-Markets Equity 4.86% 4.86% SA Em Mkts FOF - CL F 4.86% 4.86% Bond 44.26% 45.56% Investment-Grade Bond 37.45% 37.49% Six SA Core Inc MM - CL F 37.45% 37.49% Inflation-Protected Bond 3.87% 3.84% Ser Infl-Pro Bd In - CL F 3.87% 3.84% High-Yield Bond.50% 2.82% SA Income Opp FOF - CL F.50% 2.82% Floating-Rate 0.26% 0.26% Ser Flt Rt Hgh Inc - CL F 0.26% 0.26% Emerging-Markets Debt 0.69% 0.66% Ser Emrg Mkts Debt - CL F 0.69% 0.66% Real Estate Debt 0.50% 0.49% Series RE Income - CL F 0.50% 0.49% Short-Term & Net Other Assets 27.60% 26.7% FIMM Government - IC 9.05% 7.32% Fid Ser ST Credit Cl F 8.45% 9.3% NET OTHER ASSETS 0.09% 0.08% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, 207 6 Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Multi-Manager Income Fund Gross Expense Ratio: 0.7% 2.67% 2.49% 5.92% 3.05% -- 3.43% Bloomberg Barclays U.S. Aggregate Bond Index -2.8% 0.82% 0.44% 2.68% 2.34%.88% Fidelity Multi-Manager Income Composite Index.8%.93% 4.5% 3.05% -- 3.56% Morningstar Fund Target-Date Retirement.69% 2.59% 6.03% 2.94% 3.94% -- % Rank in Morningstar Category (% = Best) -- -- 53% 46% -- -- # of in Morningstar Category -- -- 7 33 3 -- Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 2/20/202. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that 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, advisor.fidelity.com, or 40k.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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 7 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Fidelity Multi-Manager 2005 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 25.20% 25.56% Equity 23.49% 24.04% Commodity.70%.52% International Equity 4.29% 4.5% Developed-Markets Equity 8.37% 8.22% Emerging-Markets Equity 5.92% 5.93% Bond 39.88% 40.98% Investment-Grade Bond 33.55% 33.24% Inflation-Protected Bond 3.4% 3.35% High-Yield Bond.50% 2.96% Floating-Rate 0.25% 0.25% Emerging-Markets Debt 0.67% 0.68% Real Estate Debt 0.49% 0.50% Short-Term & Net Other Assets 20.63% 9.3% 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 Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average DJ US Total Stk Mkt.% -4 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond Contribution (basis points)* 3.0% 27-0.9% 26 BBgBarc 3M t-bill -3.2% 23 FD MM 2005 Comp Idx 0.0% 72 Net Expenses -- -- -6 Total Value Added 56 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% 45 40 35 30 25 20 5 0 5 0 5 0 5 20 25 YEARS TO RETIREMENT RETIREMENT YEARS Domestic Equity International Equity Bond Short-Term Source: FMRCo. Fidelity Multi-Manager Target Date (the ) invest in a diversified mix of domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds), and non-affiliated funds that participate in Fidelity's Network. As the chart above shows, the follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. The are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Fund featured above may differ from this approximate illustration. 8 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Fidelity Multi-Manager 2005 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 25.20% 25.56% Equity 23.49% 24.04% SA Core MM - CL F 7.08% 7.9% SA Value MM - CL F 6.97% 7.9% SA Growth MM - CL F 5.93% 6.03% SA SMID Cap MM - CL F 3.52% 3.63% Commodity.70%.52% Series Commod Stgy - CL F.70%.52% International Equity 4.29% 4.5% Developed-Markets Equity 8.37% 8.22% SA Intl MM - CL F 8.37% 8.22% Emerging-Markets Equity 5.92% 5.93% SA Em Mkts FOF - CL F 5.92% 5.93% Bond 39.88% 40.98% Investment-Grade Bond 33.55% 33.24% Six SA Core Inc MM - CL F 33.55% 33.24% Inflation-Protected Bond 3.4% 3.35% Ser Infl-Pro Bd In - CL F 3.4% 3.35% High-Yield Bond.50% 2.96% SA Income Opp FOF - CL F.50% 2.96% Floating-Rate 0.25% 0.25% Ser Flt Rt Hgh Inc - CL F 0.25% 0.25% Emerging-Markets Debt 0.67% 0.68% Ser Emrg Mkts Debt - CL F 0.67% 0.68% Real Estate Debt 0.49% 0.50% Series RE Income - CL F 0.49% 0.50% Short-Term & Net Other Assets 20.63% 9.3% FIMM Government - IC 4.37% 2.52% Fid Ser ST Credit Cl F 6.20% 6.72% NET OTHER ASSETS 0.07% 0.07% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, 207 6 Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Multi-Manager 2005 Fund Gross Expense Ratio: 0.8% 2 2.73% 3.3% 7.57% 3.62% -- 4.62% Bloomberg Barclays U.S. Aggregate Bond Index -2.8% 0.82% 0.44% 2.68% 2.34%.88% Fidelity Multi-Manager 2005 Composite Index 2.26% 2.60% 6.00% 3.80% -- 5.05% Morningstar Fund Target-Date 2000-200 2.53% 3.08% 7.24% 3.60% 5.20% -- % Rank in Morningstar Category (% = Best) -- -- 37% 60% -- -- # of in Morningstar Category -- -- 2 87 69 -- Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 2/20/202. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that 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, advisor.fidelity.com, or 40k.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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 9 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Fidelity Multi-Manager 200 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 3.28% 3.72% Equity 29.59% 30.9% Commodity.69%.53% International Equity 7.24% 7.7% Developed-Markets Equity 0.43% 0.33% Emerging-Markets Equity 6.8% 6.85% Bond 35.8% 36.7% Investment-Grade Bond 30.0% 29.78% Inflation-Protected Bond 2.77% 2.7% High-Yield Bond.50% 2.80% Floating-Rate 0.25% 0.25% Emerging-Markets Debt 0.70% 0.68% Real Estate Debt 0.49% 0.49% Short-Term & Net Other Assets 5.67% 4.40% 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 Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average DJ US Total Stk Mkt.2% -3 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond Contribution (basis points)* 3.3% 2 -.6% 25 BBgBarc 3M t-bill -2.9% 27 FD MM 200 Comp Idx 0.0% 70 Net Expenses -- -- -0 Total Value Added 60 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% 45 40 35 30 25 20 5 0 5 0 5 0 5 20 25 YEARS TO RETIREMENT RETIREMENT YEARS Domestic Equity International Equity Bond Short-Term Source: FMRCo. Fidelity Multi-Manager Target Date (the ) invest in a diversified mix of domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds), and non-affiliated funds that participate in Fidelity's Network. As the chart above shows, the follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. The are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Fund featured above may differ from this approximate illustration. 0 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Fidelity Multi-Manager 200 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 3.28% 3.72% Equity 29.59% 30.9% SA Core MM - CL F 8.92% 9.03% SA Value MM - CL F 8.78% 9.03% SA Growth MM - CL F 7.47% 7.58% SA SMID Cap MM - CL F 4.42% 4.55% Commodity.69%.53% Series Commod Stgy - CL F.69%.53% International Equity 7.24% 7.7% Developed-Markets Equity 0.43% 0.33% SA Intl MM - CL F 0.43% 0.33% Emerging-Markets Equity 6.8% 6.85% SA Em Mkts FOF - CL F 6.8% 6.85% Bond 35.8% 36.7% Investment-Grade Bond 30.0% 29.78% Six SA Core Inc MM - CL F 30.0% 29.78% Inflation-Protected Bond 2.77% 2.7% Ser Infl-Pro Bd In - CL F 2.77% 2.7% High-Yield Bond.50% 2.80% SA Income Opp FOF - CL F.50% 2.80% Floating-Rate 0.25% 0.25% Ser Flt Rt Hgh Inc - CL F 0.25% 0.25% Emerging-Markets Debt 0.70% 0.68% Ser Emrg Mkts Debt - CL F 0.70% 0.68% Real Estate Debt 0.49% 0.49% Series RE Income - CL F 0.49% 0.49% Short-Term & Net Other Assets 5.67% 4.40% FIMM Government - IC 0.98% 9.32% Fid Ser ST Credit Cl F 4.62% 5.0% NET OTHER ASSETS 0.07% 0.06% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, 207 6 Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Multi-Manager 200 Fund Gross Expense Ratio: 0.86% 2 3.60% 3.66% 9.08% 4.08% -- 5.55% Bloomberg Barclays U.S. Aggregate Bond Index -2.8% 0.82% 0.44% 2.68% 2.34%.88% Fidelity Multi-Manager 200 Composite Index 3.3% 3.4% 7.43% 4.33% -- 6.24% Morningstar Fund Target-Date 2000-200 2.53% 3.08% 7.24% 3.60% 5.20% -- % Rank in Morningstar Category (% = Best) -- -- 9% 27% -- -- # of in Morningstar Category -- -- 2 87 69 -- Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 2/20/202. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that 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, advisor.fidelity.com, or 40k.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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Fidelity Multi-Manager 205 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 37.54% 37.97% Equity 35.84% 36.45% Commodity.70%.52% International Equity 20.03% 9.80% Developed-Markets Equity 2.54% 2.39% Emerging-Markets Equity 7.48% 7.4% Bond 3.37% 32.43% Investment-Grade Bond 26.48% 26.6% Inflation-Protected Bond.96%.90% High-Yield Bond.50% 2.94% Floating-Rate 0.25% 0.25% Emerging-Markets Debt 0.69% 0.68% Real Estate Debt 0.49% 0.50% Short-Term & Net Other Assets.06% 9.80% 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 Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average DJ US Total Stk Mkt.% -6 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond Contribution (basis points)* 3.3% 3-2.3% 29 BBgBarc 3M t-bill -2.% 23 FD MM 205 Comp Idx 0.0% 59 Net Expenses -- -- -0 Total Value Added 49 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% 45 40 35 30 25 20 5 0 5 0 5 0 5 20 25 YEARS TO RETIREMENT RETIREMENT YEARS Domestic Equity International Equity Bond Short-Term Source: FMRCo. Fidelity Multi-Manager Target Date (the ) invest in a diversified mix of domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds), and non-affiliated funds that participate in Fidelity's Network. As the chart above shows, the follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. The are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Fund featured above may differ from this approximate illustration. 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Fidelity Multi-Manager 205 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 37.54% 37.97% Equity 35.84% 36.45% SA Core MM - CL F 0.80% 0.9% SA Value MM - CL F 0.64% 0.90% SA Growth MM - CL F 9.04% 9.5% SA SMID Cap MM - CL F 5.36% 5.49% Commodity.70%.52% Series Commod Stgy - CL F.70%.52% International Equity 20.03% 9.80% Developed-Markets Equity 2.54% 2.39% SA Intl MM - CL F 2.54% 2.39% Emerging-Markets Equity 7.48% 7.4% SA Em Mkts FOF - CL F 7.48% 7.4% Bond 3.37% 32.43% Investment-Grade Bond 26.48% 26.6% Six SA Core Inc MM - CL F 26.48% 26.6% Inflation-Protected Bond.96%.90% Ser Infl-Pro Bd In - CL F.96%.90% High-Yield Bond.50% 2.94% SA Income Opp FOF - CL F.50% 2.94% Floating-Rate 0.25% 0.25% Ser Flt Rt Hgh Inc - CL F 0.25% 0.25% Emerging-Markets Debt 0.69% 0.68% Ser Emrg Mkts Debt - CL F 0.69% 0.68% Real Estate Debt 0.49% 0.50% Series RE Income - CL F 0.49% 0.50% Short-Term & Net Other Assets.06% 9.80% FIMM Government - IC 7.87% 6.35% Fid Ser ST Credit Cl F 3.4% 3.40% NET OTHER ASSETS 0.06% 0.05% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, 207 6 Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Multi-Manager 205 Fund Gross Expense Ratio: 0.94% 2 4.49% 4.23% 0.4% 4.47% -- 6.0% Bloomberg Barclays U.S. Aggregate Bond Index -2.8% 0.82% 0.44% 2.68% 2.34%.88% Fidelity Multi-Manager 205 Composite Index 4.02% 3.68% 8.88% 4.83% -- 6.82% Morningstar Fund Target-Date 205 3.00% 3.38% 8.0% 3.74% 5.80% -- % Rank in Morningstar Category (% = Best) -- -- 5% 29% -- -- # of in Morningstar Category -- -- 35 96 7 -- Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 2/20/202. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that 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, advisor.fidelity.com, or 40k.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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Fidelity Multi-Manager 2020 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 4.69% 42.07% Equity 39.98% 40.48% Commodity.7%.59% International Equity 2.83% 2.59% Developed-Markets Equity 3.89% 3.75% Emerging-Markets Equity 7.94% 7.84% Bond 28.08% 29.20% Investment-Grade Bond 24.03% 23.80% Inflation-Protected Bond.6%.0% High-Yield Bond.53% 2.88% Floating-Rate 0.25% 0.25% Emerging-Markets Debt 0.64% 0.68% Real Estate Debt 0.47% 0.49% Short-Term & Net Other Assets 8.40% 7.4% 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 Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average DJ US Total Stk Mkt.2% -7 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond 3.3% 8 Contribution (basis points)* -3.% 35 BBgBarc 3M t-bill -.3% 5 FD MM 2020 Comp Idx 0.0% 50 Net Expenses -- -- -9 Total Value Added 4 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% 45 40 35 30 25 20 5 0 5 0 5 0 5 20 25 YEARS TO RETIREMENT RETIREMENT YEARS Domestic Equity International Equity Bond Short-Term Source: FMRCo. Fidelity Multi-Manager Target Date (the ) invest in a diversified mix of domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds), and non-affiliated funds that participate in Fidelity's Network. As the chart above shows, the follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. The are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Fund featured above may differ from this approximate illustration. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Fidelity Multi-Manager 2020 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 4.69% 42.07% Equity 39.98% 40.48% SA Core MM - CL F 2.03% 2.2% SA Value MM - CL F.89% 2.0% SA Growth MM - CL F 0.07% 0.6% SA SMID Cap MM - CL F 5.99% 6.0% Commodity.7%.59% Series Commod Stgy - CL F.7%.59% International Equity 2.83% 2.59% Developed-Markets Equity 3.89% 3.75% SA Intl MM - CL F 3.89% 3.75% Emerging-Markets Equity 7.94% 7.84% SA Em Mkts FOF - CL F 7.94% 7.84% Bond 28.08% 29.20% Investment-Grade Bond 24.03% 23.80% Six SA Core Inc MM - CL F 24.03% 23.80% Inflation-Protected Bond.6%.0% Ser Infl-Pro Bd In - CL F.6%.0% High-Yield Bond.53% 2.88% SA Income Opp FOF - CL F.53% 2.88% Floating-Rate 0.25% 0.25% Ser Flt Rt Hgh Inc - CL F 0.25% 0.25% Emerging-Markets Debt 0.64% 0.68% Ser Emrg Mkts Debt - CL F 0.64% 0.68% Real Estate Debt 0.47% 0.49% Series RE Income - CL F 0.47% 0.49% Short-Term & Net Other Assets 8.40% 7.4% FIMM Government - IC 5.93% 4.62% Fid Ser ST Credit Cl F 2.42% 2.47% NET OTHER ASSETS 0.05% 0.05% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, 207 6 Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Multi-Manager 2020 Fund Gross Expense Ratio: 0.97% 2 4.99% 4.60%.28% 4.72% -- 6.47% S&P 500 Index 0.2% 6.07% 7.7% 0.37% 3.30% 4.59% Fidelity Multi-Manager 2020 Composite Index 4.6% 4.04% 9.85% 5.7% -- 7.37% Morningstar Fund Target-Date 2020 3.23% 3.57% 8.54% 3.82% 5.72% -- % Rank in Morningstar Category (% = Best) -- -- 5% 20% -- -- # of in Morningstar Category -- -- 225 8 47 -- Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 2/20/202. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that 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, advisor.fidelity.com, or 40k.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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Fidelity Multi-Manager 2025 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 46.06% 46.39% Equity 44.7% 44.85% Commodity.89%.54% International Equity 23.52% 23.53% Developed-Markets Equity 5.2% 5.20% Emerging-Markets Equity 8.32% 8.33% Bond 24.3% 25.09% Investment-Grade Bond 20.64% 20.8% Inflation-Protected Bond 0.8% 0.59% High-Yield Bond.5% 2.92% Floating-Rate 0.25% 0.25% Emerging-Markets Debt 0.63% 0.66% Real Estate Debt 0.47% 0.49% Short-Term & Net Other Assets 6.% 4.99% 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 Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average DJ US Total Stk Mkt.4% -7 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond 3.3% Contribution (basis points)* -5.0% 49 BBgBarc 3M t-bill 0.3% -7 FD MM 2025 Comp Idx 0.0% 37 Net Expenses -- -- -2 Total Value Added 25 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% 45 40 35 30 25 20 5 0 5 0 5 0 5 20 25 YEARS TO RETIREMENT RETIREMENT YEARS Domestic Equity International Equity Bond Short-Term Source: FMRCo. Fidelity Multi-Manager Target Date (the ) invest in a diversified mix of domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds), and non-affiliated funds that participate in Fidelity's Network. As the chart above shows, the follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. The are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Fund featured above may differ from this approximate illustration. 6 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Fidelity Multi-Manager 2025 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 46.06% 46.39% Equity 44.7% 44.85% SA Core MM - CL F 3.3% 3.42% SA Value MM - CL F 3.5% 3.4% SA Growth MM - CL F.3%.26% SA SMID Cap MM - CL F 6.58% 6.75% Commodity.89%.54% Series Commod Stgy - CL F.89%.54% International Equity 23.52% 23.53% Developed-Markets Equity 5.2% 5.20% SA Intl MM - CL F 5.2% 5.20% Emerging-Markets Equity 8.32% 8.33% SA Em Mkts FOF - CL F 8.32% 8.33% Bond 24.3% 25.09% Investment-Grade Bond 20.64% 20.8% Six SA Core Inc MM - CL F 20.64% 20.8% Inflation-Protected Bond 0.8% 0.59% Ser Infl-Pro Bd In - CL F 0.8% 0.59% High-Yield Bond.5% 2.92% SA Income Opp FOF - CL F.5% 2.92% Floating-Rate 0.25% 0.25% Ser Flt Rt Hgh Inc - CL F 0.25% 0.25% Emerging-Markets Debt 0.63% 0.66% Ser Emrg Mkts Debt - CL F 0.63% 0.66% Real Estate Debt 0.47% 0.49% Series RE Income - CL F 0.47% 0.49% Short-Term & Net Other Assets 6.% 4.99% FIMM Government - IC 4.42% 3.23% Fid Ser ST Credit Cl F.64%.73% NET OTHER ASSETS 0.04% 0.04% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, 207 6 Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Multi-Manager 2025 Fund Gross Expense Ratio:.03% 2 5.60% 4.92% 2.% 4.96% -- 7.34% S&P 500 Index 0.2% 6.07% 7.7% 0.37% 3.30% 4.59% Fidelity Multi-Manager 2025 Composite Index 5.9% 4.40% 0.85% 5.55% -- 8.47% Morningstar Fund Target-Date 2025 4.34% 4.27% 0.0% 4.3% 6.77% -- % Rank in Morningstar Category (% = Best) -- -- 9% 27% -- -- # of in Morningstar Category -- -- 99 54 4 -- Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 2/20/202. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that 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, advisor.fidelity.com, or 40k.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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 7 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Fidelity Multi-Manager 2030 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 55.73% 56.79% Equity 54.0% 55.26% Commodity.7%.54% International Equity 27.96% 28.0% Developed-Markets Equity 8.46% 8.62% Emerging-Markets Equity 9.50% 9.39% Bond 5.50% 5.2% Investment-Grade Bond.84% 0.39% Inflation-Protected Bond 0.8% 0.59% High-Yield Bond.5% 2.76% Floating-Rate 0.25% 0.25% Emerging-Markets Debt 0.62% 0.65% Real Estate Debt 0.47% 0.48% Short-Term & Net Other Assets 0.8% 0.08% 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 Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average DJ US Total Stk Mkt.5% -5 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond Contribution (basis points)* 3.4% -3-5.% 46 BBgBarc 3M t-bill 0.2% -4 FD MM 2030 Comp Idx 0.0% 24 Net Expenses -- -- -2 Total Value Added 2 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% 45 40 35 30 25 20 5 0 5 0 5 0 5 20 25 YEARS TO RETIREMENT RETIREMENT YEARS Domestic Equity International Equity Bond Short-Term Source: FMRCo. Fidelity Multi-Manager Target Date (the ) invest in a diversified mix of domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds), and non-affiliated funds that participate in Fidelity's Network. As the chart above shows, the follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. The are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Fund featured above may differ from this approximate illustration. 8 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Fidelity Multi-Manager 2030 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 55.73% 56.79% Equity 54.0% 55.26% SA Core MM - CL F 6.28% 6.54% SA Value MM - CL F 6.07% 6.52% SA Growth MM - CL F 3.62% 3.87% SA SMID Cap MM - CL F 8.06% 8.33% Commodity.7%.54% Series Commod Stgy - CL F.7%.54% International Equity 27.96% 28.0% Developed-Markets Equity 8.46% 8.62% SA Intl MM - CL F 8.46% 8.62% Emerging-Markets Equity 9.50% 9.39% SA Em Mkts FOF - CL F 9.50% 9.39% Bond 5.50% 5.2% Investment-Grade Bond.84% 0.39% Six SA Core Inc MM - CL F.84% 0.39% Inflation-Protected Bond 0.8% 0.59% Ser Infl-Pro Bd In - CL F 0.8% 0.59% High-Yield Bond.5% 2.76% SA Income Opp FOF - CL F.5% 2.76% Floating-Rate 0.25% 0.25% Ser Flt Rt Hgh Inc - CL F 0.25% 0.25% Emerging-Markets Debt 0.62% 0.65% Ser Emrg Mkts Debt - CL F 0.62% 0.65% Real Estate Debt 0.47% 0.48% Series RE Income - CL F 0.47% 0.48% Short-Term & Net Other Assets 0.8% 0.08% FIMM Government - IC 0.73% 0.03% Fid Ser ST Credit Cl F 0.05% 0.02% NET OTHER ASSETS 0.02% 0.02% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, 207 6 Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Multi-Manager 2030 Fund Gross Expense Ratio:.0% 2 7.04% 5.7% 4.36% 5.45% -- 7.97% S&P 500 Index 0.2% 6.07% 7.7% 0.37% 3.30% 4.59% Fidelity Multi-Manager 2030 Composite Index 6.72% 5.24% 3.23% 6.7% -- 9.25% Morningstar Fund Target-Date 2030 5.4% 4.76%.49% 4.65% 7.2% -- % Rank in Morningstar Category (% = Best) -- -- 4% 9% -- -- # of in Morningstar Category -- -- 225 8 47 -- Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 2/20/202. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that 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, advisor.fidelity.com, or 40k.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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 9 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.