Geode Capital Management , LLC Subadvisor: Geode Capital Management , LLC Advisor: Fidelity Investments

Index Investing with Fidelity Product overview

August 2021

Not FDIC Insured  May Lose Value  No Bank Guarantee

For institutional use only. Index Investing with Fidelity

1. Overview 2. Investment Philosophy 3. Offerings 4. Equity and Specialty 5. Fixed Income 6. Index Fund Performance Summary 7. Securities Lending 8. Appendix 9. Important Information

See Important Information for a discussion of performance data, some of the principal risks related to any of the investment strategies referred to in this presentation, and other information related to this presentation. 2 For institutional use only. Why Fidelity for Index?

Broad Range Index Fund Low of Market Management Cost and Index Expertise Exposures

Some of the most Fidelity’s lineup offers Fidelity is the second competitively priced investors access to all largest index mutual mutual funds and pools core asset class fund provider in the in the industry. exposures as well as industry, with more than more specialized indexes. 30 years of index fund experience.*

*Based on $906 billion in index fund assets under management (AUM) as of 6/30/2021. Source: Morningstar. 3 For institutional use only. Fidelity Index Funds Investment Philosophy

Fidelity seeks to provide investors with low-cost portfolios that tightly track their benchmarks by focusing on data integrity and employing state-of-the-art trading and risk management tools.

Tracking Risk Tools Securities Error Management Lending Work to achieve the Manage multiple risk Utilize state-of-the-art Employ securities lowest possible factors relative to trading and liquidity lending policies that tracking error benchmarks management tools seek to generate revenue and benefit investors

4 For institutional use only. Fidelity Index Mutual Fund Spectrum Spanning all core asset classes Fidelity offers a suite of index mutual funds that covers multiple asset classes and market caps across domestic and international equity, fixed income, and real estate.

Domestic Equity International Equity Fixed Income Advisor: Fidelity Investments Advisor: Fidelity Investments Subadvisor: Geode Capital Management , LLC Subadvisor: Geode Capital Management , LLC Advisor: Fidelity Investments

• Fidelity 500 Index Fund • Fidelity Global ex U.S. Index Fund • Fidelity Inflation-Protected Bond Index Fund • Fidelity Extended Market Index Fund • Fidelity International Sustainability Index Fund • Fidelity Intermediate Treasury Bond Index Fund • Fidelity Total Market Index Fund • Fidelity Emerging Markets Index Fund • Fidelity International Bond Index Fund • Fidelity Large Cap Growth Index Fund • Fidelity International Index Fund • Fidelity Long-Term Treasury Bond Index Fund • Fidelity Large Cap Value Index Fund • Fidelity Total International Index Fund • Fidelity Municipal Bond Index Fund • Fidelity Mid Cap Index Fund • Fidelity Short-Term Treasury Bond Index Fund • Fidelity Mid Cap Growth Index Fund • Fidelity Short-Term Bond Index Fund • Fidelity Mid Cap Value Index Fund • Fidelity Sustainability Bond Index Fund • Fidelity Small Cap Index Fund • Fidelity U.S. Bond Index Fund • Fidelity Small Cap Growth Index Fund • Fidelity Small Cap Value Index Fund • Fidelity Nasdaq Composite Index Fund • Fidelity U.S. Sustainability Index Fund

Specialty Asset Allocation

Advisor: Fidelity Investments Advisor: Fidelity Investments Subadvisor: Geode Capital Management , LLC • Fidelity Four-in-One Index Fund • Fidelity Freedom Index 2030 Fund • Fidelity Real Estate Index Fund • Fidelity Freedom Income Index Fund • Fidelity Freedom Index 2035 Fund • Fidelity Freedom Index 2005 Fund • Fidelity Freedom Index 2040 Fund • Fidelity Freedom Index 2010 Fund • Fidelity Freedom Index 2045 Fund • Fidelity Freedom Index 2015 Fund • Fidelity Freedom Index 2050 Fund • Fidelity Freedom Index 2020 Fund • Fidelity Freedom Index 2055 Fund • Fidelity Freedom Index 2025 Fund • Fidelity Freedom Index 2060 Fund • Fidelity Freedom Index 2065 Fund

Fidelity Investments refers collectively to FMR LLC, a U.S. company, and its subsidiaries, including but not limited to Fidelity Management & Research Company (FMR Co.) and FIAM. Geode Capital Management, LLC serves as the Subadvisor for the Fidelity Index Mutual Funds. 5 For institutional use only. Index Pools Offered through Fidelity Spanning all core asset classes

Fidelity offers a full lineup of asset allocation and fixed income pools and also distributes a suite of equity and international equity pools from investment manager Geode Capital Management Trust Company, LLC.

Domestic Equity International Equity Specialty

Investment and Portfolio Management Investment and Portfolio Management Investment and Portfolio Management Geode Capital Management Trust Company, LLC Geode Capital Management Trust Company, LLC Geode Capital Management Trust Company, LLC

• SpartanSM 500 Index Pool • Spartan Global ex U.S. Index Pool • Spartan Real Estate Index Pool • Spartan Extended Market Index Pool • Spartan Developed International Index Pool • Spartan Commodity Index Pool • Spartan Total Market Index Pool • Spartan Emerging Markets Index Pool • Spartan Large Cap Growth Index Pool • Spartan International Index Pool • Spartan Large Cap Value Index Pool • Spartan Total International Index Pool • Spartan Mid Cap Index Pool • Spartan Small Cap Index Pool

Fixed Income Asset Allocation

Investment and Portfolio Management Investment and Portfolio Management Fidelity Investments Fidelity Investments

• FIAM U.S. Bond Index Pool • FIAM Index Target Date Income Pool • FIAM Index Target Date 2030 Pool • FIAM Intermediate Inflation Protected Index Pool • FIAM Index Target Date 2005 Pool • FIAM Index Target Date 2035 Pool • FIAM Long US Treasury STRIPS Index Pool • FIAM Index Target Date 2010 Pool • FIAM Index Target Date 2040 Pool • FIAM Index Target Date 2015 Pool • FIAM Index Target Date 2045 Pool • FIAM Index Target Date 2020 Pool • FIAM Index Target Date 2050 Pool • FIAM Index Target Date 2025 Pool • FIAM Index Target Date 2055 Pool • FIAM Index Target Date 2060 Pool • FIAM Index Target Date 2065 Pool

Geode Capital Management Trust Company, LLC is the investment manager for Spartan Index Pools. Fidelity Institutional Asset Management Trust Company is the investment manager for the FIAM Pools. Commingled pools are only available to eligible retirement plans. 6 For institutional use only. Equity and Specialty Index Investment Team

For institutional use only. Equity and Specialty Index Investment Team Geode Capital Management

Equity Index Investment Team

Portfolio Management Experience Investment Approach • Subadvisor to Fidelity’s Index funds and manager of proprietary pools Employ systematic portfolio management and trading • Over $855 billion Equity Index AUM techniques that seek to: • Managing index mandates since 2002 • Minimize tracking error versus the index • Comprehensive range of market-cap and factor-based index strategies • Manage explicit and implicit transaction costs • Portfolio managers have an average of 22 years of industry experience • Mitigate active portfolio risks • Replicate the index in the most efficient manner, either by full replication or intelligent substitution

Team Title Years of Experience $59 $20 Diane Hsiung CIO – Index and ETF Strategies 27 Deane Gyllenhaal Senior Portfolio Manager 31 $132 Domestic Cap-Weighted $644 Louis Bottari Senior Portfolio Manager 29 Global/International Cap- Peter Matthew Portfolio Manager 20 EQUITY INDEX AUM Weighted $132 BILLIONS ($) Robert Regan Portfolio Manager 24 Global/International Factor $20 Payal Gupta Portfolio Manager 17 Domestic Factor $59 Thomas O’Brien, CFA Portfolio Manager 30 $644 Navid Sohrabi, CFA Portfolio Manager 19 Chris Toth, CFA Portfolio Manager 18 Dan Glenn Portfolio Manager 14 Josh Posner, CFA Portfolio Manager 15 Clinton Clark Index Analyst 15 Amruta Joshi Index Analyst 9

Data as of 06/30/2021. Team as of 6/30/2021. Source: Geode Capital Management. 8 For institutional use only. Disciplined Investment Process Geode Capital Management

Our Approach Utilize systematic portfolio and trading techniques that seek to maximize implementation efficiencies while minimizing cost and mitigating active portfolio risks.

Data Validation Portfolio Construction Implementation Post-Trade Analysis

• Use multi-layer • Determine optimal approach to • Minimize explicit • Monitor exposures validation process achieve objectives transaction costs and risk factors and market impact • Control risk and minimize costs

Risk Management

For illustrative purposes only. Please see Important Information at the end of this presentation for additional details. 9 For institutional use only. Investment Process—Data Validation Geode Capital Management

Data integrity is the primary driver of successful portfolio construction.

Data Validation Portfolio Construction Implementation Post-Trade Analysis

FACTORS

Index Composition Risk Exposure Data Validation & Proprietary Reports Reports Warehouse Data Database Daily Index Financial Data Performance Announcements

Risk Model

Pricing Data

Pre-Trade Analysis Cash Exposure

Corporate Actions

Holdings

For illustrative purposes only. Please see Important Information at the end of this presentation for additional details. 10 For institutional use only. Investment Process—Portfolio Construction & Implementation Geode Capital Management

Rigorous portfolio construction and implementation that seeks to maximize client objectives.

Data Validation Portfolio Construction Implementation Post-Trade Analysis

PRE-TRADE PORTFOLIO POSITIONING

Trade Decision

Equities Futures

Portfolio Construction Implementation Portfolio Construction Implementation

Custom Universe Control Liquid Futures Contracts Efficient Execution Eligible Markets Commissions/Impact Market Order /BIC Trade Holdings Currency Exposure Benchmark Trade Order Investable Cash Instructions Transaction Costs Trade Instructions Objective(s) Timing of Executions Constraints Index/Market Calendar Corporate Actions

For illustrative purposes only. Please see Important Information at the end of this presentation for additional details. 11 For institutional use only. Investment Process—Post-Trade Analysis Geode Capital Management

Post-trade analysis can validate investment-process integrity.

Data Validation Portfolio Construction Implementation Post-Trade Analysis

Daily Risk Cash Transaction Weights Performance Characteristics Levels Cost Analysis

Daily returns are Ensure portfolio risk Timely true-up Measure security, Rigorous analysis consistent with characteristics are in of equitized industry, and performed for all expectations line with benchmark cash exposures sector weights vs. execution data vs. benchmark the benchmark by portfolio/ counterparty/strategy

For illustrative purposes only. Please see Important Information at the end of this presentation for additional details. 12 For institutional use only. Risk and Compliance Oversight Geode Capital Management

Portfolio and Compliance and Investment Oversight Risk Analytics Operations

• Real-time cash, futures, and • Daily oversight and tests: leverage, • Monthly investment committee review Risk mitigation collateral monitoring concentration, client guidelines, pre/post- • Client portfolio performance review and compliance trading activity • Identify security exceptions • Performance attribution analysis oversight • Verify daily valuation • Analyze portfolio exposures vs. • Portfolio risk assessment are present throughout benchmark • Monitor regulatory compliance and the entire risk investment guidelines • Daily review of prior day trading management process and performance

For illustrative purposes only. Please see Important Information at the end of this presentation for additional details. 13 For institutional use only. Fund Lineup: Domestic Equity

Funds Index Ticker Expense Ratio Approach DOMESTIC EQUITY ® Fidelity 500 Index Fund S&P 500 FXAIX 0.015% Fully Replicated

Fidelity Extended Market Index Fund DJ U.S. Completion Total Stock Market FSMAX 0.035% Optimized

® Fidelity Large Cap Growth Index Fund Russell 1000 Growth FSPGX 0.035% Fully Replicated

® Fidelity Large Cap Value Index Fund Russell 1000 Value FLCOX 0.035% Fully Replicated

Fidelity Mid Cap Index Fund Russell Midcap FSMDX 0.025% Fully Replicated

Fidelity Mid Cap Growth Index Fund Russell Midcap Growth FMDGX 0.050% Fully Replicated

Fidelity Mid Cap Value Index Fund Russell Midcap Value FIMVX 0.050% Fully Replicated

Fidelity Nasdaq Composite Index Fund Nasdaq Composite FNCMX 0.29% Optimized

® Fidelity Small Cap Index Fund Russell 2000 FSSNX 0.025% Replicated

Fidelity Small Cap Growth Index Fund Russell 2000 Growth FECGX 0.050% Optimized

Fidelity Small Cap Value Index Fund Russell 2000 Value FISVX 0.050% Replicated

Fidelity Total Market Index Fund DJ U.S. Total Stock Market FSKAX 0.015% Replicated

Fidelity U.S. Sustainability Index Fund MSCI USA ESG Leaders FITLX 0.11% Fully Replicated

Expense ratios as of 6/30/2021. 14 For institutional use only. Fund Lineup: International and Specialty Equity

Funds Index Ticker Expense Ratio Approach INTERNATIONAL EQUITY ® Fidelity Emerging Markets Index Fund MSCI Emerging Markets FPADX 0.075% Optimized

Fidelity Global ex U.S. Index Fund MSCI ACWI ex U.S.A FSGGX 0.055% Optimized

® Fidelity International Index Fund MSCI EAFE FSPSX 0.035% Fully Replicated

Fidelity International Sustainability Index Fund MSCI ACWI ex USA ESG Leaders FNIDX 0.20% Optimized

Fidelity Total International Index Fund MSCI ACWI ex USA IMI FTIHX 0.06% Optimized

SPECIALTY

Fidelity Real Estate Index Fund MSCI US IMI Real Estate 25/25 Index FSRNX 0.07% Optimized

Expense ratios as of 6/30/2021. 15 For institutional use only. Pool Lineup: Equity

Fee Schedule

Pools Index Class C Class D Class E Approach

DOMESTIC EQUITY <$500M $500M-$1B >$1B

® Spartan 500 Index Pool S&P 500 0.015% 0.013% 0.01% Fully Replicated Dow Jones U.S. Completion 0.035% 0.033% 0.030% Optimized Spartan Extended Market Index Pool Total Stock Market Dow Jones U.S. Total Stock 0.015% 0.013% 0.01% Replicated Spartan Total Market Index Pool Market ® Spartan Large Cap Growth Index Pool Russell 1000 Growth 0.035% 0.033% 0.03% Fully Replicated

® Spartan Large Cap Value Index Pool Russell 1000 Value 0.035% 0.033% 0.03% Fully Replicated

N/A Spartan Mid Cap Index Pool Russell Midcap 0.025% 0.023% 0.02% (pool has not yet funded)

® Spartan Small Cap Index Pool Russell 2000 0.025% 0.023% 0.02% Replicated

INTERNATIONAL EQUITY

Spartan Developed International Index Pool MSCI World ex U.S.A 0.045% 0.043% 0.04% Replicated

® Spartan Emerging Markets Index Pool MSCI Emerging Markets 0.075% 0.073% 0.07% Optimized

Spartan Global ex US Index Pool MSCI ACWI ex U.S.A 0.055% 0.053% 0.05% Replicated

® Spartan International Index Pool MSCI EAFE 0.035% 0.033% 0.03% Replicated N/A Spartan Total International Index Pool MSCI ACWI ex U.S.A IMI 0.055% 0.053% 0.05% (pool has not yet funded)

SPECIALTY

Spartan Real Estate Index Pool MSCI US IMI Real Estate 25/50 0.07% 0.06% 0.05% Optimized

Note: Class A limited to certain qualified retirement plans. Expense ratio determined based on plan assets. Expense ratios as of 6/30/2021. Please see Important Information at the end of this presentation for additional details. 16 For institutional use only. Fixed Income Index Investment Team

For institutional use only. Fixed Income Index Investment Team Investment approach will vary with mandate

Replication Full Replication Stratified Sampling strategies vary TIPS Index Treasury Index U.S. Multisector Bond U.S. Treasury, FIXED INCOME Key Sectors U.S. TIPS U.S. Treasury U.S. Agency, Corporates, INDEX PLATFORM ABS, CMBS, and MBS Index Liquidity High Very High Mixed

Fund Securities* 45 132 8,006 $160.7B Index Securities* 44 151 12,201 Total AUM Sources of Risk Interest Rate    Yield Curve    Sector  Idiosyncratic 

$29.0B $42.0B $87.7B

5 Funds 9 Funds 14 Funds

* Fund and Index security counts represent the largest fund and index in each category. Source: Fidelity Investments. Fidelity AUM noted as of 6/30/21; assets shown above represent those assets managed on the fixed income index team desk. These asset may differ from previous slides due to varying aggregation methodology. Not all funds are eligible for direct investments. Orange slice in pie chart represents Canadian index fund assets of $2.0B. See the Glossary at the end of this presentation for terms and definitions. 18 For institutional use only. Investment Process—Portfolio Construction Fidelity Investments

Seeks to provide investment results that correspond to the aggregate price and interest Philosophy performance of the debt securities in a corresponding benchmark index.

Investment Approach For each index portfolio, we strive to minimize the ex-post annualized tracking error volatility relative to the benchmark of that portfolio.

For some index portfolios, where a benchmark may have a large number of securities, we use a portfolio construction approach called stratified sampling in order to match as closely as possible the following index risk exposures using a smaller number of securities: • Interest Rate Risk Exposure (we use option-adjusted duration) • Yield Curve Risk Exposures (we use key rate durations) • Sector Risk Exposures (we use PMV, CTD, and contribution to key rate durations) • Idiosyncratic Risk Exposures (we use PMV and CTD for each issuer)

For illustrative purposes only. 19 For institutional use only. Investment Process—Research and Trading Fidelity Investments

Over 5,000 Leverage Fidelity’s credit Over 9,000 securities Utilize corporate issues research and trading in the Bloomberg Barclays stratified full replication capabilities U.S. Aggregate Bond Index sampling is not practical in security selection

SECURITY WEIGHTING IN INDEX PORTFOLIO

Index Risk Factors Research Trading • Duration • Proprietary fundamental analysis • Market technicals • Sector • Quantitative analysis • Relative value assessment • Yield Curve • Relative value assessment • Execution • Ratings • Industry perspectives • Equity analyst collaboration

For illustrative purposes only. 20 For institutional use only. Fund Lineup: Fixed Income

Funds Index Ticker Expense Ratio FIXED INCOME

Fidelity U.S. Bond Index Fund Bloomberg Barclays U.S. Aggregate FXNAX 0.025%

Bloomberg Barclays Global Aggregate Fidelity International Bond Index Fund FBIIX 0.06% ex-USD Float Adjusted RIC Diversified

Fidelity Short-Term Bond Index Fund Bloomberg Barclays U.S. 1-5 Year Government/Credit Bond FNSOX 0.03%

Fidelity Short-Term Treasury Bond Index Fund Bloomberg Barclays U.S. 1-5 Year Treasury FUMBX 0.03%

Fidelity Sustainability Bond Index Fund Bloomberg Barclays MSCI U.S. Aggregate ESG Choice Bond FNDSX 0.10%

Fidelity Intermediate Treasury Bond Index Fund Bloomberg Barclays U.S. 5-10 Year Treasury FUAMX 0.03%

Fidelity Long-Term Treasury Bond Index Fund Bloomberg Barclays U.S. Long Treasury FNBGX 0.03%

Fidelity Inflation-Protected Bond Index Fund Bloomberg Barclays U.S. TIPS FIPDX 0.05%

Fidelity Municipal Bond Index Fund Bloomberg Barclays Municipal Bond FMBIX 0.07%

Expense ratios as of 6/30/2021. 21 For institutional use only. Pool Lineup: Fixed Income

Fee Schedule Pools Index Class C FIXED INCOME ≥ $5M

FIAM U.S. Bond Index Pool Bloomberg Barclays U.S. Aggregate 0.025%

FIAM Intermediate Inflation-Protected Bond Index Pool Bloomberg Barclays 1-10 Year U.S. TIPS 0.05%

FIAM Long US Treasury STRIPS Index Pool* Bloomberg Barclays US STRIPS 25-30 Custom Index 0.03%

Note: Class A limited to certain qualified retirement plans. Expense ratio determined based on plan assets.

Expense ratios as of 6/30/21. 22 For institutional use only. Performance Summary

For institutional use only. Domestic Equity Index Mutual Funds Performance as of June 30, 2021

3-Year Cumulative Cumulative Inception Average Annual Total Returns (%) 1-Year 3-Year 5-Year 10-Year Life-of-Fund Tracking 3-Month YTD Date Error

Fidelity 500 Index Fund 8.55 15.25 40.79 18.66 17.63 14.83 11.03 0.01 2/17/1988 S&P 500 Index 8.55 15.25 40.79 18.67 17.65 14.84 -- -- Relative Return 0.00 0.00 0.00 -0.01 -0.02 -0.01 -- --

Fidelity Extended Market Index Fund 7.12 15.42 61.59 18.58 18.83 14.01 9.70 0.07 11/5/1997 Dow Jones U.S. Completion Total Stock Market Index 7.12 15.42 61.60 18.50 18.71 13.87 -- -- Relative Return 0.00 0.00 -0.01 0.08 0.12 0.14 -- --

Fidelity Large Cap Growth Index Fund 11.91 12.99 42.44 25.07 23.60 -- 22.99 0.10 6/7/2016 Russell 1000 Growth Index 11.93 12.99 42.50 25.14 23.66 ------Relative Return -0.02 0.00 -0.06 -0.07 -0.06 ------

Fidelity Large Cap Value Index Fund 5.18 16.99 43.61 12.42 11.87 -- 11.67 0.10 6/7/2016 Russell 1000 Value Index 5.21 17.05 43.68 12.42 11.87 ------Relative Return -0.03 -0.06 -0.07 0.00 0.00 ------

Fidelity Mid Cap Index Fund 7.47 16.23 49.79 16.45 15.61 -- 15.07 0.07 9/8/2011 Russell MidCap Index 7.50 16.25 49.80 16.45 15.62 ------Relative Return -0.03 -0.02 -0.01 0.00 -0.01 ------

Fidelity Mid Cap Growth Index Fund 11.08 10.49 43.70 ------25.46 -- 7/11/2019 Russell Midcap Growth Index 11.07 10.44 43.77 ------Relative Return 0.01 0.05 -0.07 ------

Fidelity Mid Cap Value Index Fund 5.65 19.37 52.83 ------15.77 -- 7/11/2019 Russell Midcap Value Index 5.66 19.45 53.06 ------Relative Return -0.01 -0.08 -0.23 ------

Performance data shown represents past performance and 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 that quoted. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com, institutional.fidelity.com, or 401k.com. It is not possible to invest directly in an index. All market indices are unmanaged. Index performance is not meant to represent that of any Fidelity mutual fund. See the Important Information at the end of this presentation for more information on any terms. Source: Fidelity Investments 24 For institutional use only. Domestic Equity Index Mutual Funds Performance as of June 30, 2021

3-Year Cumulative Cumulative Inception Average Annual Total Returns (%) 1-Year 3-Year 5-Year 10-Year Life-of-Fund Tracking 3-Month YTD Date Error Fidelity Nasdaq Composite Index Fund 9.67 12.86 45.06 25.53 25.53 19.13 13.27 0.22 9/25/2003 NASDAQ Composite Index 9.68 12.92 45.23 25.72 25.80 19.32 -- -- Relative Return -0.01 -0.06 -0.17 -0.19 -0.27 -0.19 -- --

Fidelity Small Cap Index Fund 4.26 17.53 61.98 13.61 16.59 -- 14.72 0.08 9/8/2011 Russell 2000 Index 4.29 17.54 62.03 13.52 16.47 ------Relative Return -0.03 -0.01 -0.05 0.09 0.12 ------

Fidelity Small Cap Growth Index Fund 3.90 8.99 51.31 ------25.59 -- 7/11/2019 Russell 2000 Growth Index 3.92 8.98 51.36 ------Relative Return -0.02 0.01 -0.05 ------

Fidelity Small Cap Value Index Fund 4.56 26.65 73.10 ------20.25 -- 7/11/2019 Russell 2000 Value Index 4.56 26.69 73.28 ------Relative Return 0.00 -0.04 -0.18 ------

Fidelity Total Market Index Fund 8.28 15.25 44.28 18.69 17.88 14.67 8.89 0.02 11/5/1997 Dow Jones U.S. Total Stock Market Index 8.29 15.27 44.29 18.69 17.86 14.66 -- -- Relative Return -0.01 -0.02 -0.01 0.00 0.02 0.01 -- --

Fidelity U.S. Sustainability Index Fund 8.85 16.40 40.78 19.79 -- -- 18.01 0.11 5/9/2017 MSCI USA ESG Leaders Index 8.88 16.47 40.98 19.95 ------Relative Return -0.03 -0.07 -0.20 -0.16 ------

Fidelity Real Estate Index Fund 11.57 21.64 38.19 7.66 4.89 -- 9.19 0.14 9/8/2011 MSCI US IMI Real Estate 25/25 Index* 11.57 21.63 38.51 7.75 4.93 ------Relative Return 0.00 0.01 -0.32 -0.09 -0.04 ------* Prior to December 1st 2020, the Fidelity Real Estate Index Fund tracked the performance of the Dow Jones US Select RESI. Index returns that include time periods before December 1st 2020 reflect a blended index return

Performance data shown represents past performance and 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 that quoted. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com, institutional.fidelity.com, or 401k.com. It is not possible to invest directly in an index. All market indices are unmanaged. Index performance is not meant to represent that of any Fidelity mutual fund. See the Important Information at the end of this presentation for more information on any terms. Source: Fidelity Investments 25 For institutional use only. International Equity Index Mutual Funds Performance as of June 30, 2021

3-Year Cumulative Cumulative Inception Average Annual Total Returns (%) 1-Year 3-Year 5-Year 10-Year Life-of-Fund Tracking 3-Month YTD Date Error

Fidelity International Index Fund 5.29 8.94 32.21 8.45 10.30 6.01 5.46 1.41 11/5/1997 MSCI EAFE Index (Net MA) 5.26 8.98 32.60 8.49 10.50 6.07 -- -- Relative Return 0.03 -0.04 -0.39 -0.04 -0.20 -0.06 -- -- Fidelity International Index Fund (ex Fair Value) 5.23 8.89 32.53 8.42 10.41 -- -- 0.15 Relative Return (ex Fair Value) -0.03 -0.09 -0.07 -0.07 -0.09 ------

Fidelity Emerging Markets Index Fund 4.43 7.38 39.89 11.09 12.69 -- 5.29 1.74 9/8/2011 MSCI Emerging Markets (Net MA)* 5.04 7.45 40.92 11.30 13.06 ------Relative Return -0.61 -0.07 -1.03 -0.21 -0.37 ------Fidelity Emerging Markets Index Fund (ex Fair Value) 4.75 7.22 40.08 10.99 12.78 -- 5.54 0.46 Relative Return (ex Fair Value) -0.29 -0.23 -0.84 -0.31 -0.28 ------

Fidelity Global ex U.S. Index Fund 5.43 9.27 35.32 9.45 10.98 -- 7.07 1.37 9/8/2011 MSCI All Country World ex US Index (Net MA) 5.53 9.27 35.91 9.55 11.26 ------Relative Return -0.10 0.00 -0.59 -0.10 -0.28 ------Fidelity Global ex U.S. Index Fund (ex Fair Value) 5.43 9.12 35.58 9.40 11.07 -- 7.40 0.22 Relative Return (ex Fair Value) -0.10 -0.15 -0.33 -0.15 -0.19 ------

Fidelity Total International Index Fund 5.53 9.65 36.77 9.44 11.02 -- 10.05 1.31 6/7/2016 MSCI All Country World ex US IMI Index (Net MA) 5.65 9.68 37.37 9.59 11.37 ------Relative Return -0.12 -0.03 -0.60 -0.15 -0.35 ------Fidelity Total International Index Fund (ex Fair Value) 5.54 9.50 36.93 9.38 11.10 -- 11.88 0.27 Relative Return (ex Fair Value) -0.11 -0.18 -0.44 -0.21 -0.27 -- --

Fidelity International Sustainability Index Fund 5.01 8.87 34.12 10.54 -- -- 9.56 1.42 5/9/2017 MSCI ACWI EX USA ESG Leaders Index 5.39 9.23 35.42 11.37 ------Relative Return -0.38 -0.36 -1.30 -0.83 ------Fidelity International Sustainability Index Fund (ex Fair Value) 5.17 8.87 34.39 10.50 -- -- 9.56 0.21 Relative Return (ex Fair Value) -0.22 -0.36 -1.03 -0.87 ------* Prior to May 4th 2016, the Fidelity Emerging Markets Index Fund tracked the performance of the FTSE Emerging Index. Index returns that include time periods before May 4th 2016 reflect a blended index return

Performance data shown represents past performance and 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 that quoted. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com, institutional.fidelity.com, or 401k.com. It is not possible to invest directly in an index. All market indices are unmanaged. Index performance is not meant to represent that of any Fidelity mutual fund. See the Important Information at the end of this presentation for more information on any terms. Source: Fidelity Investments 26 For institutional use only. Fixed Income Index Mutual Funds Performance as of June 30, 2021

3-Year Cumulative Cumulative Inception Average Annual Total Returns (%) 1-Year 3-Year 5-Year 10-Year Life-of-Fund Tracking 3-Month YTD Date Error

Fidelity U.S. Bond Index Fund 1.85 -1.70 -0.53 5.37 2.97 3.37 5.81 0.35 3/8/1990 Bloomberg Barclays U.S. Aggregate Bond Index 1.83 -1.60 -0.33 5.34 3.03 3.39 -- Relative Return 0.02 -0.10 -0.20 0.03 -0.06 -0.02

Fidelity Short-Term Bond Index Fund 0.18 -0.40 0.18 3.58 -- -- 2.71 0.23 10/18/2017 Bloomberg Barclays U.S. 1-5 Year Government/Credit Bond Index 0.27 -0.30 0.40 3.70 ------Relative Return -0.09 -0.10 -0.22 -0.12 -- --

Fidelity Short-Term Treasury Bond Index Fund 0.06 -0.56 -0.38 3.26 1.72 1.52 2.61 0.23 12/20/2005 Bloomberg Barclays U.S. 1-5 Year Treasury Bond Index 0.10 -0.48 -0.35 3.30 1.77 1.59 -- Relative Return -0.04 -0.08 -0.03 -0.04 -0.05 -0.07

Fidelity Intermediate Treasury Bond Index Fund 1.84 -2.65 -3.18 5.46 2.26 3.34 4.44 0.32 12/20/2005 Bloomberg Barclays U.S. 5-10 Year Treasury Bond Index 1.84 -2.69 -3.14 5.48 2.32 3.40 -- Relative Return 0.00 0.04 -0.04 -0.02 -0.06 -0.06

Fidelity Long-Term Treasury Bond Index Fund 6.58 -7.70 -10.56 7.98 3.04 6.59 6.27 1.11 12/20/2005 Bloomberg Barclays U.S. Long Treasury Index 6.46 -7.92 -10.58 7.99 3.13 6.66 -- Relative Return 0.12 0.22 0.02 -0.01 -0.09 -0.07

Fidelity Inflation-Protected Bond Index Fund 3.31 1.72 6.29 6.44 4.08 -- 2.50 0.52 5/16/2012 Bloomberg Barclays U.S. TIPS Index (Series-L) 3.25 1.73 6.51 6.53 4.17 -- -- Relative Return 0.06 -0.01 -0.22 -0.09 -0.09 --

Fidelity Sustainability Bond Index Fund 1.72 -1.81 -0.86 5.18 -- -- 5.15 0.36 6/19/2018 Bloomberg Barclays MSCI U.S. Aggregate ESG Choice Bond Index 1.76 -1.64 -0.48 5.29 ------Relative Return -0.04 -0.17 -0.38 -0.11 -- --

Fidelity Municipal Bond Index Fund 1.36 0.89 3.68 ------2.60 -- 7/11/2019 Bloomberg Barclays Municipal Bond Index 1.42 1.06 4.17 ------Relative Return -0.06 -0.17 -0.49 ------

Fidelity International Bond Index Fund 0.25 -1.61 0.62 ------0.86 -- 10/10/2019 Bloomberg Barclays Global Agg ex-USD Float Adj RIC Diversified Index (USD Hedged) 0.32 -1.63 0.18 ------Relative Return -0.07 0.02 0.44 ------

For institutional use only. Securities Lending Income

Through the conservative management of collateral, we believe Fidelity’s securities lending program benefits shareholders by enabling Fidelity index funds to generate incremental income while seeking to mitigate risk.

+/– – =

Gross income from Borrower Agent Fund’s compensation securities-lending rebate/fees* fees for lending securities activities

* Rebates paid to the borrower or fees received from the borrower are negotiated by the securities lending agent based on the supply and demand of the securities borrowed. 29 For institutional use only. Summary of Fidelity’s Securities Lending Program

Fidelity Fidelity Fidelity Fidelity Fidelity FIAM FIAM FIAM FMTC Spartan Active Equity Zero Active Bond Active Active Passive Equity Index Equity Index Index Bond Index Equity Bond Bond CITs1 CITs Funds Funds Funds Funds Funds CITs CITs CITs

Lending requirements Securities lending permitted Yes No Max that can be loaned from the portfolio 33.3% – – – Fidelity Agency LendingSM (FAL) Lending agent Goldman Sachs Agency Lending FAL GSAL (GSAL)2 Indemnified by lending agent Yes – – – Collateral requirements % Collateral required 102% for U.S., 105% for International – – – Collateral received Cash – – – Reinvestment requirements

Collateral invested in Fidelity Securities Lending Cash Central Fund3 NT STIF4 – – –

% of securities lending revenue to fund ≥90%5 90% – – – Max service charge as % of lending income ≤10%5 10% – – –

Fidelity Sector ETFs do not participate in Fidelity’s Lending Program. 1. FMTC Equity CITs are available only to certain eligible retirement plan. 2. Retains either GSAL, a third-party lending agent, and/or FAL, an affiliated agent, to act as securities lending agent. For more information on Fidelity funds, please see the Statement of Additional Information. For more information on Fidelity pools, please see the pool’s Declaration of Separate Fund. 3. Current information on the Fidelity Securities Lending Cash Central Fund can be found at http://fundresearch.fidelity.com/ mutual-funds/view-all/31635A303. 4. Northern Trust Collective Short Term Investment Fund (NT STIF) is an investment vehicle for cash reserves that offers a competitive rate of return through a portfolio of high-grade, short-term, money market instruments. Principal preservation is the prime objective, with liquidity management also emphasized to provide for redemption of units on any business day. 5. The lending revenue to the fund and the maximum service charge shown are reflective of the arrangement with GSAL. Lending revenue to the fund when FAL is the lending agent is ≥90.1%.

30 For institutional use only. Fidelity’s Approach to Managing Risk

• Loans are made only to borrowers that meet Fidelity’s stringent standards for Counterparty creditworthiness of counterparties. Risk • Fidelity continuously reviews and approves all borrowers and agents. • Mutual funds have indemnification protection against borrower default when a lending agent is used.

• Fidelity continually monitors the value of securities on loan and ensures the lending agent provides for mark-to-market adjustments daily to maintain adequate collateralization. • If needed, any additional collateral required to meet these thresholds is delivered on the Reinvestment next business day. Risk • A loan can be terminated for any reason at any time. • The cash collateral is invested in Fidelity Securities Lending Cash Central fund – a conservatively managed money market fund managed by Fidelity.* • Fidelity does not rehypothecate its collateral, i.e., reinvest it in other less liquid investments in order to gain a higher return.

*Current information about the Fidelity Securities Lending Cash Central Fund can be found at fundresearch.fidelity.com/mutual-funds/view- all/31635A303. The fund is used for cash investments by other mutual funds, and not available directly to individual investors.

31 For institutional use only. Fidelity Securities Lending Cash Central Fund Conservatively managed collateral vehicle with high liquidity

Invests in a range of Treasury bills, certificates of deposit, and other stable, short-term investments Managed in accordance with the risk-limiting provisions of Rule 2a-7 of the ‘40 Act regarding the quality, maturity, liquidity, and diversification of the fund’s investments Used as a cash collateral investment by other Fidelity funds; not available directly to individual investors Does not charge an investment management fee

LIQUID ASSETS (DAILY) 1/2/20–12/31/20 (%) LIQUID ASSETS (WEEKLY) 1/2/20–12/31/20 (%)

100 100 Fidelity Securities Lending Cash Central Fund Fidelity Securities Lending Cash Central Fund

75 75

Industry Average 50 50

Industry Average 30% requirement 25 25 10% requirement

0 0 01/20 02/20 03/20 04/20 05/20 06/20 07/20 08/20 09/20 10/20 11/20 12/20 01/20 02/20 03/20 04/20 05/20 06/20 07/20 08/20 09/20 10/20 11/20 12/20

Sources: FMR, iMoneyNet (first tier institutional prime industry average). Regulations require that a money market mutual fund hold at least 10% of its total assets in daily liquid assets that can be readily converted to cash in one business day, and at least 30% of its total assets in weekly liquid assets that can be readily converted to cash in five business days. Current information on the Fidelity Securities Lending Cash Central Fund can be found at http://fundresearch.fidelity.com/mutual-funds/view-all/31635A303. Please see the last page for important information about money market funds including risks.

32 For institutional use only. Appendix

For institutional use only. Important Information

Bloomberg Barclays 1–5 Year U.S. Treasury Bond Index measures the performance of short-term U.S. Treasury Securities maturing within one to five years. Returns of the Bloomberg Barclays 1–5 Year U.S. Treasury Index do not reflect any deductions for taxes.

Bloomberg Barclays U.S. 5–10 Year Treasury Bond Index is a market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities between five and 10 years.

Bloomberg Barclays U.S. Long Treasury Bond Index is a market value–weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of 10 years or more.

Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index for U.S. dollar-denominated investment-grade, fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least a year.

Bloomberg Barclays U.S. 1–5 Year Government/Credit Bond Index is a market value-weighted index of fixed-rate investment-grade debt securities with maturities from one to five years from the U.S. Treasury, U.S. Government- Related, and U.S. Corporate Indexes. The fund normally maintains a dollar-weighted average maturity of three years or less.

Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an unmanaged index designed to represent securities that protect against adverse inflation and provide a minimum level or real return. To be included in this index, bonds must have cash flows linked to an inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity, and, as a portion on the index, total a minimum amount outstanding of 100 million U.S. dollars.

Bloomberg Barclays MSCI U.S. Aggregate ESG Choice Bond Index Is composed of U.S. dollar denominated, investment-grade fixed-rate debt issues that apply MSCI ESG Research for security eligibility.

Bloomberg Barclays Municipal Bond Index measures the performance of the Bloomberg Barclays U.S. Municipal bond, which covers the USD-denominated Long-Term tax exempt bond market with four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

The Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Diversified Index (USD Hedged) is an index that provides a broad-based measure of the global investment grade fixed-rate debt markets excluding U.S. The foreign currency is hedged back to U.S. dollars.

DJ U.S. Completion Total Stock Market is an unmanaged index that represents all U.S. equity issues with readily available prices, excluding components of the S&P 500.

DJ U.S. Total Stock Market Index is an unmanaged market capitalization-weighted index of over 5,000 U.S. equity securities, containing all actively traded common stocks with readily available price data.

MSCI Europe, Australasia, Far East (MSCI EAFE) Index (net MA tax) is an unmanaged market capitalization-weighted index of equity securities of companies domiciled in various countries. The index is designed to represent performance of developed stock markets outside the United States and Canada and excludes certain market segments unavailable to U.S.-based investors. The index returns for periods after 1/1/1997 are adjusted for tax withholding rates applicable to U.S.-based mutual funds organized as Massachusetts business trusts.

MSCI All Country World (MSCI ACWI) ex USA Index (net MA tax) is a market capitalization-weighted index of stocks traded in global developed and emerging markets, excluding the United States. Index returns are adjusted for tax withholding rates applicable to U.S.-based mutual funds organized as Massachusetts business trusts.

MSCI ACWI ex USA ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high Environmental, Social and Governance (ESG) performance relative to their sector peers. MSCI ACWI ex USA ESG consists of large and mid cap companies across 22 Developed Markets (DM) and 23 Emerging Markets (EM) countries.

MSCI ACWI ex USA Investable Market Index (IMI) captures large, mid and small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the United States) and 23 Emerging Markets (EM) countries.* With 6,091 constituents, the index covers approximately 99% of the global equity opportunity set outside the U.S.

MSCI Emerging Markets Index is a float-adjusted market capitalization index that consists of indices in 21 emerging countries.

34 For institutional use only. Important Information

Dow Jones U.S. Completion Total Stock Market is an unmanaged index that represents all U.S. equity issues with readily available prices, excluding components of the S&P 500.

Dow Jones U.S. Select Real Estate Securities Index (RESI) represents equity real estate investment trusts (REITs) and real estate operating companies (REOCs) traded in the US.

Dow Jones U.S. Total Stock Market Index is an unmanaged market capitalization-weighted index of over 5,000 U.S. equity securities, containing all actively traded common stocks with readily available price data.

MSCI US IMI Real Estate 25/25 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of real estate companies in the MSCI US Investable Market 2500 Index

MSCI USA ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high Environmental, Social and Governance (ESG) performance relative to their sector peers. MSCI USA ESG consists of large and mid cap companies in the US market. The Index is designed for investors seeking a broad, diversified sustainability benchmark with relatively low tracking error to the underlying equity market.

NASDAQ Composite Index is a market capitalization-weighted index that is designed to represent the performance of NASDAQ stocks.

Russell 1000 Value Index is a market capitalization-weighted index designed to measure the performance of the large-cap value segment of the U.S. equity market. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth rates.

Russell 1000 Growth Index is a market capitalization-weighted index designed to measure the performance of the large-cap growth segment of the U.S. equity market. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth rates.

Russell 2000 Index is a market capitalization-weighted index designed to measure the performance of the small-cap segment of the U.S. equity market. It includes approximately 2,000 of the smallest securities in the Russell 3000 Index.

Russell 2000 Growth Index is a market capitalization-weighted index to measure the performance of small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values.

Russell 2000 Value Index is a market capitalization-weighted index to measure the performance of small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Russell Midcap Index is a market capitalization-weighted index designed to measure the performance of the mid-cap segment of the U.S. equity market. It contains approximately 800 of the smallest securities in the Russell 1000 Index.

Russell Midcap Growth Index is a market capitalization-weighted index to measure the performance of the mid-cap growth segment of the US equity universe. It includes Russell midcap index companies with higher price-to-book ratios and higher forecasted growth values.

Russell Midcap Value Index is a market capitalization-weighted index measures the performance of the mid-cap value segment of the US equity universe. It includes Russell midcap index companies with lower price-to-book ratios and lower forecasted growth values. S&P 500 Index 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.

35 For institutional use only. Important Information

The following information applies to the entirety of this document. Please read this important information carefully before making any investment. Speak with your relationship manager if you have any questions. Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client’s investment decisions. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in them, and receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services. Information presented herein is for discussion and illustrative purposes only and is not a recommendation nor an offer or solicitation to buy or sell any securities. Indexes are unmanaged. It is not possible to invest directly in an index. Risks The portfolio risk management processes discussed herein include an effort to monitor and manage risk but should not be confused with and do not imply low risk. Risk management is no guarantee of future performance. There is no guarantee that a particular portfolio will meet its investment objectives. Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. The performance of international strategies depends upon currency values, political and regulatory environments, and overall economic factors in the countries in which they invest. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Foreign exchange rates also can be extremely volatile. The risks are particularly significant for strategies that focus on a single country or region. Securities lending is subject to risks, such as the borrowers’ creditworthiness and ability to return the securities borrowed. Income from securities lending is not guaranteed and will fluctuate over time. The performance of the fund and its index may vary somewhat due to factors such as fees and expenses of the fund, transaction costs, sample section, regulatory restrictions, and timing differences associated with additions to and deletions from its index. You could lose money by investing in a money market fund. Because the share price of the fund will fluctuate, when you sell your shares, they may be worth more or less than what you originally paid for them. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fidelity Investments and its affiliates, the fund’s sponsor, have no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Interest rate increases can cause the price of a money market security to decrease. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease. The securities, derivatives and currency markets of emerging market countries are generally smaller, less developed, less liquid, and more volatile than those of the United States and other developed markets, and disclosure and regulatory standards in many respects are less stringent. There also may be a lower level of monitoring and regulation of markets in emerging market countries and the activities of investors in such markets and enforcement of existing regulations may be extremely limited and arbitrary. Emerging market countries are more likely to experience political uncertainty and instability, including the risk of war, terrorism, nationalization, limitations on the removal of funds or other assets, or diplomatic developments that affect investments in these countries. In many cases, there is a heightened possibility of government control of the economy, expropriation or confiscatory taxation, imposition of withholding taxes on interest payments, or other similar developments.

36 For institutional use only. Important Information

Risks (continued) Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk, and inflation risk. Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable. Leverage can increase market exposure and magnify investment risk. Lower quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Derivatives may be volatile and involve significant risk, such as credit risk, currency risk, leverage risk, counterparty risk, and liquidity risk. Using derivatives can disproportionately increase losses and reduce opportunities for gains in certain circumstances. Real Estate is a cyclical industry that is sensitive to interest rates, economic conditions (both nationally and locally), property tax rates, and other factors. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies. Investment performance of the Target Date products depends on the performance of the underlying investment options and on the proportion of the assets invested in each underlying investment option. The investment risk of each Target Date portfolio changes over time as its asset allocation changes. These risks are subject to the asset allocation decisions of the portfolio manager. The portfolios are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked, and foreign securities. Fixed income investments entail issuer default and credit risk, inflation risk, and interest rate risk (as interest rates rise, bond prices usually fall and vice versa). This effect is usually more pronounced for longer-term securities. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. No target date investment option is considered a complete retirement program and there is no guarantee any single investment option will provide sufficient retirement income at or through retirement. Principal invested is not guaranteed at any time, including at or after the portfolios' target dates. All investment strategies involve risk of loss. Investors should be prepared to bear such losses in connection with any investments. Investments may lose money. Additionally, investments may be subject to operational risks, which can include risks of loss arising from failures in internal processes, people, or systems, such as routine processing errors or major systems failures, or from external events, such as exchange outages. Expense Ratios For a mutual fund, the Gross Expense Ratio is the total annual fund or class operating expenses directly paid by the fund (before waivers or reimbursements). This ratio also includes Acquired Fund Fees and Expenses, which are expenses indirectly incurred by a fund through its ownership of shares in other investment companies. If the investment option is not a mutual fund, the expense ratio may be calculated using methodologies that differ from those used for mutual funds. For commingled pools, the expense ratio may be calculated using methodologies that differ from those used for mutual funds. For a mutual fund, the Net Expense Ratio is the total annual fund or class operating expense directly paid by the fund after any fee waiver and/or expense reimbursements that will reduce any fund operating. This ratio also includes Acquired Fund Fees and Expenses, which are expenses indirectly incurred by a fund through its ownership of shares in other investment companies. This number does not include 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. For commingled pools, the expense ratio may be calculated using methodologies that differ from those used for mutual funds. General Indexes are unmanaged. It is not possible to invest directly in an index. References to indexes, benchmarks or other measures of relative market performance over a specified period of time (each, an “index”) are provided for your information only. References to any index do not imply that the portfolio will achieve returns, volatility, or other results similar to the index. The composition of the index may not reflect the manner in which a portfolio is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility, or tracking error targets, all of which are subject to change over time. Past performance is no guarantee of future results.

37 For institutional use only. Important Information

General (continued) The commingled pools described herein are each established under a Declaration of Separate Fund under the applicable Declaration of Trust managed by its Trustee. EACH COMMINGLED POOL IS NOT A MUTUAL FUND. The commingled pools are only available to qualified investors as detailed in the applicable Declaration of Trust. Please review the applicable Declaration of Trust and Declaration of Separate Fund for more complete details. Units of the Commingled Pools are exempt from registration under the Securities Act of 1933 and the Investment Company Act of 1940. No public or other market will develop for Units of the commingled pools. The units are generally only transferable as detailed under the applicable Declaration of Trust. FIAM commingled pools are commingled pools of the FIAM Group Trust for Employee Benefit Plans and are managed by Fidelity Institutional Asset Management Trust Company, a trust company organized under the laws of the State of New Hampshire.

Fidelity Institutional Asset Management (FIAM) includes the following entities or divisions that provide investment services: Fidelity Institutional Asset Management Trust Company, a New Hampshire trust company (FIAM TC); FIAM LLC, a U.S. registered investment adviser; the Fidelity Institutional Asset Management division of FMR Investment Management (UK) Limited, a U.K. registered investment manager and U.S. registered investment adviser; and the Fidelity Institutional Asset Management division of Fidelity Management & Research (Hong Kong) Limited, a Hong Kong and U.S. registered investment adviser. “Fidelity Investments” and/or “Fidelity” refers collectively to FMR LLC, a U.S. company, and its subsidiaries, including but not limited to Fidelity Management & Research Company LLC (FMR) and FIAM LLC. Geode Capital Management Trust Company, LLC (GCMTC LLC) is a trust company chartered under the laws of the State of New Hampshire and has established the Spartan Group Trust for Employee Benefit Plans under a Declaration of Trust in order to provide for the collective investment and reinvestment of certain tax-exempt benefit plans that become participants. Geode Capital Management, LLC (GCM LLC), an affiliate of GCMTC LLC, has agreed to provide support to GCMTC LLC under a support and services agreement between the GCMTC LLC and GCM LLC. Certain data and other information in this presentation have been supplied by outside sources and are believed to be reliable and current. Fidelity cannot verify the accuracy of information from outside sources, and potential investors should be aware that such information is subject to change without notice. Fidelity has prepared this presentation for, and only intends to provide it to, institutional, sophisticated, and/or qualified investors. Do not distribute or reproduce this report. The third-party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliated company. Spartan is a service mark of FMR LLC. Used with permission. Geode Capital Management products and services presented herein are managed by Geode Capital Management, LLC or Geode Capital Management Trust Company, LLC (Geode), and may be presented by registered broker-dealers Fidelity Distributors Company LLC. or Fidelity Brokerage Services, LLC, Member NYSE, SIPC, each of which may be compensated for such services. Products and services presented here are managed by the Fidelity Investments companies of FIAM LLC or FIAM TC. FIAM products and services may be presented by Fidelity Distributors Company LLC, Fidelity Institutional Wealth Adviser LLC, or Fidelity Brokerage Services, LLC, Member NYSE, SIPC, each a non-exclusive financial intermediary that is affiliated with FIAM, or Fidelity Investments Canada ULC and FIL Limited, all of which are compensated for such services. Neither Fidelity nor Geode provides legal or tax advice and we encourage you to consult your own lawyer, accountant, or other advisor before making any investment decision.

38 For institutional use only. Not FDIC Insured  May Lose Value  No Bank Guarantee

Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. For institutional use only. If receiving this piece through your relationship with Fidelity Institutional SM (FI) this publication may be provided by Fidelity Distributors Company LLC or Fidelity Brokerage Services LLC, Member NYSE, SIPC. If receiving this through your relationship with Fidelity Personal & Workplace Investing (PWI), this publication is provided by Fidelity Brokerage Services LLC, Member NYSE, SIPC. Before investing, have your client consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Have your client read it carefully.

799949.25.5 1.9870591.143 0821