Public Statement for Charles Schwab Acquires TD Ameritrade News Nov. 25, 2019

• Fidelity is laser focused on consistently delivering our customers the best value, choice, and service in the industry -- something investors clearly expect and deserve. We are confident there is no competitor that can match our value proposition while also making extensive investments back into the business.

• In addition, we believe now is the time that investors can appreciate that Fidelity remains the undisputed scale leader, which enables us to bring more value to customers. (Internal business data as of Sept. 30, 2019:) o 72 million customer accounts, including 22 million retail accounts, nearly 10M accounts through our institutional business, and roughly 40 million in our workplace investing business; o $7.8 trillion in customer assets, including managed assets of $2.8 trillion; o Helping more than 30 million people invest; and o Customers are opening nearly 10,000 new retail accounts each trading day.

• Fidelity has more scale than Schwab and TD Ameritrade combined and has taken a unique approach to delivering broad value to customers. Now is a perfect time for investors to consider Fidelity, where they will get an unmatched experience: o Fidelity automatically directs customer cash in new retail brokerage and retirement accounts into a earning 20 times more than what Schwab offers on its underlying money sweep product for uninvested cash (20x calculated using APY/yield from Fidelity’s & Charles Schwab’s websites, as of 11/21/2019, and based on default cash sweep product assuming $10,000 investment within comparable brokerage accounts.)i; o Fidelity takes no from market makers for equities and ETFs; o Fidelity offers $0 commissions for online U.S. stocks, exchange traded funds (ETFs) and option trades; o Fidelity has the industry’s first self-indexed mutual funds with a zero expense ratio available directly to individual retail investors, has zero account minimums to open an account, zero account fees, zero online commissions for stocks, ETFs, as well as 24/7 customer service, and deep planning and advice solutions. Money market funds are not insured or guaranteed by the FDIC or any other government agency. Consider each product carefully.

Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than that quoted. Visit Fidelity.com/cashvalue for current information.

• Fidelity’s award-winningii brokerage offering goes well beyond $0 online commissions. It also requires us to make significant investments in our offering, such as service, technology, tools and products. This is where Fidelity’s size, diversity, private structure, and leading positions across various marketplaces (including retail, institutional, and intermediary) separate us from competitors. ###

$0.00 commission applies to online U.S. equity trades and Exchange-Traded Funds (ETFs) in a Fidelity retail account only for Fidelity Brokerage Services LLC retail clients. Sell orders are subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). Other exclusions and conditions may apply. See Fidelity.com/commissions for details. Employee equity compensation transactions and accounts managed by advisors or intermediaries through Fidelity Clearing & Custody Solutions® are subject to different commission schedules.

You could lose money by investing in a money market fund. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Before investing, always read a money market fund’s prospectus for policies specific to that fund.

You should know that money market funds have different characteristics than bank sweep and savings accounts, and read the fund's prospectus carefully. An important difference is that bank sweep products have FDIC protection, which guarantees principal and interest within limits; and money market funds and non-bank default sweep products are not. For further info, see Fidelity.com/why-fidelity/safeguarding-your- accounts. The Fidelity fund yield is the average amount earned by the fund after expenses over the past 7 days (per date indicated), and annualized. The comparison APY is the amount of total interest earned on a bank product in one year. Please consider each type of account and products carefully, as there are differences in services and fees.

Zero account minimums and Zero account fees apply to retail brokerage accounts only. Account minimums may apply to certain account types (e.g., managed accounts) and/or the purchase of some Fidelity mutual funds that have a minimum investment requirement. If you choose to invest in mutual funds, underlying fund expenses still apply. There may also be commissions, interest charges, and other expenses associated with transacting or holding specific investments (e.g., mutual funds), or selecting certain account features or types (e.g., managed accounts) Additionally, accounts that have been opened through, or are serviced by, an intermediary, or in connection with your workplace benefits, may incur additional fees or restrictions. See https://www.fidelity.com/commissions for more information and/or the fund’s prospectus for details.

Fidelity now offers the Fidelity ZERO Total Market (FZROX), Fidelity ZERO International Index Fund (FZILX), Fidelity ZERO Large Cap Index Fund (FNILX), and Fidelity ZERO Extended Market Index Fund (FZIPX) to individual retail investors who purchase their shares through a Fidelity brokerage account.

Investing involves risks, including the loss of principal.

Before investing in any or exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, an offering circular, or, if available, a summary prospectus containing this information. Read it carefully.

Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917

Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917

National LLC, Member NYSE, SIPC, 200 Seaport Boulevard, , MA 02110

909495.1.0 © 2019 FMR LLC. All rights reserved i As of Nov. 21, 2019, Fidelity Government Money Market Fund, SPAXX, had a 7-Day Average Yield of 1.31%. Schwab’s Everyday Cash pays 0.06% for balances under $1M. ii Fidelity was awarded Best Overall Winner in Investopedia’s 2019 Online Awards, updated Oct. 8, 2019, https://www.investopedia.com/broker-awards-4587871