FMR Fidelity Investments A Leading Mutual Fund Company

FMR (Fidelity Investments): A Leading Mutual Fund Company, Discount Brokerage Firm, Retirement Plan Provider, Custodian, & Clearing Broker Tiburon Research September 17, 2015

FMR (Fidelity Investments) Comments • • • Founded in 1930 – Founded as Fidelity Fund Based in Boston, MA 25 countries 12 offices 41, 000 employees 23. 0 million clients $4. 9 trillion assets under management & administration – $2. 9 trillion assets under administration – $2. 0 trillion assets under management 454, 000 daily average revenue trades $11. 5 billion revenues $2. 5 billion operating income Chairman: Ned Johnson − CEO: Abby Johnson Web sites: www. fidelity. com, www. fidelityinsuranceagency. com, www. fidelitycharitableservices. com, www. 401 k. com, www. nationalfinancial. com, www. fidelitycapitalmarkets. com, www. fidelityprime. com, www. begreater. com, www. advisorchannel. com, www. pyramis. com, www. emoneyadvisor. com, www. e 2 platform. com, & www. fidelityworldwideinvestment. com Source: 9/7/15 Barron’s; 9/9/15 Fidelity Investments Web Site; 3/17/15 Fidelity Investments Web Site; 3/16/15 Wall Street Journal; 10/13/14 Business Journals. Com; 4/30/14 Fidelity Investments Corporate Fact Sheet; 8/6/13 Business Week Web Site; 8/2/13 Privco Web Site; 3/6/13 Fidelity Worldwide Investment Web Site; 3/4/13 Fidelity Investments Web Site; 2/27/13 Fidelity Investments Web Site; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 1

FMR Has 41, 000 Employees, Up 40% Since 2002 But Down from its Peak of 44, 000 in 2007 FMR Employees Source: 9/9/15 Fidelity Investments Web Site; 4/14 Fidelity Investments Corporate Fact Sheet; 2/27/13 Wikipedia Web Site; 2/9/11 Wikipedia Web Site; 2/25/10 Boston Business Journal; 9/18/07 Fidelity Investments Web Site; 3/8/05 Fidelity Investments Web Site; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 2

FMR Serves 23. 0 Million Clients, Up 33% Since 2003 and Relatively Consistent Since 2007 FMR Clients (Millions) Source: 9/9/15 Fidelity Investments Web Site; 4/14 Fidelity Investments Corporate Fact Sheet; 8/2/13 Privco Web Site: 2/27/13 Wikipedia Web Site; 5/21/08 Fidelity Investments Web Site; 5/7/08 Bloomberg; 3/15/09 Robert Scott Email (Corley); 9/18/07 Fidelity Investments Web Site; 2/1/06 National Financial Services Press Release; 3/8/05 Fidelity Investments Web Site; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 3

FMR Has Gathered $4. 9 Trillion Assets Under Administration & Management, Up Over 200% Since 2003 FMR Assets Under Administration & Management ($ Trillions) Source: 9/9/15 Fidelity Investments Web Site; 4/30/14 Fidelity Investments Corporate Fact Sheet; 8/2/13 Privco Web Site; 4/3/13 TD Ameritrade Email (Schweiss); 3/13/13 Fidelity Investments Press Release; 2/27/13 Fidelity Investments Web Site; 2/27/13 Wikipedia Web Site; 2/9/11 Wikipedia Web Site; 6/15/09 Securities Industry News; 5/18/09 Securities Industry News; 5/11/09 Barron’s; 5/09 Registered Rep; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 4

FMR’s Assets Under Administration are About Two-Thirds Assets Under Administration FMR Assets Under Administration By Asset Type Assets Under Administration Assets Under Management Source: 9/9/15 Fidelity Investments Web Site; 4/30/14 Fidelity Investments Corporate Fact Sheet; 4/3/13 TD Ameritrade Email (Schweiss); 2/27/13 Fidelity Investments Web Site; 11/18/12 Fidelity Investments Web Site; 3/18/09 Robert Scott Email (Corley); 1/08 Bank Insurance & Securities Markets; 9/18/07 Fidelity Investments Web Site; 3/8/05 Fidelity Investments Web Site; 4/5/04 Money Management Executive; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 5

FMR Has Gathered $2. 9 Trillion Assets Under Administration, Up Over 300% Since 2003 FMR Assets Under Administration ($ Trillions) Source: 9/9/15 Fidelity Investments Web Site; 4/14 Fidelity Investments Corporate Fact Sheet; 2/27/13 Fidelity Investments Web Site; 7/1/03 Business Wire; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 6

FMR Has Three Businesses, Including Fidelity Investments, Fidelity Worldwide Investment (FIL Limited), & Devonshire Investors FMR Businesses Fidelity Investments Fidelity Worldwide Investment (FIL Limited) Devonshire Investors Source: 2/27/13 Business Week; 2/27/13 Wikipedia Web Site; 3/10/05 Fidelity Investments Web Site; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 7

FMR’s First Business is Fidelity Investments Comments • • • 2 countries 12 offices 40, 000 employees 23. 0 million clients 19. 0 million accounts $4. 9 trillion assets under management & administration − $2. 9 trillion assets under administration − $2. 0 trillion assets under management 413, 300 daily average revenue trades $11. 5 billion revenues $2. 5 billion operating income Web site: www. fidelity. com, www. fidelityinsuranceagency. com, www. fidelitycharitableservices. com, www. 401 k. com, www. nationalfinancial. com, www. begreater. com, www. fidelitycapitalmarkets. com, www. fidelityprime. com, www. advisorchannel. com, www. pyramis. com, & www. emoneyadvisor. com Source: 9/9/15 Fidleity Investments Web Site; 3/16/15 Fidelity Investments Web Site; 4/30/14 Fidelity Investments Corporate Fact Sheet; 8/6/13 Business Week Web Site; 8/2/13 Privco Web Site; 3/6/13 Fidelity Worldwide Investment Web Site; 3/4/13 Fidelity Investments Web Site; 2/27/13 Pyramis Web Site; 2/27/13 Wikipedia Web Site; 2/9/11 Wikipedia Web Site; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 8

FMR’s Fidelity Investments Serves 23. 0 Million Clients, Up 33% Since 2003 But Consistent Since 2007 Fidelity Investments Clients (Millions) Source: 9/9/15 Fidelity Investments Web Site; 3/16/15 Fidelity Investments Web Site; 4/14 Fidelity Investments Corporate Fact Sheet; 2/27/13 Wikipedia Web Site; 5/21/08 Fidelity Investments Web Site; 5/7/08 Bloomberg; 3/15/09 Robert Scott Email (Corley); 9/18/07 Fidelity Investments Web Site; 2/1/06 National Financial Services Press Release; 3/8/05 Fidelity Investments Web Site; 7/1/03 Business Wire; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 9

FMR’s Fidelity Investments Has Gathered 19. 0 Million Accounts, Consistent Since 2013 Fidelity Investments Accounts (Millions) Source: 3/16/15 Fidelity Investments Web Site; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 10

FMR’s Fidelity Investments Has Gathered $4. 9 Trillion Assets Under Management & Administration, Up Over 200% Since 2003 Fidelity Investments Assets Under Management & Administration ($ Trillions) Source: 9/9/15 Fidelity Investments Web Site; 3/17/15 Fidelity Investments Web Site; 3/16/15 Fidelity Investments Web Site; 4/14 Fidelity Investments Corporate Fact Sheet; 8/2/13 Privco Web Site; 2/27/13 Fidelity Investments Web Site; 2/27/13 Wikipedia Web Site; 2/9/11 Wikipedia Web Site; 6/15/09 Securities Industry News; 5/18/09 Securities Industry News; 5/11/09 Barron’s; 5/09 Registered Rep; 3/18/09 Robert Scott Email (Corley); Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 11

FMR’s Fidelity Investments’ Assets Under Administration are About One-Third Assets Under Management Fidelity Investments Assets Under Administration By Asset Type Assets Under Administration Assets Under Management Source: 9/9/15 Fidelity Investments Web Site; 3/17/15 Fidelity Investments Web Site; 4/30/14 Fidelity Investments Corporate Fact Sheet; 2/27/13 Fidelity Investments Web Site; 3/18/09 Robert Scott Email (Corley); 1/08 Bank Insurance & Securities Markets; 9/18/07 Fidelity Investments Web Site; 3/8/05 Fidelity Investments Web Site; 4/5/04 Money Management Executive; 1/19/04 Money Management Executive; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 12

FMR’s Fidelity Investments Has Gathered $2. 0 Trillion Assets Under Management, Up 300% Since 1996 Fidelity Investments Assets Under Management ($ Trillions) Source: 9/9/15 Fidelity Investments Web Site; 3/17/15 Fidelity Investments Web Site; 4/14 Fidelity Investments Corporate Fact Sheet; 3/4/13 Fidelity Investments Web Site; 2/27/13 Crunch Base Web Site; 2/27/13 Wikipedia Web Site; 4/17/12 Pyramis Global Advisors Presentation (Young); 3/18/09 Robert Scott Email (Corley); 3/2/09 Money Management Executive; 2/25/09 Wall Street Journal; 11/5/08 Fidelity Investments Web Site; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 13

FMR’s Fidelity Investments Has Gathered $2. 9 Trillion Assets Under Administration, Up Over 300% Since 2003 Fidelity Investments Assets Under Administration ($ Trillions) Source: 9/9/15 Fidelity Investments Web Site; 3/17/15 Fidelity Investments Web Site; 4/14 Fidelity Investments Corporate Fact Sheet; 2/27/13 Fidelity Investments Web Site; 7/1/03 Business Wire; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 14

FMR’s Fidelity Investments Executes 413, 300 Daily Average Revenue Trades, Up 15% Since 2007 But Down from its Peak of 454, 000 in 2008 Fidelity Investments Daily Average Revenue Trades Source: 3/16/15 Fidelity Investments Web Site; 7/29/10 Fidelity Web Site; 2/25/09 Wall Street Journal; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 15

FMR’s Fidelity Investments Has Four Core Businesses, Including its Fidelity Personal & Workplace Investing, Fidelity Institutional Products Group, and Fidelity Asset Management & Corporate Services Fidelity Investments Businesses Fidelity Personal & Workplace Investing Fidelity Institutional Products Group Fidelity Asset Management & Corporate Services Source: 2/27/13 Business Week; 2/27/13 Wikipedia Web Site; 3/10/05 Fidelity Investments Web Site; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 16

FMR’s Fidelity Investments’ Fidelity Asset Management & Corporate Services’ Fidelity Asset Management’s Fidelity Management & Research Contra Fund is the Company’s Largest Mutual Fund, Followed by its Cash Reserves Fidelity Management & Research Mutual Funds Assets Under Management By Fund ($ Billions) Source: 3/13/15 Seeking Alpha Web Site; 3/4/15 Reuters; 2/27/13 Wikipedia Web Site; 7/13/09 Barron’s; 5/11/09 Money Management Executive; 10/20/08 Fund Action; 5/24/08 Investment News; 3/19/08 Money Management Executive; 9/18/07 Fidelity Investments; 9/5/05 Fidelity Investments Web Site; 3/8/05 Fidelity Investments Web Site; 2/00 Money; 11/99 Morningstar; 10/99 Capital Group Research; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 17

FMR’s Fidelity Investments’ Fidelity Asset Management & Corporate Services’ Fidelity Asset Management’s Fidelity Management & Research Has Fifteen Exchange Traded Funds Fidelity Management & Research Exchange Traded Funds Source: 3/16/15 Barron’s; 7/13/09 Barron’s; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 18

FMR’s Fidelity Investments’ Fidelity Asset Management & Corporate Services’ Fidelity Asset Management’s Fidelity Management & Research’s Exchange Traded Funds Have Gathered $90 Million Assets Under Management Fidelity Management & Research Exchange Traded Funds Assets Under Management ($ Millions) Source: 3/16/15 Barron’s; 7/13/09 Barron’s; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 19

FMR’s Fidelity Investments’ Fidelity Asset Management & Corporate Services’ Fidelity Asset Management’s Pyramis Global Advisors Manages $239 Billion in Assets, Up Over 100% Since 2004 Pyramis Global Advisors Assets Under Management ($ Billions) Source: 3/17/15 Fidelity Investments Web Site; 4/14 Fidelity Investments Corporate Fact Sheet; 3/4/13 Fidelity Investments Web Site; 3/4/13 Pyramis Global Advisors Web Site; 2/27/13 Pyramis Web Site; 9/18/07 Fidelity Investments Web Site; 4/14/06 Fidelity Investments Web Site; 9/12/05 Money Management Executive; 8/23/05 Fidelity Investments Web Site; 3/8/05 Fidelity Investments Web Site; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 20

FMR's Second Business is Fidelity Worldwide Investment (FIL Limited) Comments • Founded in 1969 – Founded as Fidelity International Limited (FIL) • Based in London, England • 25 countries • 5, 500 employees • 897 mutual funds • $240 billion assets under management Source: 3/5/13 Fidelity Worldwide Investment Web Site; 2/27/13 Wikipedia Web Site; 3/18/09 Robert Scott Email (Corley); 5/1/0/08 Wall Street Journal; 4/11/08 Financial Times; 4/10/08 Financial Times; 9/18/07 Fidelity Investments Web Site; 4/14/06 Fidelity Investments Web Site; 8/23/05 Fidelity Investments Web Site; 3/8/05 Fidelity Investments Web Site; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 21

FMR's Fidelity Worldwide Investment (FIL Limited) Has Gathered $240 Billion Assets Under Management, Down 5% Since 2005 Fidelity Worldwide Investment Assets Under Management ($ Billions) Source: 3/5/13 Fidelity Worldwide Investment Web Site; 2/27/13 Wikipedia Web Site; 5/10/08 Wall Street Journal; 9/18/07 Fidelity Investments Web Site; 4/14/06 Fidelity Investments Web Site; 8/23/05 Fidelity Investments Web Site; 3/8/05 Fidelity Investments Web Site; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 22

Case Example… FMR's Fidelity Worldwide Investment (FIL Limited) Has Gathered $240 Billion Assets Under Management, Down 5% Since 2005 Fidelity Worldwide Investment Assets Under Management ($ Billions) Source: 3/5/13 Fidelity Worldwide Investment Web Site; 2/27/13 Wikipedia Web Site; 5/10/08 Wall Street Journal; 9/18/07 Fidelity Investments Web Site; 4/14/06 Fidelity Investments Web Site; 8/23/05 Fidelity Investments Web Site; 3/8/05 Fidelity Investments Web Site; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 23

FMR’s Third Business is Devonshire Investors Comments • • Founded in 1969 Based in Boston, MA $500 million assets under management President: Tim Hilton Source: 2/27/13 Business Week; 7/13/09 Wall Street Journal; 3/18/09 Robert Scott Email (Corley); 5/20/08 International Herald Tribune; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 24

FMR's Devonshire Investors Has Five Businesses, Including Fidelity Growth Partners, Fidelity Ventures, Fidelity Asia Ventures, Fidelity Biosciences, & Pembroke Real Estate Devonshire Investors Businesses Fidelity Growth Partners Fidelity Ventures Fidelity Asia Ventures Fidelity Biosciences Pembroke Real Estate Source: 8/2/13 Google Web Site; 2/27/13 Wikipedia Web Site; 7/13/09 Wall Street Journal; 5/26/08 Money Management Executive; 5/26/08 Boston Globe; 5/22/08 Money Management Executive; 5/20/08 International Herald Tribune; 5/15/08 Boston Globe; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 25

FMR is Led by its Chairman Ned Johnson & CEO Abby Johnson FMR Organizational Chart Ned Johnson Chairman Thomas Balk President Fidelity Worldwide Investments Tim Hilton President Devonshire Investors Abby Johnson CEO Kathleen Murphy President Fidelity Personal Investing James Mac. Donald President Fidelity Workplace Investing Gerry Mc. Graw President Fidelity Institutional Products Group Charles Morrison President Asset Management & Corporate Services Jim Speros Chief Marketing Officer John Penandi Chief Administrative Officer Brian Johnson Executive Vice President Human Resources Jonathan Chiel General Counsel J. J. Johnson Executive Vice President Government Relations & Public Policy Group Note: Ned Johnson joined the firm in 1957 and became CEO in 1977; Thomas Balk joined the firm in 1999; he was formerly at Foreign & Colonial; Tim Hilton joined the firm in 1996; he was formerly at Sullivan & Worcester; Abby Johnson joined the firm in 1988 and became CEO in 2014? ; she was formerly at Bain & Company; Kathleen Murphy joined the firm in 2009; she was formerly at ING Group and Aetna Financial Services; James Mac. Donald joined the firm in XXXX; Gerry Mc. Graw joined the firm in XXXX; Charles Morrison joined the firm in XXXX; Jim Speros joined the firm in XXXX; John Penandli joined the firm in XXXX; Brian Johnson joined the firm in XXXX; Jonathan Chiel joined the firm in XXXX; JJ Johnstone joined the firm in 2008; he was formerly at NASDAQ Stock Market; AT&T, and Akin, Gump, Hauer, & Feld Source: 9/14/15 Bloomberg Web Site; 9/7/15 Barron’s; 3/17/15 The Hans India Web Site; 3/13/15 Seeking Alpha Web Site; 3/11/15 Edmonton Journal; 10/13/14 Business Journals. Com; 12/13 Fidelity Funds Prospectus; 8/9/13 Business Week Web Site; 8/6/13 Linked In Web Site; 8/6/13 Global Equity Organization Web Site; 8/2/13 Google Web Site; 8/2/13 CNN Money Web Site; 9/23/12 Business Week Web Site; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 26

FMR Has a Board of Directors Led by its Chairman Ned Johnson & Vice Chairman Peter Lynch (Page 1) FMR Board of Directors Ned Johnson (Chairman) • CEO, Fidelity Investments Peter Lynch (Vice Chairman) • Former portfolio manager, Magellan -- • -- Source: 8/6/13 Linked In Web Site; 2/27/13 Wikipedia Web Site; 11/8/12 Business Week Web Site; 5/15/08 Financial Times; 5/15/08 Wall Street Journal; 5/10/08 Money Management Executive; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 27

FMR is Privately Owned Comments • Privately owned • Net asset value per share: ~$105. 00 • Earnings per share: $2. 16 Source: 9/9/15 Fidelity Investments Web Site; 9/11/14 Securities & Exchange Commission Web Site; 8/6/13 Securities & Exchange Commission Web Site; 2/27/13 Wikipedia Web Site; 5/24/08 Investment News; 5/8/08 Boston Globe Web Site; 2/29/08 Wall Street Journal; 4/18/05 Money Management Letter; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 28

FMR’s National Financial Services Business Has $2. 7 Billion Capital National Financial Services Capital ($ Billions) Source: 6/15/09 Securities Industry News; 5/18/09 Securities Industry News; 5/09 Registered Rep; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 29

FMR’s Net Asset Value is $105. 00 Per Share FMR Net Asset Value Per Share Source: 5/24/08 Investment News; 5/8/08 Boston Globe Web Site; 2/29/08 Wall Street Journal; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 30

FMR Earns $2. 16 Per Share FMR Earnings Per Share Source: 5/24/08 Investment News; 5/8/08 Boston Globe Web Site; 2/29/08 Wall Street Journal; Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 31

Tiburon Strategic Advisors Comments • Focus on corporate-level strategy - Serve senior executives only at financial services companies - Key services: market seminars, market research, & strategy consulting - Served over 400 corporate clients and completed over 1, 700 projects since 1998 - Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors • Chip Roame background - Mc. Kinsey & Company - Charles Schwab & Company - Tiburon since 1998 Source: Tiburon Research & Analysis 15. 09. 17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 32