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

2. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 1 FMR (Fidelity Investments) 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 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.401k.com, www.nationalfinancial.com, www.fidelitycapitalmarkets.com, www.fidelityprime.com, www.begreater.com, www.advisorchannel.com, www.pyramis.com, www.emoneyadvisor.com, www.e2platform.com, & www.fidelityworldwideinvestment.com Comments

3. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 2 FMR Has 41,000 Employees, Up 40% Since 2002 But Down from its Peak of 44,000 in 2007 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 FMR Employees

4. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 3 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; 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

5. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 4 FMR Has Gathered $4.9 Trillion Assets Under Administration & Management, Up Over 200% Since 2003 Source:9/9/15 Fidelity Investments Web Site; 4/30/14 Fidelity Investments Corporate Fact Sheet; 8/2/13 Privco Web Site; 4/3/13 TD Ameritrade Email (Schweiss); 3/13/13 Fidelity Investments Press Release; 2/27/13 Fidelity Investments Web Site; 2/27/13 Wikipedia Web Site; 2/9/11 Wikipedia Web Site; 6/15/09 Securities Industry News; 5/18/09 Securities Industry News; 5/11/09 Barron’s; 5/09 Registered Rep; Tiburon Research & Analysis FMR Assets Under Administration & Management ($ Trillions)

6. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 5 FMR’s Assets Under Administration are About Two-Thirds Assets Under Administration 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 FMR Assets Under Administration By Asset Type Assets Under Administration Assets Under Management

7. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 6 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

8. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 7 FMR Has Three Businesses, Including 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 FMR Businesses FMR Businesses Fidelity InvestmentsDevonshire Investors Fidelity Worldwide Investment (FIL Limited)

9. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 8 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.401k.com, www.nationalfinancial.com, www.begreater.com, www.fidelitycapitalmarkets.com, www.fidelityprime.com, www.advisorchannel.com, www.pyramis.com, & www.emoneyadvisor.com Comments FMR’s First Business is Fidelity Investments 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 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

10. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 9 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

11. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 10 Fidelity Investments Accounts (Millions) FMR’s Fidelity Investments Has Gathered 19.0 Million Accounts, Consistent Since 2013 Source:3/16/15 Fidelity Investments Web Site; Tiburon Research & Analysis

12. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 11 FMR’s Fidelity Investments Has Gathered $4.9 Trillion Assets Under Management & Administration, Up Over 200% Since 2003 Source: 9/9/15 Fidelity Investments Web Site; 3/17/15 Fidelity Investments Web Site; 3/16/15 Fidelity Investments Web Site; 4/14 Fidelity Investments Corporate Fact Sheet; 8/2/13 Privco Web Site; 2/27/13 Fidelity Investments Web Site; 2/27/13 Wikipedia Web Site; 2/9/11 Wikipedia Web Site; 6/15/09 Securities Industry News; 5/18/09 Securities Industry News; 5/11/09 Barron’s; 5/09 Registered Rep; 3/18/09 Robert Scott Email (Corley); Tiburon Research & Analysis Fidelity Investments Assets Under Management & Administration ($ Trillions)

13. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 12 FMR’s Fidelity Investments’ Assets Under Administration are About One-Third 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 Fidelity Investments Assets Under Administration By Asset Type Assets Under Administration Assets Under Management

14. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 13 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. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 14 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

16. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 15 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 Source:3/16/15 Fidelity Investments Web Site; 7/29/10 Fidelity Web Site; 2/25/09 Wall Street Journal; Tiburon Research & Analysis Fidelity Investments Daily Average Revenue Trades

17. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 16 FMR’s Fidelity Investments Has Four Core Businesses, Including its Fidelity Personal & Workplace Investing, Fidelity Institutional Products Group, and 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 Fidelity Investments Businesses Fidelity Investments Businesses Fidelity Personal & Workplace Investing Fidelity Asset Management & Corporate Services Fidelity Institutional Products Group

18. 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 Contra Fund is the Company’s Largest Mutual Fund, Followed by its Cash Reserves 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 Fidelity Management & Research Mutual Funds Assets Under Management By Fund ($ Billions)

19. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 18 Fidelity Management & Research Exchange Traded Funds FMR’s Fidelity Investments’ Fidelity Asset Management & Corporate Services’ Fidelity Asset Management’s Fidelity Management & Research Has Fifteen Exchange Traded Funds Source:3/16/15 Barron’s; 7/13/09 Barron’s; Tiburon Research & Analysis

20. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 19 Fidelity Management & Research Exchange Traded Funds Assets Under Management ($ Millions) 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 Source:3/16/15 Barron’s; 7/13/09 Barron’s; Tiburon Research & Analysis

21. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 20 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

22. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 21 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 Comments FMR's Second Business is Fidelity Worldwide Investment (FIL Limited) 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

23. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 22 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

24. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 23 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

25. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 24 Founded in 1969 Based in Boston, MA $500 million assets under management President: Tim Hilton Comments FMR’s Third Business is Devonshire Investors 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

26. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 25 Devonshire Investors Businesses FMR's Devonshire Investors Has Five Businesses, Including 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 Fidelity Growth Partners Fidelity Asia Ventures Fidelity BiosciencesFidelity Ventures Pembroke Real Estate Devonshire Investors Businesses

27. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 26 FMR is Led by its Chairman Ned Johnson & CEO Abby Johnson FMR Organizational Chart 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 MacDonald joined the firm in XXXX; Gerry McGraw 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 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 Kathleen Murphy President Fidelity Personal Investing James MacDonald President Fidelity Workplace Investing Gerry McGraw President Fidelity Institutional Products Group Charles Morrison President Asset Management & Corporate Services Jim Speros Chief Marketing Officer Abby Johnson CEO Ned Johnson Chairman Tim Hilton President Devonshire Investors Thomas Balk President Fidelity Worldwide Investments 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

28. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 27 FMR Board of Directors FMR Has a Board of Directors Led by its Chairman Ned Johnson & Vice Chairman Peter Lynch (Page 1) 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 Ned Johnson (Chairman) Peter Lynch (Vice Chairman) -- CEO, Fidelity Investments Former portfolio manager, Magellan --

29. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 28 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 Privately owned Net asset value per share: ~$105.00 Earnings per share: $2.16 Comments FMR is Privately Owned

30. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 29 National Financial Services Capital ($ Billions) FMR’s National Financial Services Business Has $2.7 Billion Capital Source:6/15/09 Securities Industry News; 5/18/09 Securities Industry News; 5/09 Registered Rep; Tiburon Research & Analysis

31. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 30 FMR Net Asset Value Per Share FMR’s Net Asset Value is $105.00 Per Share Source:5/24/08 Investment News; 5/8/08 Boston Globe Web Site; 2/29/08 Wall Street Journal; Tiburon Research & Analysis

32. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 31 FMR Earnings Per Share FMR Earns $2.16 Per Share Source:5/24/08 Investment News; 5/8/08 Boston Globe Web Site; 2/29/08 Wall Street Journal; Tiburon Research & Analysis

33. 15.09.17 – FMR (Fidelity Investments) © Tiburon Strategic Advisors, LLC™ 32 Source:Tiburon Research & Analysis Tiburon Strategic Advisors 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 -McKinsey & Company -Charles Schwab & Company -Tiburon since 1998 Comments