PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2016

Fidelity® VIP Telecommunications Portfolio Key Takeaways

MARKET RECAP

• The fund's share classes lagged the 18.60% gain of the sector benchmark by about 2 percentage points, but outpaced the broader S&P 500® for the six months ending June 30, 2016.

U.S. equities rose for the six months ending June 30, 2016, a volatile period that posed new threats to the already sluggish global economy, including the United Kingdom's late-June vote to exit the European Union. The S&P 500® index gained 3.84%, with an extended uptrend bookended by volatility early on and Brexit-related tumult in the period's final week. Continued oil-price weakness and concerns about global growth pushed the S&P 500® to its worst January since 2009. MidFebruary through the period's final week saw steady increases driven by U.S. jobs gains, a broad rally in commodities and perceived softening in the U.S. Federal Reserve's ratetightening posture. However, the U.K.'s vote in favor of Brexit resulted in a sharp two-day decline for markets globally, followed by a rebound as investor sentiment shifted at the end of the month. Sector performance was widely dispersed, with two traditionally defensive groups leading the way and only financials and information technology losing ground. Demand for higher-yielding investments boosted telecommunication services (+25%) and utilities (+23%), while a rebound in oil prices drove energy to a gain of 16%. Advancers exceeded decliners within tech, but the sector posted a negative result largely due to major constituent Apple (-8%). Financials (-3%) lagged on economic uncertainty and a flattening yield curve.

• Stock selection was the primary driver of results versus the sector benchmark. Choices in the integrated telecommunication services, cable & satellite and internet software & services groups were the most detrimental. An out-of-benchmark stake in in-flight Wi-Fi provider Gogo was the fund's largest detractor. • Conversely, stock picks in specialized real estate investment trusts (REITs) boosted relative results. However, avoiding alternative carrier PDVWireless proved the No. 1 contributor. • Portfolio Manager Matthew Drukker is closely watching the current FCC (Federal Communications Commission) wirelessspectrum auction, which he thinks could lead carriers to strain balance sheets in order to maintain their competitive positions and lay the groundwork for next-generation wireless networks.

Not FDIC Insured • May Lose Value • No Bank Guarantee

PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2016

Q&A An interview with Portfolio Manager Matthew Drukker Q: Matt, how did the fund perform for the six months ending June 30, 2016฀

Matthew Drukker Portfolio Manager

Fund Facts Start Date: Size (in millions):

April 24, 2007 $74.04

Solid double-digit gains for the fund's share classes fell short of the sector benchmark, the MSCI U.S. IMI Telecommunications Services 25/50 Index, but solidly outpaced the broad-market S&P 500 and the Morningstar peer average. Looking a bit longer term, the performance story was remarkably similar over the trailing year.

Investment Approach •

Fidelity®

VIP Telecommunications Portfolio is a sectorbased, equity-focused strategy that seeks to outperform its benchmark through active management.

• We use a bottom-up, stock-by-stock approach to capitalize on our view that both earnings revisions and earnings growth drive telecommunications stocks. As such, the fund tends to emphasize companies with sustainable growth that is likely to beat expectations, as well as secular growers that can drive consistent excess returns. • Due to the capital intensity of the telecom sector, we believe free-cash-flow yield is the best profitability indicator to determine earnings power. So, we look for companies that generate a lot of cash from strong sales growth and benefit from high barriers to entry, quality franchises, strong management teams and positive market-share trends over multiyear periods. • Sector strategies could be used by investors as alternatives to individual stocks for either tactical- or strategic-allocation purposes.

Q: What was the market environment like through the first half of the year฀ For equities, the past six months can best be summarized as a rotation into sectors that typically outperform during periods of uncertainty, as investors sought the safety of the U.S. dollar as well as high-dividend, low-volatility securities. Utilities and telecoms were the two best-performing sectors in the S&P 500 this period, delivering gains of 25% and 23%, respectively. A slowdown in China's economic growth, the ongoing perception that U.S. interest rates would remain low and, of course, Brexit – the U.K.'s June vote to withdraw from the European Union – all were factors contributing to this asset class rotation.

Q: What's your investment philosophy, and how did it play out this period฀ I believe stock prices follow earnings over the long term. Given the telecom sector's generally high capital intensity, I think the best indicator of a company's earnings power is its free cash flow (FCF), which I define as operating cash flow minus capital expenditures. To identify stocks with strong FCF, I employ a bottom-up, stock-by-stock selection process, seeking telecoms and related companies with sustainable growth, preferably with upside to expectations. I also seek to invest in companies with secular revenue and earnings growth. I look to own companies that, on average, are on pace to grow faster than the benchmark over time. In terms of managing risk, I aim to optimize the fund's total exposure to asset selection while limiting the number of stock choices that depend on market timing.

2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2016

Given the recent market environment and my investment process, fund holdings posted strong gains; however, they didn't keep pace with those in the benchmark. Specifically, the fund had less exposure to high dividend-yielding stocks, which performed exceptionally well this period.

Q: What else hurt fund performance versus the sector benchmark this period฀ Overall, stock selection and the fund's underweighting in the integrated telecommunication services segment was the biggest driver of relative underperformance. Here, our below-benchmark position in wireline-only provider Windstream Holdings dragged on fund results. Buoyed by Windstream's dividend yield and its April tax-free spinoff of certain of its telecom assets into an independent publicly traded REIT, the stock gained 49% this period. I underweighted Windstream and others like it based on their exposure to voice services, which have been declining compared with the strong growth of broadband, leaving these types of companies at a competitive disadvantage. Stock picking in internet software & services also weighed on our results, with the fund's biggest individual detractor coming from this group: in-flight Wi-Fi provider Gogo, an out-of-benchmark name. Investor concern about the loss of some of Gogo's major customers, particularly American Airlines, weighed heavily on Gogo's share price. I still feel good about the long-term growth prospects of connecting planes to the internet, and I think Gogo could benefit from this trend over time, so I held on to the position. Elsewhere, the fund's untimely ownership in satellitecommunications provider Globalstar proved detrimental. The stock fell 55% in a single day in May after the FCC turned down the company's request to offer broadband over frequencies currently limited to satellite service. Having lost conviction in Globalstar's prospects, I sold some of the fund's shares at a loss. Out-of-benchmark choices in the cable & satellite segment also held the fund back.

inContact sharply higher. I sold our stake to take profits. Underweighting Alaskan integrated services provider General Communications was another win for the fund. The company posted disappointing financial results in early May, including flat revenue and missed earnings.

Q: What notable changes did you make to fund holdings this period฀ After Brexit and the subsequent market volatility in Europe, I purchased select names that had become cheaper than some of their U.S. counterparts. For example, I added U.K.-based telecom provider Vodafone. Before Brexit, I had found the stock's valuation too expensive for my taste. I also initiated a position in U.S. cable giant Charter Communications, which completed its acquisition of Time Warner Cable in May. I am excited about the prospects of this merger and what it could mean for the company's free cash flow moving forward.

Q: What areas do you plan to focus on as the year progresses฀ I am watching the launch of new video bundles primarily from telecom heavyweight AT&T and perhaps some other independent services such as Hulu, which offers ondemand and streaming video services. The result could be greater competition in video-subscription services. The direction of U.S. interest rates also is something I'm monitoring. If rates are bottoming, we could see some eventual shifts in investor sentiment from the current focus on higher yields back toward total return, which could benefit the fund. Regardless of the market environment, I remain confident in my investment process. I also still believe that the longterm "winners" in the telecom space generally will be companies that can best capitalize on growth in broadband, whether wireless or wireline. ■

Q: What helped the fund's relative results฀ Choices among alternative carriers delivered the biggest relative boost, especially our avoidance of PDVWireless. The voice-services provider's share price fell in May on opposition to the company's request to alter its spectrum from LMR (land mobile radio) use in order to support private broadband networks. Our position in inContact also contributed. In May, this cloud-based customer help-desk provider agreed to be acquired by NICE Systems at a premium, sending shares of

3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2016

LARGEST CONTRIBUTORS VS. BENCHMARK

Matthew Drukker on the wireless spectrum auction: "Wireless spectrum, which is the set of radio frequencies used for wireless data and voice transmission, is regulated in the U.S. through licenses auctioned by the FCC. Like beachfront property or certain natural resources, spectrum is an asset with limited supply, and when licenses to use certain frequencies come up for auction, wireless carriers must bid strategically. "Given changing market dynamics and a largerthan-usual spectrum auction in 2015, both the overall spend and the per-unit spend on spectrum hit a 10-year peak, leaving carrier balance sheets stretched. The FCC is now in the midst of another large auction, and carriers may need to dig even deeper to maintain their competitive positions and to lay the groundwork for the next generation of wireless networks. Spending to buy these assets could further strain their balance sheets. "This latest auction also is giving certain wireless companies a chance to add key low-frequency spectrum that could help broaden their coverage. "New companies, including cable providers such as Comcast, are also now in the mix, strongly indicating they could be planning to launch their own wireless products. This could alter the competitive landscape in the telecom industry.

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

PDVWireless, Inc.

Alternative Carriers

-1.45%

63

inContact, Inc.

Internet Software & Services

0.26%

36

Integrated General Communications, Telecommunicatio Inc. Class A n Services

-0.75%

32

American Tower Corp.

Specialized REITs

5.53%

28

U.S. Cellular Corp.

Wireless Telecommunicatio n Services

-0.84%

28

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK Average Relative Relative Contribution Weight (basis points)*

Holding

Market Segment

Gogo, Inc.

Internet Software & Services

0.67%

-75

Globalstar, Inc.

Alternative Carriers

-0.49%

-54

Integrated Windstream Holdings, Inc. Telecommunicatio n Services

-1.51%

-43

Shenandoah Telecommunications Co.

Wireless Telecommunicatio n Services

-0.84%

-41

ORBCOMM, Inc.

Alternative Carriers

-1.73%

-28

* 1 basis point = 0.01%.

"As this auction plays out, I will be looking for companies positioned to come out ahead. At the same time, we may see a downtick in spectrum prices, which would be a negative for spectrumrelated investments."

4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2016

10 LARGEST HOLDINGS Holding

Market Segment

Portfolio Weight

Portfolio Weight Six Months Ago

AT&T, Inc.

Integrated Telecommunication Services

21.66%

25.03%

Verizon Communications, Inc.

Integrated Telecommunication Services

10.49%

15.81%

T-Mobile U.S., Inc.

Wireless Telecommunication Services

4.99%

5.01%

American Tower Corp.

Specialized REITs

4.92%

4.23%

SBA Communications Corp. Class A

Integrated Telecommunication Services

4.55%

4.20%

Level 3 Communications, Inc.

Alternative Carriers

4.17%

5.56%

Cogent Communications Group, Inc.

Alternative Carriers

2.98%

4.34%

CenturyLink, Inc.

Integrated Telecommunication Services

2.90%

2.91%

Zayo Group Holdings, Inc.

Alternative Carriers

2.89%

0.66%

Vodafone Group PLC

Wireless Telecommunication Services

2.61%

--

62.16%

72.30%

49

53

10 Largest Holdings as a % of Net Assets Total Number of Holdings

The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments.

MARKET-SEGMENT DIVERSIFICATION

ASSET ALLOCATION

Market Segment

Portfolio Weight

Portfolio Weight Six Months Ago

Asset Class

Portfolio Weight

Portfolio Weight Six Months Ago

Integrated Telecommunication Services

50.00%

Alternative Carriers

15.74%

57.08%

Domestic Equities

87.91%

94.69%

17.15%

International Equities

9.26%

Wireless Telecommunication Services

14.50%

11.89%

4.87%

Developed Markets

8.54%

3.77%

Cable & Satellite

7.37%

3.51%

Emerging Markets

0.72%

1.10%

Specialized Reits

4.92%

5.20%

Tax-Advantaged Domiciles

0.00%

0.00%

Application Software

2.61%

0.01%

Bonds

0.00%

0.00%

Internet Software & Services

0.94%

2.96%

Cash & Net Other Assets

2.83%

0.44%

Semiconductors

0.52%

0.41%

Movies & Entertainment

0.35%

0.68%

Communications Equipment

0.20%

0.66%

Other

0.00%

0.00%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.

5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2016

PERFORMANCE SUMMARY Variable annuity contracts are issued by insurance companies through separate accounts that are part of the insurer. The value of a variable annuity contract depends on the values of units of subaccounts of the separate account. Each subaccount purchases shares of a corresponding mutual fund. Subaccount investment performance is based on the performance of the mutual fund in which it invests, less insurance company charges made against the assets of the separate account. A subaccount is not a mutual fund. The information provided in this Performance Summary contains performance information for the fund, or class, and each variable subaccount, with comparisons over different time periods to the fund's relevant benchmarks – including an appropriate index as well as a group of similar funds whose average returns are compiled and monitored by an independent mutual fund research company. Figures for more than one year assume a steady compounded rate of return and are not a class' year-by-year results, which fluctuated over the periods shown. Fund performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If fund performance information included the effect of these additional charges, the total returns would have been lower. The performance table also contains performance information for certain insurance company subaccounts that invest in the fund. Each variable subaccount's performance, as shown, is net of all fees and expenses, including those charges imposed by your insurance company. Seeing the returns over different time periods can help you assess the performance against relevant measurements and across multiple market environments. The performance information includes average annual total returns and cumulative total returns and is further explained in this section.*

Investing in a variable annuity involves risk of loss – investment returns, contract value, and, for variable income annuities, payment amounts are not guaranteed and will fluctuate. Withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken before age 59 1/2, may be subject to a 10% IRS penalty. Current performance may be higher or lower than the performance data quoted below. An investor's shares, when redeemed, may be worth more or less than their original cost. For month-end performance figures, please visit www.fidelity.com/annuityperformance or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results.

Fiscal periods ending June 30, 2016

Cumulative

Annualized

6 Month

YTD

1 Year

3 Year

5 Year

10 Year/ LOF1

VIP Telecommunications Portfolio - Initial Class Gross Expense Ratio: 0.88%2

16.73%

16.73%

15.17%

10.76%

10.34%

5.24%

VIP Telecommunications Portfolio - Investor Class Gross Expense Ratio: 0.95%2

16.63%

16.63%

15.00%

10.68%

10.24%

5.15%

Total Returns for the Fund

S&P 500 Index

3.84%

3.84%

3.99%

11.66%

12.10%

6.14%

MSCI US IMI Telecommunications Services 25/50

18.60%

18.60%

18.82%

11.80%

10.59%

5.59%

Morningstar Insurance Fund Communications

15.85%

15.85%

12.93%

8.73%

8.06%

--

1 Life 2 This

of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/24/2007. expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year.

This fund has a short term trading fee – 1.00% for shares held less than 60 days.

Performance and disclosure information continued on next page.

6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2016

PERFORMANCE SUMMARY (continued): Fiscal periods ending June 30, 2016

Annualized

Total Returns for the Variable Subaccount**

New York Only: 10 Year/Life of Subaccount

6 Month

Fidelity Retirement Reserves

Cumulative

Annualized

YTD

1 Year

3 Year

5 Year

10 Year/Life of Subaccount

4.48%

16.26%

16.26%

14.25%

9.87%

9.45%

4.48%

Fidelity Income Advantage B

4.27%

16.14%

16.14%

14.02%

9.65%

9.23%

4.27%

Fidelity Personal Retirement Annuity C (for contracts purchased prior to 1/1/09 and on or after 9/7/10)

4.97%

16.49%

16.49%

14.71%

10.40%

9.97%

4.97%

Fidelity Personal Retirement Annuity C (for contracts purchased between 1/1/09 and 9/6/10)

4.93%

16.49%

16.49%

14.71%

10.40%

9.97%

4.93%

Fidelity Personal Retirement Annuity C (for contracts purchased on or after 9/7/10 with an initial purchase payment of $1M+)

5.13%

16.58%

16.58%

14.88%

10.57%

10.13%

5.13%

A

Fidelity Retirement Reserves - Subaccount Inception: April 30, 2007; New York Only Inception: April 30, 2007. Fidelity Income Advantage Subaccount Inception: April 30, 2007; New York Only Inception: April 30, 2007. Fidelity Personal Retirement Annuity - Subaccount Inception: April 30, 2007; New York Only Inception: April 30, 2007. Fidelity Retirement Reserves' underlying fund options are Initial Class fund offerings. Fidelity Income Advantage's underlying fund options are Initial Class fund offerings. Fidelity Personal Retirement Annuity's underlying fund options are Investor Class fund offerings. A B C

In NY, Retirement Reserves In NY, Income Advantage In NY, Personal Retirement Annuity

* Total returns are historical and include changes in share price (for the fund) and unit price (for the variable subaccount) and reinvestment of dividends and capital gains, if any. ** Returns for Fidelity Retirement Reserves include the 0.80% annual annuity charge. For Fidelity Retirement Reserves contracts, returns do not reflect the annual $30 maintenance fee which applies to contracts where purchase payments less any withdrawals are less than $25,000. Returns for Fidelity Income Advantage include the 1.00% annual annuity charge. Returns for Fidelity Personal Retirement Annuity ("FPRA") include the 0.25% annual annuity charge for contracts purchased prior to 1/1/2009, and on or after 9/7/2010. For FPRA contracts purchased between 1/1/2009 and 9/6/2010, returns include a 0.35% annual annuity charge prior to 9/7/2010 and 0.25% thereafter. For FPRA contracts purchased on or after 9/7/2010 with an initial purchase payment of $1,000,000 or more, returns include a 0.10% annual annuity charge. Life of subaccount returns are from the subaccount inception, the date the portfolio was first available in the insurance company's variable product.

Please see the last page(s) of this Q&A document for most-recent calendar-quarter performance.

7 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2016

Definitions and Important Information Fidelity Income Advantage (policy form nos. FVIA-92100, et al. and FVIA-99100, et al.), Fidelity Retirement Reserves (policy form no. NRR-96100, et al.), Fidelity Personal Retirement Annuity (policy form no. DVA-2005, et al.), Fidelity Freedom Lifetime Income (policy form nos. FFLI-Q-2005, et al. and FFLI-NQ-2005, et al.), and Fidelity Growth and Guaranteed Income (policy form no. DVA-GWB2007, et al.) are issued by Fidelity Investments Life Insurance Company, 100 Salem Street, Smithfield, RI 02917, and for NY residents, Income Advantage (policy form nos. EFVIA-92100, et al. and EFVIA-99100, et al.), Retirement Reserves (policy form no. EVA-91100, et al.), Personal Retirement Annuity (policy form no. EDVA-2005, et al.), Fidelity Freedom Lifetime Income (policy form nos. EFLI-Q-2005, et al. and EFLI-NQ-2005, et al.), and Growth and Guaranteed Income (policy form no. EDVA-GWB-2007, et al.) are issued by Empire Fidelity Investments Life Insurance Company, New York, NY. Annuities are distributed by Fidelity Brokerage Services (Member NYSE, SIPC) and Fidelity Insurance Agency, Inc.

FUND RISKS Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The telecom services industry is subject to government regulation of rates of return and services that may be offered and can be significantly affected by intense competition. The fund may have additional volatility because it can invest a significant portion of assets in securities of a small number of individual issuers.

IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. VIP refers to Variable Insurance Products

INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. MSCI US IMI Telecommunications Services 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Telecommunications Services companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 Indices. 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.

MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. Should not be construed or used as a recommendation for any sector or industry.

8 |

MORNINGSTAR INFORMATION © 2016 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary.

PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2016

Manager Facts Matthew Drukker is a research analyst/portfolio manager at Fidelity Management & Research Company (FMRCo), the investment advisor for Fidelity's family of mutual funds. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, Mr. Drukker is responsible for coverage of the U.S. telecommunications industry (since 2010). He also manages Select Telecommunications Portfolio, Fidelity Telecom Services Central Fund, and VIP Telecommunications Portfolio (all since 2013). Additionally, he is responsible for managing the telecommunications sub-portfolios of Fidelity Stock Selector All Cap Fund and Fidelity Series Broad Market Opportunities Fund (both since 2013). Prior to assuming his current responsibilities, Mr. Drukker comanaged Select Wireless Portfolio from 2011 to 2013, and covered the restaurant industry until September 2010. Before joining Fidelity full time in 2008, he was an intern in Fidelity's Equity Research division in 2007. Previously, Mr. Drukker was an investment banker in New York from 1999 to 2006, specializing in mergers and acquisitions and capital raising for financial institutions. He has been in the investments industry since 1999. Mr. Drukker earned his bachelor of arts degree in economics from Williams College and his master of business administration degree in finance from The Wharton School at the University of Pennsylvania.

9 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PERFORMANCE SUMMARY Quarter ending December 31, 2016

Annualized New York Only: 10 Year/Life of Subaccount

1 Year

3 Year

5 Year

10 Year/Life of Subaccount

Fidelity Retirement Reserves

4.75%

21.82%

8.32%

12.77%

4.75%

Fidelity Income Advantage

4.54%

21.58%

8.10%

12.54%

4.54%

Fidelity Personal Retirement Annuity (for contracts purchased prior to 1/1/09 and on or after 9/7/10)

5.25%

22.39%

8.86%

13.31%

5.25%

Fidelity Personal Retirement Annuity (for contracts purchased between 1/1/09 and 9/6/10)

5.21%

22.39%

8.86%

13.31%

5.21%

Fidelity Personal Retirement Annuity (for contracts purchased on or after 9/7/10 with an initial purchase payment of $1M+)

5.40%

22.57%

9.03%

13.48%

5.40%

Total Returns for the Variable Subaccount

Current performance may be higher or lower than the performance data quoted above. For month-end performance figures, please visit www.fidelity.com/annuityperformance or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investing in a variable annuity involves risk of loss – investment returns, contract value, and, for variable income annuities, payment amounts are not guaranteed and will fluctuate. Withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken before age 59 1/2, may be subject to a 10% IRS penalty.

Please see the Fiscal Performance Summary section of this Q&A document for performance footnotes and additional information.

Before investing, please carefully consider the investment objectives, risks, charges, and expenses of the fund or annuity and its investment options. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss.

Information included on this page is as of the most recent calendar quarter. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. 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. © 2017 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 712398.4.0