Frequently Asked Questions

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1 Key Information to Review Before You Open Your Account and / or Transfer Your Assets Goldman Sachs has provided a blanket 407 letter on behalf of all Goldman Sachs employees. Please disregard the message in the account opening process asking you to provide a compliance approval letter. When you or a member of your household open an account, please select Yes in the Employment Information section when asked about your association with a broker-dealer and enter Goldman Sachs as the Company Name in the freeform textbox. To complete the asset transfer process, you will need your Goldman Sachs account number. Select Goldman Sachs & Co(gsco) X as the transferring firm name. Do not manually type in Goldman Sachs, because it will not register in Fidelity s system and therefore will not allow you to complete the process online. The asset transfer process will take five days. To view your positions on your Goldman Sachs brokerage account during this process, go to Preferences > Portfolio Preferences and select the option to View Closed Accounts. Questions Regarding Fidelity s Role as Designated Provider of Brokerage Services to US-based Employees Why has the firm made the decision to make Fidelity the designated provider of brokerage services to US-based employees? Substantially all of the active US-based employee population has a retail investor profile. While the firm has historically used a limited portion of the PWM platform to service employees brokerage business, this platform is geared towards servicing high-net-worth individuals, and has neither the support model nor tool suite generally available on best-in-class retail platforms. The firm wants to make sure that US-based employees are able to take advantage of the best technology and investment strategies available to retail investors, and believes Fidelity offers that. As a provider to approximately seven million clients, Fidelity has one of the most comprehensive retail brokerage platforms available in the United States. With Fidelity as their designated provider of brokerage services, US-based employees and their families will have access to an expanded universe of investment options, a more robust suite of online trading, investment and financial guidance tools, a broader network of experts and a more comprehensive support model. In addition, the simultaneous transfer of stock plan services to Fidelity will enable US-based employees to have a consolidated view of their Goldman Sachs stock exposure and their broader investment portfolio, as well as a single point of execution for both unrestricted Goldman Sachs shares and options, if applicable, and their broader brokerage business. What does it mean for Fidelity to be the designated provider of brokerage services to US-based employees? Goldman Sachs is obligated to monitor the investment activity of employees and related persons (defined as their immediate family members, others in their household and anyone to whom they provide material financial support and is deemed to be a related person by Goldman Sachs Compliance). In order to comply with this obligation, Goldman Sachs requires its employees in each jurisdiction to hold their brokerage accounts with designated firms. 1

2 By making Fidelity the designated provider of brokerage services to US-based employees, the firm is requiring any US-based employee and his / her related persons, to the extent they have a brokerage account, to maintain such account(s) at Fidelity. Why is Fidelity only being named the designated provider of brokerage services to US-based employees? What about non-us-based employees? Fidelity does not currently offer a full suite of global brokerage capabilities to non-us persons, and the firm has not yet found suitable alternative providers for the non-us employee base. For the time being, Goldman Sachs will continue to be the designated provider of brokerage services to non-us-based employees in most jurisdictions. Questions Regarding the Account Transition Process Is the transition to Fidelity mandatory, or can US-based employees and their families continue to maintain brokerage accounts at Goldman Sachs? The transition to Fidelity is mandatory for all non-participating managing director, US-based employees and their families whose accounts do not otherwise meet the minimum client size criteria for either Ayco (generally $1 million) or PWM (generally $10 million). Non-participating managing director, US-based employees and their families whose accounts satisfy the Ayco or PWM client minimums are encouraged to continue to maintain their accounts with these organizations, but may also transition to Fidelity if they choose to. Note that Employee Investing Services (EIS) is a group within Ayco. Active participating managing directors and their families are required to continue to maintain their brokerage accounts at Goldman Sachs. I have a US-based colleague whose brokerage relationship is not moving to Fidelity. Why are some accounts staying at Goldman Sachs? All participating managing directors are required to retain their brokerage accounts with Goldman Sachs because of the additional restrictions on their accounts. Any US-based employee with accounts that meet the minimum client size criteria for either Ayco or PWM is encouraged to remain a client of the respective organization. Does my spouse / partner have to move his or her account from Goldman Sachs to Fidelity? What about our other family members? Unless they otherwise meet the minimum client size criteria for either Ayco or PWM, the accounts of your spouse / partner, immediate family members and anyone else for whom you provide material financial support should also transition to Fidelity as the designated brokerage service provider. Distant relatives need not move to Fidelity; however, they will be asked to move their account to a broker-dealer of their choice if they do not meet the minimum client size criteria. Am I also required to transition my IRA(s) from Goldman Sachs to Fidelity? Yes, you will need to transfer any IRAs currently maintained at Goldman Sachs with the rest of your brokerage relationship. As part of this transition, Principal Trust will cease to provide you with trustee 2

3 services for your IRAs and Fidelity will assume that role. Principal Trust requires a one-time termination fee, which the firm will pay on employees behalf. I have a Compliance-approved outside brokerage account at another broker dealer. Do I need to close that account or move it to Fidelity? No, you may continue to maintain your outside brokerage account(s) as long as it was previously approved by Compliance. If I have an existing account at Fidelity, can I transfer assets from my Goldman Sachs brokerage account into that account? Yes, if you have an existing brokerage account with Fidelity and the account types / registrations match, you can transfer your assets into your existing Fidelity account. However, you cannot transfer, for example, from a non-retirement account to a retirement account, even if the names on the accounts at both firms match exactly. If you have a Fidelity account through Ayco, this account will be converted to a Fidelity brokerage account at a future date. The move to the new account will allow you to take advantage of the many benefits Goldman Sachs has negotiated as part of this relationship with Fidelity, including the ability to trade GSAM Institutional Shares. You can transfer other brokerage assets into this account and do not need to open a new account. If you do so, note that the account types / registrations must match, e.g., you cannot transfer from a non-retirement account to a retirement account, even if the names on the accounts at both firms match exactly. Once transferred, when will my cost basis and acquisition date be updated at Fidelity? Industry standard is to have this information updated within 15 days. Goldman Sachs and Fidelity are partnering to make this information available in 3-5 business days. What do I do if I hold Employee Special Investment funds or other Goldman Sachs alternative investments? If you hold Employee Special Investment funds or other Goldman Sachs alternative investments, these assets are generally not transferrable outside of Goldman Sachs. If you are transferring your brokerage relationship and hold these assets, you should follow the suggested account opening and asset transfer instructions (note these assets are not ACAT eligible, so will be automatically excluded from your Fidelity initiated asset transfer instructions when you select a full account transfer). You will be able to keep your Goldman Sachs brokerage account open strictly for purposes of holding these alternative investment positions. Your account will be converted into a non-trading custody account permitting only cash movements for capital calls and distributions. Note that you will have to wire in cash or send a check for capital calls, as the ACH function will be disabled, and that all future distributions from the alternative investment funds, including cash distributions, will remain in the Goldman Sachs brokerage account until you provide specific asset transfer instructions. I have a margin debit in my account. How will that be handled in the transfer to Fidelity? If you hold positions that require margin (i.e. debit balances, short positions) in your account, these positions will be subject to an asset based review at Fidelity prior to the transfer taking place. If the transfer is approved, your margin debit and / or short balance will automatically transfer to Fidelity. However, you must complete a margin application within 30 days after the transfer of assets to Fidelity. If 3

4 the application is not completed or if appropriate approvals are not received within 30 days, Fidelity will work with you and take corrective steps to close out these positions and balances. I have open listed option positions in my account. How will that be handled in the transfer to Fidelity? If you hold open listed option positions in your account, these positions will be subject to an asset based review at Fidelity prior to the transfer taking place. If the transfer is approved, your option positions will automatically transfer to Fidelity. However, you must complete an option application within 30 days after the transfer of assets to Fidelity. If the application is not completed or if appropriate approvals are not received within 30 days, Fidelity will work with you and take corrective steps to close out these positions. Please note that options expiring within 10 days of an asset transfer request will be withheld from delivery to Fidelity along with the appropriate underlying positions or collateral. Positions and balances remaining in the account after option expiration will automatically transfer to Fidelity as a residual balance. Will I be able to open all of my Fidelity accounts online? Are there certain accounts I can not open online? You will be able to open individual, joint, IRA, 529, and custodial accounts online. Certain accounts, such as Trusts, Partnerships and other business accounts, can only be opened with paper applications. Some of these accounts will require additional paperwork, which is explained in the application. If you have one or more of the account types that require paper applications, we encourage you to call Fidelity at (866) , Prompt 2, for additional assistance before initiating the account opening process. Where do I go to set up my preferences for my new account(s)? To update your preferences, once logged in, select Customer Service on the top right of the page and select Delivery Preferences. Here you will have a number of options for receiving or paper communications and also the ability to suppress certain types of s. What will happen if I, my spouse / partner, or a family member does not move all account(s) by the deadline? You will receive biweekly reminders until your account has been closed. Reports will also be generated to monitor Goldman Sachs employee and related person brokerage accounts that have not been transitioned. In the two weeks leading up to your transition deadline, your manager will begin to be posted if your transition is still outstanding. If you fail to transition by the deadline, you may become subject to account-related charges among other consequences. I noticed that my colleague has a different deadline than I do for transitioning his / her account. Why are there different deadlines? Given the large volume of accounts that will be transitioning to Fidelity and regulatory requirements related to the expedited processing of client asset transfer requests, it is prudent to utilize staged deadlines for different subsets of the in-scope brokerage account population. I am a US-based employee and meet the minimum client size criteria for Ayco or PWM, but would like to move to Fidelity. Can I do so? If you are not a participating managing director and would like to move your account to Fidelity, you may do so. You may visit to access information on how to open accounts at 4

5 Fidelity and transfer your assets. As a courtesy, we suggest that you reach out to your EIS or PWM coverage team to inform them of your decision to transfer providers. If you are a participating managing director, your brokerage relationship must remain at Goldman Sachs. Questions Regarding Fidelity s Investment Offering and Trading Platform How does the Fidelity service offering compare to the Employee Investing Services offering? Expanding the offering and accessing capabilities that were more catered to the needs of the broader employee base were key factors in seeking a third-party as our designated brokerage service provider. Fidelity s service offering compares very favorably to the current offering available to employees through Employee Investing Services. Key enhancements include: Advanced online-trading, portfolio construction, and financial guidance tools Comprehensive investment platform with over 10,000 mutual funds Research and insight around market trends, personal finance topics, and investing ideas Access to specialists in trading, fixed income, annuities, college planning, and more 24-hour access to online and mobile support, in addition to dedicated phone representatives 180 Investor Centers nationwide for in-person, one-on-one guidance One-stop access to view your equity awards together with your brokerage and other investment accounts What trading platforms are available to me as a Fidelity client? All Fidelity clients have immediate access to the following platforms: Fidelity.com Fidelity s award winning web-site featuring comprehensive account management and trading capabilities as well as investment research and research reports covering 4,500+ stocks from more than 20 third party research firms. Fidelity.com is also Fidelity s hub for portfolio and retirement guidance and planning tools. Fidelity s mobile trading platforms Account management and trading access anywhere from your iphone or ipod touch, ipad, Android TM, Kindle Fire and smartphones. Trade stocks, ETFs, mutual funds and options and get real-time quotes and charts as well as news. Fidelity s Automated Service Telephone (FAST) Provides quick and easy access to quotes, trading, account information, market news and other services via spoken commands or your phone s keypad. 24/7 trading, account information and service through over 6,000 Fidelity Representatives across the country. In addition, customers who trade 36 times or more in a rolling 12-month period have access to Fidelity Active Trader Pro and Fidelity Active Trader Pro.com, which provide streaming account and market data, fully customizable trading and account management platform layouts, interactive charting, and advanced options trading and analysis, among other features. What types of products will I be able to trade at Fidelity? Fidelity clients can trade stocks in 25 global markets, ETFs (including 65 Blackrock ishares commissionfree online), over 10,000 mutual funds, options (equity and index for all expirations 5

6 monthly/quarterly/weekly), over 30,000 investment grade bonds and other fixed income securities, 16 currencies and selected precious metals, including gold, silver, platinum and palladium. Online research and comprehensive tools are available to help with investment strategies and ideas. Fidelity also provides more advanced trading types like trailing stops and conditional orders to help you manage risk and to potentially take advantage of market movement in a security. Finally, in addition to general trading support from Fidelity representatives, Fidelity offers more specialized support for certain securities like Fixed Income Specialists, an International Trading Gate and Registered Options Principals through our Active Trader Services teams to support options strategies for our most active option trading customers. The only product previously regularly utilized on the EIS platform that you will not be able to trade at Fidelity is FX forwards. You will have access to spot transactions in all major currency pairs. What managed assets will I have access to at Fidelity? All Fidelity clients have access to a robust mutual funds platform, which includes funds from over 500 managers and over 10,000 discrete funds. In addition, we have worked with Fidelity to make sure all GSAM mutual funds will be available to Goldman Sachs employees. Goldman Sachs employees will be able to purchase Goldman Sachs Institutional (I) share mutual funds at Fidelity with no transaction fees on purchases or sales of these funds. Clients that meet certain investment minimums have access to Fidelity Portfolio Advisory Services (PAS). It is a managed account of no-load, multi-manager mutual funds, which offers active and targeted rebalancing. PAS provides transparent access to account, holding, and transaction information online, as well as quarterly performance reporting. You also have access to a dedicated Portfolio Specialist who provides an annual strategic review and is available to answer any questions about your portfolio. Questions Regarding Fidelity s Bank Deposit Product, Payment Services and Lending Will I still be able to access a bank deposit product at Fidelity? Will the Goldman Sachs Bank be a depository option? Yes, you will need to open a separate Fidelity Cash Management Account ( FCMA ) in addition to your Fidelity brokerage account(s) if you would like to access a bank deposit product as it is not available from your brokerage account(s). Fidelity offers a multi-bank deposit product in which deposits are allocated across a multiple-bank waterfall in FDIC insured increments of $250,000 (up to a total deposit balance of $5 million). Goldman Sachs Bank will be designated as the first bank in your multi-bank waterfall and will receive the first $250,000 in cash in your FCMA account. Any cash over that limit will be allocated to the next bank(s) on the list, up to the same maximum FDIC insurance amount for each bank. If you do not wish to default to Goldman Sachs Bank as your first bank, you may call a Fidelity representative to opt out after September 30 th, If I have opened a Fidelity Brokerage Account and a Fidelity Cash Management Account (FCMA), will funds sweep automatically between those two accounts? Your Fidelity brokerage account defaults to holding cash as a free credit balance ( FCASH ), which can be used for trades and other activity in that account. The FCMA account has a FDIC insured multi-bank deposit sweep program, which for Goldman employees will default to a deposit at Goldman Bank for the 6

7 first $250,000, and is the account through which you can access payment services such as checking and bill pay (see below for details). It is important to note, however, that funds do not automatically sweep between these accounts. You can utilize the Cash Manager feature of the FCMA account to set a minimum and maximum target balance and a minimum transfer amount. Whenever your FCMA balance exceeds your maximum, an alert reminds you to invest the extra cash. If your FCMA balance drops below your minimum, available cash will be automatically transferred from one of your designated funding accounts. You can also set up self-funded overdraft protection to allow available cash to be automatically transferred to your FCMA account, ensuring a pending payment services transaction does not cause your balance to drop below zero. If the Cash Manager feature is not established, you will need to move money from your brokerage account to the FCMA account to cover expenses like checks or debit card transactions. In addition, your brokerage account does not automatically sweep money from the FCMA account. If you have transactions pending that require cash, like a trade settlement, you would need to move funds from the FCMA to the brokerage account. Does Fidelity offer payment services such as debit card, check writing, direct debit, and / or online money transfer? Yes, Fidelity offers a full range of traditional banking services, such as check writing, ATM / debit card, bill pay, ACH, direct deposit, and direct debit. In order to take advantage of this offering, you need to open a separate Fidelity Cash Management Account ( FCMA ) in addition to your Fidelity brokerage account(s). There are no account fees or minimum balance requirements for FCMA accounts. I have direct deposit for my Goldman Sachs paycheck. Will this automatically transfer over to Fidelity? No, you will have to set up direct deposit for your Goldman Sachs paycheck (and any other direct deposit instructions) at Fidelity separately. Once your Fidelity account is set up, go to the Compensation Accounting page to fill out the Direct Deposit form and submit it to Compensation Accounting at 30 Hudson Street, 19th Floor, Jersey City, NJ Do not submit this form to Fidelity. Please allow up to two pay cycles for direct deposit to take effect. I have automated bill pay instructions set up on my Goldman Sachs account. Will they automatically transfer to Fidelity? No, in order to receive bill pay, check writing, debit card and other banking services, you will first need to open a separate Fidelity Cash Management Account ( FCMA ). After you set up your FCMA, re-enter your payees in Fidelity BillPay. Payees may be efficiently entered using payee phone numbers. For privacy protection reasons, Goldman Sachs is not able to share your information with Fidelity. We suggest you disable any automatic payments and obtain all of your payee account numbers before closing your Goldman Sachs account. Once your Goldman Sachs account is closed, this information is not retained. Once you have set up your FCMA and brokerage account(s), take care to deposit or wire cash into your FCMA account to ensure adequate funding of all payments in lieu of initiating the asset transfer ( ACAT ) process. The ACAT process will terminate your Goldman Sachs brokerage account. In order to minimize the risk of payment failures, we recommend that you begin to use the FCMA exclusively for making payments. Make note of all outstanding scheduled payments and ensure these have cleared in your Goldman Sachs brokerage account(s) prior to initiating the ACAT process for your brokerage account(s). See the next question for step-by-step instructions. 7

8 I actively write checks from my Goldman Sachs account and have automated bill pay set up. The instructions reference that I should take special care with the timing of my asset transfer. What best practices should I follow? In order to minimize the risk of payment failures, we would suggest that you initiate your relationship and execute your account transfer in phases: 1. Begin transitioning all payment activity to Fidelity. Activate / open your Fidelity brokerage account(s) and open a separate Fidelity Cash Management Account ( FCMA ). 2. Establish checking, online bill pay, and any other services you would like to have on your FCMA account. 3. Wire cash from your Goldman Sachs brokerage account (or otherwise deposit cash) to your FCMA account to cover your check writing and bill pay. Begin using the Fidelity FCMA account exclusively for both services. 4. Cancel any direct debits (e.g. club memberships) that you may have authorized from your Goldman Sachs brokerage accounts. You may provide these merchants with your new Fidelity account information. 5. Make note of all outstanding checks and scheduled bill payments, and check your account weekly to ensure these have cleared your account. When all payments have cleared, you should initiate the ACAT process to transfer the remaining assets from your Goldman Sachs account to Fidelity. The transfer will close your Goldman Sachs brokerage account. Any checks or electronic fund transfers presented against your Goldman Sachs account after a successful account transfer to Fidelity will be returned unpaid. Goldman Sachs will not be responsible for any fees charged by counterparty banks for these returns. I have a mortgage (or another loan) with the Goldman Sachs Bank. Will that be transferred to Fidelity? No, Fidelity does not offer lending services. Your loan(s) would continue to be serviced by the Goldman Sachs Bank. Will I be able to get a mortgage from Goldman Sachs Bank in the future? Yes, the Goldman Sachs Bank will still offer employees mortgages, even if you do not have a brokerage account. You can call and speak with a PHH Mortgage Loan Consultant at , Monday to Friday between 8:30 a.m. 8:00 p.m. ET. Questions Regarding Fees and Expenses How does the cost of maintaining an account with Fidelity compare to what I currently pay at Goldman Sachs? There will be no cost to maintain a brokerage account at Fidelity for Goldman Sachs employees. Employees will bear execution-related costs for purchases and sales of securities and funds (other than GSAM funds) and a borrowing cost for margin, to the extent they incur margin debits. It is important to note that, while costs for retail clients are generally higher than the costs for ultra-high-net-worth clients available on the PWM platform, Fidelity s costs are very competitive within the retail space. Furthermore, Goldman Sachs was able to negotiate meaningful rate discounts for employees from Fidelity s standard offering. See the next question for the preferred rates Goldman negotiated with Fidelity for Goldman Sachs employees. 8

9 What are the commissions and fees that Goldman Sachs negotiated with Fidelity? The firm has negotiated the following discounted rates for Goldman Sachs employees: Online Equity and ETF commissions are $ (Fidelity published commission is $7.95) Online Options commissions are $ $0.75/contract (Fidelity published commission is $ $0.75/contract) Margin rates: Fidelity s base rate or lower, based on margin balance (currently 6.575%) lower rates apply based on balance Goldman Sachs Institutional Shares: No Fee Online $20 fee (buy and sell) for transaction fee mutual funds (Fidelity published transaction fee is $75 online buy side only) For all other products and services, Goldman Sachs employees will pay Fidelity s stated fees and expense rates. Information on these rates can be found at Note that the negotiated rates listed above are not reflected in the PDF. As employees of a FINRA member firm, Goldman Sachs employees are not eligible for any of Fidelity s new account acquisition or promotional offers. Questions Regarding the Compliance Framework for Accounts at Fidelity Once my account is transitioned to Fidelity, will I still be subject to the firm s personal trading policies? Yes, all of your personal trading activity is subject to the firm s personal trading policies regardless of where the trades are executed or assets are custodied. As was the case with your accounts held at Goldman Sachs, the firm will monitor your personal trading activity against firmwide and divisional policies as applicable and will unwind trades in your Fidelity account at your own cost if the trade violates such policies. As with current policy, Fidelity or other brokerage accounts with repeated personal trading violations may be subject to forced closure by the firm. How will I pre-clear if I place my trade at Fidelity? You will pre-clear all of your personal trades in REPS except for trades in open-ended mutual funds, FX spot transactions, and certain ETFs as designated in the firmwide personal trading policy. Once you have received pre-clearance approval through REPS, you can enter your trade at Fidelity. If you fail to pre-clear in REPS before attempting to execute your trade at Fidelity, your trade will be blocked within the Fidelity execution system. I am being asked to consent to certain conditions before I place my first trade. Why is that? Fidelity is required to gain consent from Goldman Sachs employees for certain actions Fidelity may be directed to take with respect to employee accounts on behalf of Goldman Sachs. In addition, Fidelity is required to block certain trade activity based on lack of pre-clearance from Goldman and to provide Goldman with a daily feed of trade/position level activity in your account. 1 Goldman Sachs shares traded in the brokerage account initiated through your equity-compensation plan are subject to commissions of $6.95 plus $0.035/share in excess of 50 shares. 9

10 What if I do not accept the terms of the consent agreement? If you do not accept the terms of the consent agreement, you will be unable to trade at Fidelity. These provisions are consistent with the existing personal trading policies at Goldman Sachs. Why am I being directed to Fidelity.com to approve the consent agreement? If you are attempting your first trade on one of Fidelity s other trading platforms (Active Trader Pro, Active Trader Pro.com, Fidelity Mobile Trading (ipad, iphone, Android, etc.), you will be directed to accept the terms of the consent agreement on Fidelity.com. After you have accepted the terms of the agreement you can trade on any of the Fidelity trading applications available to you. Contacts Fidelity US: Fidelity Brokerage Representatives are available Monday through Friday 8:00 a.m. to 800 p.m. and weekends 8:30 a.m. to 5:00 p.m. ET. When you call for the first time, you will be asked to establish a PIN. Goldman Sachs Goldman Sachs Employee Investing Services: (877) Important Information Before investing, consider the fund's investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus, or if available, a summary prospectus containing this information. Read it carefully. Fidelity Mobile is a trademark of FMR LLC. iphone, ipod touch, and ipad are trademarks of Apple, Inc. Android is a trademark of Google Inc. ETFs may trade at a discount to their NAV and are subject to the market fluctuations of their underlying investments. ETFs are subject to management fees and other expenses. BlackRock and ishares are registered trademarks of BlackRock, Inc. and its affiliates. Goldman Sachs Institutional (I) Shares are separate and distinct from ishares by BlackRock. For ishares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive, longterm marketing program that includes promotion of ishares ETFs and inclusion of ishares funds in certain FBS platforms and investment programs. Additional information about the sources, amounts, and terms of compensation is described in the ETF's prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice. Fidelity Portfolio Advisory Service is a service of Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments company. Fidelity Personalized Portfolios may be offered through the following Fidelity Investments companies: Strategic Advisers, Inc., a registered investment adviser, Fidelity Personal Trust Company, FSB ( FPT ), a federal savings bank, or Fidelity Management Trust Company ( FMTC ). Non-deposit investment products and trust services offered through FPT and FMTC and their affiliates are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, are not obligations of any bank, and are subject to risk, including possible loss of principal. These services provide discretionary money management for a fee. 10

11 The Fidelity Cash Management Account is a brokerage account designed for spending and cash management. It is not intended to serve as your main account for securities trading. Customers interested in securities trading should consider a Fidelity Account. All Fidelity ATM withdrawal fees will be waived for your Fidelity Cash Management Account. In addition, your account will automatically be reimbursed for all ATM fees charged by other institutions while using a Fidelity Visa Gold Check Card linked to your account, at any ATM displaying the Visa, Plus or Star logos. The reimbursement will be credited to your Fidelity Cash Management Account the same day the ATM fee is debited from the account. Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account. The Fidelity Visa Gold Check Card is issued by PNC Bank, NA and administered by BNY Mellon Investment Servicing Trust Company, which are not affiliated with Fidelity Investments. The third party trademarks that appear herein are the property of their respective owners. Options trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry additional risk. Prior to trading options, please read Characteristics and Risks of Standardized Options, and call to be approved for options trading. Supporting documentation for any claims, if applicable, will be furnished upon request. The Goldman Sachs Group, Inc., Computershare, BNY Mellon and Fidelity (and any affiliated companies) are not affiliated. Brokerage products and services are offered through Fidelity Brokerage Services, LLC, Member NYSE, SIPC