Fidelity^® Survey Highlights Customers’ Outlook On The Economy

Roundtable Event Brings Together Affluent Investors for Market Commentary Panel Discussion

BOSTON – Fidelity Investments^®, the leader in helping Americans save for retirement , today announced the results of a new poll of its affluent customers, which found that economic events at home and abroad continue to dampen their outlook. The poll was taken prior to a panel discussion on Nov. 1 in Boston, which covered a range of topics that included market volatility, emerging markets and European debt. More than 3,000 affluent investors attended the Inside/Out Roundtable, either in-person or via a webinar or simulcast to nearly 85 Fidelity Investor Centers nationwide.

This was the fifth roundtable held by the firm in recent months, and was designed to provide investors greater access to market insights from experts both inside and outside Fidelity. Key findings of the poll include:

• European Debt to Have Lasting Impact – Sixty-five percent believe that the European debt crisis will impact the U.S. equities market for at least a year.

• S&P to End Year Flat or Down With Ongoing Volatility – Nearly two-thirds (65 percent) said they believe the S&P 500 is going to end the year either flat or down. Additionally, 80 percent expect market volatility will be the norm for the extended future.

• Low Interest Rates Reduce Income – Eighty-two percent of respondents said historically low interest rates were reducing their investment incomes.

• Jobs Key to Economic Recovery With Double Dip Likely – Nearly three-quarters (73 percent) said a large drop in the unemployment rate is needed to spur strong economic growth, but 64 percent said a double dip recession is likely or already here.

• Companies Must Continue to Invest – Sixty-one percent believed that profitable companies should use cash for capital improvements or hiring new employees, versus holding it in reserve (18 percent) or distributing as dividends (21 percent).

• Tax Increase Concerns – Potential income tax increases were the most concerning for respondents (39 percent), with capital gains tax increases second (28 percent).

“The European debt crisis, recession fears and potential tax increases have stopped many U.S. investors in their tracks, and they are looking for ways to re-engage with an investment strategy that fits their risk tolerance and helps them achieve their financial goals,” said John Sweeney, executive vice president, Fidelity Investments. “In talking with these affluent investors, they are looking for sound investment guidance about their portfolios, so they can weather the daily fluctuations.”
Respondents also reported on their current buying and selling strategies. Most respondents see long-term (67 percent) or short-term (21 percent) buying opportunities with current stock conditions. Very few (12 percent) view the current market conditions as a selling opportunity.

Based on the topics covered at the roundtable, Fidelity published a Viewpoints article today that highlights the content covered in last week’s roundtable. The panel, moderated by Sweeney, comprised portfolio managers from Fidelity (Larry Rakers and Chuck Myers), Tocqueville Asset Management LP (J. Dennis Delafield), Artio Global Management LLC (Greg Hopper) and Weitz Funds (Wally Weitz). Within the Viewpoints article, members of the panel speak to finding stocks and bonds at attractive prices and positioning a portfolio to prosper when a turnaround finally arrives.
The Viewpoints article and supporting videos from the roundtable event can be found at www.fidelity.com/viewpoints.

About the Inside/Out Poll
The Fidelity Inside/Out Roundtable Event Poll was conducted Nov. 1, 2011, via a Webinar interface provided by On24. On average, 659 attendees responded to each question. On24 is not affiliated with Fidelity Investments. The experience of the affluent investors who responded to the Fidelity Inside/Out Roundtable Poll may not be representative of the experiences of all investors.

About Fidelity Viewpoints
Since their introduction more than two years ago, Fidelity has distributed more than 250 Viewpoints articles, which were viewed by customers and the public more than 4.5 million times.
Viewpoints cover topics ranging from personal finance to investing ideas and market/economic insights. Investors can subscribe at no cost to the Fidelity Viewpoints Weekly Edition email at www.fidelity.com/viewpoints.

About Fidelity Investments
Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $3.2 trillion, including managed assets of more than $1.4 trillion, as of September 30, 2011. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.

Cerulli Associates Quantitative Update Retirement Markets 2011 and Cerulli Edge Retirement Edition, First Quarter 2011.

Fidelity Investments, Fidelity, and Fidelity Viewpoints are registered service marks of FMR LLC.

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