Fidelity Advisor New Insights Fund To Be Managed by William Danoff

BOSTON, August 12, 2003 -- Fidelity Investments today announced the launch of the Fidelity Advisor New Insights Fund, a flexibly managed equity fund managed by 17-year Fidelity veteran William Danoff. Patterned after Fidelity Contrafund^®, the fund is designed for investors seeking a fund that is not constrained by any particular investment style. It is available exclusively through financial advisors at banks, brokerage firms and insurance companies.

Fidelity Advisor New Insights Fund seeks capital appreciation by investing primarily in the common stock of companies whose value the portfolio manager believes is not fully recognized by the public, and may include companies experiencing positive fundamental change that may lead to accelerating earnings-per-share growth. It will use the S&P 500® as its benchmark.

"The advisor marketplace continues to be a growing business for Fidelity, and the appointment of Will Danoff to manage this fund provides advisors with one of the very best Fidelity has to offer," said Marty Willis, executive vice president, Fidelity Investments Institutional Services Company. "With Fidelity Advisor New Insights, advisors are able to further enhance the diversity of their clients' portfolios by including a fund that can invest across a range of investment styles and asset classes. The fund can serve as a stand-alone domestic equity holding or as a flexible complement to a core portfolio."

"Having the ability to invest in all market capitalizations across 'growth,' 'value,' or a combination of the two, allows the new fund to take advantage of emerging growth opportunities, while also potentially avoiding areas of the market that may be out of favor," said Willis.

Danoff also manages Fidelity Contrafund and Fidelity Variable Insurance Products (VIP) Contrafund. He joined Fidelity as an equity research analyst in 1986. Danoff became portfolio manager of Fidelity Select Retailing Portfolio in 1986, a position he held until 1989. He served as a portfolio assistant for Fidelity Magellan Fund from 1989 to 1990. Danoff was appointed manager of Fidelity Contrafund in 1990 when the fund's assets were $300 million, and has managed VIP Contrafund since its inception in January 1995.

About Fidelity Investments Institutional Services Company

Fidelity Investments Institutional Services Company provides investment management services through investment professionals at financial institutions nationwide, including wirehouses, regional and independent broker/dealers, banks, trust companies and insurance companies. The company offers Fidelity Advisor Funds®, Variable Insurance Product (VIP) Portfolios, systematic investment plans, institutional money market funds and a comprehensive line of retirement products and services. Fidelity Investments Institutional Services Company's total assets under management were $165.4 billion as of June 30, 2003.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.5 trillion, including managed assets of $880.4 billion as of June 30, 2003. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 18 million individuals and institutions as well as through 5,500 financial intermediaries. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, one of the largest mutual fund supermarkets and a leading online brokerage firm. For more information about Fidelity Investments, visit www.Fidelity.com.

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Fidelity Investments Institutional Services Company, Inc.
82 Devonshire Street, Boston, MA 02109.