Technology and Service Innovations Contribute to 22% Jump in Retail Trading Volume in First Quarter 2004

BOSTON, May 11, 2004 - Fidelity Investments announced that effective today, it is offering its customers a one-second trade execution guarantee at the National Best Bid or Offer (NBBO) on market orders of 100-500 shares of S&P 500^® securities during regular market hours¹ or the trade will be commission free, automatically². This onesecond NBBO guarantee applies to all customers regardless of their trading activity or method of order entry - online, phone, wireless or others.

"Fidelity continues to lead the industry in delivering innovations that offer investors the best in speed, pricing, service and technology," said Jeff Carney, president, Fidelity Personal Investments. "Our new one-second NBBO execution guarantee - the latest in a series of enhancements we've made to our brokerage services - establishes a new benchmark that is twice as fast as the nearest competitor."

Last fall, Fidelity unveiled the industry's first five-second NBBO execution guarantee, and is once again setting new standards. Also, in February 2004 Fidelity announced flat $8 pricing regardless of the number of shares for qualified online equity trades³. These enhancements helped contribute to a 22%⁴ increase in Fidelity's daily average revenue trades in Q1 2004 over Q4 2003, one of the largest growths experienced in the brokerage industry.

Fidelity Brokerage provides general investors with easy access to the most thirdparty research⁵ and a wide variety of investment choices including stocks, bonds, options, IPOs, fixed income products, exchange traded funds and more than 5,000 Fidelity and non-Fidelity mutual funds.

Fidelity's delivers state of the art technology with its Active Trader Pro^™ platform. This robust platform combines advanced trading, sophisticated portfolio management and exclusive decision making tools. Features include directed trading, streaming market data and depth-of-book level II quotes, advanced technical filters and real-time and historical time & sales. Recent enhancements to Active Trader Pro include advanced online options capabilities, stops on options and analytics through iSpreads Pro, as well as automated order types - contingent orders, one cancels the other, one triggers the other and trailing stops.

About Fidelity Investments

Fidelity Investments is one of the worldʹs largest providers of financial services, with custodied assets of $1.9 trillion, including managed assets of $1.0 trillion as of March 31, 2004. 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 Brokerage Services, LLC. Member NYSE, SIPC. 100 Summer Street, Boston, MA 02110

¹ For transactions not executed within one second, Fidelity will waive the commission charge on that transaction. Offer limited to Market orders between 100 and 500 shares to buy, sell, or buy to cover stocks listed on the S&P 500 Index. Orders must be entered between 9:45 a.m. and 3:59 p.m. ET on a day when the Market is open. Execution speed is calculated from the time Fidelity accepts the order to the time of execution, reported to Fidelity by the executing market center. Eligible orders can be entered on Fidelity.com, Fidelity Active Trader Pro, FAST, wireless devices, or through a Fidelity representative. Short sells, extended hours orders, directed trade orders and certain other transactions excluded. Certain market and system conditions may impact qualifications for this guarantee. Fidelity reserves the right to restrict or revoke this offer at any time. See http://personal.fidelity.com/products/stocksbonds/content/details.shtml for more details.

²Commission will be automatically waived and applied to the order entered.

³ In households with $30,000 in assets and 120+ stock, bond or options trades per year, pay $8 for online stock trades. Certain restrictions apply. See a Fidelity commission schedule at www.Fidelity.com/commission for complete details.

⁴Fidelity's daily average trades are based on full trading days during each period, as the company does not currently consider reduced exchange trading sessions as half days.

⁵Survey conducted by Fidelity Investments of online brokers as of 4/23/04.

System availability and response time may be subject to market conditions.