BOSTON, Oct. 19, 2004 - Fidelity Investments today announced third quarter results for Fidelity Brokerage Company showing that total client assets rose 15 percent, total client accounts increased six percent, and daily average commissionable trades increased four percent compared with the third quarter 2003.

For the quarter ended September 30, 2004, total client accounts were 13.7 million, up six percent compared to 12.9 million over the same period in 2003. Daily average commissionable trades for the quarter were 170,804, up four percent from 163,587 in third quarter 2003. Total client assets under administration were $1.016 trillion, an increase of 15% from $885 billion one year ago. Net new client assets for the quarter, which include sales of Fidelity and non-Fidelity mutual funds and individual securities from new and existing clients, totaled $12.9 billion, a decrease of 65 percent from $36.9 billion in third quarter 2003. Retail net new client assets rose 65 percent to $4.7 billion over third quarter last year. This gain was offset by a 76 percent decrease in institutional net new client assets of $8.3 billion, compared with $34.0 billion in the third quarter 2003, which resulted from the implementations of several large correspondent clients.

"While the industry faced challenging equity markets that impacted trading volumes and client asset levels during the third quarter, we have continued to see strong performance across our businesses, growing our market share on a year-to-date basis," said Ellyn A. McColgan, president, Fidelity Brokerage Company, which includes 9.7 million individual investor accounts, nearly 300 broker/dealers and more than 2,400 investment advisors through Fidelity Personal Investments, National Financial and Fidelity Registered Investment Advisor Group. "Investors continue to be attracted by our competitive programs to bring a package of services that offer significant value to institutions, RIAs and individuals."

First Nine Months Results

For the nine months ended September 30, 2004, Fidelity reported daily average commissionable trades were 198,780, an increase of 60 percent from 124,193 over the same period in 2003. Net new client assets increased 41 percent to $68.3 billion, compared to $48.5 billion during the first nine months of 2003. Total client assets under administration were $1.016 trillion, an increase of 15 percent from $885 billion from one year ago. Total client accounts were 13.7 million, up six percent from 12.9 million compared with the same time period in 2003.

Retail Brokerage

Fidelity launched several major initiatives during the third quarter 2004 that increased the competitiveness of its overall offering for individual investors.

Fidelity reduced the expenses on five of its most popular equity index funds, available to individual and group-retirement plan investors, to 10 basis points. The firm tripled its inventory of fixed income securities, and was the first major brokerage firm to provide individuals with access to the bond market's prices, disclose its retail brokerage concession schedules and integrate buy-sell tracking information for municipal and corporate bonds. Fidelity also expanded its suite of independent equity research available for investors at no charge.

Additionally, more than 50,000 retirees and pre-retirees this year have created retirement income plans either though a Fidelity representatives or via the online Retirement Income Planner tool. Fidelity launched its Retirement Income Advantage program in June.

Institutional Brokerage

During the third quarter of 2004, Fidelity made key investments in its institutional brokerage platforms on behalf of its registered investment advisor and correspondent broker/dealer clients. Fidelity Registered Investment Advisor Group continued its effort to provide independent fee-based advisors with competitive solutions to help them grow their businesses.

Fidelity reduced the electronic equity commissions it charges RIAs to $8¹. To help advisers comply with new SEC regulations, Fidelity created a turnkey program for developing formal business continuity plans.

National Financial, Fidelity's correspondent clearing business, added 6 new clients in the third quarter including Cincinnati-based Fifth Third bank and brings the number of new clients year-to-date to 24. During this period, the company introduced significant usability enhancements to its Streetscape^® browser-based workstation. It also enhanced its independent research offering and introduced new automated mutual fund breakpoint processing.

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 September 30, 2004. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 21 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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Please carefully consider the fund's investment objectives, risks charges and expenses before investing. For this and other information, call or write Fidelity or visit fidelity.com for a free prospectus. Read it carefully before you invest or send money.

Fidelity Brokerage Services, LLC, Member NYSE, SIPC

100 Summer Street, Boston, MA 02110

National Financial Services LLC, Member NYSE, SIPC

¹$8 for stock trades up to 3,000 shares placed via Advisor CHANNEL, plus $.01 per share thereafter.