Addition of Fidelity Advisor International Discovery Fund Expands Line-Up of Advisor International Equity Funds to 12

VIP International Capital Appreciation Portfolio Also Introduced

BOSTON, January 13, 2005 - Building a well-diversified portfolio is not simply about investing in more than one asset class, it's about style and sector exposure-and also about markets beyond the United States. To offer financial advisors additional choice when investing internationally, Fidelity Investments today announced that it has expanded its line-up of international equity funds with the launch of Fidelity Advisor International Discovery Fund (Classes A, T, B, C, and Institutional).¹

Managed by 10-year Fidelity veteran William Kennedy, Fidelity Advisor International Discovery Fund is a broadly diversified international fund designed for investors seeking exposure to equities outside the U.S. The fund seeks long-term growth of capital by normally investing primarily in non-U.S. common stocks and uses the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index² as its benchmark. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

"Many advisors understand the importance of allocating a portion of their clients' assets internationally; however, constructing a portfolio of international securities can be complex," said Marty Willis, executive vice president, Fidelity Investments Institutional Services Company. "It can take at least 90 foreign stocks to build a diversified international equity portfolio.³ It also takes specialized trading capabilities and knowledge to manage an international portfolio. Because of this, advisors are increasingly turning to mutual funds in an effort to offer their clients a more efficient way to participate in international markets.

"The advisor marketplace continues to be an important business for Fidelity, and the appointments of Bill Kennedy to manage this fund and Kevin McCarey to manage the new VIP International Capital Appreciation Portfolio provide advisors with access to two individuals with considerable experience navigating overseas markets," said Willis. "With more than 260 investment professionals located throughout Europe and Asia,⁴ Fidelity has the resources necessary to analyze the risks associated with international markets and help uncover potential long-term growth opportunities."

With Fidelity Advisor International Discovery Fund, advisors have access to a broadly diversified international fund that can be used either as a standalone investment or as the core building block of an international portfolio.

Constructing a portfolio of international securities also involves some unique factors, such as the importance of geographical diversification, the impact of currency movements, and the opportunities that can result from the varying efficiency of foreign markets. For those advisors who are beginning to build exposure to international securities, consideration should be given to the following points:

•		Mutual funds can offer many advantages over individual stocks;
•		Foreign stock markets can provide added opportunities for active fund management;
•		The core of an international portfolio should consist of a broad, diversified mutual fund (or funds), concentrated in developed-country stocks; and
•		Diversification can be enhanced by adding complementary funds, such as those that focus on emerging market equities, emerging market debt, and international small-cap stocks.

These principles can provide a strong foundation for building a broadly diversified international portfolio with the potential to withstand the inevitable cycles and volatility of the world's financial markets.

William Kennedy will continue to manage Fidelity International Discovery Fund, which he has managed since October 2004. Kennedy joined Fidelity in 1994 as an equity research analyst. He managed Fidelity Pacific Basin Fund from December 1998 and Fidelity Advisor Japan Fund from June 2000 until September 2002. Previously, he served as director of equity research in Fidelity's Hong Kong office. He also served as group leader of the Global Research Group. He again managed Fidelity Pacific Basin Fund from September 2003 until October 2004, when he assumed responsibility for Fidelity International Discovery Fund.

VIP International Capital Appreciation Portfolio

In a separate announcement, Fidelity also introduced VIP International Capital Appreciation Portfolio to its line of Variable Insurance Products (VIP). VIP portfolios are investment options available exclusively through insurance companies' variable insurance products. The addition of the VIP International Capital Appreciation Portfolio brings the total number of VIP portfolios to 23.

Managed by 18-year Fidelity veteran Kevin McCarey, VIP International Capital Appreciation Portfolio seeks capital appreciation by investing primarily in non-U.S. securities, including securities of issuers located in emerging markets. Patterned after Fidelity Advisor International Capital Appreciation, the portfolio uses the Morgan Stanley All Country World Free ex-US Index⁵ as its benchmark. McCarey continues to manage Fidelity Advisor International Capital Appreciation and Fidelity Aggressive International Fund.

Fidelity Investments Institutional Services

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 $208.8 billion as of November 30, 2004.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.0 trillion, including managed assets of $1.1 trillion as of November 30, 2004. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to more than 19 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 consider the fund's investment objectives, risks, charges and expenses before investing. For this and other information on any Fidelity Advisor Fund or variable annuity offered in your state, call your investment or insurance professional for a free Advisor fund or VIP prospectus, or visit advisor.fidelity.com for a free Advisor fund prospectus. Read it carefully before you invest or send money.

Foreign investments incur additional risk compared to U.S. investments, including political and economic risks and the risk of currency fluctuation, all of which are magnified in emerging markets.

Diversification does not ensure a profit or guarantee against a loss.

Fidelity Advisor Funds are available through investment professionals.

VIP refers to Variable Insurance Products. Annuities are long-term investments, access to funds may be limited by tax penalties and surrender charges, and income taxes are due upon withdrawal of funds.

Fidelity Advisor Funds and variable insurance products are neither insured nor guaranteed by the FDIC.

Fidelity Investments & Pyramid Design and Fidelity Advisor Funds are registered service marks of FMR Corp.

Fidelity Investments Institutional Services Company, Inc.

82 Devonshire Street, Boston, MA 02109.

¹ Fidelity Advisor International Discovery Fund (Class A, Class T, Class B, Class C, and Institutional Class) are advisor share classes of Fidelity International Discovery Fund. Note that prior to October 1, 2004, Fidelity International Discovery Fund was known as Fidelity International Growth & Income Fund.

² Morgan Stanley Capital International Europe, Australasia, Far East Index is an unmanaged market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada.

³ Source: Goldman Sachs, BARRA Global Equity Model as of 5/31/03. Annualized volatility is represented by the annualized standard deviation of returns of the stock portfolio.

⁴ Source: FMR Corp. & FIL, as of September 30, 2004. Data is unaudited. These figures reflect the resources of FMR Corp, a U.S. company, and its subsidiaries, and those of Fidelity International Limited, a non-U.S. company and affiliate, and its subsidiaries.

⁵ The Morgan Stanley All Country World Free ex-US Index is an unmanaged market capitalization-weighted index that is used to represent the performance of developed stock markets throughout the world, excluding the U.S.