BOSTON, March 16, 2005 -- Fidelity Investments^® announced today that it is creating a new investment operation that will focus on institutional clients and non-Investment Company Act of 1940 business, and will become independent of Fidelity Management & Research Company (FMRCo), which currently manages Fidelity's existing mutual funds.

"With the growth of our institutional businesses and the opportunities they present, it makes sense to have a division focused on managing these assets, particularly for Trust, Large 401(k) and Institutional Services Sub-Advisor customers," said Fidelity Chairman and Chief Executive Officer Edward C. Johnson 3d. "And that is what we have decided to do here. Our objective is simple: To increase Fidelity's investment capacity and flexibility, as well as to continue to improve our service to customers."

FMRCo President Abigail P. Johnson said that Fidelity had begun the process of putting the necessary tools in place to develop an additional self-sufficient investment management and distribution company. The new business eventually will separate from FMRCo -- except where the sharing of specific resources through agreed-upon service arrangements makes sense. The new company will serve corporate and public employee pension and retirement funds, endowments and foundations with commingled pools and separate accounts asset management as well as focus on non-'40Act services.

"These anticipated non-mutual fund investment activities will be held within a separate investment advisor/sub-advisor, and managed by individuals separate from FMRCo," Abigail Johnson said.

Edward Johnson stated that during the transition period, both he and Abigail Johnson will be actively involved in the new operation's development, until such time as a management team comes together.

"I believe," Edward Johnson concluded, "these actions are in the long-term best interests of our mutual fund shareholders as well as our institutional clients and will ensure that we continue Fidelity's fine tradition of investment performance."

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.1 trillion, including managed assets of $1.1 trillion as of January 31, 2005. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to more than 19 million individuals and institutions as well as through 5,500 financial intermediary firms. Fidelity 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 to Fidelity or visit Fidelity.com for a free prospectus. Read it carefully before you invest or send money.

Fidelity Distributors Corporation, 82 Devonshire Street, Boston, MA 02109