Abigail P. Johnson Appointed President of Employer Services Company;
Robert L. Reynolds to Oversee New Management Team
At Fidelity Management & Research Company

BOSTON, May 2, 2005 -- Fidelity Investments^® today announced a reorganization that focuses on major aspects of the company, including its investment management and distribution operations.

"Fidelity has grown significantly over the past decade, both in terms of assets under management and the types of businesses we are involved in," said Chairman and Chief Executive Officer Edward C. Johnson 3d. "Therefore it makes good sense for us to stop and take a close look at where we are and what we can do better.

"That's what we are doing here," Johnson said. "Our objective is simple: To improve on what we do, in terms of efficiency, service to our customers and overall performance."

Johnson said that as part of the reorganization, Abigail P. Johnson had been appointed president of Fidelity Employer Services Company (FESCo), effective immediately. Established in 1994, FESCo provides retirement, benefits and human resources outsourcing, workforce effectiveness, payroll solutions and stock plan services to about 19 million American employees and retirees. The company represents 43% of Fidelity's assets under management. Ms. Johnson most recently served as president of Fidelity Management & Research Company (FMRCo), the investment advisor to the Fidelity family of mutual funds.

Fidelity Management & Research Company

Vice Chairman and Chief Operating Officer Robert L. Reynolds will oversee a new FMRCo management team led by Stephen P. Jonas. Reynolds, who will retain his current positions, is a 20-year Fidelity veteran who built the company's institutional retirement business into the nation's largest provider of workplace retirement savings plans before assuming the role of COO five years ago. During the nearly two decades he spent in the institutional retirement business, Reynolds worked closely with and in support of the growth of FMRCo.

The members of the new FMRCo management team include:

•		Stephen P. Jonas, Executive Director, FMRCo. In his 18-year career at Fidelity, Jonas has held a number of senior operational and financial positions, including chief financial officer of FMR Corp. and chief financial officer of FMRCo. Most recently, he has served as president of Fidelity Enterprise Operations and Risk Services.
•		Dwight D. Churchill, Equity Portfolio Management. Churchill, who joined Fidelity in 1993, most recently served as senior vice president of Investment Services in FMRCo, and before that, headed Fidelity's fixed-income division.
•		Boyce I. Greer, Equity Research/Asset Allocation. An 18-year Fidelity veteran, Greer currently is managing director of Fidelity Strategic Advisers, Inc., and previously headed Fidelity's money market fund group.
•		Walter C. Donovan, High Income/Fixed-Income/Global Equity Trading. Donovan has been serving as senior vice president and high-income group leader within FMRCo since 2002. He joined Fidelity in 1995 and previously served as vice president and director of the International Equity Trading Group.

In addition, Timothy F. Hayes, will work with Investment Services for FMRCo. Hayes joined Fidelity in 1988 and most recently has been president of Fidelity Investments Operations Group. The Fidelity Pricing and Cash Management Services function of that organization will move to FMRCo with Hayes, who will report to Reynolds as he works to build the company's capability to service other investment management organizations beyond FMRCo. Hayes also will head a number of support operations for FMRCo, including Systems, Legal, Finance and Human Resources.

Institutional Asset Management Group

Peter J. Smail, currently president of FESCo, will become president of Fidelity Institutional Asset Management Group, a new unit comprising several organizations focused on the institutional marketplace, including Fidelity Management Trust Company (FMTC) and the newly created investment operation designed to serve institutional clients and non-Investment Company Act of 1940 business. Drew E. Lawton will continue as president of FMTC, reporting to Smail; the management team for the new institutional investment operation will be announced in the future. Over the next 60 days, Smail will work with Abigail Johnson in the transition of the FESCo business.

Other Organizational Changes

•		Fidelity Investments Life Insurance Company and Strategic Advisers will report to Roger T. Servison, who currently is president of Fidelity Strategic New Business Development and has had significant experience in insurance and marketing of Fidelity products.
•		Enterprise Services (Risk Oversight, Enterprise Processing Services, FMR India, Supply Management and Real Estate) will report to Kevin Smith, who currently is executive vice president of Operations & Administration for FESCo.
•		Fidelity BioSciences will report to Robert A. Lawrence, president of Fidelity Strategic Initiatives.
•		Pembroke Real Estate will report to Timothy T. Hilton, president of Fidelity Broadband Group.

"I believe," said Edward Johnson, "that these organizational and management changes are in the long-term best interests of our mutual fund shareholders, our institutional clients and all others who do business with Fidelity, and will ensure that we continue to improve our efficiency and performance in all that we do."

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 March 31, 2005. Fidelity offers investment management, retirement planning, brokerage, payroll, health and welfare benefits outsourcing services to 18 million individuals and institutions as well as through 5,500 financial intermediaries. The firm is one of the largest mutual fund companies in the United States, a leading 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.

# # #

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