Per Contract Charge Now 75 Cents for All Retail Customers;
Base Commissions Match Those for Online Equity Trades

BOSTON, May 18, 2005 - Continuing its aggressive efforts to bring more value to investors of all asset and trading levels, Fidelity Investments today announced that it has reduced the per contract charge on options trades for all trading tiers - Gold, Silver and Bronze - to $0.75. Fidelity has also lowered the base commissions for retail online options trades to $10.95 for its Silver¹ level customers and $19.95 for its Bronze² level customers. Fidelity's Gold³ level base commission schedule will remain at $8. All pricing changes are effective immediately.

"More and more investors are considering options as part of their trading strategies," said Jeffrey R. Carney, president, Fidelity Personal Investments. "Fidelity offers some of the most competitive online equity commissions available and we are now extending that pricing benefit to our options trading customers, whether they are general investors or active traders. Our new pricing, combined with extensive capabilities, make trading options at Fidelity an exceptional value."

Fidelity's simplified and reduced online options commission schedule for retail customers now matches the commission schedule for online equity trades - which includes three-pricing tiers, matched to customers' trading activity and household asset levels:

•		Gold online options trades remain at $8 with the per contact charge reduced to $0.75, previously $8 and $1.50/contract.
•		Silver online options trades are now $10.95 and $0.75/contract, previously $20.00 and $1.75/contract.
•		Bronze online options trades are now $19.95 and $0.75/contract, previously $25 and $2.25/contract.

Example of savings on a trade of 10 options contracts:

Level NEW Pricing OLD Pricing Percent Savings on 10 Options Contracts Gold $8 + ($0.75 X 10 contracts) = $15.50 $8 + ($1.50 X 10 contracts) = $23 33 percent Silver $10.95 + ($0.75 X 10 contracts) = $18.45 $20 + ($1.75 X 10 contracts) = $37.50 51 percent Bronze $19.95 + ($0.75 X10 contracts) = $27.45 $25 + ($2.25 X 10 contracts) = $47.50 42 percent

In addition to lowering options pricing, Fidelity recently enhanced its options capabilities with directed trading, an intelligent order router, streaming priced options, position level analytics, simulated trading, comprehensive educational content and the ability to chart both simulated and actual positions. Fidelity also offers advanced multileg trading evaluation tools which identify option pairings that best match trading criteria and strategies. All multi-leg trades qualify for single-market National Best Bid or Offer from each of the six option exchanges⁴.

The new retail options pricing adds to Fidelity's series of pricing and product enhancements introduced over the last year and a half including fixing the expenses of five popular equity index funds at 10 basis points each⁵, reducing pricing for Silverlevel customers to $10.95, reducing qualifying requirements for Silver-level commissions by halving the asset-level requirements, simplifying and disclosing retail fixed-income concessions, eliminating the $50 annual brokerage fee for new and existing IRA customers⁶; and adding a new information center on Fidelity.com dedicated to exchange traded funds (ETFs) that offers a variety of information, research and trading access to 150 different ETFs.

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, and human resources and benefits outsourcing services to more than 19 million individuals and institutions as well as through 5,500 financial intermediary firms. 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.

# # #

Fidelity Brokerage Services, LLC, Member NYSE, SIPC
100 Summer Street, Boston, MA 02110

Options trading entails significant risk and is not appropriate for all investors. Prior to trading options, you must receive a copy of the Options Disclosure Document, "Characteristics and Risks of Standardized Options," which is available through Fidelity Investments and be approved for options trading.

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

¹Silver-level pricing is available to households with $50,000+ in assets, $25,000+ in assets and 36+ trades in a rolling 12-month period or no asset minimum and 72+ trades in a rolling 12-month period.

²Bronze-level pricing is available to all households with no minimum asset or trading requirements.

³Eligible households pay $8 flat commissions (Gold Schedule) for online market and limit orders. Eligible household accounts are those which qualify for Active Trader Services or have $1M in assets. Some restrictions apply: Directed Trading orders, stocks trading under $1, Extended Hours trades are subject to the $8 base rate up to 1,000 shares plus $0.005 per share thereafter. Online stock trades for others may start at $19.95, see a Fidelity commission schedule for complete details on all pricing levels. Fidelity reserves the right to terminate an account at any time for abusive trading practices or any other reason.

⁴National Best Bid or Offer price is determined with the best single leg prices on a single market from any of the six option exchanges (AMEX, CBOE, ISE, PCX or PHLX) at the time the order was executed or within 30 seconds of the order being received by the CBOE's order routing system.

⁵Effective March 1, 2005, FMR has contractually limited the fund's total annual fund operating expenses (except interest, taxes, brokerage commissions, securities lending fees, or extraordinary expenses), as a percentage of average net assets, to be 0.10%. This expense limit may not be increased without approval of the fund's shareholders and board of trustees.

⁶Excluding SIMPLE IRAs. Other fees still apply including mutual fund management fees and expenses, low balance fees and short-term trading fees on certain mutual funds, brokerage commissions and account closing fees.