New Campus Building Expected to Open in 2007

COVINGTON, KY, June 2, 2005 - Fidelity Investments, one of the world's largest providers of financial services, today announced it plans to construct a new 350,000 square foot building at its Covington regional facility to consolidate its Midwest operations and provide for future employment growth. The new facility will result in 1,500 additional employees on the Covington campus and produce a $115 million construction project for the region's economy.

Fidelity's final decision and announcement came after the Kentucky Economic Development Finance Authority (KEDFA) earlier today approved tax incentives tied to future job growth and local infrastructure improvements to assist with access to the Fidelity campus and more than 250 acres of additional land designated for new economic development projects along KY 17.

"We are proud to announce today this expansion of our Covington campus which, for over a decade, has served as one of our key regional operations located throughout the country," said Robert Reynolds, Fidelity Investments Vice Chairman and Chief Operating Officer. "The highly skilled and educated workforce in this region has provided Fidelity with talented employees who service our more than 19 million customers and will help to fuel our future growth."

"Fidelity Investments' decision to expand in Northern Kentucky is welcome news," said Governor Ernie Fletcher. "Fidelity's presence in Northern Kentucky will have grown from zero jobs in 1992 to more than 4,000 jobs by 2008 with this announcement. These new 1,500 jobs to the Covington campus represent superb opportunities for jobs for Kentuckians."

"Securing this Fidelity expansion has many positives for Northern Kentucky," said Steve Pendery, Chairman, Northern Kentucky Tri-ED. "First, confidence in the Northern Kentucky market is exemplified because other targeted businesses heed smart location and expansions when firms like Fidelity Investments show such confidence in our area. Second, keeping and attracting quality jobs like these raise the standard of living of all in Northern Kentucky. Third, our youth in Boone, Kenton and Campbell counties have at least 1,500 more solid jobs to aspire for."

"I want to thank Fidelity Investments for selecting the Covington campus in Kenton County for this latest expansion," said Ralph Drees Northern Kentucky Tri-ED. "To have Fidelity Investments 'invest' its long term vision with a $115 million commitment in the Northern Kentucky/Cincinnati USA region is a strong testimonial to what sets us apart from so many other communities across the country."

"We are very pleased and grateful for the continued investment in our community that Fidelity has demonstrated in so many ways since they broke ground on this campus in 1992," said Irvin T. "Butch" Callery, Mayor of Covington. "This announcement enhances Fidelity Investments as the largest private-sector employer in Covington. It is reassuring to so many that this strong company continues to grow and prosper. We thank Fidelity for their business and offer our continued assistance."

Fidelity expects construction on the new building to begin later this year with an opening scheduled as early as the end of 2007. At that time, Fidelity will relocate more than 700 employees currently in Blue Ash, Ohio leased space to consolidate its Midwest operations entirely on the Covington campus.

"Governor Fletcher, the legislature, and KEDFA have all helped to create a positive business climate in Kentucky for companies like Fidelity to locate and grow," said Fidelity Midwest Region General Manager Kevin Canafax. "The job growth incentives and the infrastructure improvements the state has committed to today helped solidify our decision to expand our operations in Covington."

Today, Fidelity's Midwest operations employ more than 3,600 people. The region's major Fidelity business operations include a call center for Fidelity Personal Investments which services retail mutual fund and brokerage customers; regional operations for Fidelity Institutional Retirement Services Company which is the nation's largest provider of 401(k) retirement plans and services for corporate clients; and a primary location for Fidelity Enterprise Processing Services which provides support to all Fidelity business units for their customer communications needs.

The new 350,000 square foot building will be the fourth built on the 188-acre Covington campus since 1994. Currently, Fidelity has three buildings on the campus totaling approximately 780,000 square feet.

Covington, KY serves as one of Fidelity's nine regional sites across the country. In addition to its Boston Headquarters, Fidelity has regional sites in the following locations: Covington, KY; Jersey City, NJ; Marlboro, MA; Smithfield, RI; Merrimack, NH; New York City, NY; Raleigh, NC; Salt Lake City, UT; and Westlake, TX.

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 April 30, 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.

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