BOSTON, July 11, 2005 -- Fidelity Investments^® announced today that Scott DeSano, head of the Global Equity Trading desk for Fidelity Management & Research Company (FMRCo), would be moving to the company's Strategic New Business Development Group as a senior vice president.

"Scott has considerable operational experience, particularly having set up the equity trading organization at Fidelity Management & Research Company (FMRCo)," said Robert L. Reynolds, Fidelity vice chairman and chief operating officer. "We want to access that experience in a number of areas. I am pleased that Scott will be in a position to add value across the Fidelity organization."

DeSano, 44, has been senior vice president of Global Equity Trading for FMRCo since 1996. Prior to joining Fidelity in 1991 as head of High-Income Trading, DeSano was a high-yield trader with Dean Witter Reynolds and First Boston. Before that, he was a municipal bond trader at Salomon Brothers.

Walter C. Donovan, who currently oversees the Fixed-Income and High-Income divisions and Global Equity Trading, will work with the core management team to oversee equity trading on a day-to-day basis until a replacement is named.

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