BOSTON, July 21, 2005 - Fidelity Investments today announced second quarter results for Fidelity Brokerage Company showing that for the three months ended June 30, 2005, net new client assets more than doubled, total client assets increased 25 percent, daily average commissionable trades rose 23 percent, and total client accounts increased 11 percent, compared with the second quarter 2004.

For the second quarter 2005, net new client assets, which include sales of Fidelity and non-Fidelity mutual funds and individual securities, were $61.3 billion, an increase of 130 percent compared with $26.6 billion in the second quarter of 2004. Total ending client assets under administration at the end of the quarter increased by nearly $250 billion to $1.3 trillion, from one year ago.

Fidelity Brokerage Company also reported that second quarter 2005 daily average commissionable trades were 244,262, up 23 percent from 199,229 in the second quarter of 2004. Additionally, total client accounts on June 30, 2005 were 15.5 million compared with 13.9 million, a year ago.

First Half Results

For the first half ended June 30, 2005, Fidelity Brokerage Company net new client assets were $92.1 billion, an increase of 57 percent compared with $58.6 billion during the first half of 2004. Daily average commissionable trades were 244,122 in the first half of 2005, an increase of 14 percent over the same period in 2004.

"Our strong second quarter and first half results were highlighted by significant gains in net new client assets largely driven by several institutional client conversions in our clearing business," said Ellyn A. McColgan, president, Fidelity Brokerage Company. "In addition, our retail business saw substantial new flows resulting from the combination of great service, competitive pricing and compelling new products that we have introduced for individuals."

Retail Brokerage

Fidelity Personal Investments (FPI) launched several key retirement initiatives in the second quarter of 2005 for retail investors including the introduction of a Retirement Quick Check¹ tool, a cross-company "Fidelity Retirement Index^{SM 2}" - a first-of-its-kind analytical index designed to track the nation's retirement readiness - and 10 best practices or "Smart Moves" to prepare for retirement.

FPI also reduced the per contract charge on options trades for all customers to $0.75 and lowered the base commissions for retail online options trades to $10.95 for its Silver³ level and $19.95 for its Bronze⁴ level customers. Additionally, Portfolio Advisory Services, FPI's fast-growing discretionary management unit, reached a major milestone in the second quarter, surpassing the $30 billion mark.

Institutional Brokerage

During the second quarter of 2005, Fidelity continued to make significant investments in its institutional brokerage platforms on behalf of its correspondent broker/dealer and registered investment advisor clients.

National Financial, Fidelity's correspondent broker/dealer business, continued its integration of broker/dealers from its acquisition of Fiserv Securities, Inc. The company also made several enhancements to Brokerage Portfolio, a full-service brokerage account combined with extensive cash management services, including a new Visa Platinum Debit Card with Rewards, ATM Fee Relief, and enhanced debit card transaction posting capability. Additionally, National Financial made cost and gain (loss) information available on retirement account statements. This information helps customers estimate and track the change in market value of each position, relative to the original investment.

Fidelity Registered Investment Advisor Group continued to position itself as a preferred outsourcing provider to independent RIAs. The firm introduced enhancements to its retirement income planning program to provide advisors with the resources they need to help them meet the growing client demand for income planning. It also enhanced its separate account platform to offer advisors more choice and flexibility for sub-advisory investment management for high-net-worth investors.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.2 trillion, including managed assets of $1.1 trillion as of June 30, 2005. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to approximately 20 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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Clearing, custody, or other brokerage services may be provided by National Financial Services LLC or Fidelity Brokerage Services LLC. Member NYSE, SIPC

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

¹ Fidelity's Retirement Tools are educational and are not intended to serve as the primary basis for investment or tax-planning decisions. Retirement Quick Check and Retirement Income Planner tools present illustrations which result from running a minimum of 250 hypothetical market simulations. The market return data used to generate the illustration is intended to provide you with a general idea of how asset mixes have performed historically. Our analysis assumes a level of diversity within each asset class consistent with a market index benchmark that may differ from the diversity of your own portfolio. IMPORTANT: The projections or other information generated by Fidelity's Retirement Planning Tools regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.

² The Fidelity Retirement Index is provided for educational purposes and should not be relied upon as the primary basis for investment and planning decisions and should not be considered as investment advice.

³ Silver-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.

⁴ Bronze-level pricing is available to all households with no minimum asset or trading requirements.