Fidelity has been informed by the staff of the Boston District office of the Securities and Exchange Commission that the staff is considering recommending that the Commission bring a civil action against Fidelity Management & Research Company and FMR Co., Inc., which together comprise the investment management arm of the equity funds of the Fidelity family of funds, alleging violations of the Investment Advisers Act of 1940 in connection with the ongoing gifts and gratuities investigation.

The company has been cooperating with the Securities and Exchange Commission and all other inquiries concerning gifts and gratuities. We will continue to do so.

We intend, however, to vigorously defend ourselves against any allegations that we believe are not supported by relevant facts and data while working cooperatively to achieve a satisfactory resolution to this matter as promptly as we can.

As we have stated many times, during the course of our own internal review, we uncovered instances where there were violations of the company's policies and procedures around gifts and gratuities. This caused us deep concern because we do not tolerate wrongful behavior, and we have taken prompt action to address violations of our policies and procedures.

That said, it's important to remember that a Wells Notice is simply an indication on the part of the SEC's staff that it is considering recommending that the Commission take formal action. It is neither a formal allegation itself nor proof of wrongdoing.

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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