New International Small Cap Fund to be
Available Directly from Fidelity or Through Advisors

BOSTON, August 9, 2005 -- Fidelity Investments^® today announced the launch of a new international small-cap equity fund that provides individual investors and financial advisors with an opportunity to capitalize on the growth potential of smaller, less-well-known companies located in non-U.S. markets.

Fidelity International Small Cap Opportunities Fund seeks capital appreciation by investing primarily in non-U.S. securities. It normally invests at least 80% of assets in securities of companies with market capitalization of $5 billion or less at time of purchase.

Fidelity^® International Small Cap Opportunities Fund is available directly to investors and through advisors at banks, insurance companies and broker-dealers via Fidelity Advisor Small Cap Opportunities Fund (Classes A, T, B, C and Institutional). (Investments in smaller companies may involve greater risk than those of larger, more well known companies.)

"Fidelity International Small Cap Opportunities Fund gives investors, whether they come directly to Fidelity or through an advisor, greater choice and opportunity when investing in international markets," said Marty Willis, executive vice president, Fidelity Investments Institutional Services Company, Inc. "Small-cap companies are often under-researched compared to their large-cap counterparts, and this is especially true outside the United States. With a global investment management team, that numbers more than 600¹, Fidelity has the resources necessary to help uncover investment opportunities internationally in the small-cap universe."

"International Small Cap Opportunities will provide additional choice in our already diverse international equity fund product line by providing investors the opportunity to fill a specific niche of their portfolio by investing in non-U.S. small cap companies," said John Sweeney, senior vice president of mutual fund product management, Fidelity Personal Investments. "Fidelity suggests that long term investors include international equity funds in their portfolios because of the diversification benefits and the potential for increased returns." However, past performance is no guarantee of future results. (Foreign investments, especially those in emerging markets, involve greater risk and may offer greater potential returns than U.S. investments. These risks include political and economic uncertainties of foreign countries and currency fluctuations. There are additional risks associated with those funds that concentrate in one geographic location.)

Fidelity International Small Cap Opportunities Fund will use the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Small Cap Index² as its benchmark and will be managed by Andrew Sassine. Sassine joined Fidelity in 1999 as a high yield research analyst covering the telecommunications, satellite, technology, defense and aerospace, and restaurant industries. In 2001, he joined the international group as a research analyst covering small- and mid-cap international stocks. He subsequently spent one year in Fidelity's Hong Kong office following Chinese smalland mid-cap companies. Sassine will use analysts in Fidelity International's London, Tokyo and Hong Kong offices to assist in researching and analyzing investments in Europe, Asia and the Pacific Rim.

About Fidelity Investments Institutional Services
Fidelity Investments Institutional Services Company provides investment management services through investment professionals at financial institutions nationwide, including wirehouses, regional and independent broker/dealers, banks, trust companies and insurance companies. The company offers Fidelity Advisor Funds^®, Variable Insurance Product (VIP) Portfolios, Fidelity Advisor 529 Plan, systematic investment plans, institutional money market funds and a comprehensive line of retirement products and services. Fidelity Investments Institutional Services Company's total assets under management were $195.0 billion as of June 30, 2005. For more information, advisors can visit http://advisor.fidelity.com.

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 more than 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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Diversification does not ensure a profit or guarantee against a loss.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus containing this information. Read it carefully.

Data is unaudited.

Fidelity Investments Institutional Services Company, Inc.

Fidelity Distributors Corporation
82 Devonshire Street, Boston, MA 02109

¹ The global investment management team figure reflects the resources of FMR Corp., a U.S. Company, and its subsidiaries, and those of Fidelity International Limited, FIL a non-U.S. Company and affiliate, and its subsidiaries. FIL is a privately owned company, separate from FMR Corp., with its headquarters in Bermuda. FIL provides investment management services to investors primarily outside the U.S.

² The MSCI EAFE Small Cap Index is an unmanaged market capitalization-weighted index that is designed to represent the performance of smaller capitalization companies in developed stock markets outside the United States and Canada.