BOSTON, October 10, 2005 -- Fidelity Investments today announced that John W. "Jack" Callahan, a 14-year veteran of Fidelity's retirement businesses, has been appointed president of Fidelity Institutional Retirement Services Company (FIRSCo), the nation's leading provider of workplace savings plans, serving about 11,000 clients and more than 7.2 million participants.

Callahan, 48, most recently served as executive vice president of sales, consulting, relationship management and marketing for Fidelity Human Resources Services Company (FHRS), a division of Fidelity Employer Services Company (FESCo) which provides benefit and human resource services to large companies. In his new role, Callahan will report to FESCo President Abigail P. Johnson and succeed William C. Carey, who recently became president of Fidelity Registered Investment Advisor Group.

"Jack's broad business and retirement background will significantly benefit our corporate and tax-exempt clients," Johnson said. "Jack and the experienced management team in place at FIRSCo will lead Fidelity in providing outstanding client services and delivering innovative solutions to millions of American workers to improve their retirement readiness."

Callahan previously held several senior executive positions in Fidelity Investments Tax-Exempt Services Company (FITSCo), a leading provider of 403(b), 401(k) and 457 savings plans, and was president of the unit from 2002 to 2004. He joined Fidelity Investments Institutional Services Company in 1991 and held senior management positions in that unit until he joined FITSCo in 1997.

Prior to Fidelity, Callahan held a number of sales and sales management positions at IBM. He earned a Bachelor of Science degree with concentrations in finance and marketing from Boston College.

About Fidelity Employer Services Company

Fidelity Employer Services Company provides benefits and human resources administration, workforce effectiveness, payroll solutions and stock plan services to approximately 20 million employees in the U.S. as of August 31, 2005.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.3 trillion, including managed assets of $1.1 trillion as of August 31, 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.

###

Fidelity Investments Institutional Services Company, Inc.
82 Devonshire Street, Boston, MA 02109