New Appointments Include Director of Equity Research, Head of Trading

BOSTON, December 7, 2005 - Pyramis Global Advisors, a Fidelity Investments Company, today announced key appointments within its new and expanding investment management organization. Fidelity created Pyramis earlier this year to serve institutional clients.

Seema R. Hingorani has been named director of equity research for Pyramis. She previously co-founded Mirador Capital Management in New York, where she served as general partner and portfolio manager. From 2001 to 2003, Hingorani served as general partner, principal and portfolio manager at Andor Capital Management in New York. She has 12 years of experience in the investment management industry.

Pyramis also announced the hiring of Michael P. McCauley as head of trading. McCauley joins Pyramis from Pulse Trading, Inc., a direct access electronic trading firm serving institutional clients, where he has served as president since 2002. From 1994 to 2002, McCauley was a senior sector trader with Fidelity Investments.

"Michael and Seema are dedicated and highly skilled investment professionals, and we're delighted to bring them on board to lead these critical functions for Pyramis," said Peter J. Smail, president, Pyramis Global Advisors.

"While we certainly have more hiring to do to round out our organization, today we have taken an important step forward toward expanding our investment presence in the institutional marketplace. We have ambitious plans, and we're committed to delivering the very best investment solutions for our clients."

About Pyramis Global Advisors

Pyramis Global Advisors, a Fidelity Investments company, provides investment management to corporations, government entities, financial institutions, endowments, foundations, family offices, and high-net-worth clientele.

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 October 31, 2005. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 20 million individuals and institutions as well as through 5,500 financial intermediaries. 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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