BOSTON, February 16, 2006 - Fidelity Investments today announced that it is closing Fidelity Japan Smaller Companies Fund to new accounts. As of the close of business on February 28, 2006, new purchases in the fund will be limited to existing shareholders.

Fidelity Japan Smaller Companies Fund seeks long term growth of capital by investing primarily in the securities of Japanese issuers, and other investments that are tied economically to Japan, with smaller market capitalizations. Kenichi Mizushita has managed the fund since December 1996.

"This fund has turned in three straight years of robust investment returns, which has led to strengthening cash inflows and a growing asset base," said Eric M. Wetlaufer, chief investment officer overseeing international investments for Fidelity Management & Research Company. "For example, Japan Smaller Company's assets stood at more than $2.3 billion at the end of January, up from $1.3 billion at the end of 2004, which is a significant increase given the fund's investment focus on smaller companies. That recent growth, combined with the potential we see for strong inflows in the months ahead, led us to decide that it's in the best interests of the fund's shareholders to close it to new investors. We believe that limiting new purchases of the fund will help stabilize cash flows and will benefit Kenichi in his management of this fund at this time."

Fidelity will open new accounts in Japan Smaller Companies Fund until 4:00 p.m. ET on February 28, 2006. After that, investors generally will not be able to open new accounts in the fund. However, existing shareholders who are invested in the fund will continue to be able to add to their accounts. Employer-sponsored retirement plans may be able to open additional accounts for plan participants if the fund was an established plan option as of February 28, 2006. However, after February 28, 2006, Fidelity will no longer accept new investors into the fund, and retirement plan sponsors and investment advisors who have not established the fund as an investment option by February 28, 2006, will no longer be able to do so.

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.4 trillion, including managed assets of $1.2 trillion as of December 31, 2005. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 21 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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Please carefully consider the fund's investment objectives, risks, charges and expenses before investing. For this and other information, call or write to Fidelity or visit Fidelity.com for a free prospectus. Read it carefully before you invest or send money.

Investments in smaller companies may involve greater risks than those in larger, more well known companies.

Foreign investing involves greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations.

Fidelity Distributors Corporation
82 Devonshire Street, Boston, MA 02109