New International Value Fund Available
to Individual Investors and Financial Advisors

BOSTON, May 23, 2006 - With more than half of the world's stock market capitalization outside of the U.S., more and more individual investors and financial advisors are recognizing the importance of international equity funds in creating a well diversified portfolio. Fidelity Investments adds another potential solution with the launch today of Fidelity International Value Fund with retail and Advisor share classes.

Fidelity International Value Fund seeks capital appreciation and will invest primarily in non-U.S. securities, using fundamental analysis to identify companies that management believes are undervalued in the marketplace. The fund will normally be broadly diversified across different countries and regions of the world, and as such will complement other international fund holdings or provide a core international holding for "value" style investors. The fund's benchmark will be the MSCI EAFE Value Index.¹

Fidelity International Value Fund is available directly to investors and through advisors at banks, insurance companies and broker-dealers via Fidelity Advisor International Value Fund (Classes A, T, B, C and Institutional).

"Advisors continue to educate investors on the importance of asset allocation and the role of international investing. By taking advantage of investment opportunities outside the U.S., advisors can help their clients benefit from a truly diversified portfolio, while mitigating the risk of missing out on potential long-term growth opportunities," said Martha B. Willis, executive vice president, Fidelity Investments Institutional Services Company. "With approximately two-thirds of new advisor-sold fund assets going into international this year,² advisors are clearly looking abroad. And with more than 700 investment professionals³ based around the world, Fidelity has the resources to perform the extensive bottom-up research and analysis necessary to uncover international value opportunities for the fund."

"Last year, for the first time ever, investors put more money into foreign-stock funds than into domestic ones, evidence that investors understand importance of adequate international exposure," said John F. Sweeney, senior vice president of mutual fund product management, Fidelity Personal Investments. "The addition of Fidelity International Value Fund to an already deep international equity product line can help investors capitalize on more opportunities around the world. We believe that the broadly diversified, value focus of this fund will make it a good core building block of an international portfolio, or help balance an existing growth-oriented international portfolio."

George Stairs will manage Fidelity International Value Fund and Fidelity Advisor International Value Fund leveraging Fidelity's analysts in Boston, London, Tokyo, Hong Kong and other financial centers around the world to assist with investments in Europe, Asia and the Pacific Rim. Stairs, a 20-year industry veteran, joined Fidelity in 2005, and has extensive experience managing international value portfolios.

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 more than $235 billion as of April 30, 2006. For more information, advisors can visit www.advisor.fidelity.com.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.6 trillion, including managed assets of $1.3 trillion as of April 30, 2006. 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

¹The MSCI EAFE Value Index is a an unmanaged, free float-adjusted market capitalization-weighted index designed to measure the performance of value securities within developed equity markets, excluding the United States and Canada. Investments cannot be made directly in an index.

²Strategic Insight as of March 31, 2006.

³Source: FMR Corp. & FIL, as of December 31, 2005. Data is unaudited. These figures reflect the resources of FMR Corp, a U.S. company, and its subsidiaries, and those of Fidelity International Limited, a non-U.S. company and affiliate, and its subsidiaries.

# # #

For more complete information on any Fidelity fund, including charges and expenses, call or write to Fidelity or visit fidelity.com for a free prospectus. Read it carefully before you invest or send money.

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.

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

Fidelity Investments Institutional Services Company, Inc.

Fidelity Distributors Corporation
82 Devonshire Street, Boston, MA 02109