BOSTON, November 16, 2006 - Fidelity Investments, a leading 529 plan manager with more than 780,000 college savings accounts and $10.5 billion in college savings across its state-sponsored plans¹, today announced the availability of the new ScholarShare^® College Savings Program, managed by Fidelity on behalf of the ScholarShare Investment Board, an agency of the State of California.

The new tax-advantaged 529 plans, including the ScholarShare College Savings Plan, offered direct to investors, and the ScholarShare Advisor College Savings Plan, offered through financial advisors, are immediately available to California residents.

Fidelity's direct-sold ScholarShare College Savings Plan features a wide range of investment options for every type of investor, including new Index Fund investment options for the Age-Based, Static and Individual Fund Portfolios, as well as an array of Age-Based and Static Portfolios that invest in Actively Managed Mutual Funds. The Plan's index fund portfolios are among the lowest cost in the 529 industry, capped at 50 basis points. In addition, there is no annual fee and families can open an account with a minimum initial deposit of $50, or as little as $15 a month if they sign up for automatic monthly investments.²

Those who invest in the ScholarShare Plan directly with Fidelity have access to unlimited, no-charge planning and guidance services and a host of online tools and educational materials available at Fidelity.com, the firm's award-winning Web site. Fidelity representatives are available to discuss college planning and other financial needs and can be contacted in person at 112 investor centers nationwide, including 22 locations throughout California, by phone at 1-800-544-5248, or online at www.ScholarShare.com.

"We're pleased to have been selected to manage the new ScholarShare College Savings Program and look forward to helping more California families save for college," said Steven Akin, president, Fidelity Personal Investments.

According to Akin, the 529 College Savings plan permanence of tax benefits outlined in the new pension law makes 529 plans one of the most effective savings vehicles for California families striving to meet the challenge of paying for college. The new law made permanent the ability of 529 account holders to take federal income tax-free distributions for qualified higher education expenses, a benefit which had been previously set to expire in 2010.

Both Direct and Advisor-Sold Fidelity 529 Plans Offer Additional Benefits

For all investors, free-of-charge, Fidelity offers College Planning seminars available at local branch locations, as well as access to the College Planner online tool, which helps families determine their college savings goals and how best to meet them.

In addition, to help families add to their existing savings, Fidelity offers a Fidelity Investments 529 College Rewards^® American Express^® Card, which allows participants of both direct and advisor-sold plans to earn 1.5 percent on all net retail purchases.³ With this Card, family and friends can accumulate Rewards Points, which can be converted into Fidelity 529 Dollars when deposited into a designated Fidelity-managed 529 plan account. In addition, Fidelity 529 College Rewards American Express Card members will have access to special offers to save on dining, shopping, travel and more.

Fidelity also works with more than 50,000 professional advisors nationwide who provide financial planning services, including college savings planning. For advisors and their clients, the ScholarShare Advisor College Savings Plan offers a broad range of 23 investment options including eight age-based portfolios, two static portfolios and 13 individual fund portfolio options.

Two online planning tools for advisors are also available, including a College Savings Calculator and State Tax Deduction Calculator. The College Savings Calculator helps advisors determine their clients' college funding goals, gaps in their savings and what it may take to get on track to meet their goals. This personalized, multi-child planning tool allows advisors and their clients to input data for up to five children. Fidelity's State Tax Deduction Calculator, meanwhile, helps advisors demonstrate the effects of a state's income tax deduction on 529 contributions, where available.

In addition, Fidelity provides a comprehensive set of college savings marketing materials, sales ideas and online planning tools designed to help advisors address their clients' college savings needs. For more information about Fidelity's advisor-sold 529 college savings plans, investors should call their financial advisor. Financial advisors can find out more about the program by visiting https://advisor.fidelity.com or calling Fidelity at 1-800-544-9999.

About Fidelity Investments

As of November 16, 2006, Fidelity manages more than $10.5 billion in 780,000 college savings accounts for families across the country in plans including the Fidelity Advisor 529 Plan and UNIQUE College Investing Plan for the State of New Hampshire, the U.Fund College Investing Plan for the Massachusetts Educational Financing Authority (MEFA), the Delaware College Investment Plan, the ScholarShare College Savings Plan, for California's ScholarShare Investment Board, and the Fidelity Arizona College Savings Plan.

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of more than $2.7 trillion, including managed assets of $1.3 trillion as of September 30, 2006. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to more than 22 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 manages seven state-sponsored 529 Plans, all open to residents of any state. The ScholarShare College Savings Plan, the ScholarShare Advisor College Savings Plan, the U.Fund^® College Investing Plan, the UNIQUE College Investing Plan, the Fidelity Advisor 529 Plan, the Delaware College Investment Plan and the Fidelity Arizona College Savings Plan are offered by the ScholarShare Investment Board, an agency of the state of California, the Massachusetts Educational Financing Authority (MEFA), the State of New Hampshire, the State of Delaware, and the Arizona Commission for Postsecondary Education, respectively, and managed by Fidelity Investments. If you or the designated beneficiary is not a California, Massachusetts, New Hampshire, Delaware, or Arizona resident, you may want to consider, before investing, whether your state or the designated beneficiary's home state offers its residents a Plan with alternate state tax advantages or other benefits.

Units of the portfolios are municipal securities and may be subject to market volatility and fluctuation.

¹Including the ScholarShare College Savings Program.

²Periodic investment plans do not guarantee a profit or protect against a loss in a declining market.

³Earn rate and points limit may be subject to change. Other restrictions apply. Full details are provided in the Program Guidelines documents. For rate, fee and other cost information, and to learn more about the benefits of the Fidelity Investments 529 College Rewards American Express Card, please refer to the online credit card application at www.fidelity.com or call 1-800-433-0480. This credit card program is issued and administered by FIA Card Services, N.A., which is not an affiliate of Fidelity Investments, and does not offer, manage, or guarantee any of the 529 plans managed by Fidelity Investments. American Express is a federally registered service mark of American Express and is used by the issuer pursuant to a license. American Express Selects is a service mark of American Express and is not affiliated with Fidelity Investments.

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Fidelity Brokerage Services LLC, Member NYSE, SIPC,
100 Summer Street, Boston MA 02110

Please carefully consider each Plan'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 Fact Kit or request a free Offering Statement from your advisor or through advisor.fidelity.com. Read it carefully before you invest or send money.