Robert L. Reynolds to Continue to Oversee Investment Management Team
At Fidelity Management & Research Company

BOSTON, January 8, 2007 -- Fidelity Investments^® announced today that Stephen P. Jonas, executive director of its investment management organization, was retiring at the end of the month. The firm said Vice Chairman and Chief Operating Officer Robert L. Reynolds would continue as president of Fidelity Management & Research Company (FMRCo), overseeing the senior team and carrying on the reorganization work begun by Jonas and the team nearly two years ago.

"Steve Jonas has done a remarkable job since becoming executive director of FMRCo in early 2005," said Reynolds. "As a result of the many organizational initiatives that Steve and his senior team put into place, our investment organization is stronger than ever. Working with that team, I look forward to building on their many accomplishments."

"When I took this job going on two years ago, I had certain business and personal goals that I wanted to achieve," said Jonas. "Reorganizing our investment management operation to enable improved performance is a business goal I believe I have accomplished. With that done, I now can realize a personal goal, which is to work on a variety of other activities and spend more time with my family."

Reynolds said the senior FMRCo team of Walter C. Donovan, Boyce I. Greer and Dwight D. Churchill would be realigned to take full advantage of the experience of each. He said Donovan would be president of the Equity Division, Greer president of the Fixed-Income Division, and Churchill president of Investment Services.

"In Walter, Boyce and Dwight we have three of the strongest investment professionals in the business," said Reynolds. "I know they will carry on the work that we began with Steve."

In his nearly 20-year career at Fidelity, Jonas held a number of senior operational and financial positions, including chief financial officer and chief administrative officer of FMR Corp. Prior to being named executive director of FMRCo reporting to Reynolds, Jonas served as president of Fidelity Enterprise Operations and Risk Services.

Donovan joined Fidelity in 1995 and previously served as senior vice president and high-income group leader within FMRCo, and vice president and director of the International Equity Trading Group. Greer -- a 19-year Fidelity veteran -- was managing director of Fidelity Strategic Advisers, Inc., and also headed Fidelity's money market fund group before joining the senior team. Churchill joined Fidelity in 1993, headed fixed-income investing from 2000-2004, and served as senior vice president of Investment Services in FMRCo before joining the senior team.

"I am very sorry to see Steve go," said Reynolds. "His contributions to Fidelity have been significant. However, the investment management organization has been reporting to me overall for nearly six years, and I have been working very closely with Steve and his team on a day-to-day basis for most of the past two years. Our vision has always been very much the same and the work we have begun will continue.

"Our team remains committed to providing the best possible return to the shareholders of Fidelity mutual funds," said Reynolds. "That always will be our overriding goal."

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of more than $2.9 trillion, including managed assets of more than $1.3 trillion as of November 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, the largest mutual fund supermarket and a leading online brokerage firm. For more information about Fidelity Investments, visit www.fidelity.com.

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Fidelity Distributors Corporation, 82 Devonshire Street, Boston, MA 02109