New Investment Options Include Three Sector Funds and Two Sub-Advised Funds

BOSTON, May 2, 2007 - Fidelity Investments Life Insurance Company (FILI)¹ today announced the introduction of five new proprietary funds available to investors through its variable annuity and life insurance products².

The new investment options include three sector funds -- VIP Consumer Staples Portfolio, VIP Materials Portfolio and VIP Telecommunications Portfolio -- and two sub-advised funds available exclusively through FILI -- Fidelity Strategic Advisers Small Cap Portfolio and Fidelity Strategic Advisers Mid Cap Value Portfolio. All five funds became available to customers on April 30, 2007, increasing the investment choices available to FILI variable annuity and life insurance product customers.

"Diversification of retirement assets is critical to a healthy portfolio, and we are offering these five new investment options to ensure our customers or their advisors have the opportunity to appropriately allocate their annuity and life insurance assets," said Jon J. Skillman, president of Fidelity Investments Life Insurance Company. "Through the introduction of these funds, we are expanding our VIP portfolio line-up to cover all 10 Morgan Stanley Capital International Inc. (MSCI) sectors, while also broadening our style-specific investment choices to make it easier for investors to build and maintain the right asset mix to accomplish their investment goals."

The three Fidelity VIP sector funds will provide FILI variable annuity and life insurance product customers with an expanded opportunity to invest in a particular market segment or industry. The two sub-advised funds will offer additional investment options within their style categories - specifically, small-cap blend and mid-cap value. Strategic Advisers, Inc. (SAI) will be the investment advisor for the two sub-advised funds, retaining OppenheimerFunds, Inc. (Oppenheimer), as the sub-advisor for Fidelity Strategic Advisers Small Cap Portfolio, and J.P. Morgan Investment Management Inc. (J.P. Morgan), as the sub-advisor for Fidelity Strategic Advisers Mid Cap Value Portfolio.

Following are additional details around the management and investment objectives and strategies for the five new funds:

VIP Sector Funds

All three of the VIP sector funds have an overall objective of seeking capital appreciation and use the Standard & Poor's 500^SM Index (S&P 500^®) as their primary benchmark. Following are more specifics around the management and investment strategies of each fund:

•		Fidelity VIP Consumer Staples Portfolio - Research analyst and portfolio manager Robert A. Lee manages this fund, which normally invests at least 80 percent of assets in securities of companies principally engaged in the manufacture, sale or distribution of consumer staples. This fund's supplemental benchmark is the MSCI US IM Consumer Staples Index3.
•		Fidelity VIP Materials Portfolio - Research analyst and portfolio manager Duffy Fischer manages this fund, which normally invests at least 80 percent of assets in securities of companies principally engaged in the manufacture, mining, processing or distribution of raw materials and intermediate goods. This fund's supplemental benchmark is the MSCI US IM Materials Index4.
•		Fidelity VIP Telecommunications Portfolio - Portfolio manager Gavin Baker manages this fund, which normally invests primarily in common stocks with at least 80 percent of assets in securities of companies principally engaged in the development, manufacture or sale of communications services or equipment. This fund's supplemental benchmark is the MSCI US IM Telecommunications Services Index5.

Sub-Advised Funds

The two sub-advised funds are exclusively offered as separate accounts through Fidelity's proprietary variable annuity and variable life insurance products. Following are more specifics around the management of these funds, as well as their investment objectives and strategies:

•		Fidelity Strategic Advisers Small Cap Portfolio - This fund, sub-advised by Oppenheimer, is managed by Nikolaos D. Monoyios and Mark Zavanelli. The fund normally invests at least 80 percent of its assets in equity securities of companies with small market capitalizations, defined as companies whose market capitalization is up to $3 billion. The fund invests mainly in common stock of small cap U.S. companies that are believed to have favorable business trends or prospects; which may include "growth" and/or "value" common stocks and other equity securities. In selecting securities for purchase or sale by the fund, Oppeheimer uses an investment process that combines quantitative models, fundamental research about particular securities and individual judgment.
•		Fidelity Strategic Advisers Mid Cap Value Portfolio - This fund, sub-advised by J.P. Morgan, is managed by Jonathan Kendrew Llewelyn Simon, Lawrence E. Playford and Gloria Fu. The fund normally invests at least 80 percent of its assets in equity securities of companies with medium market capitalizations (mid-cap companies), defined as those whose market capitalization is similar to those within the universe of the Russell Mid Cap Value Index. The fund's investments are primarily in common stocks and REITs and can include debt securities and preferred stocks, both of which are convertible to common stocks. J.P. Morgan employs a bottom-up approach to stock selection, constructing the fund's portfolio based on company fundamentals, quantitative screening and proprietary fundamental analysis.

About Fidelity Investments Life Insurance Company

Established in 1987, Fidelity Investments Life Insurance Company (FILI) and for NY residents, Empire Fidelity Investments Life Insurance Company^®, NY, NY, develop and market their own insurance products, in addition to distributing those of other well-known insurers. These products are made available to investors through FILI's internal distribution arm, Fidelity Insurance Agency, Inc. (FIA). FILI maintains an AA (very strong, 2nd highest) rating from S&P and an A+ (superior, 2nd highest) rating from A.M. Best⁶.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $3.0 trillion, including managed assets of $1.4 trillion as of March 31, 2007. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to more than 23 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.

¹In New York, Empire Fidelity Investments Life Insurance Company^®, NY, NY.

²The five new funds will not be available in Fidelity Freedom Lifetime Income^SM or Freedom Lifetime Income.

³The MSCI US Investable Market Consumer Staples Index is an index of stocks of U.S. domiciled companies in the Consumer Staples sector, as classified in accordance with the Global Industry Classification Standard (GICS^®). It is not possible to invest directly in an index. All indices represented are unmanaged.

⁴The MSCI US Investable Market Materials Index is an index of stocks of U.S. domiciled companies in the Materials sector, as classified in accordance with the Global Industry Classification Standard (GICS^®). It is not possible to invest directly in an index. All indices represented are unmanaged.

⁵The MSCI US Investable Market Telecommunications Services Index is an index of stocks of U.S. domiciled companies in the Telecommunications Services sector, as classified in accordance with the Global Industry Classification Standard (GICS^®). It is not possible to invest directly in an index. All indices represented are unmanaged.

⁶ S&P rating reflects solid position in the variable annuity market, operating performance, capitalization, liquidity and investment quality, 01/07. A.M. Best rating reflects company's financial strength, 01/07.

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Before investing, consider the investment objectives, risks, charges and expenses of the annuity or life insurance policy and its investment options. Call or write to Fidelity or visit Fidelity.com for a free prospectus containing this information. Read it carefully.

Investments in VIP Sector Fund Portfolios transferred or withdrawn in less than 60 days of purchase will be assessed a 1 percent fee, which is retained by the fund.

Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.

Contact your insurance or investment professional or visit advisor.fidelity.com for a prospectus containing this information. Read it carefully.

VIP refers to Variable Annuity Products. VIP portfolios are available for investment only by the separate accounts of insurance companies. Annuities are long term investments.

Annuities and life insurance policies are issued by Fidelity Investments Life Insurance Company and in NY, Empire Fidelity Investments Life Insurance Company^®, NY, NY. Fidelity Brokerage Services, Member NYSE, SIPC, and Fidelity Insurance Agency, Inc., are the distributors.

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

Fidelity Investments Institutional Services Company LLC
82 Devonshire Street, Boston MA 02109