BOSTON, March 5, 2008 - Fidelity Investments today agreed to pay an $8 million civil penalty as part of a final settlement with the Securities and Exchange Commission (SEC) regarding the regulatory investigation into the acceptance of gifts, gratuities and business entertainment. The settlement, which relates to findings regarding Fidelity and 13 employees, concludes the regulatory investigations into these events, which took place more than three years ago.

In the three years since this misconduct came to light, Fidelity has taken a number of remedial actions to back up its commitment that these types of activities shall not recur, including disciplining the individuals involved. None of the individuals cited by the SEC remain on the trading desk and most of them are no longer with the firm. Also, as the SEC noted in today's settlement, we enhanced appropriate policies, added new management oversight on the trading desk and conducted extensive training with employees.

Additionally, we agreed in December 2006 with the Independent Trustees of the Board of the Fidelity Funds to make a one-time payment of $42 million to the funds and an additional payment to other accounts Fidelity advises as a penalty for this same misconduct.

In agreeing to today's settlement with the SEC, Fidelity neither admits nor denies the findings in the SEC's Order. And, although the Order makes no finding of financial harm to our shareholders or our funds, we do recognize the seriousness of the misconduct found by the SEC.

The behavior that led to these settlements is not at all indicative of the ethical standards of our company and the vast majority of our employees who have demonstrated on countless occasions their commitment to Fidelity's mutual fund shareholders, customers, and clients.

Please be assured that Fidelity remains committed to maintaining high standards of integrity and ethical behavior upon which the company was founded and built.

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

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

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

National Financial Services, LLC, Member NYSE, SIPC, 200 Liberty Street, NY4F, New York, NY 10281