BOSTON, November 19, 2008 -- Fidelity Investments^® today named Michael Durbin as president of Fidelity Institutional Wealth Services^®, a leading provider of trading, custody and brokerage services to more than 3,500 Registered Investment Advisors, Trust Institutions and Third Party Administrators with assets over $335 billion. Durbin succeeds John W. "Jack" Callahan, who has taken a new senior position with Fidelity Personal and Workplace Investing.

Durbin joins Fidelity after 18 years with Morgan Stanley, most recently as chief operating officer of the National Sales Division of its Global Wealth Management Group. In this role, he was responsible for marketing, business development, field sales and marketing, infrastructure prioritization, and investment strategy for Morgan Stanley's 8,000 financial advisors across the United States.

Durbin will assume his new position in early 2009 and report to Michael K. Clark, president of Fidelity Institutional Products Group. Fidelity Institutional Products Group comprises a diverse set of businesses serving the intermediary markets -- Fidelity Institutional Wealth Services, Fidelity Institutional Services Company, National Financial^®, Fidelity Family Office Services and Fidelity Capital Markets Services -- that together have administered assets in excess of $1.2 trillion.¹

"Our Institutional Wealth Services business is an important focus for Fidelity and Mike's appointment underscores our commitment to strengthening our position in the marketplace," said Clark. "Mike's experience in global wealth management, both at the advisor and high-net-worth investor levels, combined with his leadership and passion for client service, make him the right executive to further the significant momentum we have established in recent years.

"Mike will lead a talented management team that will continue its focus on delivering advisors the industry-leading technology, product and service solutions they need to position themselves for long-term success," Clark said.

Fidelity Institutional Wealth Services custodied assets have increased more than 90 percent over the last three years to $335 billion, as of September 30, 2008. During this same period, Fidelity realized a 45 percent increase in investor accounts on behalf of its clients, to 900,000, as well as a 135 percent increase in average daily commissionable trades to 21,700.

Prior to his current role, Durbin held numerous senior leadership positions over 18 years with Morgan Stanley. He was head of Capital Markets in the company's Global Wealth Management Group, head of International Private Wealth Management, and chief strategic and risk officer for the Global Individual Investor Group. Durbin joined the firm in investment banking, where he oversaw the origination, structuring and marketing of packaged investments for private client distribution.

About Fidelity Institutional Wealth Services

Fidelity Institutional Wealth Services is a leading provider of trading, custody and brokerage services to Registered Investment Advisors, Trust Institutions and Third Party Administrators. The company is able to leverage the capital, resources and expertise of the Fidelity organization, one of the world's largest financial services companies, on behalf of its clients. This includes access to a comprehensive set of products and services, innovative investment tools and research, an integrated brokerage and trust platform, and dedicated client service professionals -- all designed to help its clients thrive by growing their businesses, more effectively meeting customer needs, and enhancing operational efficiency and profitability. Fidelity Institutional Wealth Services custodies more than $335 billion in assets on behalf of over 3,500 clients, as of September 30, 2008. For more information about Fidelity Institutional Wealth Services, please visit http://fiws.fidelity.com.

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 September 30, 2008. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to 24 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.

¹ As of September 30, 2008.

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