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FIDELITY STRENGTHENS COMPREHENSIVE ALTERNATIVE INVESTMENTS PLATFORM FOR RIAS AND BROKER/DEALERS Expanded Offering Designed to Help Make It Easier to Incorporate Alternative Investments into High-Net-Worth Investor Portfolios

BOSTON, January 19, 2006 — Continuing its effort to bring value, information, and technology to registered investment advisors (RIA) and correspondent broker/dealers, Fidelity Investments and its National Financial^SM clearing business today announced significant enhancements to its alternative investments platform designed to help them more efficiently and effectively research, manage, transact, custody, and report on investments in this asset class.

Recently introduced to RIA clients of Fidelity Registered Investment Advisor Group and broker/dealer clients of National Financial, the alternative investments offering includes an online management platform and a network of registered alternative investments from third-party investment management firms. The offering also provides access to expanded reporting and custody capabilities for alternative investments.

"The mutual fund industry has long had a sophisticated infrastructure of tools and resources to evaluate and build portfolios, yet there is no equivalent for alternative investments," said Gary Gallagher, senior vice president, Fidelity Registered Investment Advisor Group. "To fill this gap, we have designed an alternative investments offering to provide RIAs and broker/dealers with the educational resources and management tools they need to incorporate this asset class into their clients' portfolios and manage them conveniently and comprehensively from one online platform."

"RIAs and broker/dealers are facing mounting challenges, ranging from regulatory pressure to greater client needs, and are demanding that their custodian or clearing firm offer more than just traditional services such as trade execution," said Donna Morris, executive vice president, National Financial. "They are looking for a strategic partner, someone who can deliver a full-range of integrated brokerage solutions that can help them profitably drive growth, reduce costs and manage risk."

The enhanced offering is integrated into Fidelity's institutional brokerage technology platforms, providing users with the efficiency of single-sign-on as well as the benefits of managing these assets as part of their clients' overall investment portfolios. Online Management Platform
The online management platform is designed to provide RIAs and broker/dealers with the ability to easily manage their client's alternative investments all in one place. They can research alternative investments for their clients, understand how to integrate these investments into their clients' brokerage accounts, track transfers or transactions, view images of documentation and more quickly look up their clients' positions.

Alternative Investment NetworkSM
The Alternative Investment Network, which provides RIAs and broker/dealers with access to a range of products, is made up of a diverse mix of registered '40 Act alternative funds from well-known third-party investment management firms. The network, which will continue to be expanded, helps make it easier for clients to trade in alternative investments by allowing access to providers through one platform, with no transaction charges at Fidelity or National Financial.

Alternative Investments Custody and Reporting
Through operational and policy and procedure enhancements, Fidelity expanded its custody services for alternative investments, allowing for custody of a greater range of products in this asset class, including non-registered limited partnerships, non-traded REITs, private placement equities and bonds. The offering is supported by a dedicated team available to answer questions and help facilitate custody, transactions, reporting and management issues.

For RIAs, the enhanced Fiduciary Reporting Services offer the ability to consolidate non-traditional assets into their clients' account statements. These specialized functions include principal and income reporting as well as tax lot accounting and reporting. Assets include not only Fidelity-custodied alternative investments but also "below the line" reporting of assets held away from Fidelity, such as insurance policies, real estate holdings or alternative investments held by another custodian.¹

While mutual funds remain a core investment vehicle for RIAs and broker/dealers, affluent investors are increasingly looking for holistic planning and expect access to alternative investments," said Gallagher. "Investment professionals are using these products more not only to meet client needs but to differentiate their wealth management practices."

"As RIAs and broker/dealers continue to expand their wealth management offerings, we continue to look for ways to help make it easier for them to adopt and incorporate new products and services, such as our alternative investments offering, into their businesses," said Morris.

These enhancements are the latest in a series of efforts by Fidelity to provide intermediaries with high-quality investment management products and services. In the past year, National Financial announced a unified managed account platform to help broker/dealers and their representatives target the rapidly growing managed account market. For RIAs, Fidelity has cut expenses from 10 to 7 basis points on Spartan equity funds for eligible investors by creating "Fidelity Advantage Class" shares²; it also launched Fidelity Trustee Referrals, a program to help RIAs simplify the process of selecting and working with trust companies to serve as corporate trustees for their highnet-worth clients' trusts.

In addition, Fidelity has made enhancements to BondTraderPro^® to offer advisors and broker/dealers one of the most comprehensive online fixed-income offerings in the industry. It also introduced six Fidelity Institutional Money Market Funds to provide RIAs access to competitive institutional money market funds when constructing investor portfolios.

About Fidelity Registered Investment Advisor Group
Fidelity is the second largest provider of custody and brokerage services to the registered investment advisor marketplace, with more than $175 billion in assets on behalf of nearly 3,000 advisors as of December 31, 2005. Fidelity provides access to a flexible, open technology environment, extensive practice management resources, and wealth management investments and services--all backed by the long-term commitment of a private company. Dedicated relationship professionals work consultatively to help advisors choose the products and services that are in the best interests of their clients and make the most sense for their business. For more information about Fidelity's services for advisors, please visit ria.fidelity.com.

About National Financial
National Financial, a Fidelity Investments company, offers Integrated Brokerage Solutions^SM to more than 350 clients ranging from retail broker/dealer to institutional investment firms. Collectively, National Financial's clients have more than 65,000 brokers. As of December 31, 2005, National Financial custodied more than $545 billion in assets representing approximately 5.2 million customer accounts. Integrated Brokerage Solutions incorporates innovative technology, products and programs, supported by dedicated client service professionals and trusted industry partners. This holistic, solutionsoriented approach is designed to help client firms attain competitive advantage by driving growth, creating efficiency and managing risk. For more information about National Financial and Integrated Brokerage Solutions, please visit www.nationalfinancial.com.

About Fidelity Investments
Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.4 trillion, including managed assets of more than $1.2 trillion as of December 31, 2005. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to more than 21 millionindividuals 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.

¹ Positions in assets held away will reflect the most recent market value that advisors provide, and roll up into the total market value of their clients' accounts at Fidelity. Information for assets not custodied by Fidelity Brokerage Services ("assets held away") is provided by the investment advisor or outside parties and is included for information purposes only. These positions are not part of the end-client's brokerage account carried by Fidelity Brokerage Services and therefore any SIPC account protection afforded to the end-client's account through Fidelity Brokerage Services does not cover these assets. Fidelity Brokerage Services is not responsible for the information provided and does not guarantee the accuracy or timeliness of the assets or prices reported.

² The Advantage Classes of the Spartan 500 Index Fund, Spartan US Equity Index Funds, Spartan Total Market Index Fund, and Spartan Extended Market Index Funds are contractually capped at 0.07%, which cannot be increased without shareholder vote.

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Clearing, custody or other brokerage services may be provided by National Financial Services LLC, or Fidelity Brokerage Services LLC, Members NYSE, SIPC.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus containing this information. Read it carefully.

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

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