Fidelity is committed to obtaining the most favorable trade execution for our customers. We actively manage customer orders through our proprietary order routing system, and monitor multiple execution quality criteria, including those described below.

What Defines Execution Quality? How is Execution Quality Measured? Fidelity Statistics for Q1 2009 Execution Price Shares executed at or within the National Best Bid or Offer (NBBO), which is a consolidated quote representing the highest bid and lowest offer for a security across all exchanges and/or market makers. 88.7% % of shares that fall within the NBBO: Learn more Price Improvement Percent of shares executed at prices better than the prevailing NBBO. 65.6% % of shares that are price improved: Learn more Execution Speed Elapsed time between the time Fidelity receives an order and the time of order execution. 0.52 seconds Average execution speed: Learn more Effective Spread Captures both how often, and by how much, a broker-dealer improves the price of a share. $0.0186 Average effective spread: Learn more Fidelity's Unique Approach to Execution Quality Fidelity has an internal order flow management team that is independent from our market making desk. The sole purpose of this team is to direct order flow to the best performing market makers and market centers. The order flow management team uses both internal and external technology to generate reports that identify any order that executes outside the National Best Bid or Offer (NBBO). To ensure our high standards are met, Fidelity's order flow management team has established policies and procedures to: Supervise order flow routing activities Define execution quality measures, which play a role in determining where orders are routed Monitor and evaluate more than 200 unaffiliated market makers and market centers Identify and qualify orders executed outside the NBBO Take corrective action for failure to meet our execution quality standards   SEC Rule 606 Quarterly Reports FBS Quarterly Report Required statistical order routing information for Retail and Registered Investment Advisor managed accounts. NFS Quarterly Reports National Financial Services LLC (NFS), is a registered broker-dealer affiliated with Fidelity Brokerage Services LLC (FBS). NFS routes orders for NFS and FBS customers.

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