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FIDELITY INVESTMENTS ANNOUNCES SECOND QUARTER RESULTS FOR FIDELITY BROKERAGE COMPANY

BOSTON, July 22, 2004 - Fidelity Investments today announced second quarter results for Fidelity Brokerage Company showing that net new client assets increased more than eight-fold, total client assets rose 28 percent, and commissionable trading volumes increased 75 percent compared with the second quarter 2003.

For the quarter ended June 30, 2004, net new client assets, which include sales of Fidelity and non-Fidelity mutual funds and individual securities, totaled $23.8 billion, up 859 percent from $2.5 billion in the second quarter 2003. For the second quarter 2004, total client assets under administration were $1.012 trillion, an increase of 28 percent over the same period in 2003. Fidelity Brokerage Company also reported that daily average commissionable trades for the quarter were 198,722 up 75 percent over second quarter 2003. Additionally, total client accounts on June 30, 2004, were 13.9 million, up 12 percent from the year-ago period.

"These are significant gains and indicate that retail and institutional clients are responding well to the series of initiatives we have implemented over the past several months to lower commission rates, enhance our brokerage technology platforms, eliminate mutual fund loads* and certain brokerage fees, and bolster our trading guarantees," said Ellyn A. McColgan, president, Fidelity Brokerage Company, which includes 9.6 million individual investor accounts, nearly 300 broker/dealers, and more than 2,200 investment advisors through Fidelity Personal Investments, National Financial, and Fidelity Registered Investment Advisor Group.

First Half Results

For the first half ended June 30, 2004, Fidelity net new client assets of $55.3 billion were reported, an increase of 374 percent compared with $11.7 billion during first half of 2003.

Fidelity Brokerage Company also reported that daily average commissionable trades were 213,209 in the first half of 2004, an increase of 105 percent over the same period in 2003.

During the first half, Fidelity completed the integration of its acquisition in 2003 of Correspondent Services Corporation from UBS Financial Services. The addition of this business dramatically changed the base of Fidelity's correspondent broker/dealer clients and helped it to continue strengthening its position as a top-tier provider in the $5 billion clearing industry.

"We are well positioned to lead the brokerage industry in the expansion of services that are outsourced - beyond traditional clearing and settlement - to help firms grow their business and drive cost efficiencies," McColgan said. Firms such as Prudential Equity Group and Northern Trust have turned to Fidelity for clearing services and other capabilities. As a result, Fidelity's clearing business is on pace to attract more than 1.5 million new client accounts in 2004, a ten-fold increase over previous years.

"Investors are realizing that Fidelity is more than just a mutual fund company," McColgan said. "We have a huge brokerage business that is redefining how retail and institutional clients should be served - and investors are responding by bringing us their business and their assets." Retail Brokerage

Several major initiatives for investors and active traders were launched during the first half of 2004 that helped Fidelity Personal Investments increase the number of daily average commissionable trades by more than 50 percent over the previous year. Key enhancements to Fidelity's suite of brokerage offerings for individual investors included the elimination of the $50 annual brokerage fee for new and existing IRA customers¹, the elimination of the penny-per-share charge for eligible² online equity trades, the introduction of an annual credit adjustment for eligible margin customers, the launch of Fidelity Retirement Income Advantage^SM, the introduction of an industry-leading onesecond order execution guarantee at NBBO (National Best Bid or Offer) on market orders of 100-500 shares of S&P 500^® securities3, the acquisition of the Wealth-Lab Developer software and the introduction of enhanced online navigation and functionality.

Institutional Brokerage

Fidelity also continued to make significant investments in its institutional brokerage platforms. Fidelity Registered Investment Advisor Group established relationships with more than 200 new client firms over the past six months. Key enhancements included the introduction of Fidelity Trustee Services which helps advisors expand their wealth management capabilities, the introduction of an institutional-level portfolio management and order generation system and the launch of a comprehensive annuity and insurance program.

National Financial, Fidelity's correspondent broker/dealer business, added 18 clients, including Northern Trust Securities and Prudential Equity Group. Key enhancements for broker/dealer clients included enhancements to its StreetscapeSM technology platform, the addition of SunTrust Robinson Humphrey and Decision Economics Inc. to its platform of research providers, the expansion of its fixed income platform and the addition of an advanced, third-party Web-based mutual fund screening and hypothetical illustration tool with daily data updates. "Looking ahead, we plan to continue making big and bold investments in our brokerage business to successfully deliver the best value-add for all of our brokerage clients," said McColgan.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.9 trillion, including managed assets of $1.0 trillion as of June 30, 2004. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 21 million individuals and institutions as well as through 5,500 financial intermediaries. 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.

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The S&P 500^® Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use by Fidelity Distributors Corporation and its affiliates. It is an unmanaged index of the common stock prices of 500 widely held U.S. stocks that includes the reinvestment of dividends.

Please carefully consider the fund's investment objectives, risks, charges and expenses before investing. For this and other information, call or write to Fidelity or visit fidelity.com for a free prospectus. Read it carefully before you invest or send money.

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