Fidelity Investments^® Expands Growing London-Based Fixed Income Division

12-Year Company Veteran, Mark Flaherty, Named to Newly Created UK CIO Role

LONDON, ENGLAND and BOSTON, MASSACHUSETTS, USA -- Fidelity Investments^®, one of the world’s leading global institutional investment managers, today announced that 12-year company veteran Mark Flaherty has been promoted to the newly created business management position of Fixed Income Chief Investment Officer, U.K. Flaherty’s appointment further enhances the firm’s ability service the evolving fixed income investment needs of institutional clients worldwide through Pyramis Global Advisors^®, as well as Fidelity’s mutual fund clients in the U.S.

As U.K. Fixed Income CIO, Flaherty will oversee the business management and administration of all the investment management-related activities for Fidelity and Pyramis’ London-based fixed income investment team. He also will be responsible for executing the non-U.S. fixed income business’ long-term strategic goals and annual operating plans, including areas such as investment capability development, client and consultant development, and relationship management. Flaherty will be based in London and report to Charlie S. Morrison, president of Fixed Income.

“We have made significant progress in building our global fixed income organization, and the UK CIO role is critical to the success of the globalization of our investment grade bond and money market portfolio management capabilities,” said Morrison. “Mark’s appointment reinforces our commitment to expanding our global capabilities in non-U.S. dollar securities analysis and portfolio management to help meet the rapidly evolving needs of our institutional and retail clients worldwide.”

Fidelity and Pyramis’ Fixed Income Division, which includes the company’s Bond and Money Market groups, manages more than $835 billion in assets on behalf of institutional, retail and intermediary clients globally.ⁱ With Flaherty’s appointment, the firm now has approximately 20 fixed income investment professionals in London supporting the investment capabilities of Fidelity and Pyramis. In total, the company has approximately 200 fixed income professionals worldwideⁱⁱ.

Prior to his new role, Flaherty was Fidelity’s managing director of research for municipals, a group he headed since 2005. Over the past several years, Flaherty also has been a key contributor to building and managing the company’s fixed income research team in London. Since joining Fidelity in 1999, Flaherty has served in a variety of roles including senior legal counsel responsible for providing support to the Fixed Income Division and an analyst in the municipal research group. Prior to joining Fidelity, Flaherty was an associate lawyer in the finance department for Mintz Levin in Boston.

Fidelity and Pyramis Continues to Expand Global Fixed Income Capabilities
Flaherty’s appointment follows market-leading success in Morningstar’s recently announced 2011 U.S. Fixed-Income Manager of the Year award, as well as a series of recent investments over the past year Fidelity has made in building out its global fixed income capabilities.

• In January, John Carlson, portfolio manager of Fidelity New Markets Income Fund (FNMIX), was named 2011 Fixed-Income Fund Manager of the Year in the United States by Morningstar. In Morningstar’s Fixed-Income category for the 2011 Fund Manager of the Year, three of the five finalists for this year’s award are from Fidelity. In addition to Carlson, Bill Irving, Franco Castagliuolo and Fidelity’s Taxable-Bond Management Team (Fidelity GNMA Fund), and Jamie Pagliocco and Fidelity’s Municipal Bond Management Team (Fidelity Tax-Free Bond Fund) were nominated for the award.

• In November, Fidelity made several leadership appointments, including Robert P. Brown’s move to president of the Bond Group, Nancy D. Prior’s promotion to president of Money Markets, Christopher Sullivan’s appointment to head of Institutional Fixed Income, and David E. Hamlin’s promotion to head of Research for Fixed Income.

• In April, Fidelity and Pyramis hired four new investment professionals for its London office, including James M. (Jamie) Stuttard, the company’s first London-based fixed income portfolio manager and head of International Bond Portfolio Management. Also joining Fidelity were analysts Neil J. Beddall, Shaunn A. Griffiths and Lisa MacLachlan. This team brought extensive experience in global bond markets to the firm, helping round out a full-service offering of fixed income portfolio management, research and trading for clients.

• In March and May, Fidelity launched Fidelity Conservative Income Bond Fund (FCONX) and Fidelity Global High Income Fund (FGHNX), respectively. In June, Fidelity Defined Maturity Funds were introduced, a series of four diversified open-end mutual funds that invest primarily in investment grade municipal bonds, clustered around the fund’s maturity date.

“The fixed income markets have grown ever more complex in recent years, while our bond and money market businesses have grown substantially,” said Morrison. “Adding Mark to an already impressive leadership team better positions us to seize the significant global growth opportunities being driven by a growing interest in global bond solutions, shifting demographics, and an increasingly risk averse investor mind-set.”

About Fidelity Investments
Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $3.4 trillion, including managed assets of $1.5 trillion, as of November 30, 2011. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.

About Pyramis Global Advisors
Pyramis Global Advisors, a Fidelity Investments company, delivers asset management products and services designed to meet the needs of institutional investors around the world. Pyramis is a multi-asset class manager with extensive experience managing investments for and serving the needs of some of the world’s largest corporate and public defined benefit and defined contribution plans, endowments and foundations, insurance companies, and financial institutions. The firm offers traditional long-only and alternative equity, as well as fixed income and real estate debt and REIT investment strategies. As of September 30, 2011, assets under management totaled more than $153 billion USD. Headquartered in Smithfield, RI, USA, Pyramis offices are located in Boston, Toronto, Montreal, London, and Hong Kong.

1 As of September 30, 2011.
2 As of September 30, 2011.

Before investing, consider the funds investment objectives, risks, charges and expenses. Please visit www.fidelity.com or advisor.fidelity.com for a prospectus or if available, a summary prospectus, containing this information.

Past performance is no guarantee of future results. Diversification does not ensure a profit or guarantee against loss.

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Foreign debt can be more volatile than U.S. dollar denominated debt due to the impact of currency fluctuations as well as risks of adverse issuer, political, regulatory, market or economic developments.

The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. As Defined Maturity Date Funds approach their liquidation date, the fund’s securities will mature and the fund may reinvest the proceeds in money market securities with lower yields than the securities previously held by the fund. Although money market funds seek to maintain a stable NAV of a $1.00 per share, this is not guaranteed and they may in fact lose money.

Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917

Fidelity Investments Institutional Services Company, Inc., 100 Salem Street, Smithfield, RI 02917

Pyramis Global Advisors 900 Salem Street, Smithfield, Rhode Island,