Fidelity's Pyramis Global Advisors arm is planning to offer its Large Cap Core 130/30 strategy to institutional clients. Banking on the success of this strategy, Pyramis plans to offer a "comprehensive suite of long/short products" to institutional clients in the coming year.

On the strength of a successful first year of managing its Large Cap Core 130/30 investment discipline, Pyramis Global Advisors today announced the availability of the offering to its institutional clients. The new discipline is an extension of the firm's three-year-old, fundamental research-based Large Cap Core strategy. As of June 30, 2007, the new 130/30 discipline was ranked No. 1 in the eVestment Alliance's Extended U.S. 130/30 universe for the trailing one-year period.

"Today, institutions want sophisticated, higher alpha-producing investment strategies, that are managed against traditional equity benchmarks," said Young Chin, chief investment officer for Pyramis. "Our new 130/30 product is unique because we believe Pyramis is one of the few firms that can meet this demand with a proven fundamentally based long/short product in a marketplace of predominantly quantitatively based, enhanced index 130/30 strategies. In addition, it's important for our potential 130/30 investors to understand that we have consistently delivered strong performance over the past three years1 with our Large Cap Core strategy, upon which this new discipline is based."

As one of the newest of several team-managed portfolios, Pyramis's Large Cap Core 130/30 strategy is comprised of independent, concentrated long/short sector portfolios each managed independently by one of seven Sector Portfolio Managers. The Sector Portfolio Managers are supported by 20 global fundamental research analysts within Pyramis, as well as the additional resources of Fidelity's broad research organization. The portfolio's Team Leader is responsible for risk management and trade implementation, which allows the Sector Portfolio Managers to focus their efforts solely on security selection.

Pyramis Large Cap Core 130/30 seeks to outperform the Standard & Poor's 500 Composite Stock Index (S&P 500) by approximately four percent over a market cycle by investing in a diversified portfolio of U.S. equities. The strategy is designed to be beta and sector neutral and will have an expected tracking error range of five to eight percent.2

"In the coming year, we intend to offer a comprehensive suite of long/short products for our institutional clients," Chin explained. "We believe we have the alpha-generating capabilities, the infrastructure, and the experience not only to deliver value to our traditional long-only portfolios, but by effectively exploiting shorting opportunities, we can also offer potential alpha to our clients who seek to have this delivered relative to absolute return objectives."

About Pyramis Global Advisors

Pyramis Global Advisors, a unit of Fidelity Investments, is an investment management company focused on serving corporate and public retirement funds, endowments, foundations, other institutions, and non-U.S. investors. The company offers active and risk-controlled domestic equity, international equity, fixed-income and alternative disciplines. At June 30, 2007, assets invested in those disciplines totaled more than $158 billion.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $3.2 trillion, including managed assets of $1.5 trillion as of August 31, 2007. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to more than 23 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.

Edited by: Erin Kello

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