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PYRAMIS GLOBAL ADVISORS HIRES CHIEF INVESTMENT OFFICER

Investment management leadership team now in place


BOSTON, March 22, 2006 - Pyramis Global Advisors today announced the appointment of Young D. Chin as the organization's first chief investment officer, completing the formation of the firm's investment management leadership team under President Peter J. Smail. Pyramis, a unit of Fidelity Investments, was created in 2005 to serve institutional investors. Chin, a 28-year veteran of the investment management business, will oversee the portfolio management, research, and trading functions at Pyramis. He previously served as president and chief executive officer, Gartmore Global Investments, and co-global investment officer - equities, Gartmore Group, in Conshohocken, PA. In these dual roles, he oversaw investment units in the U.S., the U.K, and Japan with assets of more than $28 billion. In his new role, Chin will report directly to Smail.

"We're delighted to bring an individual with the experience and talent of Young Chin on board to head the strong investment management team we are continuing to build at Pyramis," said Smail. "I've given Young the charge of leading and expanding upon the progress we are making on our goal of building a world-class investment team."

Prior to joining Gartmore, Chin was managing director, head of equity management, and director of equity management research for Brown Brothers Harriman in New York from 1999 to 2001. Previously, he served in a number of roles during the formation and building of PNC Financial's asset management business, including serving on the management committee of BlackRock. Chin began his investment career at Harris Bank in Chicago in 1978. Over a period of 14 years at Harris, including eight years serving as the director of a quantitative investment consulting service, he worked with more than 400 investment organizations that included investment advisors, pension plans, endowments, and foundations.

"Young's blend of hands-on investment management experience and leadership skills makes him the ideal individual to head our investment team," added Smail. "Young has a proven track record of building and managing domestic and international investment businesses, and I'm confident that our clients will quickly recognize the high level of quality and commitment that he brings to our organization."

Chin's hiring follows the recent appointments of Seema R. Hingorani as director of equity research and Michael P. McCauley as head of trading. Hingorani previously co-founded Mirador Capital Management in New York, where she served as general partner and portfolio manager. McCauley joined Pyramis from Pulse Trading, Inc., a direct access electronic trading firm serving institutional clients, where he served as president since 2002.

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 December 31, 2005, assets invested in those disciplines totaled more than $72 billion.

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 $1.2 trillion as of December 31, 2005. 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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