Capital Markets Review Dated October 31 2008 NOT

Capital Markets Review ► Dated October 31, 2008 NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Produced by FIIS Investment Consulting Services For Investors 1

Globalization and the Interdependence of Global Economies : The Virtuous Cycle Commodity Based Economies (e. g. Brazil, Canada, Russia) “Machine Tool” Economies (e. g. Japan, Germany) Factories need to be built and supplied China India Emerging Asia Consumer Goods are increasingly imported US Consumer Houses acted as an ATM for the consumer Proceeds flow back into the US Bond market US Housing Market Low interest rates support the housing market US Bond Market 2

Two Vicious Cycles Financials Consumer Reduced Availability of Credit Lay-Offs Deleveraging Balance Sheets Reduced Revenues of Consumer Oriented Businesses Falling Housing Prices Loan Portfolio Losses Reduced Consumer Spending 3

Government Actions to Stem Financial and Housing Crisis Liquidity & Crisis Aversion Support for Homeowners & Consumers Re-capitalization of Financial System Fed auction facilities Tax rebate ($100 B) Troubled Asset Relief Program (TARP) Fed repo programs FHA expansion Direct Injection of Equity Fed discount window access GSE expansion & assistance Bear Stearns financing Voluntary rate freeze plan AIG takeover Other housing provisions Foreign Exchange Swaps Guarantee of MMarket Funds Quantitative Easing Fed rate cuts GSE Conservatorship LEGEND Direct Indirect Source: FMRCo (MARE) as of 9/30/08. 4

World responding! Source: FMRCo (MARE) as of 9/30/08. 5

Federal Reserve Balance Sheet 6

U. S Financial Landscape Changed Forever GSEs Insurance Retail Banks Investment Banks Institution Name Q 3 Event Fannie Mae Government seizure Freddie Mac Government seizure American International Group Government seizure Indy. Mac Bankruptcy Washington Mutual Bankruptcy & sold to JPMorgan Wachovia Government intervened; sold* Lehman Brothers Bankruptcy Merrill Lynch Acquired by Bank of America Morgan Stanley Converted to bank holding company Goldman Sachs Converted to bank holding company *Initial announcement during Q 3 was planned sale to Citigroup; s ubsequent to quarter-end, sold to Wells Fargo, and Citigroup contested the sale via l itigation. Source: FMRCo (MARE) as of 10/3/08. 7

8

TED Spread – Proxy for Bank Risk Aversion Source: Factset 9

Borrowers and Lenders - Liquidity 10

US Housing: The Long Road Back Source: Factset 11

US Housing: The Long Road Back Source: Factset 12

The Consumer: Real Spending is Particularly Weak Source: Factset 13

Employment: Recession Levels Source: Factset 14

Inflation: Problematic at Current Levels Fed is Banking on Economic Drag Source: Factset 15

NBER Key Recession Indicators Source: Factset 16

“History doesn’t always repeat itself, but it does rhyme” Mark Twain 17

Stock Market: Worst-Performing 10 -year Periods Have Preceded Vastly Better Returns Source: Ibbotson, FMRCo (MARE) as of 9/30/2008. Past performance is no guarantee of future results. You cannot invest directly in an index. Please refer to the appendix for important index information. 18

Fleeing to Safety Can Be Costly For Long-Term Investors Past performance is no guarantee of future results. It is not possible to invest directly in an index. Source: Lexis Nexis, Strategic Insight, FMRCo (MARE) as of 8/31/2008. 19

Market Volatility at Historic Highs Source: Factset 20

“I want my bubble back. ” 21

Historical U. S. Stock Bear Markets (1926 - 2008) Source: ISI, Bloomberg, National Bureau of Economic Research, Haver Analytics, FMRCo (MARE) as of 10/20/2008. Recessions are defined by the National Bureau of Economic Research. [i] – All stock returns represented by S&P 500 Index returns. Past performance is no guarantee of future results. You cannot invest directly in an index. The S&P 500®, a market capitalization-weighted index of common stocks, is a registered service mark of the Mc. Graw-Hill Companies, Inc. and has been licensed for use by Fidelity Distributors Corporation. 22

Best U. S. Stock Returns Have Been Born Out of Troubled Times 23

The Benefits of Diversification 24

Missing Only a Few of the Stock Market’s Best Days Can Erode Long-Term Returns 25

Historical Performance During Recessions 26

The Global S-Curve: Globalization to Continue 27

Fixed Income Markets: Yield Curve has Steepened Years Source: Bloomberg® and FMR Co. , as of 9/30/08 28

Fixed Income Markets: Spreads Reaching Extreme Levels Source: FMR, Factset 29

High Yield and Emerging Market Debt: Risk Aversion Reaching Extremes Source: Factset 30

Municipal Yield Ratios: Recent Flight to Treasuries Past performance is not a guarantee of future results. Yield ratio is calculated as the yield to worst of Lehman Bros Municipal Bond benchmarks vs. its Treasury counterpart of the same maturity. Source: Factset 31

Floating Rate at Above Average Spreads Spread over 3 month LIBOR Source: Factset 32

Appendix 33

High Quality Credits – Spread over Treasuries Source: Factset 34

TIPS Break Even Spreads Reflecting Eased Inflation Concerns Source: Factset 35

Oil: A Huge Factor in the Global Economy Source: Factset 36

Commodities: Recent Correction Source: Factset 37

Aversion to Risk has Sent Yields Lower Source: Factset 11 -7 -2008 38

Leading Indicators Source: Factset 39

Questions ? 40

Past performance is no guarantee of future results. Foreign investments, especially those in emerging markets, involve greater risks and may offer greater potential returns than US investments. These risks include the political and economic uncertainties of foreign countries, as well as the risk of currency fluctuations. Sector investments may involve greater volatility than more broadly diversified investments. The securities of smaller, less well-known companies may be more volatile than those of larger companies. Lower-quality debt securities involve greater risk of default or price changes due to the credit quality of the issuer. All indices are unmanaged and assume the reinvestment of all distributions. It is not possible to invest directly in an index. MSCI/S&P Global Industry Standard is a classification scheme that offers a mean of classifying industry sectors globally so that holdings can be categorized consistently across both domestic and international equity funds. The Consumer Price Index represents changes in prices of all goods and services purchased for consumption by urban households. Core Consumer Price Index is the consumer price index excluding food and energy. GDP is the total value of goods and services produced in the US. Real GDP is GDP adjusted for changes in prices. Leading Economic Indicators are selected economic statistics that have proven valuable as a group in estimating the direction and magnitude of economic change. Fed Funds rate is the rate of interest on overnight loans of excess reserves among commercial banks. The S&P 500 Index is a registered service mark of The Mc. Graw-Hill Companies, Inc. and has been licensed for use by Fidelity Distributors Corporation and its affiliates. It is a unmanaged market capitalization-weighted index of common stocks. S&P Sector indices include Technology, Healthcare, Consumer Discretionary, Consumer Staples, Integrated Oils, Other Energy, Materials & Processing, Producer Durables, Autos & Transportation, Financial Services, Utilities and Other The Russell Top 200 Index®, is an unmanaged index comprised of the largest 200 companies in the Russell 3000 index. The Russell Top 200 Value and Growth indices comprise of value and growth stocks respectively as determined by Frank Russell & Co. The Russell 1000 Index is an unmanaged index that consists of the largest 1000 companies in the Russell 3000 Index. This index represents the universe of large capitalization stocks from which most active money managers typically select. The Russell 1000 Value and Growth indices comprise of value and growth stocks respectively as determined by Frank Russell & Co. The Russell Mid. Cap Index is an unmanaged market capitalization weighted index of 800 smallest companies in the Russell 1000 index which represents almost 35% of the total market capitalization. The Russell Mid. Cap Value and Growth indices comprise of value and growth stocks respectively as determined by Frank Russell & Co. The Russell 2000 Index is an unmanaged market capitalization-weighted index of 2, 000 small company stocks. The Russell 2000 Value and Growth indices comprise of value and growth stocks respectively as determined by Frank Russell & Co. The Russell 3000 Index is an unmanaged index which measures the performance of the 3, 000 largest U. S. companies based on total market capitalization, which represents approximately 98% of the investable U. S. equity market. As of the latest reconstitution, the average market capitalization was approximately $4. 6 billion; the median market capitalization was approximately $732 million. The index had a total market capitalization range of approximately $487 billion to $147 million. 41

Bonds are rated by agencies such as Standard & Poor’s and Moody’s Investor Services with ratings that measure the risk of default. Bonds rated AAA are considered to be the safest while those rated below BBB are considered to be “high yield” or below investment grade. Intermediate ratings of AA+ or BB- are often used to further differentiate bonds. JP Morgan Emerging Markets Global Bond Index is a market value weighted index of US dollar denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by emerging market sovereign and quasi-sovereign entities, covering 27 emerging market countries. Lehman Bros Municipal index is an unmanaged index of all investment grade municipal securities with at least 1 year to maturity. Lehman Brothers Aggregate Bond Index is an unmanaged market value weighted performance benchmark for investment-grade fixed rate debt issues, including government, corporate, asset backed , mortgage backed securities with a maturity of at least 1 year. Lehman Brothers Credit Index is an unmanaged index composed of all publicly issued, fixed interest rate, nonconvertible, investment grade corporate, asset backed debt with at least 1 year to maturity The Lehman Brothers TIPS Index is an unmanaged index comprising all US Treasury Inflation Indexed Notes and Bonds having a maturity of at least 1 year. The Lehman Brothers Treasury Index is an unmanaged index comprising all US Treasury Notes and Bonds having a maturity of at least 1 year. The Lehman Brothers Government Index is an unmanaged index comprising of the US Treasury & Agency bonds having a maturity of at least 1 year. The Merrill Lynch High Yield Master II Index is a market value weighted index of corporate bonds publicly issued in the U. S. domestic market that have a rating of less than BBB 3 and at least one year remaining term to maturity. Ibbotson Intermediate Government Bond Index is a market value weighted index of US Government Bonds with maturity of at least 1 year. The Organization of Economic Development, or OECD, is a multinational agency that monitors economic conditions in developed and developing markets. 30 -year treasury and 10 year treasury are a fixed income securities backed by the full faith and credit of the U. S. government and are used as benchmarks for the pricing of various corporate fixed income instruments. MSCI EAFE® index is a unmanaged market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada. As of June, 2000 the index included over 1, 600 equity securities of companies domiciled in 22 countries. The Dow Jones Industrial Average is a unmanaged price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry and are listed on the New York Stock Exchange. NASDAQ Index® a market capitalization-weighted index that is designed to represent the performance of the National Market System which includes over 5, 000 stocks traded only over-the-counter and not on an exchange. 42

The S&P 500®, a market capitalization-weighted index of common stocks, is a registered service mark of the Mc. Graw-Hill Companies, Inc. and has been licensed for use by Fidelity Distributors Corporation. The following is a definition of the S&P 500 sectors: Consumer Discretionary – Companies that tend to be the most sensitive to economic cycles. Consumer Staples – Companies whose businesses are less sensitive to economic cycles. Energy – Companies whose businesses are dominated by either of the following activities: The construction or provision of oil rigs, drilling equipment and other energy-related service and equipment, including seismic data collection. The exploration, production, market, refining and/or transportation of oil and gas products, coal and consumable fuels. Financials – Companies involved in activities such as banking, consumer finance, investment banking and brokerage, asset management, insurance and investments, and real estate, including REITs. Health Care – Companies in two main industry groups: Health care equipment suppliers, manufacturers, and providers of health care services; and companies involved in research development, production and marketing of pharmaceuticals and biotechnology products. Industrials – Companies whose businesses manufacture and distribute capital goods, provide commercial services and supplies, provide transportation services. Information Technology – Companies in technology software & services, and technology hardware & equipment. Materials – Companies that are engaged in a wide range of commodity-related manufacturing. Telecommunication Services – Companies that provide communications services primarily through a fixed line, cellular, wireless, high bandwidth and/or fiber-optic cable network. Utilities – Companies considered electric, gas or water utilities, or companies that operate as independent producers and/or distributors of power. Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact your investment professional or visit advisor. fidelity. com for a prospectus containing this information. Read it carefully. Fidelity Investments Institutional Services Co. , Inc. 82 Devonshire Street Boston, Massachusetts 02109 509093. 2. 0 43