Fidelity® Announces Establishment of Separate Asset Management and Distribution Organizations

Fidelity Investments® today announced the establishment of separate Asset Management and Distribution organizations, promoting Abigail Johnson to head all distribution channels and hiring BNY Mellon Asset Management President and Chief Executive Officer Ronald P. O’Hanley to lead Asset Management and Corporate Services. Both will report directly to Edward C. Johnson 3d, Fidelity chairman and chief executive officer.

“This new structure will position Fidelity strategically for the future by bringing all of the firm’s distribution resources together to focus on providing outstanding products and services to Fidelity’s clients and customers,” said Edward Johnson. “At the same time, Ron O’Hanley will bring valuable asset management and executive experience to our investing and corporate functions as well as a strong leadership track record. We are looking forward to having him join our firm.”

O’Hanley, 53, will join Fidelity as president of Asset Management and Corporate Services in mid-summer. In his new role, O’Hanley will oversee all of Fidelity’s Asset Management organizations, including Fidelity Management & Research Company (FMRCo), Pyramis Global Advisors and Fidelity’s Asset Allocation Division, comprising Strategic Advisers, Inc., and Global Asset Allocation, as well as all corporate functions. Jacques Perold will remain head of FMRCo, reporting to O’Hanley.

In her new role, Abigail Johnson -- who has led Fidelity Personal and Workplace Investing and its predecessor organization for the past five years -- will oversee all of Fidelity’s customer and client-focused businesses, including Fidelity Institutional, Personal Investing, Workplace Investing and Fidelity Investments Institutional Services. This new unit will be known as Fidelity Personal, Workplace and Institutional Services, and Abby will assume her new responsibilities as its president immediately.

In addition to her current role overseeing Personal and Workplace Investing, Abigail Johnson is a vice chairman and director of FMR LLC, the holding company for the businesses of Fidelity Investments; a member of the Fidelity Executive Committee; and chairman of the Fixed-Income/Asset Allocation Board of Trustees. In her new role, Ms. Johnson will oversee all of the firm’s distribution channels, adding Fidelity Institutional -- which serves banks, broker-dealers, insurers, registered investment advisors, and other financial professionals -- and Fidelity Investments Institutional Services Company (FIIS) -- which provides investment management services through investment professionals at financial institutions nationwide -- to her responsibilities.

Ron O’Hanley joined Mellon Financial Corp. (predecessor institution to BNY Mellon) in 1997. As president and CEO of BNY Mellon Asset Management, O’Hanley led a business that has become one of the largest asset managers in the United States, with over $1 trillion in assets under management. He also has served as vice chairman of the Bank of New York Mellon Corporation and a member of the firm’s Executive Committee. In addition to leading Fidelity’s Asset Management activities, O’Hanley will oversee Financial Services Finance, Legal, Human Resources, Government Affairs and Public Policy, Operations, and Administration.

All of the current leaders of the organizations who will report to O’Hanley and Abigail Johnson will remain in their roles.

Fidelity Investments is one of the world's largest providers of financial services, with assets under administration of more than $3.3 trillion, including managed assets of $1.5 trillion, as of March 31, 2010. 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.

Registered service marks appearing herein are the property of FMR LLC.

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

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

National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110

Pyramis Global Advisors, 900 Salem Street, Smithfield, Rhode Island 02917

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