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New York – June 5, 2008 – Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/fidelity/) today announced that a class action has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of the Fidelity Ultra-Short Bond Fund (NASDAQ: FUSFX) (the “Ultra-Short Bond Fund” or the “Fund”) who purchased the Fund within three years of the filing of this lawsuit (the “Class”), seeking to pursue remedies under the Securities Act of 1933 (the “Securities Act”).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/fidelity/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Fidelity Management & Research Company (“FMR Co.”) and certain related entities, among others, with violations of the Securities Act. FMR Co. is the investment advisor to the entire group of mutual funds under the Fidelity name.

On or about August 23, 2002, defendants began offering shares of the Ultra-Short Bond Fund pursuant to an initial registration statement, filed with the SEC as a Form 485BPOS (the “Registration Statement”). The complaint alleges that defendants solicited investors to purchase shares of the Ultra-Short Bond Fund by making statements that described the Fund as a fund that: (i) “Seeks a high level of current income consistent with the preservation of capital”; (ii) “allocates its assets across different market sectors and maturities”; (iii) has a “similar overall interest rate risk to the Lehman Brothers® 6 Month Swap Index”; and (iv) is geared toward the “preservation of capital.” As alleged in the complaint, these statements were materially false and misleading because defendants did not adequately disclose the risks associated with investing in the Fund, including, for example, that the Fund was: (i) failing to compete with the Lehman Brothers® 6 Month Swap Index; and (ii) so heavily invested in high-risk mortgage-backed securities.

By June 11, 2007, defendants slowly began lowering the value of the share price for the Ultra-Short Bond Fund. Since then, the value of the Ultra-Short Bond Fund’s share price has been precipitously lowered. By November 15, 2007, the value of the per-share price was reduced below $9. The shares were trading as low as $8.25 as of the filing of the complaint.

Plaintiff seeks to recover damages on behalf of all purchasers of the shares of the Fund within three years of the filing of this lawsuit. The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm. Contact: Coughlin Stoia Geller Rudman & Robbins LLP Samuel H. Rudman, 800-449-4900 David A. Rosenfeld djr@csgrr.com