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Fidelity Gold Fund Manager Resigns

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March 11, 2003 — Fidelity Investments has named new portfolio managers for four of its mutual funds that invest in individual sectors of the economy, including its top performer last year, Fidelity Select Gold (FSAGX), whose manager resigned.

Niel Marotta, who had piloted the $736 million Gold fund since April 2000, stepped down to pursue an opportunity “outside of financial services,” a Fidelity spokeswoman said. He was replaced last month by Daniel Dupont, an equity analyst.

The fund returned 64.3% last year, compared to a loss of 22.1% for the Standard & Poor’s 500-stock index. The average gold fund returned 61.2% last year.

Fidelity also said Jed Weiss, an analyst, replaced Robert Bao as manager of the Fidelity Select Environmental Services (FSLEX). Bao continues to oversee Fidelity Select Construction & Housing (FSHOX) and Fidelity Select Automotive (FSAVX).

Another analyst, Matthew Cheyney, was named manager of Fidelity Select Networking & Infrastructure (FNINX), succeeding Christopher Bartel, who continues to run Fidelity Select Industrial Equipment (FSCGX).

Also, Valerie Friedholm was appointed manager of Fidelity Select Food & Agriculture (FDFAX), succeeding Gail Bronwyn Lese, who continues as an analyst. Friedholm previously ran the Environmental fund from 2001 to 2002, and piloted Fidelity Select Construction & Housing (FSHOX) between January and September last year.

The appointments, which were disclosed on Fidelity’s web site, were reported yesterday by Bloomberg News Service.