FIDELITY BLUE CHIP GROWTH Presentation to The Investment Committee Of The Company Defined Benefit Plan March 1998

FIDELITY Blue Chip Growth Fund Facts Diversified fund organized as a Massachusetts business trust on October 2, As of July 31, 1997, $12.8 Billions in assets. Focuses on well known established (blue chip) companies. Low Investment costs: Total fund operating expenses 0.80%. Morningstar rating *****

FIDELITY Blue Chip Growth Investment Objective n Primary - Long-Term Capital Growth Who Runs the Funds? n The fund is managed by FMR, which chooses the fund’s investments and handles its business affairs. Fidelity Management & Research (U.K.) Inc. (FMR U.K.) in London, England and FMR Far East in Tokyo, Japan assist FMR with foreign investments.

FIDELITY Blue Chip Growth Investment Strategy n Invests mainly in common stocks of well known and established companies. n Strong growth prospects and reasonable valuations. n Use various investment techniques to hedge a portion of the fund’s risks. n Seeks companies that it expects will demonstrate greater long-term earnings growth than the average company included in S&P 500.

FIDELITY Blue Chip Growth Investment Strategy (Cont’d) n High turnover rates: 51%, 206%, and 182% during 1997, 1996,and 1995 respectively. Average turnover is 139%.

FIDELITY Blue Chip Growth Portfolio Strategy n Seek growth of capital over the long term by investing in a diversified portfolio of common stocks. n 65% of the funds total assets in Blue chip companies. n Blue chip company is defined as a firm with at least $200m capitalization if the stock is included in the S&P 500 or the Dow Jones Industrial Average; $1 billion if not included in either index.

FIDELITY Blue Chip Growth Fund, Market, and Risk Characteristics n Geographical Emphasis: Predominantly U.S. and Canada. n Portfolio Manager: John McDowell, MBA, CFA since March Senior Vice president with Fidelity Management Trust Co. Employed since 1985 Other Assets managed: Fidelity Large Cap Stock from June April 1996

FIDELITY Blue Chip Growth Risk Characteristics n Risk associated with individual companies, general markets and overall economy. n For foreign securities additional risk factors such as Political and Economic Risks, Legal and Regulatory Issues, and exposure to currency fluctuations

FIDELITY Blue Chip Growth How is Risk Managed? n By diversification. n The Fund reserves the right to invest without limitation in Preferred Stocks and investment grade debt instruments for temporary defensive purposes. n Debt securities are Baa rated or better.

FIDELITY Blue Chip Growth How is Risk Managed? (Cont’d) n The fund may borrow only for temporary or emergency purposes, but not in the amount exceeding 33.33% of total assets. n Loans in aggregate may not exceed 33.33% of total assets. Risk- Reward Potential n Moderate

FIDELITY Blue Chip Growth Investment Policies and Practices n Investors are encouraged to take a long term view of their portfolios. n FMR selects companies that demonstrate the potential to become blue chip companies in the future. n Importance of earnings growth is stressed.

FIDELITY Blue Chip Growth Investment Policies and Practices 3 step selection process for companies with earnings growth potential * Focus on a universe of blue chip growth stock. * Meet with company management to determine which companies offer the best future earnings growth. * Strike a good balance between rapid earnings growth and reasonable valuation.

FIDELITY Blue Chip Growth Organization and Management of the Fund The Corporation is governed by a Board of Trustees. Board of trustees review the fund’s performance, expenses and other business affairs. Fund is managed by FMR which chooses fund’s investment and handles its business affairs. John McDowell is Vice President and Manager of Blue Chip Growth, which he has managed since March Fidelity Distributors Corporation (FDC) distributes and markets Fidelity funds and services.

FIDELITY Blue Chip Growth Regional Exposure (% of Assets) As of December 31, 1997

FIDELITY Blue Chip Growth Top 5 Country Exposure (As of ) Top 5 Countries%Assets USA 92.8 United Kingdom 1.5 Netherlands 0.6 France 0.5 Switzerland 0.3

FIDELITY Blue Chip Growth Transaction and Fund Expenses Individual Fund Fee Shareholder Transaction Expenses Sales charge “load” on purchase3.00% ** Sales charge “load” on reinvest. Distribution None Redemption feeNone Exchange feeNone

FIDELITY Blue Chip Growth Transaction and Fund Expenses Annual Fund ExpensesPercent of Fiscal 1996 average net assets Management fee0.51% Marketing fee (12b-1)None Other (shareholder servicing, custodial, auditing, etc..)0.29% Total fund expenses0.80% ** Waived for certain Fidelity retirement plan accounts marketed and distributed directly by fidelity.

FIDELITY Blue Chip Growth Performance(in %) Calender Year Fidelity +/- S&P 500 +/-Will LargeBlend Year23.21% 5 Year Year19.87

Sector Weightings (As of ) % of stocks Relative S&P 500 Utilities Energy Financial Industrial Cyclicals Consumer Durables Consumer Staples Services Retail Health Technology FIDELITY Blue Chip Growth 1919

FIDELITY Blue Chip Growth Investment Changes(as of July 31,1997) % of fund% of fund investments investments in these stocks 6 months ago General Electric Company Philip Morris Companies Inc Intel Corp Microsoft Corp Merck & Co Inc Procter & Gamble Co Americanhome Products Corp Intern’l Business Machines Corp Bristol-Myers Squibb Co Wal- Mart Stores Inc1.40.6

FIDELITY Blue Chip Growth Investment Changes(as of July 31,1997) % of fund% of fund investments investments in these market sectors 6 months ago Technology Health Finance Nondurables Retail & Wholesale7.16.1

FIDELITY Blue Chip Growth Portfolio Relative Statistics Average Index P/E Ratio P/CF Ratio P/B Ratio yr. Earnings growth 21% 1.02 Modern Portfolio Theory Statistics Alpha Beta R-Square 3 yr yr yr Sharpe Index Year Mean Std. Dev Sharpe 3 yr yr yr Morningstar Measures Year Risk Return Risk Adj Ret 3 yr * 5 yr * 10 yr *