FIDELITY BLUE CHIP GROWTH

Presentation to The

Investment Committee

Of The

...... Company

Defined Benefit Plan

March 1998

FIDELITY Blue Chip Growth

Fund FactsDiversified fund organized as a Massachusetts

business trust on October 2, 1984.

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 Primary - Long-Term Capital Growth

Who Runs the Funds? 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 Invests mainly in common stocks of well known

and established companies. Strong growth prospects and reasonable

valuations. Use various investment techniques to hedge a

portion of the fund’s risks. 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) High turnover rates: 51%, 206%, and 182%

during 1997, 1996,and 1995 respectively. Average turnover is 139%.

FIDELITY Blue Chip Growth

Portfolio Strategy Seek growth of capital over the long term by

investing in a diversified portfolio of common stocks.

65% of the funds total assets in Blue chip companies.

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 Geographical Emphasis: Predominantly U.S. and

Canada. Portfolio Manager: John McDowell, MBA, CFA

since March 1996.

Senior Vice president with Fidelity Management Trust Co.

Employed since 1985

Other Assets managed: Fidelity Large Cap Stock from June 1995 - April 1996

FIDELITY Blue Chip Growth

Risk Characteristics Risk associated with individual companies,

general markets and overall economy. 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? By diversification. The Fund reserves the right to invest without

limitation in Preferred Stocks and investment grade debt instruments for temporary defensive purposes.

Debt securities are Baa rated or better.

FIDELITY Blue Chip Growth

How is Risk Managed? (Cont’d) The fund may borrow only for temporary or

emergency purposes, but not in the amount exceeding 33.33% of total assets.

Loans in aggregate may not exceed 33.33% of total assets.

Risk- Reward Potential Moderate

FIDELITY Blue Chip Growth

Investment Policies and Practices Investors are encouraged to take a long term

view of their portfolios. FMR selects companies that demonstrate the

potential to become blue chip companies in the future.

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 500-600 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 1996.

Fidelity Distributors Corporation (FDC) distributes and markets Fidelity funds and services.

FIDELITY Blue Chip Growth

Regional Exposure (% of Assets)

As of December 31, 1997

92.8

3

US & Canada

Europe

FIDELITY Blue Chip Growth

Top 5 Country Exposure (As of 07-31-97)

Top 5 Countries %AssetsUSA 92.8United Kingdom 1.5Netherlands 0.6France 0.5Switzerland 0.3

FIDELITY Blue Chip Growth

Transaction and Fund Expenses

Individual Fund Fee

Shareholder Transaction Expenses

Sales charge “load” on purchase 3.00% **

Sales charge “load” on reinvest. Distribution None

Redemption fee None

Exchange fee None

FIDELITY Blue Chip Growth

Transaction and Fund Expenses

Annual Fund Expenses Percent of Fiscal 1996 average net assets

Management fee 0.51%

Marketing fee (12b-1) None

Other (shareholder servicing,

custodial, auditing, etc..) 0.29%

Total fund expenses 0.80%

** 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 LargeBlend1993 24.50 14.44 14.761994 9.85 8.53 12.201995 28.38 -9.15 -9.281996 15.38 -7.57 -6.17 1997 27.02 -6.33 -6.28 1 Year 23.21%5 Year 20.0710 Year 19.87

Sector Weightings (As of 07-31-97) % of stocks Relative

S&P 500

Utilities 0.0 0.0Energy 5.0 0.61Financial 3.3 0.79Industrial Cyclicals 15.9 1.11Consumer Durables 1.9 0.56Consumer Staples 10.1 0.95Services 10.8 0.78Retail 7.8 1.39Health 16.1 1.36Technology 19.2 1.51

FIDELITY Blue Chip Growth

1919

FIDELITY Blue Chip Growth

Investment Changes(as of July 31,1997)% of fund % of fund investmentsinvestments in these stocks

6 months agoGeneral Electric Company 3.0 2.8Philip Morris Companies Inc 2.3 2.4Intel Corp 2.2 1.9Microsoft Corp 2.1 0.6Merck & Co Inc 1.7 2.0Procter & Gamble Co 1.6 1.3Americanhome Products Corp 1.5 1.0Intern’l Business Machines Corp. 1.4 2.2Bristol-Myers Squibb Co. 1.4 1.4Wal- Mart Stores Inc 1.4 0.6

FIDELITY Blue Chip Growth

Investment Changes(as of July 31,1997)% of fund % of fund investmentsinvestments in these market sectors

6 months agoTechnology 21.4 18.9

Health 15.1 14.4

Finance 12.8 11.8

Nondurables 10.0 10.1

Retail & Wholesale 7.1 6.1

FIDELITY Blue Chip Growth

Portfolio Relative

Statistics Average Index

P/E Ratio 28.5 1.05

P/CF Ratio 19.8 1.11

P/B Ratio 6.6 1.08

3 yr. Earnings

growth 21% 1.02

Modern Portfolio Theory Statistics

Alpha Beta R-Square

3 yr. -3.7 0.98 85

5 yr. 1.9 0.93 72

10 yr. 2.0 1.05 83

Sharpe Index

Year Mean Std. Dev Sharpe

3 yr. 25.27 14.81 1.53

5 yr. 21.20 13.84 --

10 yr. 20.38 16.60 --

Morningstar Measures

Year Risk Return Risk Adj Ret

3 yr. 0.97 1.10 3*

5 yr. 0.90 1.62 5*

10 yr. 0.96 1.85 5*