Investment Approach

Pyramis' goal is to establish a global, regionally-based research organization. Supporting Pyramis portfolio managers are Pyramis' own 43 research analysts and seven sector portfolio managers who strive to identify original alpha generating opportunities on their own and in their own ways that directly support our clients' objectives. Pyramis managers may also access research generated by Fidelity Investments, one of the largest buy-side research organizations in the world, and Fidelity International. In total across Pyramis, Fidelity Investments and Fidelity International, as of March 31, 2008, a team of over 800 investment professionals in 10 countries follows a well-documented and repeatable process to produce independent research.

A Robust Equity Research Platform

The breadth and depth of our equity research platform ensures that our teams have access to a broad base of information and insights from which to form their investment ideas.

Diverse Sources of Research…	Deliver powerful insights
Pyramis Fundamental Research Targeted approach: focus on stocks with a high return potential Pyramis Quantitative Research Disciplined approach: model stock characteristics that drive future returns Fidelity Fundamental Research Comprehensive approach: provide breadth, depth, and consistency of coverage	7,500 companies covered 9,000 in-house company visits per year 10,000 companies analyzed daily These figures represent the combined resources of Pyramis Global Advisors, Fidelity Investments and Fidelity International Limited.