BOSTON, June 14, 2006 – Pembroke Real Estate, the real estate acquisition and development arm of Boston-based Fidelity Investments, today announced the appointments of Nicholas G. Moldon as director of European acquisitions and investments, based in London, and Kyle G. Rose as managing director of the firm’s newly established Paris affiliate, Pembroke Real Estate Advisors. In addition to Paris, Pembroke and its affiliates have offices in Boston, London and Tokyo.

“For more than 10 years, Pembroke Real Estate and its affiliates have been

acquiring and developing signature properties in London and Tokyo—markets where we

continue to see long-term value and where we will continue to pursue opportunities,”

said Stephen Bell, London-based president, Pembroke Real Estate. “At the same time,

we are aggressively seeking development opportunities in Paris and Brussels to expand

and diversify our growing global portfolio.”

“Kyle and Nick’s proven experience will help Pembroke maximize value across

our global portfolio and provide a solid foundation from which to pursue new

opportunities in London and Continental Europe,” said Bell. “Establishing a company in

Paris will allow us to more effectively explore and pursue international development

opportunities.”

With more than 25 years of experience in the real estate industry, Rose will oversee

acquisition, development and asset management activities in the Paris market. Prior to his

appointment, Rose was vice president at Fidelity Real Estate Company, where he was

responsible for the asset management of Pembroke’s global investment portfolio.

Additionally, Rose was senior project director for Pembroke, and has also held different

positions at Fidelity including regional director responsible for the asset, facility and

project management for the company’s Midwest region in the U.S. Prior to joining

Fidelity, Rose worked for Dallas-based Premisys Real Estate Service, Inc., as well as

LaSalle Partners.

Based in London, Moldon is responsible for sourcing and acquiring real estate

assets that meet Pembroke’s income and development criteria across key markets in

Europe including London, Paris and Brussels. Moldon is also currently overseeing the

planning approval process on Pembroke’s 261 City Road project, a 306-unit residential

complex in the London Borough of Islington.

Moldon has more than 15 years of real estate experience, including directing the

International Corporate Real Estate Group for Fidelity International Limited (FIL). While

at FIL, he was responsible for managing more than 500,000 square feet of the company’s

corporate facilities in 13 countries across Europe. Prior to joining FIL in 2000, Moldon

worked for CB Richard Ellis in London in the Corporate Real Estate Services Group.

Pembroke manages more than 2.5 million square feet of commercial and

residential space worldwide, including properties in Boston, San Francisco,

Washington, D.C., London and Tokyo. Over the past 12 months the firm has

acquired three properties in London and one in Washington, D.C.:

• 20 St. James’s Square, a 69,500-square-foot office property comprised of three adjoining buildings that is located in London’s West End;
• 4 Cannon Street, also known as Scandinavian House, an 88,000-square-foot office building located in the heart of London’s financial district;
• 49 Park Lane, a 28,000-square-foot office building located in the district of Mayfair in London’s West End; and
• 1801 Pennsylvania Avenue, a 183,220-square-foot office property located on the northwest corner of Pennsylvania Avenue and 18th Street in Washington, D.C.

Pembroke also is in the process of developing land in London Millharbour in the

Docklands of East London and 261 City Road in London’s Borough of Islington. London Millharbour is a proposed 780,000-square-foot office complex, and 261 City Road will be a 250,000-square-foot, 308-unit residential property with a 36-story tower.

About Pembroke Real Estate

Pembroke Real Estate is the real estate development arm of Fidelity Investments,

one of the world’s largest financial services organizations. Pembroke and its affiliates

specialize in the acquisition, design, development and management of signature properties in major metropolitan areas worldwide, including London, Tokyo, San Francisco, Boston and Washington, D.C. The firm seeks high-quality, high-profile, well-located acquisition and development opportunities in the office and residential sectors. For more information, visit the company’s Web site at http://www.pembrokere.com/.

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