MARLBOROUGH, Mass., August 6, 2003 - Fidelity Investments today announced it has expanded its relationship with General Motors Corp., which has selected Fidelity to provide benefit administration services for its pension, health and welfare benefit programs and vendor management services for several other benefit programs, including disability, unemployment and workers' compensation in the United States.

Fidelity has provided administration services for GM's 401(k) and stock plans for several years.

"Fidelity's technical expertise and operational experience will provide our employees and retirees with increased convenience and service," said Jean Rose, executive director, Employee Benefits and Human Resources Operations for GM. "We'll now have a single point of contact to conduct our benefit-related business that will simplify the customer experience for all our employees and retirees."

As part of the comprehensive agreement, Fidelity will provide integrated administration services for GM's benefit plans:

• Health & Welfare Plans - Fidelity will manage and provide administration services for GM's health and welfare plans for 1.2 million active employees, retirees, and their dependents. Serving as the single interface between GM and its vendors, Fidelity will deliver online tools and administration resources, such as full-service enrollment and life-event processing for medical, dental and vision programs.
• Defined Benefit Plans - Fidelity will provide administration services for GM's defined benefit pension plans, covering over 700,000 active and retired participants. Defined benefit administration services include data management, event processing, benefit calculations, retirement modeling, retiree check disbursements and post-retirement administration services.
• Integrated Disability - Fidelity will have oversight responsibility for the disability and workers' compensation services provided by Sedgwick Claims Management Services (Sedgwick CMS). Sedgwick CMS has administered GM's workers' compensation claims program since 1995.
• Extended Portfolio of Benefits Services - Fidelity will have oversight responsibility for other Fidelity vendors that service an extended portfolio of benefits including unemployment compensation, service awards, tuition assistance, flexible spending accounts, and employment and wage verification.

"We are pleased that General Motors has chosen to expand its long-term relationship with Fidelity," said Peter J. Smail, president, Fidelity Employer Services Company. "We believe this agreement demonstrates the value that Fidelity's workplace services delivers to help organizations achieve expanded processing capabilities, cost savings and a greater focus on their core competencies."

Fidelity has administered GM's $16.6 billion 401(k) plans for its 266,000 eligible employees and retirees since 1994. The company also provides administration services for GM's stock option and cash balance pension plans for 51,000 and 3,500 employees, respectively.

"As part of this agreement, Sedgwick CMS will integrate disability and workers' compensation administration under a single technology platform, said David A. North, chief executive officer of Sedgwick CMS.

Through its Workplace Services offering, Fidelity Investments provides human resources administration and employee benefits solutions to more than 15 million participants in more than 11,500 retirement, pension, health and welfare, payroll and stock plans as of May 31, 2003.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.5 trillion, including managed assets of $880.4 billion as of June, 30, 2003. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 18 million individuals and institutions as well as through 5,500 financial intermediaries. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, one of the largest mutual fund supermarkets and a leading online brokerage firm. For more information about Fidelity Investments, visit www.fidelity.com.

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Fidelity Investments and Sedgwick Claims Management Services are not affiliated.
Fidelity Employer Services Company is a division of Fidelity Investments
Institutional Services Company, Inc. 82 Devonshire Street Boston, MA 02109.