MARLBOROUGH, Mass., September 2, 2003 -- Fidelity Investments today announced the appointment of Chuck Black as senior vice president in charge of leading Fidelity's growing investment and benefits outsourcing consultant relations group.

Black, a 20-year financial services veteran who has been with Fidelity for seven years, is responsible for managing Fidelity's relationships with benefits outsourcing consultants involved in searches for the administration of defined contribution, defined benefit and health and welfare plans, as well as HR/payroll services and investment-only services for defined contribution plans.

"We are expanding our group in response to the growing importance of consultants who are now more involved in investment-only, full-service DC, total retirement and total benefits outsourcing searches," said Bill Carey, president of Fidelity Institutional Retirement Services Company. "Fidelity will provide valuable assistance to consultants who deliver recommendations for best-of-breed companies which offer a full range of competitive solutions for retirement plans, health and welfare programs, human resources administration and payroll services."

Black plans to expand his group in the coming months and is actively recruiting additional members to his staff. Prior to his new position, Black oversaw sales of retirement and corporate outsourcing services to mid-sized companies.

Fidelity Workplace Services

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.

Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.6 trillion, including managed assets of $889.9 billion as of July 31, 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 Employer Services Company, a division of
Fidelity Investments Institutional Services Company, Inc.,
82 Devonshire Street, Boston, MA 02109.