BOSTON, January 29, 2004 -- Fidelity Management Trust Company today announced it has been selected by Santa Barbara County Employees' Retirement System to manage approximately $50 million in an active international equity portfolio on behalf of its defined benefit pension plan. Encino, California-based Pension Consulting Alliance, Inc. assisted the plan in the selection process.

The portfolio will be invested in Fidelity's International Growth discipline, which seeks to provide long-term capital growth via a diversified portfolio of large-, medium-, and small-cap companies in Europe, Japan, and the Pacific Basin.

Fidelity manages more than $20 billion in defined benefit assets invested in international equity on behalf of institutional clients, including approximately $8.1 billion in the International Growth discipline, as of December 31, 2003.

About Fidelity Management Trust Company

Fidelity Management Trust Company manages $125.1 billion for 515 institutional clients worldwide, including corporate and public retirement funds, endowments, foundations and other institutional investors. The company offers institutional asset management for active and risk-controlled equity, fixed-income, international equity, real estate and alternative disciplines such as market neutral. The company is a unit of Fidelity Employer Services Company, which provides human resources administration and employee benefits solutions to more than 16.7 million participants in nearly 12,000 retirement, pension, health and welfare, payroll and stock plans as of December 31, 2003.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.8 trillion, including managed assets of $988.3 billion as of December 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 Distributors Corporation
82 Devonshire Street, Boston, MA 02109