Addition Greatly Increases Scale, Enhances National Financial Position As Second Largest Clearing Provider

BOSTON, December 16, 2004 - Fidelity Investments^® announced today that its National Financial unit had reached agreement to acquire the correspondent clearing, institutional support and retail brokerage businesses of Fiserv^®, Inc. (NASDAQ: FISV), a Brookfield, Wis.- based provider of technology resources for financial industry information management systems.

"This acquisition firmly demonstrates Fidelity's continued long-term commitment to the brokerage business -- specifically our correspondent clearing operation -- and will certainly benefit the clients of both National Financial and Fiserv," said Robert L. Reynolds, Fidelity vice chairman and chief operating officer. "National Financial has experienced significant growth with the addition of a number of new clients just in the past year. This acquisition hastens our growth and adds enormous scale, which will be a major benefit for our clients."

Ellyn A. McColgan, president of Fidelity Brokerage Company, said Fiserv has developed a strong client base on a platform supporting a business model similar to that of National Financial.

"Adding Fiserv's business solidifies our position in the clearing industry and adds further scale to our business," said McColgan. "We are well positioned to lead the brokerage industry in the expansion of services that are outsourced -- beyond traditional clearing and settlement -- to help firms grow their business and drive cost efficiencies."

The companies expect to complete the transaction during the first quarter of 2005, subject to satisfaction of standard and customary closing conditions in the Purchase Agreement. The purchase price for the business, including net capital, was approximately $365 million. Fiserv correspondents will transition to National Financial throughout 2005, and the two other business units will be integrated into Fidelity Brokerage Company operations in the same timeframe.

"The clearing industry continues to undergo significant and rapid consolidation," said Norman R. Malo, National Financial president and chief executive officer. "This acquisition underscores our long-term commitment to the clearing business, and we are confident that by integrating National Financial and Fiserv we will enhance an already strong offering. We will continue to make the investments in technology, products and service that our clients need to strengthen customer relationships and profitably grow their businesses over the long-term."

"We see a strong and growing future for our financial institution, health administration, insurance and trust operations," said Leslie M. Muma, Fiserv president and chief executive officer. "Consequently, we believe there are opportunities to increase our investments in all of these core businesses. Through this transaction, we expect that National Financial can offer our securities clients enhanced capabilities and will provide them with a continued high level of service."

About Fiserv, Inc.

Fiserv, Inc. provides information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 15,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders, and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $2.7 billion in processing and services revenues for 2003. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.

About National Financial

National Financial provides broker/dealers, ranging from institutional and fullservice firms to independent contractors, banks and discount brokers, with leading-edge clearing and execution products and integrated productivity tools to help enhance firm profitability, drive business growth and forge deeper customer relationships.

National Financial also offers a leading online brokerage platform, compliance support, middle-office outsourcing, consolidated record keeping tools, fee-based solutions, and retirement and high-net-worth products, all supported by dedicated client service professionals. The company currently provides clearing services to nearly 270 financial institutions representing 3.9 million client accounts and approximately $404 billion in assets, as of November 30, 2004. For more information about National Financial, please visit www.nationalfinancial.com.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.0 trillion, including managed assets of $1.1 trillion as of November 30, 2004. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 19 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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Clearing, custody or other brokerage services may be provided by National Financial Services LLC, or Fidelity Brokerage Services LLC, Members NYSE, SIPC.