BOSTON, July 27, 2005 - National Financial, a Fidelity Investments company, today announced the appointment of Richard Bonk as senior vice president and regional manager of correspondent clearing sales in its Western region.

Bonk joins National Financial from Pershing, where he held positions of increased management responsibility over the past 20 years. He served as director of sales and relationship management since 1992.

In this newly created executive position at National Financial, Bonk, 42, is responsible for managing the company's West Coast sales team and expanding the company's correspondent broker/dealer client base in the region. He reports to George Keith, executive vice president and national sales manager.

"Richard's proven sales experience and leadership skills position him well to oversee our sales efforts in the Western region," said Keith. "Richard's appointment further solidifies our sales organization, something that will allow us to continue building on our sales momentum of the past few years, while at the same time strengthening the company's commitment to delivering broker/dealers the technology, product and service solutions that they need to position themselves for long-term, profitable growth."

National Financial continues to realize significant growth. In fact, over the past 12 months nearly 25 broker/dealers have selected National Financial as their clearing provider,¹ including Prudential Equity Group and Popular Securities. The company currently provides clearing services to 309 financial institutions representing 4.6 million client accounts and approximately $457.2 billion in assets, as of June 30, 2005.

About National Financial
National Financial provides broker/dealers, ranging from institutional and full-service firms to independent contractors, banks and discount brokers, with 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. 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 $2.2 trillion, including managed assets of $1.1 trillion as of June 30, 2005. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to approximately 20 million individuals and institutions as well as through 5,500 financial intermediary firms. 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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National Financial Services LLC. Member NYSE, SIPC.

¹Excluding those firms converting as a result of the company's Fiserv Securities Inc.