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FOR IMMEDIATE RELEASE	CONTACT: Corporate Communications (617) 563-5800
NATIONAL FINANCIAL APPOINTS GEORGE H. KEITH AS EXECUTIVE VICE PRESIDENT AND NATIONAL SALES MANAGER

BOSTON, May 19, 2004—National Financial, a Fidelity Investments company, today announced that George H. Keith has joined the company as executive vice president and national sales manager. Keith brings more than 23 years of institutional investment sales and relationship management experience to National Financial.

In his new position, Keith will be responsible for expanding National Financial's correspondent broker/dealer client base and managing the company's national sales force, which is based in five regional offices—New York City, Boston, Atlanta, Chicago, and San Francisco. He will report to Norman Malo, president of National Financial.

“George's proven sales experience and leadership skills position him well to oversee our national sales efforts at one of the most active times in our company's history,” said Malo. “His appointment is another example of Fidelity's commitment to the clearing business and to building an experienced team who understand the unique needs of broker/dealers.”

Keith joins National Financial from AllianceBernstein, where he has held several leadership positions since 1999. Most recently, he was senior vice president and global managing director responsible for retail, institutional and international relationships with global partners. From 1996 to 1998, Keith held senior management positions at Scudder Kemper, including president and chief executive officer of Dreman Value Group. Prior to Scudder Kemper, he was senior vice president and manager of Paine Webber's largest retail branch and managing director of sales and marketing for Paine Webber Mitchell Hutchins.

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 an 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 298 financial institutions representing 3.3 million client accounts and approximately $340.3 billion in assets, as of March 31, 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 $1.9 trillion, including managed assets of $1,021.3 billion as of March 31, 2004. 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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National Financial Services LLC, Member NYSE, SIPC.
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