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NATIONAL FINANCIAL CONTINUES STRONG GROWTH; ESTABLISHES 11 NEW CLEARING RELATIONSHIPS

BOSTON, June 21, 2004—National Financial, a Fidelity Investments company, today announced that 11 correspondent broker/dealers have selected it to provide comprehensive clearing services to their respective brokerage operations since the beginning of the year. National Financial now provides clearing services to approximately 300 financial institutions representing 3.3 million client accounts.

Seven of National Financial's 11 new relationships include:

• Burlington Capital, a New York-based institutional brokerage firm
• Chittenden Securities, Inc., a Burlington, Vermont-based bank/general securities firm
• Kyson Securities, an Arcadia, California-based general securities firm
• Means Investment Company, Inc., a Bangor, Maine-based general securities firm
• Newbridge Securities Corp., a Fort Lauderdale-based full-service brokerage firm
• Ohio Savings Securities, a Cleveland-based bank/general securities firm
• Sterling Financial Investments, a Boca Raton-based full-service brokerage firm

Earlier this year, Chicago-based Northern Trust Securities, Inc. selected National Financial to provide clearing services to the company's full-service and institutional brokerage businesses.

National Financial will provide these companies with a range of technology solutions, operational support, securities processing, risk management services, and brokerage and investment products.

“In today's competitive market environment, brokerage firms of all sizes and business models are looking to reduce cost and enhance efficiencies through outsourcing,” said Norman Malo, president, National Financial. “With these new clients, as with all of our clients, we take pride in understanding their distinct needs and delivering the products, services and support they need to strengthen customer relationships and profitably grow their businesses over the long-term.

“This continues to be one of the most active times in National Financial's history, as witnessed by the number of new relationships we have established,” said Malo. “We are as committed as ever to this business and have built the resources and capacity to effectively service the disparate needs of our growing client base.”

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 for approximately 300 financial institutions representing nearly 3.3 million client accounts and more than $330 billion in assets, as of April 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 $1.8 trillion, including managed assets of $1.0 trillion as of April 30, 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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