CONTACT: Corporate Communications
(617) 563-5800

Fidelity InvestmentsÒ began serving the needs of tax-exempt organizations in the mid-1970s, but it wasn’t until 1991 that the company created a special business unit specifically dedicated to providing retirement services and asset management for tax-exempt organizations. This business unit was called Fidelity Investments Tax-Exempt Services Company (FITSCo).

Today, FITSCo is one of the nation’s top providers of 403(b), 401(k), 457 and 401(a) retirement savings plans to tax-exempt organizations and the public sector. It provides full-service retirement plans to colleges and universities; healthcare institutions; and states, state agencies and local governments. FITSCo’s services include investment management, recordkeeping, participant communication and education, and cash management products.

With total administered assets of $75.1 million as of March 31, 2000, FITSCo reached a milestone in 1999 when it registered its one-millionth participant. FITSCo now provides retirement services to more than 1.3 million plan participants and over 13,300 plan sponsors.

Given the competitive nature of the tax-exempt marketplace, FITSCo is looking to improve its competitive position. Among recent innovations are:

• NetBenefits^® Planning Center: Provides retirement goal calculation, asset allocation models, monitoring, and educational services to plan participants.



• PensionPlanner: Designed to help retirement plan participants make the decision between defined benefit and defined contribution plans offered by their employers. It offers unbiased information designed to outline the benefits and risks based on the participant’s age, risk tolerance and benefit accumulation.



• MaximumK: FITSCo rolled out this streamlined, cost-effective 401(k) plan in 1999. Geared toward smaller tax-exempt firms, the plan has been embraced by clients that include the Girl Scouts of America and the San Francisco Opera.

Among FITSCo’s major plan sponsors are: Blue Cross/Blue Shield Association, Argonne National Laboratories, Boys and Girls Club, Beth Israel Medical Center, Duke University, Stanford University, Commonwealth of Massachusetts and State of New York.

Fidelity Investments is the nation’s largest mutual fund company and a leading provider of financial services. Fidelity offers investment management, retirement, brokerage and shareholder services directly to individuals and institutions, and through financial intermediaries. The firm also is the No. 1 provider of 401(k) retirement savings plans, the second largest discount brokerage firm and the third largest provider of 403(b) retirement plans for tax-exempt institutions in the United States. At May 31, 2000, Fidelity had total managed assets of $929.1 billion.

For more complete information about Fidelity mutual funds, including fees and expenses, call or write Fidelity for free prospectuses. Read them carefully before you make your investment choices.

Fidelity Investments Tax-Exempt Services Co., a division of

Fidelity Investments Institutional Services Company, Inc.
82 Devonshire Street, Boston, MA 02109.