BOSTON, June 24, 2003 -- Fidelity Management Trust Company, a leading provider of investment management services to institutional investors worldwide, today announced that it has been selected by the New Mexico Educational Retirement Board to manage more than $170 million in a risk-controlled international equity strategy on behalf of its defined benefit pension plan.  Wilshire Associates assisted the plan in the selection process.

The portfolio will be invested in Fidelity's Select International discipline, which seeks to provide excess returns relative to the MSCI® EAFE® Index.  The strategy seeks to combine qualitative stock selection with quantitative risk control to add value above the benchmark while minimizing relative volatility and risk.  Fidelity's Select International discipline has been managed by Cesar Hernandez since its inception in 1989.

Fidelity manages more than $20 billion in international equity assets, including over $10 billion on behalf of approximately 125 institutional clients, as of May 31, 2003.

"We are extremely pleased that the New Mexico Educational Retirement Board has selected us to manage this international equity portfolio on behalf of their plan," said Drew Lawton, president, Fidelity Management Trust Company.  "We continue to see an increasing number of international equity mandates as plans review their existing allocations to non-domestic equity and focus more on the risk controls and investment processes of their international managers."

Fidelity Management Trust Company manages approximately $70 billion on behalf of more than 460 institutional clients¹, including corporate and public retirement funds, endowments, foundations and other institutional investors.  The company offers institutional asset management for active and risk-controlled equity, fixed-income, international equity and alternative disciplines such as real estate.  The company is affiliated with Fidelity Employer Services Company, which provides retirement, human resources and other employee benefits solutions to 14.4 million participants by providing administrative services for more than 11,500 retirement, pension, health and welfare, human resources administration, payroll and stock plans as of December 31, 2002. 

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.5 trillion, including managed assets of $869.3 billion as of May 31, 2003.  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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