BOSTON, October 27, 2004 -- Fidelity Investments today announced Washington State Investment Board (WSIB) selected Fidelity Management Trust Company to manage about $500 million in an international portfolio on behalf of its defined benefit pension plan.

The portfolio will be invested in Fidelity's International Growth discipline, which seeks to provide long-term capital growth via a diversified portfolio of large- , medium- , and small-cap companies in Europe, Japan, and the Pacific Basin.

"We are extremely pleased that Washington State Investment Board has selected us to manage this international equity mandate on behalf of their defined benefit plan," said Christopher Keating, executive vice president of sales, Fidelity Management Trust Company.  "Whether increasing their overall allocation or adding another level of diversification within their existing portfolio, defined benefit plan sponsors continue to look to international equities as a critical component of their portfolios."

Fidelity Management Trust Company manages more than $91 billion for 530 institutional clients of which $12.5 billion is invested in international equity strategies.¹  The company offers institutional asset management for active and risk-controlled equity, fixed-income, international equity, real estate, and alternative disciplines such as market neutral.  The company is a business unit of Fidelity Employer Services Company, which provides benefits and human resources administration, workforce effectiveness, payroll solutions, and stock plan services to over 18 million employees in the U.S.²  Additionally, through its HR Access acquisition, Fidelity provides HR and payroll applications for about 12 million employees in Europe.

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.9 trillion, including managed assets of $1.0 trillion as of September 30, 2004. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 21 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.

383199