Fidelity Low-Priced Stock to Close July 30, 2004

Fidelity has announced that its Low-Priced Stock Fund (ticker FLPSX) will close to new investors as of July 30. Fidelity reserves the right to close the fund sooner than that if flows into the fund increase signficantly.

The Low-Priced Stock Fund is an investment option in the UW 403(b) Plan. It is a small-cap fund that has been exceptionally successful in the last few years. The managers find it difficult to invest all the money that is coming into the fund, hence the decision to close it.

Ordinarily, when a fund closes, participants in a retirement plan such as our 403(b) plan are still permitted to open a new account in the fund. However, Fidelity has decided not to accept any new accounts, including retirement accounts, in the Low Priced Stock Fund after July 30.

UW 403(b) plan participants who currently have a balance in the Low-Priced Stock Fund will be allowed to make further contributions and/or exchanges into this fund. Employees who do not have a balance in the fund on July 30 will not be able to invest in the fund later.

The UW 403(b) Plan DOES NOT make investment recommendations. The Low Priced Stock Fund is not an appropriate investment for all employees and this notice is not intended to encourage employees to invest in it. The information is shared only to make employees who are interested in the fund aware that there is a deadline for opening an account. Employees who will not receive a paycheck before July 30 but who have a UW 403(b) balance elsewhere can exchange into the Low Priced Stock Fund if they act promptly.

This document was last revised on July 1, 2004