Federated Investors, Inc. Announces Resignation of Services Company Subsidiary President

(PITTSBURGH, PA, 03/26/2004 03:05 PM) — Federated Investors, Inc. (NYSE: FII) announced today that Arthur L. Cherry has resigned as an officer and director of Federated Investors, Inc., Federated Services Company and their affiliates.

Cherry’s functional reporting responsibilities had been reassigned to other senior executives within the organization. Federated has no plans to hire a replacement. Cherry, 50, joined Federated in 1997 as president of Federated Services Company, the firm’s operations, technology and services subsidiary.

Federated Investors, Inc. is one of the largest investment managers in the United States, managing $198 billion in 136 mutual funds and various separately managed accounts as of December 31, 2003. Institutions and financial professionals on behalf of individual investors, have invested in Federated’s equity, bond and money market products since 1955.