Federated Investors' Mutual Funds Complete Acquisition of $265.5 Million in Assets from Banknorth Funds

(Pittsburgh, PA, Aug. 30, 2004) — Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment management companies, and Banknorth Wealth Management Group announced the completion of an acquisition, resulting in the reorganization of $265.5 million in mutual fund assets from four Banknorth funds into four Federated funds. The financial terms of the arrangement were not disclosed.

"Federated's long history of working with Banknorth, coupled with our broad investment expertise, provides an ideal opportunity for Banknorth to transition its mutual fund franchise into several of Federated's flagship products," said J. Christopher Donahue, president and CEO of Federated Investors, Inc. "Federated is a leader in providing investment management products and solutions to banks and other financial institutions. We continue to seek these kinds of growth opportunities."

"Our decision to reorganize our fund assets fits with Banknorth's commitment to provide our clients with open architecture and to offer them the best range of financial services products available," said Robert B. Esau, president, Banknorth Wealth Management Group. Voting separately by fund, Banknorth shareholders approved the following transfers:

Banknorth Mutual FundsTransferred Assets as of 8/27/04Federated Mutual FundsFund Assets as of 7/31/04

Banknorth Large Cap Core Fund

$91.5 million

Federated Capital Appreciation Fund-A

$ 3.3 billion

Banknorth Small/Mid Cap Core Fund

$13.1 million

Federated Kaufmann Fund-A

$ 6.4 billion

Banknorth Intermediate Bond Fund

$89.8 million

Federated Total Return Bond Fund-SS

$ 1.2 billion

Banknorth Vermont Municipal Bond Fund

$71.1 million

Federated Vermont Municipal Income Fund

Banknorth Wealth Management Group is a division of Banknorth, N.A., the banking subsidiary of Banknorth Group, Inc. At June 30, 2004 Banknorth Group, Inc., headquartered in Portland,Maine, and one of the 30 largest publicly traded commercial banks in the country, had $29.3 billion in assets with operations in six Northeastern states.

Federated Investors, Inc. is one of the largest investment managers in the United States, managing $184 billion in more than 135 mutual funds and various separately managed accounts as of June 30, 2004. Institutions and financial professionals on behalf of individual investors have invested in Federated’s equity, bond and money market products since 1955. Visit FederatedInvestors.com for more information.

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For more complete information on Federated funds, please visit www.federatedinvestors.com for prospectuses. Investors should read the prospectus carefully before investing. Federated Securities Corp., Distributor of the Federated funds. Separately managed accounts available through Federated Investment Counseling, a registered investment advisor.
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