Investment Company Institute President to Address National Press Club Luncheon

Stevens to Focus on Mutual Fund Reform and the Future of America’s Fund Industry

Washington, DC, June 4, 2004 – Paul Schott Stevens, the new president of the Investment Company Institute, will be the keynote speaker at the National Press Club Luncheon on Tuesday, June 15, 2004 at 12:30 pm (EST). Stevens’ address, scheduled for approximately 1 pm, will be his first remarks before a public gathering since he assumed leadership at ICI.

Stevens became the fourth president of ICI on June 1, 2004. He served as general counsel of ICI from 1993 to 1997. Most recently, Stevens was a partner in the Washington, DC office of Dechert LLP, specializing in financial services matters. He joined Dechert in 1999 after serving as senior vice president and general counsel of Charles Schwab & Co.'s mutual fund and international enterprise. Earlier in his career, Stevens served as special assistant to President Ronald Reagan for National Security Affairs and as executive secretary of the National Security Council under then National Security Adviser Colin Powell.

The Investment Company Institute is the national association of the American investment company industry. Its membership includes 8,633 open-end investment companies ("mutual funds"), 622 closed-end investment companies, 126 exchange-traded funds, and five sponsors of unit investment trusts. Its mutual fund members manage assets of about $7.393 trillion. These assets account for more than 95 percent of assets of all U.S. mutual funds. Individual owners represented by ICI member firms number 86.6 million as of mid 2003, representing 50.6 million households.

The National Press Club is located at 529 14th Street, NW, Washington, DC. Stevens will deliver his remarks in the NPC Ballroom.

Tickets are available from the National Press Club by dialing 202/662-7501.