Pitt, McCullough to Address Mutual Fund Annual Meeting

Washington, DC, April 29, 2002 - The Investment Company Institute announced today that U.S. Securities and Exchange Commission Chairman Harvey L. Pitt and Pulitzer Prize-winning author David McCullough will address the Institute’s General Membership Meeting (GMM), the nation’s largest annual gathering of mutual fund industry leaders.

The theme of this year’s meeting, which will take place May 22 through May 24 at the Hilton Washington, is “Continuing a Tradition of Integrity in Challenging Times.” The gathering offers presentations, seminars, and panel discussions by industry leaders, business executives, and government leaders.

The GMM opens on the afternoon of Wednesday, May 22 with a presentation by J. Walker Smith, Managing Partner at Yankelovich Partners, who will examine current consumer behavior trends and their impact on financial services companies. Following Mr. Smith’s analysis, Robert H. Gordon, President of Banc of America Advisors, and F. William McNabb, III, Managing Director – Institutional Investor Group of The Vanguard Group, will offer their reaction and comment.

The morning session on Thursday, May 23, features remarks by John D. Carifa, 2002 GMM Chairman and President and COO of Alliance Capital Management; Terry K. Glenn, Institute Chairman and Chairman Americas and President of Merrill Lynch Funds, Merrill Lynch Investment Managers; and Institute President Matthew P. Fink.

During the keynote session on Thursday morning, Joseph J. Grano, Jr., Chairman and CEO of UBS PaineWebber, will offer his perspective on the current state of the financial services industry and provide a short-term outlook on the industry

Thursday’s luncheon will feature Pulitzer Prize-winning author and prominent historian David McCullough. Mr. McCullough’s presentation will examine the life of John Adams.

The general session on Thursday afternoon explores trends in the retirement market with John B. Shoven, Charles R. Schwab Professor of Economics at Stanford University. Thursday afternoon’s program also will include two concurrent sessions focusing on asset accumulation in today’s environment and advising investors on retirement needs. During the first session, “Accumulating Assets in a Challenging Environment,” noted financial writer Andrew Tobias will moderate a panel consisting of Robert Eaton, Managing Director of Merrill Lynch Investment Managers; John Ferrell, President and CEO of FERRELLCALVILLO Communications; and Jay Lewis, President and CEO of Nathan & Lewis Securities.

The second concurrent session, “Advising Investors as They Prepare for Retirement: Preparation for the Distribution of Asset Accumulation,” will be moderated by investment adviser and financial author Jonathan Pond. Panelists include Dennis Foley, Vice President of Investment Products at TIAA-CREF; Daniel P. Reinhold, Director of Retirement and Tuition Plans at Franklin Templeton Investments, and Marc D. Stern, Chairman of the Private Client Investment Policy Group for Berstein Investment Research & Management.

SEC Chairman Pitt is scheduled to address the GMM at 9 a.m. on May 24. Following Chairman Pitt’s remarks, the annual meeting will close with a discussion on the current state of financial markets and challenges confronting the markets. Robert Litan, Vice President and Director of Economic Studies at the Brookings Institution will moderate a panel of Wall Street experts Laszlo Birinyi, Jr., President of Birinyi Associates, and Michael F. Holland, Chairman of Holland & Co.

Registration is $525 for Institute members and $975 for nonmembers. Additional meeting and registration information is available by calling the Institute Conference Division at 202/326-5968. A conference program and general registration for the 2002 General Membership Meeting is available on ICI’s website.

Note: Working members of the news media wishing to cover the General Membership Meeting are required to complete a press registration form in order to obtain press credentials. Registration information is available from ICI’s Public Information Department by contacting John Collins at 202/326-5864 or collins@ici.org. Only accredited members of news media organizations and qualified freelance writers are eligible for press credentials. For hotel room reservations at the convention site, contact the Hilton Washington directly at 202/483-3000.