ICI Appoints Elizabeth Krentzman as General Counsel, May 2004

Washington, DC, May 13, 2004 - The Investment Company Institute is pleased to announce that Elizabeth R. Krentzman will be joining the Institute as its General Counsel. Ms. Krentzman has served on the staff of the Securities and Exchange Commission and currently is a partner of Deloitte & Touche LLP, where she leads the firm's consulting and regulatory compliance practice for mutual funds. She will report to incoming ICI President Paul Stevens when she assumes her position at the ICI in June.

Paul G. Haaga, Chairman of the Institute, said, "Elizabeth brings an impressive background and a record of solid accomplishment to her new duties at the ICI. She understands mutual funds and fund regulation as few people do -- from the perspective of a private lawyer, a government regulator, and an industry consultant. She is well equipped to lead the Institute's outstanding legal staff at this challenging time."

Paul Stevens, who will succeed Matt Fink as Institute President on June 1, said, "Elizabeth is an outstanding lawyer, well known and highly regarded throughout the industry. She has a sophisticated understanding of fund regulation, hands-on experience in the area of compliance and operations, and a keen appreciation for the public policy arena in which the Institute operates. We are very fortunate to have her join the ICI."

Since 1997, Ms. Krentzman has been a Partner of Deloitte & Touche and National Director for Asset Management Regulatory Consulting. From 1991 to 1997, she served in various capacities at the SEC's Division of Investment Management. While with the SEC staff, she led the project that produced landmark revisions to mutual fund disclosure requirements. Before joining the SEC, Ms. Krentzman was an associate with the law firm of Ropes & Gray, specializing in investment company matters. She is a member of the District of Columbia Bar, and a 1985 graduate of the University of Florida School of Law.