PRELIMINARY PROGRAM FOR DIRECTORS' WORKSHOP; MARK YOUR CALENDAR FOR 2003 DIRECTORS' CONFERENCE

[15536] January 16, 2003 TO: BOARD OF GOVERNORS No. 3-03 INVESTMENT COMPANY DIRECTORS No. 1-03 PRIMARY CONTACTS - MEMBER COMPLEX No. 4-03 SEC RULES COMMITTEE No. 9-03 RE: PRELIMINARY PROGRAM FOR DIRECTORS’ WORKSHOP; MARK YOUR CALENDAR FOR 2003 DIRECTORS’ CONFERENCE Directors’ Workshop The Investment Company Institute is pleased to offer an Investment Company Directors’ Workshop on April 8, 2003 at the Grand Hyatt in Washington, DC. The one-day workshop will feature an overview of the role of investment company directors, including a discussion of the traditional role of fund directors and how that role has changed. Later panels will explore the role of directors in reviewing fund financial statements, director oversight of internal controls and the board’s relationship with the external auditor. The final workshop session will feature an informal discussion with representatives from the U.S. Securities and Exchange Commission. Attendance at the workshop will be limited. Registration will be open to directors and employees of Institute member companies until March 17th. Non-members will be admitted beginning on March 17th on a space-available basis. A preliminary program and registration form are attached to this memorandum. The registration form may be returned to the Institute by mail or fax at the address and/or fax number on the form. If you plan to spend the night at the hotel on April 7th, reservations should be made by contacting the hotel directly at 202/582-1234. To ensure the conference room rate of $209, you must contact the hotel no later than March 7, 2003, and mention the Investment Company Institute when making your reservation. The group rate and the availability of guestrooms cannot be guaranteed after the cutoff date. To avoid penalty, cancellations must be made 24 hours prior to scheduled arrival date. The Institute has negotiated discounted airfares through US Airways. Please call 877/874-7687 between 8:00 am and 9:30 pm, Eastern Time. Refer to Gold File #17612669. Discount airfare is available three days before and after the conference dates. 2 2003 Directors’ Conference - Mark Your Calendar The Institute’s Tenth Annual Directors’ Conference will be held at the JW Marriott in Washington, DC on October 15-17, 2003. Additional program information and registration form will be mailed in August 2003. Marguerite C. Bateman Senior Associate Counsel Attachment no. 1 (in .pdf format)