REMINDER OF POLICY ON THE FREE USE OF LINKLATERS COUNSEL FOR BLUE FLAG QUESTIONS

[18129] October 25, 2004 TO: INTERNATIONAL COMMITTEE No. 48-04 RE: REMINDER OF POLICY ON THE FREE USE OF LINKLATERS COUNSEL FOR BLUE FLAG QUESTIONS As you know, the Institute offers members free access to two international securities law research tools – Blue Flag® Funds and Blue Flag® Shareholding Disclosure. These research tools are maintained by the London-based law firm Linklaters. Linklaters has asked us to circulate the attached letter reminding Institute members about their policy with regard to follow-up questions. In short, Linklaters attorneys are available, free of charge, to clarify ambiguities and to answer reasonably generic follow-up questions. They may charge their normal billing rates to answer more extensive questions or to provide specific advice or legal opinions. Whether or not particular questions rise to the level of “chargeable” will be considered on a case-by-case basis. You can submit follow-up questions to Linklaters attorneys directly, using the contact information under the link to “Counsel” on the left-hand side of the Blue Flag® country pages. You can also contact me (202/371-5430; rcg@ici.org) or Jennifer Choi (202/326-5810; jchoi@ici.org) with questions, and we will follow up with Linklaters. If you choose to contact Linklaters counsel directly, we recommend that you discuss and agree to charging details prior to receiving any advice. Robert C. Grohowski Associate Counsel Attachment (in .pdf format)