UPDATE ON UPCOMING MEETING WITH NASAA COMMITTEE AND NEW MEXICO HEARING ON PROPOSED RULES

October 3, 1990 TO: CONTRACTUAL PLANS COMMITTEE NO. 10-90 RE: UPDATE ON UPCOMING MEETING WITH NASAA COMMITTEE AND NEW MEXICO HEARING ON PROPOSED RULES __________________________________________________________ As you know, the North American Securities Administrators Association, Inc. ("NASAA") and certain states have raised questions concerning contractual plans. Most recently, the New Mexico Securities Division issued proposed rules that would virtually prohibit the sale of contractual plans in New Mexico. A hearing on the proposed rules will be held on Monday, October 29, 1990, 9:00 a.m. in Santa Fe, New Mexico. The Investment Company Registration/Trading Practices Committee of NASAA has also indicated that it wishes to meet with the contractual plan sponsors prior to making a recommendation as to what action, if any, NASAA and its members should take regarding contractual plans. This meeting has been scheduled for Friday, November 2, 1990, 1:30 p.m. in Austin, Texas . The Institute has retained Joel Goldberg of Shereff, Friedman, Hoffman & Goldman to assist the Institute and its members in working with NASAA and the NASAA Committee. Mr. Goldberg was the former director of the Division of Investment Management at the SEC. A meeting to develop the strategy the Committee wishes to take with NASAA has been scheduled for Thursday, October 18, 1990, 10:00 a.m. at the Institute's offices. Please return the attached form as soon as possible if you plan on attending any of the foregoing meetings. Patricia Louie Assistant General Counsel Attachment CONTRACTUAL PLAN COMMITTEE PLEASE TYPE OR PRINT COMMITTEE MEMBER'S NAME OTHER COMPANY NAME YES NO ____ ____ STRATEGY MEETING AT ICI Thursday, October 18, 1990, 10:00 a.m. ____ ____ NEW MEXICO HEARING ON PROPOSED RULES Monday, October 29, 1990, 9:00 a.m. ____ ____ MEETING WITH NASAA COMMITTEE Friday, November 2, 1990, 1:30 p.m. Please return to Michael Branch (202/955-3524) at the Investment Company Institute, 1600 M Street, N.W., Washington, D.C. 20036 or send via FAX to 202/659-1519.