Final Letter to ICI Members from Matt Fink

Washington, DC, May 24, 2004 - In a final message to ICI members, Institute President Matthew P. Fink reflected on his tenure and the future of the industry:

“As you know, I will be retiring as President of the Institute at the end of this month.

I have had a truly wonderful career representing investment companies, their advisers, directors and shareholders over the past 33 years. I would like to thank you most sincerely for your support and friendship.

Our industry’s future depends on putting shareholders’ interests first, both at each fund complex and collectively in Washington. I therefore urge you to continue to participate in industry affairs – by providing Institute staff with your views and suggestions, by participating in Institute committee meetings and other forums, and by reaching consensus in the best interest of fund shareholders. This past year has been difficult for all of us. But by following our tradition of working together on behalf of our investors, we have achieved a great deal.

I ask that you provide the Institute’s new President, Paul Stevens, with the same support and understanding that you extended to my predecessors and me.

I plan to take several months off. After June 1, you may contact me at the Institute, c/o Lawrence Maffia, Executive Vice President & Chief Operating Officer.

It has been an honor to represent you and your shareholders. I thank you from the bottom of my heart and wish you and your colleagues all the very best.”