ICI Re-Elects Flanagan As Chairman, Names New Board Members

Washington, DC, October 11, 2006 – The Investment Company Institute’s Board of Governors has re-elected Martin L. Flanagan, President and CEO of AMVESCAP PLC, to a second consecutive one-year term as Chairman of the Institute.

The Board also elected Paul G. Haaga , Jr., Executive Vice President of Capital Research and Management Company, to serve another one-year term as Vice Chairman, and appointed 15 Governors to new three-year terms on the Board.

As Chairman, Mr. Flanagan presides over the Board of Governors, the governing body of the Institute. The Board is responsible for setting policy and overseeing activities of the Institute, whose members include mutual funds, closed-end funds, exchange-traded funds, and unit investment trusts. Mr. Flanagan is also a member of the Institute's Executive Committee.

Mr. Flanagan joined AMVESCAP as President and CEO in August 2005. Prior to joining AMVESCAP, Mr. Flanagan spent 13 years at Franklin Resources, eventually becoming President and Co-CEO, before his departure in July 2005. He spent nearly 10 years in senior-level positions at Templeton, Galbraith & Hansberger before its acquisition by Franklin in 1992. He has also served on the Institute's Board of Governors and was a member of the NASD Mutual Fund Task Force.

Mr. Haaga joined Capital, the investment adviser to the American Funds, in 1985. Prior to Capital, he was a partner in the law firm of Dechert Price & Rhoads in Washington, DC. Mr. Haaga worked as a senior attorney for the Division of Investment Management at the U.S. Securities and Exchange Commission from 1974 to 1977. He was Chairman of the Institute from 2002 to 2004.

The Board of Governors also appointed two new members and 13 members with previous Board experience to serve new three-year terms on the Board. The newly elected Governors, whose terms will expire September 30, 2009, are:

Anne F. Ackerley, BlackRock, Inc.
Edward C. Bernard, T. Rowe Price Group, Inc. (new to the Board)
Christopher W. Claus, USAA Investment Management Company
John F. Cogan, Jr., Pioneer Investment Management, Inc.
Dennis H. Ferro, Evergreen Investment Management Company, LLC
C. Gary Gerst, Henderson Global Funds
Edith E. Holiday, Independent Director, Franklin Templeton Funds
Abigail P. Johnson, Fidelity Investments
Susan B. Kerley, Independent Chair, New York Life Eclipse Funds, and Independent Trustee, Legg Mason Partner Funds (new to the Board)
John W. McGonigle, Federated Investors, Inc.
Randall W. Merk, Charles Schwab & Company, Inc.
John V. Murphy, OppenheimerFunds, Inc.
Judy Rice, Prudential Investments
Michael D. Strohm, Waddell & Reed, Inc.
Lloyd A. Wennlund, Northern Trust Global Investments

Governors who will continue to serve on the Board of Governors are:

William L. Armstrong, Independent Chairman and Trustee, OppenheimerFunds, Inc.
James H. Bodurtha, Independent Director, Merrill Lynch Funds
John J. Brennan, The Vanguard Group, Inc.
Robert C. Doll, BlackRock, Inc.
Robert S. Dow, Lord, Abbett & Company, LLC
Kenneth C. Eich, Davis Selected Advisers, L.P.
Ralph C. Eucher, Principal Mutual Funds
Mark R. Fetting, Legg Mason
Martin L. Flanagan, AMVESCAP PLC
George C. W. Gatch, J.P. Morgan Asset Management
Paul G. Haaga, Jr., Capital Research & Management Company
Charles E. Haldeman, Jr., Putnam Investments
Peter A. Harbeck, AIG SunAmerica Asset Management Corporation
James B. Hawkes, Eaton Vance Corporation
James M. Hennessy, ING Funds
Diana P. Herrmann, Aquila Investment Management, LLC
Mellody Hobson, Ariel Capital Management, LLC
Gregory E. Johnson, Franklin Resources, Inc.
William M. Lyons, American Century Investments
Brian A. Murdock, New York Life Investment Management, LLC
Alfred E. Osborne, Jr., Independent Trustee, WM Group of Funds
Robert C. Pozen, MFS Investment Management
Thomas O. Putnam, Fenimore Asset Management, Inc.
Ruth H. Quigley, Independent Director, AIM Family of Funds
Lewis A. Sanders, AllianceBernstein, L.P.
Peter E. Sundman, Neuberger Berman Management, Inc.
Garrett Thornburg, Thornburg Investment Management, Inc.
Robert W. Uek, Independent Trustee, MFS Funds
John C. Walters, Hartford Life, Inc.
Christopher L. Wilson, Columbia Management Group, Inc.
Patricia K. Woolf, Independent Director, American Funds