FOR IMMEDIATE RELEASE 99-22 SEC Releases Full Agenda and Panelists for Independent Fund Directors Roundtable Washington, DC, February 16, 1999 -- The Securities and Exchange Commission today released the full agenda and panelists for the Independent Investment Company Directors Roundtable that it will host on February 23 - 24, 1999. The roundtable will explore the critical watchdog role that independent directors play in protecting the interests of fund shareholders. SEC Roundtable on the Role of Independent Investment Company Directors February 23-24, 1999 Tuesday, February 23, 1999 9:00 - 9:20 Introductory Remarks Arthur Levitt, Chairman, SEC 9:20 - 9:45 Overview - Role of the Independent Director Paul F. Roye, Director, Division of Investment Management, SEC 9:45 - 11:15 Negotiating Fees and Expenses Erik R. Sirri, Moderator Chief Economist, SEC Kenneth E. Scott, Independent Director, American Century Funds and Dresdner RCM Capital Funds Bruce K. MacLaury, Independent Director, Vanguard Funds Robert C. Pozen, President and Chief Executive Officer, Fidelity Management & Research Company John D. Markese, Ph.D., President, American Association of Individual Investors Harold Evensky, Evensky, Brown & Katz 11:15 - 11:30 Break 11:30 - 12:45 Fund Distribution Arrangements Lori A. Richards, Moderator Director, Office of Compliance Inspections and Examinations, SEC Jessica M. Bibliowicz, Independent Director, Eaton Vance Funds Faith Colish, Independent Director, Neuberger and Berman Funds Charles R. Schwab, Chairman and Co-CEO, Charles Schwab Corporation Paul G. Haaga, Jr., Executive Vice President, Capital Research and Management Company Philip L. Kirstein, General Counsel, Merrill Lynch Asset Management Group 12:45 - 2:00 Break 2:00 - 3:45 Fund Portfolio Brokerage Meyer Eisenberg, Moderator Deputy General Counsel, Office of General Counsel, SEC John A. Hill, Independent Director, Putnam Funds Anne P. Jones, Independent Director, IDS Mutual Fund Group James P. Smyth, President, Broadcort Capital Corp. Duncan L. Niederauer, Managing Director Equities Division, Goldman, Sachs & Co. Henry H. Hopkins, Managing Director and Chief Legal Counsel, T. Rowe Price Associates, Inc. Heidi Stam, Principal, The Vanguard Group Inc. 3:45 - 4:00 Break 4:00 - 5:00 Valuation of Fund Portfolio Securities & Portfolio Liquidity Annette Nazareth, Moderator Senior Counsel to the Chairman, SEC Manuel H. Johnson, Independent Director, Morgan Stanley Dean Witter Family of Funds Jean Gleason Stromberg, Independent Director, AARP Funds Edward L. Cameron, Partner, PricewaterhouseCoopers Kenneth V. Domingues, Chief Accountant, Division of Investment Management, SEC Julie Allecta, Partner, Paul, Hastings, Janofsky & Walker Wednesday, February 24, 1999 9:00 - 10:00 Fund Disclosure & Communications Barry P. Barbash, Moderator Partner, Shearman & Sterling Lt. Gen. Norman H. Smith (USMC) (Ret.), Independent Director, John Hancock Mutual Funds Donald W. Dick, Jr., Independent Director, T. Rowe Price Equity Funds Michael J.C. Roth, President and CEO, USAA Investment Management Co. Robert E. Denham, Partner, Munger, Tolles & Olson LLP Jay G. Baris, Partner, Kramer Levin Naftalis & Frankel LLP 10:00 - 11:00 Role of Directors in Acquisitions of Investment Advisers and Reorganizations of Funds Paul F. Roye, Moderator Director, Division of Investment Management, SEC Dawn-Marie Driscoll, Independent Trustee, Scudder Funds Joseph Hankin, Independent Director, Stagecoach Funds and First Choice Funds Rachel Robbins, General Counsel, J.P. Morgan & Co. David M. Butowsky, Partner, Gordon Altman Butowsky Weitzen Shalov & Wein 11:00 - 11:10 Break 11:10 - 12:30 Issues for Independent Directors of Closed- End Funds, Variable Insurance Products Funds, and Bank-Related Funds Paul Gonson, Moderator Counsel, Kirkpatrick & Lockhart LLP Wilson Nolen, Independent Director, Scudder Funds Richard J. Herring, Independent Director, BT Funds Bradley W. Skolnik, Securities Commissioner, Indiana Securities Division Deborah R. Gatzek, General Counsel, Franklin Templeton Group Diane E. Ambler, Partner, Mayer, Brown & Platt Kathleen Dennis, Senior Managing Director, Key Asset Management 12:30 - 1:45 Break 1:45 - 3:15 Enhancing the Effectiveness of Independent Directors (Part I) Harvey J. Goldschmid, Moderator General Counsel, SEC Ronald J. Gilson, Independent Director, American Century Funds Willie D. Davis, Independent Director, Strong Funds John C. Coffee, Jr., Professor of Law, Columbia University Leslie L. Ogg, Vice President and General Counsel, IDS Mutual Fund Group Richard M. Phillips, Partner, Kirkpatrick & Lockhart LLP 3:15 - 3:30 Break 3:30 - 5:00 Enhancing the Effectiveness of Independent Directors (Part II) Paul F. Roye, Moderator Director, Division of Investment Management, SEC John R. Haire, Independent Director, Morgan Stanley Dean Witter Family of Funds Gerald C. McDonough, Independent Trustee, The Fidelity Funds Aulana L. Peters, Partner, Gibson, Dunn & Crutcher LLP Thomas R. Smith, Jr., Partner, Brown & Wood LLP David A. Sturms, Partner, Vedder, Price, Kaufman & Kammholz 5:00 - 5:05 Closing Remarks Paul F. Roye, Director, Division of Investment Management, SEC # # #