Q: This is a post-only message. Please do not respond to this message. You may register online at www.aei.org/inv010530.htm. Current Policy Issues in Securities Regulation Wednesday, May 30, 2001, 9:00 a.m.-3:30 p.m. Wohlstetter Conference Center, Twelfth Floor, AEI 1150 17th Street, N.W., Washington, D.C. The basic structure for the public distribution of securities in the United States-which places limits on a company's communications before a final prospectus is available-was adopted almost seventy years ago, before the revolution in electronic communications and the advent of the Internet. The capital markets are globalized for institutions trading privately, but the access of U.S. residents to foreign securities is still restricted in various ways. The SEC's recent Regulation FD ("Fair Disclosure"), which requires companies to disseminate material information to the public at the same time the information is distributed to selected groups, may diminish the role of analysts as information intermediaries. Does the communications revolution require changes in the securities distribution process? Is there a responsible way to create truly globalized securities markets? Is Regulation FD soundly based in policy or academic work? This conference, sponsored jointly with the Securities Industry Association, will address these and other questions. 8:30 a.m. Registration 9:00 Introduction: Peter J. Wallison, AEI 9:15 Reform of Public and Private Offering System Presenter: William J. Williams, Jr., Sullivan & Cromwell Discussants: Kenneth Josselyn, Goldman, Sachs & Co. Anita Klein, Securities and Exchange Commission Donald C. Langevoort, Georgetown University Law Center 10:45 Internationalization of Primary and Secondary Offerings Presenter: Hal S. Scott, Harvard Law School Discussants: Robert L.D. Colby, Securities and Exchange Commission Edward F. Greene, Cleary, Gottlieb, Steen & Hamilton Jonathan Macey, Cornell Law School 12:30 p.m. Lunch 1:30 Regulation FD and the Value-added of Analysts Moderator: James K. Glassman, AEI Presenters: Brad Barber, University of California at Davis Frank Fernandez, Securities Industry Association Discussants: David M. Becker, Securities and Exchange Commission Tom Burnett, Merger Insight Kevin A. Hassett, AEI Joseph McLaughlin, Brown & Wood Louis M. Thompson, Jr., National Investor Relations Institute 3:30 Adjournment I will attend the conference on Wednesday, May 30. Name: Title: Affiliation: Address: City/State/Zip: Telephone: Fax: E-mail:
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A: May 30 AEI Event Reminder

Q: I got the memo from Naomi that you sent. First, who is Doug Imrie? Does he have a strong background in trading operations? Will he be able to coordinate effective reviews from a controls perspective, and will he be able to be the front-runner on how MG runs its business so that we will get a jump start on how best to assimilate the business? I think that this effort should be much broader than deal testing. It should encompass assessing people, processes, controls, systems support, etc. To do this quickly and effectively will require persons who are knowledgeable about daily trading operations. I don't know Naomi's background, but I wonder if she will be the right person to lead one of these efforts since she does not work in operations on a daily basis. Patrick Conner left me a message today to be certain that we are plugged in with an appropriate team from ENA to review the Chicago and New York offices. From the sound of Naomi's memo, it looks as if Andy Cornfield is assume to have the US responsibility. Again, I don't know Andy. Should we circle the wagons and develop a plan for doorstep reviews that includes some others in the process, particularly those that have been involved in some doorstep reviews to date and those that have daily operational experience? I have also mentioned Shona as a good resource as well.
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A: Merlin Doorstep Reviews

Q: Gerald, I attach a copy of the current form of master physical gas agreement ECC has in place with CNR. Randy will send you a credit worksheet in the next half hour. Can you make sure that your form of master has the triangular setoff language that Mark Haedicke distributed a month or so ago to be included in all agreements, as CNR wants to ensure there is cross-affiliate setoff. Once it is prepared, Howard Sangwine, the commercial contact in Calgary, will walk the document over to CNR, so you can send it to me and I will get it to him. Thanks for your help.
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A: CNR Master

Q: Dear Chris: At Gerald Nemec's request, please find a confidentiality agreement he has approved between Enron Compression Services Company and Kinder Morgan CO2 Company, L.P. Please advise when you're ready for the execution originals, and we'll print them out for you. Best wishes,
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CA - Kinder Morgan CO2 Company, L.P.