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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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Why is Enron's stock so volatile now? Since today's session started, ENE has lost another $2.50! Mr. Ken Lay replies I haven't had a chance to check our stock today, but I think for several reasons it's more volatile. But before I comment on that, our stock price is still up even if it went down that much today. It's up 40% since the beginning of the year when the Dow was down. As recently as mid-December, the stock price is up about 75%. That's one reason why it's so volatile. Some people bought in along the way, they've had a good strong increase, particularly with the uncertainty in the marketplace, people just want to take some money off the table. As we become more of a technology stock, a high P/E stock, a growth stock held by growth portfolios, you're going to have more volatility, just like all the other companies that fit into that category. Throughout the market, technology stocks quite often go up or down not just $3-$4 a whack, but often $10-$12-$15 a whack. What I tell Mark Koenig is I love that volatility on the upside, but I hate it on the down side. We've had a change in the ownership of our stock. Increasingly, it's being bought by the growth portfolio managers, and increasingly it's being sold by the value and other portfolio managers that picked it up at much lower valuations, and now at these values they want to take their money and put it back into lower P/E stocks. I know this makes everybody a little nervous, but this is probably the world we're in now. I'd rather be in this world with a 50 P/E than the more stable world with a 20 P/E.

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OUT:
Ken Lay on Enron's stock price volatility