Enron shares drop 20 percent on news of SEC request

HOUSTON, Oct. 22, 2001 — Shares of Enron Corp. dropped more than 20 percent Monday after the company announced the Securities and Exchange Commission (SEC) has requested information.

The energy trading corporation said it was voluntarily providing information regarding certain transactions with limited partnerships.

“We welcome this request,” said Kenneth L. Lay, Enron chairman and CEO. “We will cooperate fully with the SEC and look forward to the opportunity to put any concern about these transactions to rest. In the meantime, we will continue to focus on our core businesses and on serving our customers around the world.”

Enron noted that its internal and external auditors and attorneys reviewed the related party arrangements, the Board was fully informed of and approved these arrangements, and they were disclosed in the company’s SEC filings. “We believe everything that needed to be considered and done in connection with these transactions was considered and done,” Lay said.

Enron markets electricity and natural gas, delivers energy and other physical commodities, and provides financial and risk management services to customers around the world. Enron’s Internet address is www.enron.com . The stock is traded under the ticker symbol “ENE.”

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