Financial Disclosure Issues and Fraud Law

Roundtable Discussion on Financial Disclosure and Auditor Oversight

Monday, March 4, 2002

Inter-Continental, The Barclay Hotel, Astor Room
111 East 48th Street, New York, New York

Harvey L. Pitt, Chairman
Cynthia A. Glassman, Commissioner

Panel 1: Improving Financial Statement Disclosure

Moderator: Marty Lipton, Esq., Wachtell, Lipton, Rosen & Katz
Warren Buffett, Chairman, Berkshire Hathaway
Dwight Churchill, S.V.P., Head of Fixed Income Division, Fidelity Investments
Stephen Friedman, Senior Principal, MMC Capital
Dick Grasso, Chairman and CEO, New York Stock Exchange
Joel H. Seligman, Esq., Dean, Washington University School of Law
John White, Esq., Cravath, Swaine & Moore

Panel 2: Assuring Adequate Oversight of Auditing Function

Moderator, Robert H. Mundheim, Esq., Shearman & Sterling
William Allen, New York University School of Law
Warren Buffett, Chairman, Berkshire Hathaway
James Copeland, Chief Executive Officer, Deloitte & Touche
David Shedlarz, Chief Financial Officer, Pfizer
Melvyn Weiss, Esq., Milberg, Weiss, Bershad, Hynes & Lerach, LLP

Panel 1: Improving Financial Statement Disclosure

Mr. Pitt: Good morning, everyone.

We are very fortunate to have a group of very distinguished individuals who are expert in various aspects of our markets. We have a whole day of significant discussions.

And, for the Commission, this is an opportunity to learn and to listen, not an opportunity, really, to put forth our own views.