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UBS terminates its advisory mandate for the Ilisu hydro-electric project

| Media Releases Switzerland

UBS announced today that it is to terminate its advisory mandate for the Ilisu project. This decision has already been advised to the lead management of the suppliers' consortium for the construction of the project, which is located in south-east Anatolia (Turkey). The contract of mandate with the supplier company for the structuring and arranging of the financing, together with related consultancy services, will be terminated in compliance with the agreed period of notice.

The decisive factor behind this termination is that the general progress of the project has been unsatisfactory in recent years and that until now there has been no definitive decision on what accompanying measures are to be taken to minimize the social and environmental impact of the project.

Zurich / Basel, 27 February 2002
UBS AG