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UBS Warburg's bid for Enron's North American Electricity and Natural Gas Trading Operations approved by bankruptcy court.

| Media Releases Switzerland

UBS Warburg announced today that its bid for Enron's North American wholesale electricity and natural gas trading business has been approved by the United States Bankruptcy Court in New York. Completion of the transaction is subject to approval under Hart-Scott-Rodino and by the Federal Energy Regulatory Commission.

This is a unique opportunity for UBS Warburg as this technology-based trading business leverages the firm's worldwide strengths of trading, market making and risk management," said John P. Costas, chief executive officer of UBS Warburg. We look forward to reestablishing the business and to providing clients with superior service."

Terms of the proposed transaction call for Enron to receive a royalty calculated as a percentage of the income of the business. UBS Warburg will assume none of Enron's past, current or future liabilities or trading positions.

UBS Warburg is the investment banking group of UBS AG (NYSE: UBS), one of the largest financial services firms in the world with 71,000 employees in more than 40 countries. UBS Warburg is a leader in equities, corporate finance, M&A advisory and financing, financial structuring, fixed income issuance and trading, foreign exchange, derivatives and risk management.

New York, 18 January 2002
UBS Warburg