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UBS Warburg Responds To Press Reports Regarding California Energy Trading

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Following press reports about Enron's energy trading activities in California during 2000 and 2001, UBS Warburg today released the following statement:

UBS Warburg entered the energy trading business in February 2002. UBS Warburg is committed to conducting its energy trading business consistent with all legal and regulatory requirements and the highest risk management and ethical standards. UBS has not engaged in any trading activities with California Independent System Operators. Moreover, any such future energy trading conducted by UBS will be in compliance with all legal, regulatory and ethical requirements. As is its practice, UBS Warburg operates its trading activities under strict risk guidelines and will continue to monitor all energy trading business to ensure full compliance with all applicable laws and regulations. UBS will cooperate with all federal and state investigations into Enron's trading activities.


Inquiries: David P. Walker: +1 212-713-8502 of UBS