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Covington Completes UBS Warburg Acquisition of Enron Natural Gas & Power Trading Business and Enron Online

February 12, 2002

February 12, 2002 – NEW YORK – Covington & Burling announced today that it assisted UBS Warburg in the completion of UBS Warburg’s acquisition of Enron Online and its natural gas and power trading business from the bankruptcy estate. The new business has been branded www.UBSWenergy.com and is expected to commence trading this month.

The transaction required significant structuring expertise under the pressure of the highest profile bankruptcy proceeding, intense bidding rules and court ordered deadlines. Originally proposed by Enron as an acquisition or joint venture, the transaction was ultimately structured under a comprehensive license agreement covering Enron’s state-of-the-art technology and know how and trading data. Equally important was coordinating the hiring of over 600 employees, some highly compensated, and leasing enough real estate in Houston, Portland, Calgary and Toronto to operate, with all having to occur on the same date. The transaction also involved cross border issues with Enron’s Canadian operations, which were held by an Enron subsidiary not part of the bankruptcy proceeding.

For more information, please contact Glenn Johnston, gjohnston@cov.com, 212.841.1173 or Noël Decker, ndecker@cov.com, 202.662.6361.

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