UBS LOGO UBS logo. (PRNewsFoto)[AG] STAMFORD, CT USA 07/16/2003

WHAT: The 2004 UBS Natural Gas & Electric Utilities Conference , themed "In Search of Relative Value," will feature formal presentations by the senior management of 18 well-known companies in the sector. In addition, the conference will include two keynote luncheon presentations. Charif Souki, Chairman and CEO of Cheniere Energy [NYSE: LNG], will speak on North American LNG opportunities/risks; and FERC Commissioner Joseph Kelliher will discuss the biggest issues on the agency's high-profile agenda.

            Below is a final list of presenting companies:

            AES Corporation
            American Electric Power
            Cheniere Energy
            Cinergy Corp.
            CMS Energy
            Constellation Energy
            Dominion Resources
            DTE Energy
            Dynegy
            Entergy Corporation
            Exelon Corp.
            KeySpan Corporation
            Kinder Morgan
            Questar Corp.
            Peabody Energy
            Southern Company
            TransCanada
            Williams

WHY: Fueled by easing liquidity concerns, the low interest rate environment, favorable dividend tax legislation and the overall rebound in equities markets, U.S. natural gas & electric utility share prices rose sharply throughout 2003 and are now trading near historically high valuations. UBS has assembled a wide swath of players in the arena to determine the key drivers of growth going forward and where there is further risk-adjusted upside (or downside) potential. Beyond valuation, key fundamental issues of focus will include: wholesale natural gas/coal/power prices, spark spreads, generation dispatch trends, balance sheet evolution, rate case cycles, the future of international investments, environmental issues, the need for new transmission, and critical components of -- and prospects for -- the energy bill. The conference promises to be an intense two days with ample room for Q&A and lively debate.

 WHEN:      Wednesday, February 11 and Thursday, February 12

 WHERE:     The Grand Hyatt
                    New York City

 WEBCAST:   Live audio transmissions of company presentations will be accessible via the UBS Investment Bank website at http://www.ibb.ubs.com when the conference opens. Replays will be                available starting approximately three hours after the initial presentation and will remain accessible for four weeks.

 REGISTER:  Members of the media may register for the conference by contacting William Dentzer at (212) 713-8515 or  william.dentzer@ubs.com.