CLARIFICATION ON INVESTMENT IN THAI OIL POWER

No.EGCO 310/440 Date: September 28, 1998 Attn: The President of the Stock Exchange of Thailand Subject: Clarification on investment in Thai Oil Power According to the news in Business Day dated September 28, 1998 stated that Electricity Generating Public Company Limited (EGCOMP) and China Light and Power (CLP) would share in the 40-percent stake in Thai Oil Power. EGCOMP would like to clarify that we did not release this matter. EGCOMP is a listed company which generates electricity and does energy related business as a core business. Due to the economic crisis, EGCOMP has developed strategies to consider jointly invest or acquire power businesses which have already signed power purchase agreements (PPA) with Electricity Generating Authority of Thailand (EGAT) under 1st round IPP solicitation. In addition, we interests in the successful electricity generating business with secured PPA in the neighbouring countries. However, we are aware of risks and return on investment in order to make investors and debtors' confidence in EGCOMP. Thai Oil Power, the 1st round IPP project who got the financing closed, is one of the projects which EGCOMP interests under current strategies. Besides, there are some other projects which are under feasibility study. The Board of Directors still does not approve to invest in Thai Oil Power. If the Board of Directors approve to invest in Thai Oil Power, EGCOMP will inform Sincerely yours, Worawit Khamkanist Managing Director