GEC's holding of 100 PG shares

No. EGCO 110/535 Date: December 12, 2003 Attn: President of the Stock Exchange of Thailand Subject: GEC's holding of 100% GPG shares Electricity Generating Public Company Limited (EGCOMP) would like to inform the Stock Exchange of Thailand that Gulf Electricity Public Company Limited (GEC), held by EGCOMP, Electric Power Development Co., Ltd., and Mitpower (Thailand) Co., Ltd. at 50%, 49% and 1%, respectively, purchased 26,000,000 shares of Gulf Power Generation Co., Ltd.(GPG) or 40% stake from MEC Laguna Power B.V. at the amount of USD 13,000,000. Upon the consent of Electricity Generating Authority of Thailand, the electricity buyer, the transfer of GPG shares was completed on December 11, 2003. This resulted in GEC holding 100% stake in GPG. Yours sincerely, Sakda Sreesangkom SEVP-Finance Acting for President Corporate Secretary Division Tel. 0 2998 5020 - 27