35LY Int.pwr.j.3.75%

RNS Number:0694F
International Power (Jersey) Ltd
23 June 2006


                      INTERNATIONAL POWER (JERSEY) LIMITED
      US$252,500,000 3.75 PER CENT. GUARANTEED CONVERTIBLE BONDS DUE 2023
 convertible into 3.75 per cent. redeemable preference shares of International
 Power (Jersey) Limited which are immediately exchanged for ordinary shares of
                       and unconditionally guaranteed by
                            INTERNATIONAL POWER PLC

                   NOTICE OF ADJUSTMENT TO THE EXCHANGE PRICE

Adjustment Event

On 17 May 2006 International Power plc announced that on 23 June 2006 it would
pay a cash Dividend of 4.5 pence per ordinary Share to Shareholders on the
register of members on the record date of 26 May 2006.

Adjustment of Exchange Price

Each US$1,000 principal amount of a Bond is convertible into one Preference
Share with a paid-up value of US$1,000. The Preference Shares will be delivered
to International Power plc following the issue of such Preference Shares to the
Bondholder, in consideration for which International Power plc will deliver such
number of Shares as results from dividing the paid up value of each Preference
Share (translated into pounds sterling at the fixed exchange rate of US$1.5893 =
#1) by the Exchange Price in effect on the Conversion Date (rounded down to the
nearest whole number of Shares).

Clause 7 of the Preference Share Guarantee and Undertaking requires an
adjustment to be made to the Exchange Price in accordance with the terms of the
schedule thereto on the occurrence of certain corporate events. As a result of
the announcement by International Power plc that it will pay a cash Dividend to
the Shareholders, an adjustment to the Exchange Price is required pursuant to
paragraph B(iii) of the schedule.

The current Exchange Price is 176 pence.

From and including 23 June 2006, being the date of payment of the cash Dividend,
the Exchange Price will be adjusted to 173 pence. All other Terms and Conditions
of the Bonds remain unchanged.

Conversion Agent
Deutsche Bank AG London

Effective Date of Exchange Price Adjustment
The adjustment to the Exchange Price will become effective on 23 June 2006.
Defined Terms

All words and terms that are capitalised herein shall have the same meaning as
set out in the Terms and Conditions of the Bonds.



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            The company news service from the London Stock Exchange

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