35LY Int.pwr.j.3.75%

    RNS Number : 0939H
  International Power (Jersey) Ltd
  31 October 2008
   

    NOTICE TO HOLDERS OF
    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 
    ISIN: XS0173110262
    NOTICE OF ADJUSTMENT TO THE EXCHANGE PRICE
    Adjustment Event
    On 7 August 2008 International Power plc announced that on 31 October 2008 it would pay a cash Dividend of 3.56 pence per ordinary Share
to Shareholders on the register of members on the record date of 3 October 2008.
    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 165 pence.
    From and including 31 October 2008, being the date of payment of the cash Dividend, the Exchange Price will be adjusted to 163 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 31 October 2008.
    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.
    31 October 2008

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