Dec 11, 2006
                            The Tokyo Electric Power Company, Incorporated
                                                      Marubeni Corporation


The consortium comprised of The Tokyo Electric Power Company, Incorporated
("TEPCO") and Marubeni Corporation ("Marubeni") (jointly the "Consortium") has 
reached agreement with Mirant Corporation to acquire Mirant Asia Pacific Limited 
("MAPL"), the Philippines' largest IPP, and executed a Stock and Note Purchase 
Agreement with Mirant Asia Pacific Holdings, Inc. and Mirant Asia Pacific Ventures, 
Inc., Mirant's 100% subsidiaries, to purchase all of MAPL's shares today.

MAPL, through its subsidiaries, retains approximately 20% of the generating capacity 
in the Luzon region including Manila, the Philippines' capital. Through this acquisition 
by the Consortium, a Japanese electricity utility company and a trading house will 
acquire that generating capacity and will contribute to the stable electricity supply 
for the Manila region. 

The Consortium will acquire 100% of the Pagbilao coal-fired power station (735MW), 
100% of the Sual coal-fired power station (1,218MW) and 20% of the Ilijan gas 
combined cycle power station (1,251MW). The total capacity of the acquired assets 
is 2,203MW. The Consortium will establish an onshore special purpose company and 
continue the acquisition process.

Electricity generated will mainly be sold to National Power Corporation, the 
Philippines' government-owned utility company, by way of long-term electricity 
purchase and fuel supply contracts.

The Consortium is being advised by Sumitomo Mitsui Banking Corporation of Japan 
and ING Bank N.V. of the Netherlands as financial advisors on cashflow evaluation 
and financing plan.

TEPCO trusts that, through utilizing its technical expertise and O&M know-how, it 
will be able to contribute to the Philippines' electricity sector. TEPCO continues to 
develop overseas investment business in a proactive manner for further growth. 

Marubeni identifies Overseas IPP as one of the top priority field of investment, and 
expanding its global asset portfolio. By participation to this acquisition, Marubeni will 
strengthen its high presence as one of the largest IPP player in the market of 
Philippines, together with contributing to the development of power project which is 
an essential infrastructure in the country. 

 Appendix 
 Reference