National Power authorizes foreign banks for proposed bond financing

23 Oct 2006

The National Power Corporation of the Philippines has mandated Citigroup and Deutsche Bank AG as Joint Bookrunners for a proposed bond financing. The proposed transaction will be announced soon, subject to market conditions. The bonds will be unconditionally and irrevocably guaranteed by the Republic of the Philippines.

This announcement is not an offer of securities for sale in the United States. Securities may not be sold in the United States unless they are registered or are exempt from registration. The Company does not intend to register any portion of the proposed offering in the United States or to conduct a public offering in the United States. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the Company and its management, as well as financial statements. Copies of this announcement are not being, and should not be, distributed in or sent into the United States.

Strategic Communications and Partnership Division
Tel. No. (632) 9029067