FORM 8.5 (EPT/NON-RI)

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS (OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1. KEY INFORMATION

(a) Name of exempt principal trader:

BARCLAYS CAPITAL SECURITIES LTD

(b) Name of offeror/offeree in relation to whose relevant securities this form relates:

Use a separate form for each offeror/offeree

INTERNATIONAL POWER PLC

(c) Name of the party to the offer with which exempt principal trader is connected:

Advisor to Offeree

(d) Date position held/dealing undertaken:

25 June 2012

(e) Has the EPT previously disclosed, or is it today disclosing, under the Code in respect of any other party to this offer?

NO

2. POSITIONS OF THE EXEMPT PRINCIPAL TRADER

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security: ORD
Interests Short Positions
Number (%) Number (%)
(1) Relevant securities owned
and/or controlled: 14,369,921 0.28% 2,551,680 0.05%
(2) Derivatives (other than
options): 2,310,385 0.05% 8,687,235 0.17%
(3) Options and agreements to
purchase/sell: 2,500,000 0.05% 0 0.00%
(4) TOTAL:
19,180,306 0.38% 11,238,915 0.22%
Class of relevant security: Convertible Bond XS0173110262
Interests Short Positions
Number (%) Number (%)
(1) Relevant securities owned
and/or controlled: 70,000 0.03% 0 0.00%
(2) Derivatives (other than
options): 0 0.00% 0 0.00%
(3) Options and agreements to
purchase/sell: 0 0.00% 0 0.00%
(4) TOTAL:
70,000 0.03% 0 0.00%
Class of relevant security: Convertible Bond XS0261440860
Interests Short Positions
Number (%) Number (%)
(1) Relevant securities owned
and/or controlled: 50,000 0.02% 0 0.00%
(2) Derivatives (other than
options): 0 0.00% 0 0.00%
(3) Options and agreements to
purchase/sell: 0 0.00% 0 0.00%
(4) TOTAL:
50,000 0.02% 0 0.00%
Class of relevant security: Convertible Bond XS0363710566
Interests Short Positions
Number (%) Number (%)
(1) Relevant securities owned
and/or controlled: 1,000,000 0.14% 0 0.00%
(2) Derivatives (other than
options): 0 0.00% 0 0.00%
(3) Options and agreements to
purchase/sell: 0 0.00% 0 0.00%
(4) TOTAL:
1,000,000 0.14% 0 0.00%

All interests and all short positions should be disclosed.

Details of any open derivative or option positions, or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors' and other executive options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

3. DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

(a) Purchases and sales

Class of relevant Purchase/sale Number of Price per unit
security securities
ORD Purchase 727 4.1731 GBP
ORD Purchase 2,719 4.1736 GBP
ORD Purchase 12,633 4.1733 GBP
ORD Purchase 20,422 4.1727 GBP
ORD Purchase 23,136 4.1740 GBP
ORD Purchase 109,171 4.1742 GBP
ORD Purchase 134,372 4.1744 GBP
ORD Purchase 165,269 4.1743 GBP
ORD Purchase 269,951 4.1737 GBP
ORD Purchase 680,079 4.1730 GBP
ORD Purchase 3,640 4.1740 GBP
ORD Sale 1,500 4.1734 GBP
ORD Sale 4,178 4.1746 GBP
ORD Sale 12,044 4.1751 GBP
ORD Sale 76,320 4.1741 GBP
ORD Sale 124,590 4.1740 GBP
ORD Sale 131,297 4.1733 GBP
ORD Sale 170,390 4.1745 GBP
ORD Sale 407,900 4.1750 GBP

(b) Derivatives transactions (other than options)

Class of Product Nature of dealing Number of Price per
relevant description reference unit
security securities
ORD SWAP Long 1,500 4.1733 GBP
ORD CFD Long 50,000 4.1734 GBP
ORD SWAP Long 407,900 4.1750 GBP
ORD SWAP Short 2,719 4.1736 GBP
ORD CFD Short 700,501 4.1733 GBP

(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type

e.g. American, European etc.

Expiry date Option money paid/ received per unit

(ii) Exercising

Class of relevant security Product description

e.g. call option

Number of securities Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security Nature of dealing

e.g. subscription, conversion

Details Price per unit (if applicable)

The currency of all prices and other monetary amounts should be stated.

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

If there are no such agreements, arrangements or understandings, state "none"

NONE

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

If there are no such agreements, arrangements or understandings, state "none"

NONE

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

YES

Date of disclosure:

26 Jun 2012

Contact name: Geoff Smith
Telephone number: 020 7116 2913

SUPPLEMENTAL FORM 8 (OPEN POSITIONS)

DETAILS OF OPEN OPTION AND DERIVATIVE POSITIONS, AGREEMENTS TO PURCHASE OR SELL ETC.

Note 5(i) on Rule 8 of the Takeover Code (the "Code")

1. KEY INFORMATION

Identity of person whose open positions are being disclosed:

BARCLAYS CAPITAL SECURITIES LTD

Name of offeror/offeree in relation to whose relevant securities the disclosure relates:

INTERNATIONAL POWER PLC

2. OPTIONS AND DERIVATIVES

Class Product Writing, Number Exercise Type Expiry
of description purchasing, of price date
relevant selling, securities per unit
security varying etc to which
option
relates
ORD Call Options Purchased 2,500,000 4.4000 American 27 Jun 2012

3. AGREEMENTS TO PURCHASE OR SELL ETC.

Full details should be given so that the nature of the interest or position can be fully understood:

It is not necessary to provide details on a Supplemental Form (Open Positions) with regard to contracts for differences ("CFDs") or spread bets.

The currency of all prices and other monetary amounts should be stated.

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

Copyright Business Wire 2012

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