Kosep opens tender to transport coal from Indonesia, Australia

Korean South-East Power & Co (Kosep) is inviting ocean transportation service to transport 1 million -1.5 million tons of bituminous coal per year from Australia or Indonesia to South Korea.

PUBLIC NOTICE FOR INVITATION TO BID

1. Invitation No. : KOSEP-CHARTER-2003-L2

2. Bidding Name : Ocean Transportation Service of Bituminous Coal

3. Bidding Method : International competitive bidding

4. Bidding Cargo

• Bid Item : CH 2003-L2

• Cargo quantity(MT) : Australia or Indonesia 1,000,000??10%~ 1,500,000??10%/per year

• Loading period : 3 years ~ 5 years (from first March, 2004)

• Loading port : Australia or Indonesia

• Geared/Gearless : CAPE Gearless

• Discharging port : Samchonpo or Yonghung /Korea

5. Application for Bid participation & Bid closing Date and time : Tuesday 18:00 13th January 2004 (Korean standard time)

6. Bid opening Date & Time : Wednesday 10:00 14th January 2004 (Korean standard time)

7. Qualification for Bid : Anyone who owns or operates at least one(1) bulk carrier(coal/ore) over 60,000DWMT and who register bid in advance.

8. Bid Bonds : Not less than 5% of total bid value/year for Bid item

9. Others: bid conditions may be changed and we will notice them ASAP. Any information on delivery will be notified later.

10. Place of Bidding :

Business Management Department, Korea South-East Power Co.

167, Samsung-dong, Kangnam-gu, Seoul, 135-791, Korea

(Tel. 82-2-3456-7171, 7174 Fax. 82-2-3456-7189, 7188)

11. For Further Details : Please refer to "Invitation To Bid" which is available

at the above mentioned place of bidding and at KOSEP's internet homepage

(www.kosep.co.kr).

2003. 12. 29

Korea South-East Power Company