MEDIA RELEASE: EEX comments on news article about Indonesian assets

A news article appearing last Friday reported that EEX Corporation is selling assets in Indonesia to PT Medco Energi Internasional. This news release clarifies certain information contained in the article.

EEX has signed stock purchase agreements to sell all of the shares of two companies that own a 25 percent interest in the Tuban Concession, onshore Java, and a 15 percent interest in the Asahan Concession, offshore Sumatra. These interests constitute all of EEX's assets in Indonesia. The stock purchase agreements are awaiting final approvals by Medco. The agreements are subject to customary closing conditions and regulatory approvals that must be met before closing. The effective date of the sale under the agreements is Sept. 30, 2001.

EEX estimates that if the transactions contemplated by the agreements were closed on March 31, 2002, EEX would receive approximately $27 million in cash, the agreed purchase price of $34.5 million less the net cash flows received by EEX after the effective date. As previously announced, EEX impaired the value of its Indonesian assets at yearend 2001 by $16 million to reflect the estimated proceeds of the sale. (alex)