Director's Shareholdings (2)

Rurelec PLC ("Rurelec" or "the Company"), the owner and developer of power plants in Latin America, announces that Elizabeth Shaw and Mike Eyre, Directors of the Company, have each disposed of 250,000 ordinary shares in the Company to Independent Power Corporation PLC ("IPC") at a price of 55 pence per share. The directors in question continue to hold 250,000 shares each. Each holding represents 0.34 per cent. of the issued share capital of Rurelec.

Director's Shareholding (2)

IPC is 99.9 per cent. owned by Peter Earl.

At the same time IPC has agreed to acquire a further 500,000 Ordinary shares in Rurelec from other shareholders.

Taken together these purchases result in an increase in IPC's total shareholding in Rurelec to 11,802,721 being 16.1 per cent. of the issued share capital of Rurelec.

For further information, please contact:

Peter Earl
Managing Director Tel. 020 7793 5610

Stewart Dick
Daniel Stewart & Company Tel. 020 7776 6550