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September 08, 2008


Sumitomo Corporation acquires 30% shares of Amata Power Limited

Sumitomo Corporation has announced that it has acquired 30% of shares in Amata Power Limited who owns and operates 3 power plants in Thailand and Vietnam. SC and Sumitomo Corporation Thailand Limited, a 100% owned subsidiary of SC, have jointly established a new subsidiary in Thailand, named Summit Sunrise Energy Company Ltd and SSEC will own the shares in APL.

APL currently owns and operates 3 power plants and 1 operating company all of which are located within industrial parks in Thailand and Vietnam owned by Amata Corporation one of the largest industrial park developers in Thailand, where a number of Japanese manufacturers have factories. The majority of APL's generating capacity sources from 2 power plants in Thailand each of which has a long term fuel supply contract with PTT and power purchase agreements with EGAT and manufacturers within the industrial parks. This is the first opportunity for SC to enter the power retail business abroad.

SC is aggressively expanding its investment in overseas electric power project using the expertise acquired through power plant EPC and has a retained power generation capacity of around 2,800MW. Investment interest in Asia is held in Japan, Indonesia, Philippines, Thailand, Vietnam and Taiwan. Given the recent economic growth in Thailand, Thai government has been discussing the procurement of additional power supply from IPPs and SPPs, and officially announced on June 29th 2007 the opening of its second solicitation for proposal from IPPs for the supply of capacity and energy to EGAT. In addition to the EPC business including the 700MW North Bangkok combined cycle power plant for EGAT which SC started its contract execution in March 2007, by acquiring APL's share and strong tie with a local partner, SC aims to expand its business in the Thai power sector. With the acquisition of the 30% concession in APL, Sumitomo's retained power generation capacity overseas will expand to about 2,900 MW.