Icahn and Panda Energy launch joint venture

June 11, 2003 – Carl C. Icahn and Panda Energy International, Inc. announced that their affiliated companies have signed a joint venture agreement to co-fund Panda Acquisitions Group, which will actively seek to purchase US energy assets and related infrastructure.

The combined expertise of both companies will make the new Panda Acquisitions Group a major player in the energy sector. Panda has been actively identifying desirable power plants and is already in advanced stages of negotiating for a number of outstanding opportunities.

“We have been seeking a vehicle to help us secure a strong position in the energy sector and with Panda’s track record within the industry we expect to make a significant contribution to our portfolio,” said Mr. Icahn. “We look forward to working with Panda on this new venture.”

“We are pleased to cement a relationship with the Icahn Group,” said Bob Carter, Chairman of Panda Energy. “We strongly believe that Icahn’s acquisition expertise and Panda’s knowledge of the power sector will make the venture very effective in today’s distressed power markets.”

Jefferies & Company, Inc. acted as exclusive financial advisor to Panda Energy International, Inc. in connection with the formation of the partnership.

Headquartered in Dallas, Texas, Panda Energy International, Inc., is a privately held non-regulated electric generation company whose primary focus is the acquisition, ownership and operation of state-of-the-art, environmentally clean, low-cost power plants. The company has developed plants in North Carolina, Maryland, Texas, Arkansas and Arizona. Internationally Panda has built plants in China and Nepal. For more information, visit online: www.pandaenergy.com.

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