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Korea Electric Power (KPWD)

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Thursday 14 November, 2002

Korea Electric Power

Issue of Debt

Korea Electric Power Corporation
14 November 2002





                        KOREA ELECTRIC POWER CORPORATION

                 (a company incorporated with limited liability

                    under the laws of the Republic of Korea)



                        Notice of Meeting of Bondholders

                   €300,000,000 5.75 per cent. Bonds due 2004

    issued pursuant to the US $1,600,000,000 Euro Medium Term Note Programme

                              (ISIN XS0099267634)



Korea Electric Power Corporation (the 'Issuer' or 'KEPCO') has today provided
through Euroclear Bank S.A./N.V., as operator of the Euroclear System
('Euroclear') and Clearstream Banking, societe anonyme, Luxembourg
('Clearstream') a notice to the holders (the 'Notice' and the 'Bondholders',
respectively) of those of its €300,000,000 5.75 per cent. Bonds due 2004 (the
'Bonds') currently outstanding that a Meeting of the Bondholders (the 'Bond
Meeting') will be held at the offices of Credit Suisse First Boston Corporation
('CSFB') at Two Exchange Square 45th Floor, 8 Connaught Place, Central, Hong
Kong on 16th December, 2002 at 3.20 pm (Hong Kong time), for the purpose of
considering and, if thought fit, passing an extraordinary resolution (the
'Extraordinary Resolution') set out in the Notice in accordance with the
provisions of the Agency Agreement dated 24th September, 1997 as supplemented by
the Supplemental Agency Agreement dated 31st  October, 1997 and the Second
Supplemental Agency Agreement dated 17th December, 1998 (together the 'Fiscal
Agency Agreement') and a pricing supplement dated 26th July, 1999 made between
the Issuer, Deutsche Bank AG, London, as successor to Bankers Trust Company,
London Branch (the 'Fiscal Agent') and Deutsche Bank Luxembourg S.A., as
successor to Bankers Trust Luxembourg S.A. (the 'Luxembourg Paying Agent').  A
separate meeting of the Bondholders (the 'Special Meeting') is also being
convened to be held immediately following the Bond Meeting at the offices of
CSFB.  The Special Meeting is being convened in accordance with the Korean
Commercial Code (the 'KCC') to consider a proposal of the Issuer (the
'Proposal').  The Proposal will be subject to approval by the Seoul District
Court (the 'Korean Court') pursuant to the KCC.  The Bonds are listed on the
London Stock Exchange.



The Extraordinary Resolution consists of a proposal by KEPCO to approve the
proposed amendments to the Fiscal Agency Agreement and the Bonds as are
necessary in order to implement the plan for restructuring the electricity
industry in the Republic of Korea (the 'Plan of Restructuring ').  The Proposal
consists of a proposal by KEPCO to eliminate the joint and several liability
with respect to the Bonds arising under the KCC of KEPCO's generation company
subsidiaries, each of which are more particularly identified in the Proposal
(the 'GENCOs').



KEPCO is seeking the approval (similar to the approval sought by KEPCO in the
Extraordinary Resolution and the Proposal in relation to the Bonds) of the
holders of certain other issues of its outstanding publicly held debt.  The
effectiveness of each of the Extraordinary Resolution and the Proposal is not
subject to or conditional upon obtaining the approval of such holders of any of
KEPCO's other publicly held debt issues.



Subject to the Extraordinary Resolution and the Proposal becoming effective, The
Korea Development Bank ('KDB') has agreed for the benefit of all the Bondholders
to fully, unconditionally and irrevocably guarantee, on an unsecured and
unsubordinated basis, KEPCO's payment obligations under the Bonds (the 'KDB Deed
Poll Guarantee') to the extent set forth in the KDB Prospectus (as defined
below).



In addition to the full text of the proposed Extraordinary Resolution and the
Proposal and the proposed amendments to the terms and conditions of the Bonds
(the 'Proposed Amendments'), the Notice of Meeting includes the following
information:

1.                 the date, time and location of the Bond Meeting and the
Special Meeting as set out above;

2.                 the background to and reasons for the Bond Meeting and the
Special Meeting;

3.                 a brief summary of the Proposed Amendments; and

4.                 a summary of the voting and quorum requirements of the Bond
Meeting and the Special Meeting.

Bondholders will receive, together with the Notice, copies of the following
documents:

(a)              the Prospectus dated 29th August, 2002 and Prospectus
Supplement dated 14th November, 2002 of KDB (the 'KDB Prospectus') which gives
further information about KDB and the KDB Deed Poll Guarantee; and

(b)              an Information Release dated 14th November, 2002 in connection
with the Plan of Restructuring.

The following documents shall be available for inspection at the offices of
Deutsche Bank AG, London, and Deutsche Bank Luxembourg S.A.:-

(a)              the Fiscal Agency Agreement;

(b)              the form of the KDB Deed Poll Guarantee in substantially the
same form as it is proposed shall be executed (assuming each of the
Extraordinary Resolution and the Proposal is passed and becomes effective);

(c)              the form of the Supplemental Fiscal Agency Agreement in
substantially the same form as it is proposed shall be executed (assuming the
Extraordinary Resolution is passed and becomes effective); and

(d)              the audited annual financial statements of the Issuer for the
year ended December 31, 2001.

Bondholders should note that they must make arrangements with respect to voting
at the Meeting, either in person or by proxy, no later than 48 hours prior to
the commencement of the Meeting.

A COPY OF THE NOTICE OF MEETING WILL BE SENT TO EACH BONDHOLDER AND WILL ALSO BE
AVAILABLE FOR INSPECTION AT THE OFFICES OF THE FISCAL AGENT AND THE LUXEMBOURG
PAYING AGENT AND THE UNITED KINGDOM LISTING AUTHORITY SPECIFIED BELOW.  COPIES
OF THE NOTICE OF MEETING HAVE ALSO BEEN DELIVERED TO EUROCLEAR AND CLEARSTREAM,
LUXEMBOURG FOR DISTRIBUTION TO BONDHOLDERS WHO ARE ACCOUNTHOLDERS OF THOSE
CLEARING SYSTEMS.
                   Fiscal Agent                                 Luxembourg Paying Agent

             Deutsche Bank AG, London                        Deutsche Bank Luxembourg S.A.

                 Winchester House                             2 Boulevard Konrad Adenauer

            1 Great Winchester Street                              L-1115 Luxembourg

                 London EC2N 2DB                                 Telephone: +352 421221

           Telephone: +44 20 7545 8000                              Fax: +352 465802

              Fax: +44 20 7547 6149



The London offices of Deutsche Bank AG are located at 1 Great Winchester Street,
London EC2N 2DB.

The United Kingdom Listing Authority is located at 25 The North Colonnade,
Canary Wharf, London E14 5HS.

Bondholders whose Bonds are held by Euroclear or Clearstream, Luxembourg, should
contact the following for further information concerning the Notice of Meeting:


                    Euroclear                                   Clearstream, Luxembourg

                Custody Department                                  Frederick Weber

            International Note Offers                                CIE Department

             Telephone: +322 224 4200                              L-1115 Luxembourg

                Fax: +322 224 1459                            Telephone: +352 46 56 4 2525

                                                                Fax:  + 352 46 56 4 8248



Questions regarding the contents of this Notice should be directed to Lehman
Brothers Inc. or Credit Suisse First Boston Corporation at their telephone
numbers set forth below or to the Bondholder's broker, dealer, commercial bank,
trust company or other nominee for assistance.

         Lehman Brothers Inc.                           Credit Suisse First Boston Corporation
          745 Seventh Avenue                  Eleven Madison Avenue                   One Cabot Square

       New York, New York 10019              New York, New York 10010                  London E14 4QJ

   Attn: Liability Management Group      Attn: Liability Management Group     Attn: Liability Management Group

   Call Collect: + 1 (212) 528-7581      Call Collect: + 1 (212) 538-8474   Call Collect: + 44 (0) 20 7883-5423/
                                                                                            6748
    Call Toll Free: (800) 438-3242        Call Toll Free: (800) 820-1653





THIS NOTICE IS NOT AN OFFER OR THE SOLICITATION OF AN OFFER OF THE KDB DEED POLL
GUARANTEE.  THE OFFER OF THE KDB DEED POLL GUARANTEE WILL BE MADE ONLY BY MEANS
OF THE KDB PROSPECTUS.  COPIES OF THE KDB PROSPECTUS ARE AVAILABLE FOR
INSPECTION AT THE OFFICES OF DEUTSCHE BANK AG, LONDON AND DEUTSCHE BANK
LUXEMBOURG S.A.  THIS NOTICE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES
REFERRED TO IN THIS NOTICE IN ANY STATE OR JURISDICTION IN WHICH SUCH OFFER,
SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION
UNDER THE SECURITIES LAWS OF SUCH STATE OR JURISDICTION.




                      This information is provided by RNS
            The company news service from the London Stock Exchange