Bernstein Litowitz Berger & Grossmann LLP Announces Summary Notice of Pendency and Partial Settlement of Class Action in Independent Energy Holdings PLC Securities Litigation.

Business Editors/Legal Writers

NEW YORK--(BUSINESS WIRE)--Oct. 23, 2002

The following statement is being issued by Bernstein Litowitz Berger & Grossmann LLP regarding Independent Energy Holdings PLC Securities Litigation.

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
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In re Independent Energy Holdings PLC        Master File No.
Securities Litigation                        00 Civ. 6689 (SAS)
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This Document Relates to All Actions
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   SUMMARY NOTICE OF PENDENCY AND PARTIAL SETTLEMENT OF CLASS ACTION
   -----------------------------------------------------------------

TO: ALL PERSONS OR ENTITIES WHO PURCHASED INDEPENDENT ENERGY HOLDINGS
    PLC AMERICAN DEPOSITORY SHARES, AND ORDINARY SHARES IF RESIDING IN
    THE UNITED STATES, DURING THE PERIOD BETWEEN FEBRUARY 14, 2000 AND
    SEPTEMBER 8, 2000, INCLUSIVE (THE "CLASS PERIOD")

    YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules
of Civil Procedure of: (1) that the above-captioned action has been
certified by the Court as a class action and (2) a proposed partial
settlement which would resolve this Class Action solely with respect
to the claims asserted against defendants Independent Energy Holdings
PLC (in liquidation) ("Holdings") and Independent Energy UK, Limited
(in receivership and liquidation) ("Limited") and of the hearing to be
held by the Court on December 17, 2002, at 4:00 p.m., before the
Honorable Shira A. Scheindlin, at the United States District Court for
the Southern District of New York, 500 Pearl Street, New York, N.Y.
10007, Courtroom 12C , to consider the fairness, reasonableness, and
adequacy of this partial settlement.
    The certified class (the "Class") consists of all persons or
entities who, during the Class Period: (i) purchased Independent
Energy Holdings PLC American Depository Shares ("Depository Shares")
on Independent Energy Holding PLC's secondary offering of Depository
Shares (the "Secondary Offering") pursuant to the registration
statement and prospectus filed with the Securities and Exchange
Commission (the "SEC") on Form F-3, which was declared effective on or
about March 28, 2000 (collectively, the "Registration Statement and
Prospectus"); (ii) otherwise purchased those Depository Shares; (iii)
if residing in the United States or its territories, purchased
Independent Energy Holdings PLC ordinary shares traded on the London
Stock Exchange ("Ordinary Shares"); (iv) or any combination thereof.
Excluded from the Class are Holdings and Limited and their directors
and officers; the Underwriter Defendants, DLJ Inc. and DLJ
International and each of their subsidiaries and affiliates; the
Individual Defendants, members of the immediate family of any
Individual Defendant; and any entity in which any defendant has or had
a controlling interest; and the legal representatives, heirs,
successors, affiliates, subsidiaries or assigns of any such excluded
person or entity.
    IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE AND DO NOT
REQUEST EXCLUSION FROM THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THIS
LITIGATION. If you have not yet received the full printed Notice of
Pendency and Partial Settlement of Class Action (the "Notice"), you
may obtain a copy of this document by identifying yourself as a member
of the Class and by writing to the Settlement Administrator,
Independent Energy Holdings PLC Securities Litigation, Independent
Energy Holdings PLC, PO Box 9000 #6039,Merrick, NY 11566-9000, or by
downloading it from the following web site: www.blbglaw.com.
    If you wish to be excluded from the Class, you must, in accordance
with the instructions contained in the Notice, file a written request
for exclusion, postmarked on or before December 3, 2002, to the
Settlement Administrator, Independent Energy Holdings PLC Securities
Litigation, at the address indicated above.
    Any objection to the proposed partial settlement must be filed no
later than December 3, 2002 with the Clerk of the Court, United States
District Court, Southern District of New York, 500 Pearl Street, New
York, N.Y. 10007, and delivered by hand or sent by first class mail
such that it is received no later than December 3, 2002, by each of
the following:

Lead Class Counsel:                 Counsel for Holdings and Limited:
-------------------                 ---------------------------------

BERNSTEIN LITOWITZ BERGER           CLIFFORD CHANCE US LLP
  & GROSSMANN LLP                   James M. Ringer
Jeffrey A. Klafter                  Christopher J. O'Rourke
Gerald Silk                         200 Park Avenue
1285 Avenue of the Americas         New York, New York 10166
New York, New York  10019

    All other inquiries regarding this Action should be made in
writing addressed to Lead Counsel for the Class: Jeffrey A. Klafter,
Esq., Gerald Silk, Esq. and Victoria O. Wilheim, Esq., Bernstein
Litowitz Berger & Grossmann LLP, 1285 Avenue of the Americas, New
York, NY 10019, Telephone: [phone].
    PLEASE DO NOT CALL OR WRITE THE COURT OR THE OFFICE OF THE CLERK
OF THE COURT FOR INFORMATION OR ADVICE.

Dated: October 23, 2002           By Order of the Clerk of the Court
                                  United States District Court
                                  Southern District of New York