PIC Awarded Three-Year O&M Contract in Chile

ATLANTA (Nov. 5, 2008) – PIC is pleased to announce it has entered into a three year O&M and Long Term Major Maintenance Management contract, for ENLASA GENERACION CHILE S.A’s Diego de Almagro Power Plant, to be installed in Diego de Almagro, Chile. The Contract includes an automatic extension clause for similar term periods. The first phase of the facility will consist of two Westinghouse W251B8 refurbished fuel oil fired turbines (60 megawatts). The contract is expected to be mobilized by December 2008, commencing commercial operations by the end of the first quarter of 2009.

“In my view PIC is the correct partner for this venture. In my experience we needed the knowledge and expertise PIC has in O&M for similar facilities in South-America. During the negotiations, we appreciated their flexibility and commitment to align their interests with our own ones,” said Mr. Jorge Brahm, General Manager of Energia Latina S.A.(ENLASA).

“Among the critical success factors for us was to hire a company that could show a strong reputation within the financial sector, and PIC’s name was well received by our project financing partner as well the insurance company, so we expect PIC will drive the new plant to the highest standards of efficiency”, said Mr. Patricio Andueza, CFO of Enlasa.

“We are continuing the expansion of our presence in Latin America and are pleased to be given the opportunity to work with a successful company such as ENLASA, We’re proud that ENLASA has chosen PIC to support their project in Chile” said Bruce Wertz, PIC’s Director of O&M Services.