Mirant CFO resigns after less than a year on the job

ATLANTA, Oct. 9, 2003 — Mirant on Wednesday announced the resignation of executive vice president and chief financial officer, Harvey A. Wagner. He plans to remain with the company in an interim capacity until a replacement is hired. The company has not said how close it is to naming a successor.

“Harvey believes that at this important time in Mirant’s restructuring process, the company deserves to have a CFO capable of making the necessary commitment to see it emerge from Chapter 11 as viable and strong. Since he is in the latter stages of his career, this is a commitment he cannot make. I respect this decision,” said Marce Fuller, president and chief executive officer. “I am grateful to Harvey for his contributions during an extraordinarily challenging time for the company.”

Wagner joined Mirant in January of this year, having replaced Ray Hill at a time when Mirant was heavily in debt and having difficulties because of lower electricity prices. The company in July filed for Chapter 11 bankruptcy protection.

Wagner has worked in finance and operations functions at prominent companies such as GTE Corporation, Schlumberger and Scientific-Atlanta.

Wagner is well recognized in the financial community and Atlanta through his involvement in organizations such as the Wharton School of Business, Financial Executives International, Institute of Management Accountants and the National Association of Corporate Directors. He also serves on the board of directors of Madge Networks N.V. and Proficient Systems, and is a member of the President’s Council at the University of Miami.

Mirant is a competitive energy company that produces and sells electricity in North America, the Caribbean, and the Philippines. Mirant owns or controls more than 22,000 megawatts of electric generating capacity globally. We operate an integrated asset management and energy marketing organization from our headquarters in Atlanta. For more information, please visit www.mirant.com.

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