AES announces promotion of executive officers

ARLINGTON, Va., July 7, 2003 — The AES Corp. has announced that Joseph C. Brandt and William R. Luraschi have been appointed Executive Vice Presidents by the AES Board of Directors.

Brandt will also become AES’s Chief Operating Officer for Integrated Utilities and will retain his title of Chief Restructuring Officer. Integrated Utilities is one of AES’s two main lines of businesses.

Brandt assumed responsibility for AES’s businesses in Argentina in the fall of 2001, spearheaded the sale of AES NewEnergy, and since the summer of 2002 has led AES’s Restructuring Office.

Over the last two years, in addition to overseeing the company’s response to changing governance laws and regulations, Luraschi assumed a significant role for many AES business initiatives, including overall responsibility in leading AES’s successful asset sales program and helping to structure the AES parent debt refinancings. Luraschi will retain his current position as General Counsel.

“These two senior officers have made a significant contribution to the recovery of AES,” said Hanrahan. “Bill’s counsel and disciplined approach to major business decisions will continue to be key as we move forward. Joe’s demonstrated leadership and expertise makes him the best choice to fill the important role of Chief Operating Officer for Integrated Utilities.”

AES is a global power company comprised of contract generation, competitive supply, large utilities and growth distribution businesses.

The company’s generating assets include interests in 158 facilities totaling over 55 gigawatts of capacity, in 28 countries. AES’s electricity distribution network sells 108,000 gigawatt hours per year to over 16 million end-use customers.

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