AES completes sale of two businesses in Bangladesh in a transaction valued at about $448 million

ARLINGTON, Va., Dec. 12, 2003 — The AES Corp. announced that it has completed sale of 100% of its ownership in two generation businesses in Bangladesh (AES Haripur, a 360 MW gas fired combined cycle power project and AES Meghnaghat, a 450 MW Gas fired combined cycle power project) in an aggregate transaction valued at $448 million.

The combined net equity proceeds from this sale amount to approximately $144 million, subject to certain adjustments. The difference of approximately $304 million represents the assumption of debt obligations of the two businesses being sold.

In addition to the equity sales proceeds, since the signing of the Agreement to sell Haripur, AES has refinanced and received approximately $33 million related to shareholder loans to these businesses. Furthermore, AES is also released from approximately $42 million in contingent liabilities with the consummation of this sale.

Paul Hanrahan, President and Chief Executive Officer of AES commented, “The closing of this transaction completes our Bangladesh asset sales efforts that began 18 months ago. The sale demonstrates our ability and willingness to redeploy capital to support the financial objectives of AES. In addition, the favorable purchase price (including the assumed debt and equity proceeds) from this sale reaffirms the substantial value of AES’s many businesses around the world.”

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 116 facilities totaling over 45 gigawatts of capacity, in 27 countries. AES’s electricity distribution network sells 89,614 gigawatt hours per year to over 11 million end-use customers.

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