AES names two leaders of large utilities Eletropaulo and Ipalco


ARLINGTON, Va., May 10, 2002 –The AES Corp. announced Friday the appointment of Mark Fitzpatrick as Chief Executive Officer of Eletropaulo, the electric distribution company that serves 4.6 million customers in Sao Paulo, Brazil and Ann Murtlow as President and Chief Executive Officer of Ipalco, the utility that serves the Indianapolis, Indiana area.

Fitzpatrick is an Executive Vice President of The AES Corp. and was formerly in charge of AES’s operations in Europe and Africa. He led AES’s initial expansion outside the United States, into the United Kingdom and European electric sectors in the late 1980’s. During the mid-1990’s, he successfully acquired and managed AES businesses in Hungary and Kazakhstan. Most recently he led AES expansion into Africa. Fitzpatrick has been with AES since 1984.

Murtlow is a Vice President of The AES Corp. and has recently been Managing Director of AES Horizons, Ltd, having operating responsibility for 1800 MW of capacity in the United Kingdom, the Netherlands and the Czech Republic. She was also responsible for new business development in 20 Northern, Central and Eastern European countries. She has been with AES since 1987.

Dennis W. Bakke, President and Chief Executive Officer, stated, “I am extremely proud and excited to announce the appointment of such experienced and talented AES people to lead these very important businesses. Mark and Ann are excellent examples of people who have thrived in AES by serving in different parts of the world since they joined AES in the 1980’s. Mark brings to Eletropaulo a strong operating background at a time when AES is implementing a number of measures to improve that significant business. Ann will bring her experience with regulated and deregulated domestic and international electricity markets as she assumes her responsibilities at Ipalco.”

AES is a global power company comprised of competitive generation, distribution and retail supply businesses in Argentina, Australia, Bangladesh, Brazil, Cameroon, Canada, Chile, China, Colombia, Czech. Republic, Dominican Republic, El Salvador, Georgia, Germany, Hungary, India, Italy, Kazakhstan, the Netherlands, Nigeria, Mexico, Oman, Pakistan, Panama, Qatar, Sri Lanka, Tanzania, Uganda, Ukraine, the United Kingdom, the United States and Venezuela.

The company’s generating assets include interests in 177 facilities totaling over 59 gigawatts of capacity. AES’s electricity distribution network has over 727,000 km of conductor and associated rights of way and sells over 108,000 gigawatt hours per year to over 16 million end-use customers.

AES is dedicated to providing electricity worldwide in a socially responsible way. This news release may include forward-looking statements. Actual events and results may differ materially from those projected.

Factors that could affect actual results are discussed in AES’s filings with the Securities and Exchange Commission, and readers are encouraged to read those filings to learn more about the risk factors associated with AES’s businesses.

For more general information visit our web site at www.aes.com or contact investor relations at investing@aes.com.

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