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[AES LETTERHEAD]
FOR IMMEDIATE RELEASE
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Contact: Kenneth R. Woodcock
(703) 522-1315
AES WAIVER OF CONDITION IN GENER OFFER
ARLINGTON, VA, DECEMBER 7, 2000 -- The AES Corporation (NYSE:AES), announced
that it had waived through December 7, 2000 the condition in its offer to
exchange all outstanding American Depositary Shares of Gener S.A. for AES common
stock having a value of US$16 per ADS and in its offer to purchase 3,466,600,000
shares of Gener common stock in Chile at the Chilean peso equivalent of
$0.235294118 per share that the low selling price of AES common stock on the New
York Stock Exchange not be less than $50.00. On each of November 22, 2000,
December 4, 2000, December 5, 2000, December 6, 2000 and December 7, 2000, the
low selling price of AES shares on the New York Stock Exchange was below $50.00.
As a result of this action, the AES share price condition will not be triggered
as a result of the AES share price on any of these five dates. AES can offer no
assurance that it will similarly waive this condition if the low AES share price
is below $50.00 on any future date.
AES is a leading global power company comprised of competitive generation,
distribution and retail supply businesses in Argentina, Australia, Bangladesh,
Brazil, Canada, China, Dominican Republic, El Salvador, Georgia, Hungary, India,
Kazakhstan, the Netherlands, Mexico, Pakistan, Panama, Sri Lanka, the United
Kingdom, the United States and Venezuela.
The company's generating assets include interests in one hundred and thirty
seven facilities totaling over 49 gigawatts of capacity. AES's electricity
distribution network has over 920,000 km of conductor and associated rights of
way and sells over 126,000 gigawatt hours per year to over 17 million end-use
customers. In addition, through its various retail electricity supply
businesses, the company sells electricity to over 154,000 end-use customers.
AES is dedicated to providing electricity worldwide in a socially responsible
way.
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For more general information visit our web site at www.aesc.com or contact
investor relations at [email protected]. The list aes-pr-announce is an
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