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[The Global Power Company Logo] NEWS RELEASE
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Contact: Kenneth R. Woodcock
(703) 522-1315
FOR IMMEDIATE RELEASE
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AES ANNOUNCES GENER ADS EXCHANGE RATIO
ARLINGTON VA, DECEMBER 27, 2000 -- The AES Corporation (NYSE: AES) announced
today in connection with its offer to exchange all American Depositary Shares
of Gener S.A. for AES common stock having a value of US$16.50 per ADS that,
based on the expiration of the offer on December 29, 2000, holders of Gener
ADSs will receive 0.3187 of a share of AES common stock for each Gener ADS
tendered and accepted for exchange pursuant to the offer. The exchange ratio
was calculated by dividing $16.50 by $51.77, the average of the high and low
selling price of AES shares for each of the ten New York Stock Exchange trading
days ending today, December 27, 2000.
The exchange offer is currently scheduled to expire at 3:00 P.M., New York City
time, on Friday, December 29, 2000.
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 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-consumers. 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
automated mailing list and can be found on the investing page of our web site.
Those who subscribe to this list will receive updates when AES issues a press
release.
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THE AES CORPORATION o 1001 NORTH 19TH STREET o ARLINGTON, VIRGINIA 22209
