AES Names Richard Darman Vice Chairman and Lead Independent Director.

Business Editors

ARLINGTON, Va.--(BUSINESS WIRE)--Dec. 4, 2002

The Board of Directors of The AES Corporation (NYSE: AES) announced today that Richard Darman has been elected to the newly established position of Vice Chairman and Lead Independent Director. Mr. Darman's responsibilities as Lead Independent Director will be consistent with those in the draft New York Stock Exchange listing standards. He will continue to serve as a member of the Financial Audit Committee.

Mr. Darman, 59, is a Partner of The Carlyle Group, one of the world's largest private equity firms. He joined Carlyle in February 1993, after serving as Director of the Office of Management and Budget from 1989 to 1993, during the first Bush administration. Earlier, he was a Managing Director of Shearson Lehman Brothers. Mr. Darman's government service spanned five Presidencies and included senior policy positions in the White House and six cabinet departments. He graduated with honors from Harvard College in 1964 and from Harvard Graduate School of Business in 1967. Mr. Darman joined the AES Board of Directors on July 25, 2002.

"I am delighted that Dick Darman is willing to assume even greater Board responsibilities and that he has agreed to serve as Vice-Chairman," said Roger Sant, Chairman of the Board of AES.

Paul Hanrahan, President and Chief Executive Officer, added, "I am extremely pleased that Dick Darman will be assuming these new responsibilities. His leadership will greatly assist us as we move forward."

Mr. Darman said, "AES has taken a number of actions in recent months to create a strong platform for recovery. I am looking forward to the challenges that come with my new role and will continue to focus on the turnaround of the Company."

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain "forward-looking statements" regarding The AES Corporation's business. These statements are not historical facts, but statements that involve risks and uncertainties. Actual results could differ materially from those projected in these forward-looking statements. For a discussion of such risks and uncertainties, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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

The company's generating assets include interests in 176 facilities totaling over 60 gigawatts of capacity, in 33 countries. AES's electricity distribution network sells 108,000 gigawatt hours per year to over 16 million end-use customers.

For more general information visit our web site at www.aes.com or contact investor relations at [e-mail].