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Unified Energy System

December 1, 2003

Deputy CEO of RAO UES Andrey Rappoport confirms that AES Corp. earned $23m from deal with RAO UES

Moscow, 1 December 2003. The Deputy Chairman of the Management Board of RAO "UES of Russia" Andrey Rappoport has confirmed that the proceeds of AES Corporation from the deal with RAO UES made US$23 million.

Under the terms of the contract for the purchase of shares in Georgian energy companies, the information on the deal between RAO "UES of Russia" and AES is to remain confidential for one year, except for the purposes of regulatory reporting. The parties were expected to disclose the details of the deal at year end 2003. However, AES Corp. provided financial details of the deal in its Q3 2003 report filed with the SEC.

RAO "UES of Russia" will disclose more details of the structure and amount of expenses upon completion of the tariff-setting talks with the Georgian authorities and stabilization of the situation in Georgia.

According to Mr. Rappoport, AES Corp. had invested over US$260 million in Georgia's energy sector. The difference between the amount paid by AES for the Georgian companies and the proceeds from their sale have been written of as losses. RAO "UES of Russia" does not have any liabilities to the EBRD, as its debt has been paid off by AES Corp.

* As a result of the deal with AES Corp., RAO "UES of Russia" gained control over several energy facilities located in Georgia, including AES Telasi, the energy distribution company which owns low and medium voltage networks in the city of Tbilisi, and AES Mtkvari, which owns generation unit No. 9 of 250MW capacity at Tbilisskaya TPP and supplies electricity to Tbilisi.





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