Vous êtes sur la page 1sur 98

AES Corporation The Global Power Company

Making a World of Difference

1998 Annual Report

Brought to you by Global Reports


Contents

1 AES at a Glance $1.69

2 AES Worldwide Overview


$1.09

9 Our Annual Letter


$80
$.70
$.67

19 AES People
Diluted Earnings per Share
55 1998 Financial Review
1994
1995
1996
1997
1998

AES Officers and Directors


$11
$9

Company Information
$3.6
$2.3
$1.9

Assets
Billion Dollars

1994
1995
1996
1997
1998 $116
$98
$51

$38
$38
Billion Dollars

Total Backlog of Sales


1994
1995
1996
1997
1998

93%
93%
92%
91%

Financial Highlights (in millions, except per share data)


88%

For the Years Ended December 31 1998 1997 1996


Revenues $ 2,398 $1,411 $ 835
Operating Income $ 733 $ 368 $ 278
Availability %

Net Income $ 311 $ 185 $ 125 Average Availability


1994
1995
1996
1997
1998

Earnings Per Share – Diluted $ 1.69 $ 1.09 $ 0.80

ON COVER FROM LEFT TO RIGHT: Jennifer Lehman, AES Alamitos; AES Tisza; Mark Miller, AES Indian Queens

Brought to you by Global Reports


The AES Corporation is a global power company committed to serving the world’s

needs for electricity in a socially responsible way. AES has grown to include 118 power

plants totaling over 36,000 megawatts and ten distribution companies serving millions
AES at a Glance 1

of people in 16 countries. Revenues during 1998 were $2.4 billion and total assets are

approaching $11 billion.

Brought to you by Global Reports


AES Worldwide Overview

▲ Plants in Operation
▲ ■
▲ ▲▲ ▲ ● Distribution Companies
▲■■ ■ ■ ▲
▲ ▲ ■
▲▲▲ ■ ▲▲▲ ◆ Plants Under Construction
◆■▲ ●▲▲
▲ ■ ▲ ■
■ ■
■ Offices

■▲▲
▲ ▲
▲ ● ▲ ◆ ▲
▲ ▲■ ▲
▲ ▲ ▲ ▲ ▲
■ ◆ ■ ■
◆ ▲ ◆ ▲
▲■
◆ ■◆

▲ ◆
▲ ▲▲


● ●


▲▲ ●

▲ ▲
▲ ■

▲▲◆● ◆


▲ ●

Brought to you by Global Reports


ABOVE FROM LEFT TO RIGHT: Dave Kent and Russ Cochran, Medway; AES Redondo Beach; AES San Nicolás;

AES Placerita; Light; Steve Collins, Kingston

AES is comprised of groups that serve the various geographic regions AES Americas Group Manager: Tom Tribone
Offices: Rio de Janeiro, Brazil; Arlington, Virginia
Plants in Operation Location MW Fuel
Cemig (37 plants) Brazil 5,668 Hydro/Thermal 3
Light (4 plants) Brazil 788 Hydro
Distribution Companies Location Customers (approximate)
Cemig Brazil 4,300,000
of the world. Each group is responsible for all business activity in its region, Light Brazil 2,900,000
Metropolitana Brazil 4,300,000
Pending Acquisitions Location
Cilcorp Illinois
AES Americas has a strong position serving the Brazilian Electricity sector.
AES Americas is responsible for AES’s ownership in Light in Rio de Janeiro,
including operation, construction and new business development. A summary Metropolitana in Sao Paulo and Cemig in the state of Minas Gerais, the three
largest electricity companies in South America.

of each group and highlights of the past year follow over the next six pages.

Brought to you by Global Reports


AES Worldwide Overview c o n t i n u e d

AES Americas South Group Manager: Paul Hanrahan AES Aurora Group Manager: Sarah Slusser
Office Locations: Buenos Aires, Argentina; Arlington, Virginia Offices: San Juan and Guayama, Puerto Rico; Mexico City, Mexico;
Arlington, Virginia; New York, New York
Plants in Operation Location MW Fuel
4
Cabra Corral Argentina 102 Hydro Plants in Operation Location MW Fuel
El Tunal Argentina 10 Hydro Deepwater Texas 143 Petroleum Coke
Quebrada de Ullum Argentina 45 Hydro Los Mina Dominican Republic 210 Oil
San Nicolas Argentina 650 Coal/Oil/Gas EGE Bayano (1999) Panama 150 Hydro
Sarmiento Argentina 33 Gas EGE Bayano (1999) Panama 42 Thermal
Ullum Argentina 45 Hydro EGE Chiriqui (1999) Panama 90 Hydro
Distribution Companies Location Customers (approximate) Distribution Companies Location Customers (approximate)
Edelap Argentina 278,000 CLESA El Salvador 188,000
Eden Argentina 270,000
Edes Argentina 128,000 Plants Under Construction Location MW Fuel
Sul Brazil 830,000 Merida III Mexico 484 Gas

Plants Under Construction Location MW Fuel In 1998, AES Aurora expanded into Central America with the acquisition
Paraná Argentina 830 Gas of CLESA, a distribution company in El Salvador and three hydro facilities
Punta Negra Argentina 230 Hydro in Panama. AES Aurora operates generating facilities in Texas and the
Uruguaiana Brazil 600 Gas Dominican Republic, and also has facilities under construction in Merida,
Mexico and Puerto Rico.
In 1998, the AES Americas South group was established, serving the region
of Argentina, Uruguay and the southern portion of Brazil. During the course
of the year, a distribution company serving the city of La Plata (Edelap) was
acquired, significantly expanding AES’s coverage in the region of the Buenos
Aires province.

Brought to you by Global Reports


ABOVE FROM LEFT TO RIGHT: Jim Vogel (left) and Craig Dietrich (right), AES Beaver Valley; AES Huntington Beach;

Cabra Corral; AES Alamitos; Medway; AES Beaver Valley

AES Electric Group Manager: Mark Fitzpatrick AES Enterprise Group Manager: John Ruggirello
Offices: London, England; Kampala, Uganda; Budapest, Hungary; Offices: Arlington, Virginia; Newton, Massachusetts; Lebanon,
Warsaw, Poland Pennsylvania; Londonderry, New Hampshire; Parlin, New Jersey
Plants in Operation Location MW Fuel Plants in Operation Location MW Fuel 5
Barry Wales 230 Gas Beaver Valley Pennsylvania 125 Coal
Belfast West No. Ireland 240 Coal Kingston Canada 110 Gas
Borsod Hungary 171 Coal Thames Connecticut 181 Coal
Elsta Netherlands 405 Gas
Plants Under Construction Location MW Fuel
Indian Queens England 140 Oil
Ironwood Pennsylvania 700 Gas
Kilroot No. Ireland 520 Coal/Oil
Warrior Run Maryland 180 Coal
Lyukobanya Mine Hungary N/A N/A
Medway England 688 Gas Pending Acquisitions Location
Tisza II Hungary 860 Oil/Gas New York (6 plants) New York State
Tiszapalkonya Hungary 250 Coal
AES Enterprise serves the eastern US and Canada with plants in operation or
Plants under Construction Location MW Fuel construction in Pennsylvania, Connecticut, Maryland, and Ontario, Canada.
Fifoots Point England 360 Coal In early 1999, the group expects to begin construction of a 700 MW gas fired
plant in Pennsylvania, and plans to complete the acquisition of six generating
AES Electric serves the regions of Europe and Africa and operates businesses
plants in New York State.
in Northern Ireland, England, the Netherlands and Hungary. The group is
constructing or developing plants in Wales, England, Poland, Spain, Hungary,
and Uganda.

Brought to you by Global Reports


AES Worldwide Overview c o n t i n u e d

AES Oasis Group Manager: Shahzad Qasim AES Orient Group Manager: Bill Ruccius
Office Locations: Singapore; Dhaka, Bangladesh; New Delhi, India Offices: Hong Kong; Ulaanbaatar, Mongolia; Taipei, Taiwan;
Beijing, China
Plants in Operation Location MW Fuel
6 Lal Pir Pakistan 351 Oil Plants in Operation Location MW Fuel
OPGC (1999) India 420 Coal Chengdu China 48 Gas
PakGen Pakistan 344 Oil Hefei China 115 Oil
Jiaozou China 250 Coal
AES Oasis was formed in 1998 and serves the area from the Middle East to
India. In addition to operating two plants in Pakistan, the group acquired a Wuhu China 250 Coal
420 MW plant in India in early 1999 and is developing new businesses in Wuxi China 63 Oil
India, Bangladesh and Sri Lanka. Cili China 26 Hydro

Plants under Construction Location MW Fuel


Yangcheng China 2,100 Coal
AES Orient was formed in 1998, and serves the areas of Northern China,
Mongolia, Japan, Taiwan and the Philippines. There are six operating plants
and one under construction in China. Business development offices are in
Hong Kong, Beijing and Taipei.

Brought to you by Global Reports


ABOVE FROM LEFT TO RIGHT: AES Deepwater; Carlos Alberto Santos Lopez, Danubio Quirino Da Silveira and

Jorge Luis Ferreira, Light; Hefei; Oil pipeline to Kilroot, NIGEN; AES Indian Queens; AES Thames

AES Pacific Group Manager: Stu Ryan AES Shady Point Group Manager: Dave McMillen
Office Location: San Francisco, California
Plants in Operation Location MW Fuel
Plants in Operation Location MW Fuel Shady Point Oklahoma 320 Coal
Alamitos California 2,083 Gas 7
AES Shady Point continued its history of exceptional operating perfor-
Huntington Beach California 563 Gas mance during 1998 while providing worldwide support for new business
Placerita California 120 Gas development efforts.
Redondo Beach California 1,310 Gas
Formed in 1998, AES Pacific acquired three generating plants in southern
California which together with AES Placerita, make AES one of the largest
generators in the western U.S.

Brought to you by Global Reports


AES Worldwide Overview c o n t i n u e d

ABOVE FROM LEFT TO RIGHT: Russ Cochran and Dave Kent, Medway; AES Ekibastuz; Elsta

AES Silk Road Group Manager: Paul Stinson AES Transpower Group Manager: Lenny Lee
Offices: Oxted, England; Almaty, Kazakhstan; Tbilisi, Georgia; Moscow, Offices: Singapore; Brisbane, Australia
Russia; Ankara, Turkey; Kiev, Ukraine
Plants in Operation: Location MW Fuel
8 Plants in Operation Location MW Fuel Fuling Aixi China 50 Coal
Ekibastuz Kazakhstan 4,000 Coal Hawaii Hawaii 180 Coal
Leninogorsk TETS Kazakhstan 50 Coal Mt. Stuart Australia 288 Kerosene
Semipalatinsk TETS Kazakhstan 10 Coal Yangchun China 15 Oil
Shulbinsk GES Kazakhstan 702 Hydro
AES Transpower currently operates businesses in Hawaii, southern China,
Sogrinsk TETS Kazakhstan 50 Coal and Australia. The group completed construction of two power plants, one
Ust-Kamenogorsk GES Kazakhstan 332 Hydro in China and one in Australia in late 1998 and is currently pursuing
Ust-Kamenogorsk TETS Kazakhstan 240 Coal development opportunities in southeast Asia, Australia, and New Zealand.

Distribution Companies: Location Customers (approximate)


Tau Power Kazakhstan 150,000
Telasi (1999) Georgia 370,000
AES Silk Road serves the geographic regions of the newly independent states
of the former Soviet Union, Egypt, Israel and Turkey. In addition to 5,384 MW
of electric generating capacity and over 2,000 MW of district heating capacity in
northern and eastern Kazakhstan, in 1998 the group acquired the electricity dis-
tribution company (Telasi) for Tbilisi, the capital city of the Republic of Georgia.

Brought to you by Global Reports


Dear Friends,

The 90 minute session at our Tisza II power plant in Hungary ended in enthusiastic

applause. It was the culmination of three months of discussion and consideration

among AES people there regarding a new option to convert voluntarily from a

traditional industrial pay package of hourly wages and overtime supplements to one

that included a salary, eligibility for bonuses, stock options, but with no systematic

overtime or other similar “blue collar” adders. Attila Legoza tentatively approached

Our Annual Letter 9


Dennis. Through an interpreter he asked if his contract converting to “all salary”

could be signed on the spot by the visitor. Within minutes, dozens of others had run

to their lockers and returned with contracts for signature. For many in attendance,

it felt like the Berlin Wall of industrial labor/management structure was crumbling

before their eyes. In this emotional impromptu ceremony, one more barrier to

a fun workplace was disappearing. The conversion from “workers” to “business

people” was continuing.

Brought to you by Global Reports


Our Annual Letter and the most fun workplace since the
beginning of the industrial revolution
remain as strong as ever. In a world
It was a great year at AES. where the difference between right and
We are making a difference in the world. wrong is frequently obscured and prag-
Steve Winters,
matic results often take precedence AES Placerita
Enthusiastically seeking to fulfill AES’s over ideals, we continue to attempt to
purpose to help meet electricity needs live by the truth of this simple rhyme:
around the world, our businesses now “Methods are many, principles are few.
expect to serve the electricity needs of Methods change often, principles never
over 100 million people early in the do.” We remain committed to a set of
next century. We have signed agree- principles and shared values to guide
ments to sell an estimated $116 billion our corporate and personal lives. We
of electricity and related services over believe they transcend both cultural
the next several decades. Generating and world-view differences and the ups
plants in operation, construction or and downs of our stock price. We often
advanced development total 118 and fail, both in our understanding and in
10
about 36,000 megawatts (28,000 of our application of these principles to
which we own). The company now has our life together, but our aspirations to to homes, factories and commercial
interests in ten distribution companies excellence remain steadfast. establishments. Many of our customers
that serve over 13 million customers AES can only exist and suc- are in South America, but we also have
(3 million based on our equity owner- ceed in its mission to serve, because of substantial numbers in El Salvador,
ship). The Global Power Company has our Customers, Shareholders, Suppliers, Kazakhstan and the Republic of
become just that – with businesses in Governments/Communities, and AES Georgia. Improving reliability of our
21 countries. Along the way, AES’s net People. This report again discusses how supply and service to these customers
income rose 68% to $311 million on we are performing from the perspective were key goals when we acquired these
revenues of $2.4 billion up from of these groups. companies. Thus far the results are
$1.4 billion. Earnings per share grew encouraging. For example, the average
50% to $1.67 up from $1.11 in 1997. Customers duration and frequency of interruptions
Dramatic change is every- During the last three years, AES has experienced by customers at Light
where at AES. But our desire to serve added a new group of customers by (Rio de Janeiro) and Cemig (state of
the world plus our commitment to expanding its businesses into compa- Minas Gerais, Brazil) have dropped
integrity, fairness, social responsibility nies that distribute and sell electricity about 30% since their acquisition and

Brought to you by Global Reports


our Argentinian distribution companies It was a great year for new business with 14 announcements of business
did even better. These good numbers
hide the problems we had in Rio dur- acquisitions and new greenfield generating plants.

ing the extraordinarily hot weather in


December 1997 and January 1998,
which made the front page of the
Wall Street Journal. We accelerated the
investments in our already aggressive
upgrade program in order to ensure Shareholders
that customer service will continue We celebrate a 50% increase in earn- and Gas. Equally exciting for us were
to improve, and have had no such ings per share in 1998. Wouldn’t it be winning the 3 plants in Panama, the
problems there this season. nice if we could do that every year? distribution companies in El Salvador,
Reliability is also a major That jump follows growth of 39% and Argentina and the Republic of Georgia,
factor in our 118 generating facilities 14% in the two previous years. As a the two gas-fired facilities to be built
around the world. These businesses result of this growth the company in Bangladesh, a plant to be built in
sell primarily to large government- was selected to join the S&P 500. Sri Lanka and winning the first major
owned or government-regulated utilities Nevertheless, our stock price had a state-owned power plant in India to
11
that distribute the electricity to millions wild ride because of concerns about be privatized.
of their own customers. These plants investments in emerging markets.
had a combined availability of 92%. Even though we finished the year
Patty Olmos,
That compares favorably to the aver- slightly up, we sympathize with those AES Aurora
age power plant availability among who suffered through the down swings
US regulated utilities of approximately in our price. Subsequent to year end
84% and utilities in most other nations another tremor hit with the devaluation
that are even less reliable than those of the Brazilian real, indicating those
in the US. Most noteworthy for serving concerns are not yet over.
customers reliably in 1998 is the 180 It was a great year for new
megawatt AES Hawaii coal-fueled business with 14 announcements of
plant that was fully available 98.64% business acquisitions and new green-
of the year. Even more important to field generating plants. The largest
our customer, Hawaiian Electric, the were the agreements to purchase the
plant has not been off-line since Illinois utility Cilcorp and six power
November 5, 1996. plants from New York State Electric

Brought to you by Global Reports


Reacting to the explosion of businesses the big cost drivers are produc- Suppliers
new business for AES in the last 3 or 4 tivity (MWH sold per AES person) and Financial institutions continue to be
years, one equity analyst commented losses (the percentage of MWH gener- at the forefront of organizations that
that “AES people are a bunch of great ated or purchased that do not show up supply AES. Seventy-five banks
salespeople.” We will take this as a in sales to customers). Both have shown representing twenty-five different
compliment. But while we have surprised improvement, although losses have not countries are involved in individual
even the most optimistic around us (that been reduced as fast as we would like. business financings or corporate level
would be Dennis) with the exciting addi- Someone said that innovation financings. We have developed an
tional businesses, our heart and soul is a series of failures that turns into a excellent partnership with the World
remains with implementation. We want success. If so, we continue to give our- Bank and the International Finance
to be the best at running these businesses. selves ample chance to innovate. For Corporation. These institutions have
Our most senior plant leader and corpo- example, our purchase of AES Sul been very supportive of our efforts
rate officer, Dave McMillen (President of anticipated brisk growth in its region to supply electricity in nations with
AES Shady Point, Oklahoma), leads the that did not fully materialize in 1998. emerging economies.
Council of Presidents. It consists of over When you add uncooperative weather
50 Presidents of our businesses from in our first year and the financial crisis
each of the eleven Groups that make up in Brazil, you can see why we will
12
AES worldwide. The people in this group have our innovation hats on in 1999.
meet regularly, consult even more fre- The opportunity to turn problems into Miranda Wiele,
Elsta
quently, and have operating excellence opportunities is not limited to South
at the top of their agenda. Individually, America. We have made mistakes and
the people on the Council are impres- experienced failures elsewhere as well.
sive; together they are awesome. We will need healthy measures of
One way we measure excellence creativity and commitment to meet
in plant operations is through tracking our performance expectations.
costs. Operations and maintenance cost We raised approximately $200
per kilowatt-hour in our generating facili- million in new equity and $350 million
ties decreased by 3% after adjusting for in corporate debt in 1998. Welcome to
inflation. That continues at least 6 you who joined us at that time or through
straight years of cost improvements. Our other purchases during the year. AES is
Tiszapalkonya (Hungary) plant led the not an internet stock (maybe we should
way for the company with a one-year add “.com” to our name), but we hope
drop of 21%. In our 11 distribution you enjoy the exciting journey anyway.

Brought to you by Global Reports


in 1998 for payment to government
Ernesto Segovia,
entities of approximately $145 million, CLESA
up $68 million from a year earlier.
Most communities also care
much about their physical environment.
One of the very special AES is responding to such concerns by
financings in 1998 was for the three operating its facilities at an average of
California plants we call “Southland” – less than 60% of permitted SO2 emis-
AES Redondo Beach, AES Alamitos sion levels and 44% of NOx limits.
and AES Huntington Beach. The $713 Since many of our plants are relatively
million financing was led by Credit new, we have some of the cleanest power
Suisse First Boston and received the facilities in the world. Moreover, 24%
Project Finance International magazine of our plants are hydro facilities with few
award for 1998 “Deal of the Year.” emissions associated with their electrici-
During 1999 we are planning ty production. Some of our operating about 5% of our after-tax profits in
to finance or refinance 18 of our busi- plants have extraordinary records. AES 1998 by matching charitable contribu-
nesses, most of them new to AES in the Shady Point (Oklahoma), for example, tions of AES people and by funding
13
last two years. The amount involved has now run 62 consecutive months other special projects that AES people
could reach as high as $5 billion. without any short-term excursion from in locations around the world believe
These financings represent one of the its air emissions standards. As in the will make a positive difference. For
biggest challenges and opportunities past, our goal is to make every business example, AES has now voluntarily
for AES in the coming year. environmentally better than required funded five projects to reduce possible
by government standards and improve harmful effects of greenhouse gases and
Governments /Communities the environmental performance of global warming. Together the projects
AES exists only because governments every business we acquire. will offset the equivalent of 70 million
and communities give us permits and One of the four central tenets tons of carbon – the lifetime emissions
licenses to meet needs for energy of AES is Social Responsibility. That of a 1,000 megawatt coal-fired power
services in their jurisdictions. In many means we try to love the communities of plant. The same emphasis on social
cases governments sold us existing people that we serve by providing safe, responsibility led our people to build
businesses they once owned. We clean, reliable and reasonably priced or refurbish six schools in places such
respect the rights and protections that electricity. In addition, we devote our as China, Pakistan, Oklahoma, and
government entities provide. In return for resources to activities that help mitigate Hawaii. The AES people at our Hefei
these services, AES has accrued taxes other major social problems. We spent plant in China contributed half their

Brought to you by Global Reports


year-end bonus and, with a matching This Pain
amount from AES, bought computers This pain I feel now, I wish it didn’t exist
requested by a poverty-stricken local It’s like you’ve thrust a dagger into my heart and then given it a twist.
school. Another special effort was in This pain I feel now, this emptiness inside
our Northern Ireland business. AES It’s as if the world’s revolving and I’m still standing on the outside.

funded a program to help homeless This pain I feel now, as tears run down my face
street people, or “Rough Sleepers,” How I wish you could look inside me and see the love you could embrace.

with food, housing and entertainment. Dessie Goodfellow


July 9, 1998
The poignant poem at right, written by
one of those Sleepers, reminds us that
social responsibility often means about the opportunity to serve the world.
reaching into the world of real people In many cases the changes people are
we ordinarily would miss. experiencing in the workplace are revo-
lutionary. One of our favorite responses
AES People was from an AES person in Hungary,
As AES conducts its business, we make “The Communists said to us, ‘working What a delight it was to
a point of asking several core questions: people are first,’ and then proceeded to discover from the survey that one of
14
“Are we are having fun yet? Are we put themselves first. We were told that the business groups most advanced
being socially responsible, fair, and liv- Capitalists are bad because they would in understanding and living the AES
ing with integrity? Do we appropriately put owners and management first. AES shared values was the 100-member
balance the interests of customers, turns that on its head.” Other comments team at our new Aixi plant in Nanchuan,
shareholders, AES people, suppliers that reflect the sentiment of the tens of located in a very rural part of Sichuan
and Governments?” Our answers must thousands of survey responses: Province, China. This is encouraging
be caveated because it is nearly impos- and supports the hypothesis that our
sible to be objective about ourselves. “Hardest job I ever loved” shared values and assumptions about
Our thirteenth annual Prin- people can transcend countries and
“These are basic Islamic values”
ciples and Shared Values Survey was cultures. We should also note that
both encouraging and humbling in this “I’m free to develop myself, I feel sometimes we change the world in
respect. We continue to see improve- I can reach the moon” unanticipated ways. The only west-
ment on the Fun meter, especially in erner in the city of Nanchuan, our
“Understanding is much easier than
the businesses that are in their second plant manager Jerry Kelm, has taught
putting into practice”
to fifth years with AES. Most people are every restaurant in the city to make
excited, sometimes even passionate, “I love it” french fries.

Brought to you by Global Reports


Even with all the good news The essence of AES’s mission to the world makes it inevitable that we will
we hear about the principles and values
taking hold to change AES workplaces endeavor to serve in areas that some consider unstable.

and the communities they serve, we are


far from where we wish to be. We are
very cognizant of our own shortcomings.
AES people have been placed in posi-
tions of trust to distribute fairly the As suggested by our story at mind. Moreover, the government of the
fruits of our work among ourselves and the start of this letter, the nature of United Kingdom effectively cancelled
other stakeholders. Too often, we do compensation paid to AES people is a fully developed project of ours by
the most natural thing by putting our changing rapidly. In two years the per- putting a moratorium on gas projects.
own personal interests – our pay, our centage of the 10,000 or so people listed Every business is risky. Second, the
benefits, our rights – above those of by name in this report who are paid on essence of AES’s mission to the world
other groups. Our values demand a an all salary basis has gone from 29% makes it inevitable that we will
better balance. to 52%. Only a few have chosen to endeavor to serve in areas that some
Moreover, this year’s survey return to the old system. Allowing consider unstable.
suggests that some of us do not under- people to convert to salary, bonus and Most, but not all, evidence
15
stand the role of profits in the AES stock option pay packages, previously suggests that 1998 was a fairly good one
approach to business. Both AES people only available to senior managers, is not for living our standards of integrity and
and shareholders play crucial roles in an elixir that makes every person a
achieving our purpose and goals. Both business person. But for many it is a
giant step in that direction. Vik Danks,
deserve equal priority in treatment by AES Indian Queens
the corporation. Earning a profit is not A troublesome cry heard this
our major goal. Neither is paying good year, both among our own people in the
compensation to AES people the major Values Survey and from some investors,
goal. Both groups are important if we is “Don’t go to unstable places.” We
are to meet our ultimate objectives. have two responses to this admonition.
In this view, profits are the fair and First, we try not to underestimate the
necessary payments to shareholders instability and risks associated with
for investing equity in our endeavors. the “safe” areas in which some of us
Appropriate compensation to AES work and invest. Our 1992 experience
people is equally fair and necessary as in Florida where we lost a plant under
payment for the contributions we make. construction still weighs heavily on our

Brought to you by Global Reports


fairness, but we did have at least one to achieve this goal. We will do better.
serious breach of our shared values Sadly, another friend and colleague,
when an AES team in Asia reneged Jim Reiney, died of a heart attack. He
on an agreement with another party had been a senior leader for AES in
during a difficult negotiation. Very soon China. Unhappily, Oscar Prieto left
Jennifer Jones,
thereafter our people recognized the during the year, the first officer to do AES Shady Point
failure and turned the negative into so in the last 12 years.
a clinic on the appropriate way to This year, the rapid growth of
respond to this kind of problem. We AES led us to add three new Groups
admitted our mistake, apologized and worldwide. Shahzad Qasim leads AES
asked for forgiveness. This incident Oasis that includes the Asian subconti-
reminded us how difficult it is to live nent and part of the Middle East.
the values consistently in the heat of Stu Ryan moved to AES Pacific, the
battle and how easy it is for us to miss Group that covers western North
the mark on our principles. America. Lenny Lee took Stu’s place
The worst aspect of our 1998 in AES Transpower, which now
performance were the deaths that includes Korea, Hawaii, part of China,
16
occurred – 1 person at Light (Rio de Southeast Asia and Australia and New
Janeiro), 2 people in Metropolitana (Sao Zealand. Paul Hanrahan moved to AES This was illustrated vividly this year,
Paulo), and 1 person each in Cemig Americas South to cover Argentina and when on the day after we announced
(State of Minas Gerais, Brazil), the Southern Brazil, while Bill Ruccius the purchase of the Telasi distribution
Lyukobanya Coal Mine (Hungary) and took Paul’s place in AES Orient that company in Tbilisi, Georgia, a water
UST-Kamenogorsk TETS (Kazakhstan). includes part of China, Mongolia, color of a Tbilisi landmark painted
No amount of rationalization about Taiwan and the Philippines. several years earlier by Board member
continued improvement in safety statis- On page 94 of the Annual Bob Waterman arrived in our offices.
tics in most of our businesses around Report you will find the names of the
the world will erase the harrowing, seven outside Board members of AES. Business Environment and
haunting sadness that comes with the They continue to provide valuable Corporate Strategy
realization that a colleague died while advice and counsel while supporting The major long-term trend affecting
working in one of our businesses. Each our efforts to decentralize power and AES’s ability to increase the number of
AES person takes responsibility for create a fun workplace. They remain, people it serves continues to be the
making our life together safe, and each however, a step or two ahead of the rest radical restructuring taking place in
of us takes responsibility when we fail of us on many aspects of the business. the electricity businesses in numerous

Brought to you by Global Reports


countries around the world. During the Describing strategy, then, is more of a retrospective look at what has
last 10 - 15 years we have experienced
a major shift in infrastructure of ser- happened, than a road map to the future.

vices (such as telecommunications, air


transportation, postal, prisons, educa-
tion, electricity and many others) from
government ownership to private own- resolve to be long-term players in this Operational Goals
ership and from government regulation part of the world. Offsetting these The Report Card on last year’s opera-
to a reliance on competitive markets. developments has been the surprising tional goals is summarized below. Note
As long as this trend continues, AES resurgence of opportunities in the US that we gave grades for all the goals
and its major competitors will have an for almost all aspects of the electricity listed in last year’s Annual Report and
excellent opportunity to expand their business, but especially new and for several others that we think should
roles and make a positive contribution existing generation. have been identified. It was a strong
to the world. AES’s strategy is centered on year, but not our best ever.
In the near term, however, the our oft-stated purpose to serve the elec-
business environment for AES is affected tricity needs of the world. Strategy is
Making a Difference –– AES Report Card for 1998
negatively by economic turmoil in Brazil. typically developed through a series of
17
We expect this will affect AES earnings, business experiments carried out by our Progress living AES principles A-
although we are working hard on ways people as they seek ways to achieve that Journey to eliminate hourly pay / create business people A
to minimize the negative impact. As purpose. Describing strategy, then, is Turn recent acquisitions into AES businesses B+
difficult as it may be to fathom now, we more of a retrospective look at what has Operate existing business better than past year B
believe there is a possibility that these happened, than a road map to the future. Make significant progress at Ib Valley (India), B+
businesses will return to the growth Current strategy: Nile (Uganda) and Puerto Rico
pattern we saw before the devaluation, • Go anywhere electricity generation Add 10 - 15 new businesses A
and could even exceed our previous or distribution services are needed Maintain over 100 active new business ideas A
expectations. When AES purchased the and we can conduct business in a Make 1998 budgeted income and cash flow A
assets in Brazil, we signed agreements way consistent with our principles;
Goals that probably should have been listed:
with the Brazilian government that • Hedge individual businesses as much
Performance in businesses under construction and B
include adjustment provisions designed as is feasible against market and
advanced development
to respond to times of currency turmoil. other risks so we can maximize use of
Stock price gain and volatility C-
We expect that the government will non-recourse project financing;
Safety, especially serious accidents and deaths F
keep its commitments. None of the • Own a majority and control the oper-
developments in Brazil has reduced our ation of businesses where possible.

Brought to you by Global Reports


The possibilities for 1999 are
similar in character, but more expan- Eric Lundberg,
AES Alamitos
sive than last year.
• Finance or refinance 18 previously
announced businesses. wealth and glory. Will it push us the
• Increase our understanding of, and next step toward greed? We have
reduce the gap between, the standards achieved much more than any of us
inherent in the AES principles and have ever dreamed possible. Will we
values and the reality of our behavior. forget how much remains to be accom-
• Continue progress in helping every- plished and lapse into self-satisfaction
one who works at AES become a and complacency?
business person. We can’t answer those ques-
• Maintain over 100 active new busi- tions as confidently as we would like.
ness possibilities. Inside the company we will continue
• Achieve 1999 budgeted income and to query each other concerning these
cash flow. matters. That may help keep us from
• Start 12 - 18 new businesses. nurturing these seeds of destruction.
18
• Experience no deaths of AES people But, we hope you will continue to watch
at work. our actions and ask the tough questions,
• Operate current businesses cleanly, as well. All of you – government offi-
safely, and at a lower cost and more cials, community leaders, AES people,
reliably than last year. bankers, suppliers, shareholders, cus-
The CEO of Harley Davidson tomers – are crucial to holding us to
said this year that the downfall of most what we are trying to become, and
successful companies can be traced to helping us to achieve our goals. We
arrogance, greed, or complacency. look forward to a year of working with
These are scary words as we complete you to make a world of difference.
the 17th year of an incredible journey
Sincerely,
at AES. We are naturally proud of the
difference we are making in the world.
Can we avoid strutting the short dis-
Roger W. Sant Dennis W. Bakke
tance to arrogance? Both the company Chairman President & CEO
and long time AES people have tasted

Brought to you by Global Reports


The Men & Women who make up AES place the highest emphasis on conducting

AES’s activities in accordance with the Corporate principles and values. At the heart

of the AES corporate culture is a commitment to these four values: to act with integrity,

AES People 19

to be fair, to have fun, and to be socially responsible. On the following pages,

several AES people share their individual thoughts of what AES is and what

we strive to be.

Brought to you by Global Reports


“AES ALLOWS –EVEN
ENCOURAGES–ITS PEOPLE

TO STRETCH THEIR ABILITIES ACROSS

TRADITIONAL JOB ROLES AND RESPONSIBILITIES.


20

PROJECT DEVELOPERS GET I N V O LV E D WITH LEGAL ISSUES; FINANCE

MANAGERS ARE GIVEN THE OPPORTUNITY TO PLAY THE ROLE OF A

PROJECT DEVELOPER, ENGINEERS THAT TAKE A CRACK AT FINANCING.

IT’S R E A L LY Q U I T E A M A Z I N G ! AES B E L I E V E S T H A T W E A R E I N T E L L I G E N T,

CAPABLE, RESPONSIBLE PEOPLE, BUT THAT WE ARE ALSO HUMAN AND

SOMETIMES WE MAKE MISTAKES. B U T, BY THE SAME TOKEN WE CAN

ALSO EXCEED EXPECTATIONS”.

Brought to you by Global Reports


21

Kimberly Hall, AES Aurora

Brought to you by Global Reports


22

Eric Pendergraft, AES Alamitos

Brought to you by Global Reports


“EVERYONE IS CAPABLE

O F T H I N K I N G C R E A T I V E LY ,

BEING TRUSTED, MAKING GOOD DECISIONS

AND ACTING LIKE A BUSINESS PERSON.


23

DISTINCTIONS GENERATED AS A R E S U LT OF A PERSON’S JOB TITLE,

EDUCATION LEVEL, CLASS, INCOME, ETC. HAVE NO PLACE IN AES.

THE BEAUTY OF IT IS THAT TRADITIONAL BARRIERS THAT EXIST AT

O T H E R C O M P A N I E S A S A R E S U LT O F A P E R S O N ’ S E D U C AT I O N L E V E L O R

JOB TITLE DON’T EXIST AT AES. IF YOU HAVE DESIRE AND ENTHUSIASM,

AND SOME RAW NATURAL ABILITY THAT YOU ARE INTERESTED IN DEVELOPING

Y O U C A N T R U LY G O A N Y W H E R E A T AES”.

Brought to you by Global Reports


“AES ENCOURAGES

ITS PEOPLE TO MAKE

A DIFFERENCE IN THEIR COMMUNITIES.

SOON AFTER ACQUIRING CLESA, AES’S

DISTRIBUTION COMPANY IN E L S A LVA D O R , WE SAW AN OPPORTUNITY

TO HELP BRING ELECTRICITY TO EL TABLONCILLO, A RURAL FARMING


24

COMMUNITY OF FOUR HUNDRED FAMILIES WHO D E S P E R A T E LY NEEDED

E L E C T R I C I T Y. EVEN THOUGH DOING THIS WAS NOT C O M M E R C I A L LY

ATTRACTIVE TO CLESA, I T W O U L D R E S U LT I N B O O S T I N G T H E S TA N D A R D

OF LIVING IN A COMMUNITY WHICH A LW AY S WORKED HARD TO

SUCCEED. A FEW MONTHS LATER, THE FIRST LIGHTED CHRISTMAS

EVENING REACHED THE EYES AND HEARTS OF ALL THE COMMUNITY AT

EL TABLONCILLO. AND OURS TOO.”

Brought to you by Global Reports


Ulises Soroeta, CLESA

25

Brought to you by Global Reports


Linda Wong, AES Americas South

26

Brought to you by Global Reports


“AES’S DECENTRALIZED
27

S T R U C T U R E M E A N S

HAVING DECISIONS REST ON THOSE FRONT

LINE PEOPLE WHO KNOW THE SITUATION

BEST AND ARE IN A BETTER POSITION TO MAKE INFORMED DECISIONS.

THIS ALLOWS US, AT THE PROJECT LEVEL, THE FLEXIBILITY TO REACT

Q U I C K LY, WHICH IS IMPORTANT TAKING INTO ACCOUNT THE MANY

ACTIVITIES AES HAS IN DIFFERENT PARTS OF THE WORLD.”

Brought to you by Global Reports


“THERE’S A WORLD OF

DIFFERENCE BETWEEN

AES AND ANY OTHER POSITION I’VE EVER

HAD. IN OTHER JOBS, I COULD NOT TAKE A

BREAK, GO TO LUNCH, OR DO ANYTHING WITHOUT A MANAGER’S APPROVAL.


28

WHEN I CAME TO AES I WAS TOLD I WOULD BE TRAINED AND THEN

I W O U L D B E R E S P O N S I B L E F O R O P E R A T I N G T H E P L A N T. I T H O U G H T, H E R E

IS A HALF-BILLION DOLLAR PLANT AND PEOPLE ARE GOING TO TRUST ME,

B U C K H U N T, TO MAKE CRITICAL OPERATING DECISIONS. MY NEXT THOUGHT

WAS THAT SOMEONE WILLING TO TRUST ME THIS MUCH IS GOING TO GET

100%. NOT O N LY D I D I T M A K E M E T R Y H A R D B U T I T A L S O G A V E M E T H E

D R I V E T O K E E P B E T T E R I N G M Y S E L F. ”

Brought to you by Global Reports


Buck Hunt, AES Shady Point

29

Brought to you by Global Reports


Abakumova Elena • Abalina Galina • Nestor Horacio Abalo • Roberto Abarca • Leonel Abatte • Abbasi Abdul Qadoos • Abbasi Qadoos • Jorge Daniel Abbattista • Maria Veronica Abdala • Antonio Abdon • Abdrakhmanova Daniya
Abdualiev Gusman • Abdualieva Svetlanat • Abdukalikov Rustam • Abdul Nisar • Abdul Rahim • Abdul Shakoor • Abdulin Akhat • Abdulin Turabeck • Abdulin Zhanovek • Abdullin Sailaubai • Abdullina Aigul • Abdygalikov Nurtas
Steve Abe • Abid Kanwar Mohammad • Abildinov Berik • Abinev Mazhit • Abishev Kabdy • Abishev Madee • Abishev Marat • Abishev Serik • Abisheva Gulsym • Ablyazov Madee • Abodi Jozsef Laszlo • Abramovskaya Vladimir
Abramovskii Vasilii • Joel Abramson • Jose Ilcon Boteleiro De Abreu • Abrosimov Sergei • Abubakirova Valentina • Roberto Abud • Abulgafarov Rustam • Abulgazinov Bauyrzhan • Abulkhairov Kanat • Abzyanov Anatolii •

Pedro Eugenio Acerbo • Walter Oscar Achilli • Marcelo Cristiano Acker • Eduardo Antonio Acosta • Ernesto Andres Acosta • Raul Horacio Acosta • David Acott • Adalberto Reinaldo Acuna • Eduardo Jose Alberto Acuna
Jose Luis Acuna • Genniffer Acuna • Bobby Adair • David Adair • Pat Adair • Adam Gyorgyne • Adam Laszlo • Adambaev Temirbolat • Mark Adams • Warren Adams • Adamzhanova Inessa • Albert Addley • Oscar Emilio Adobato
Adorjan Barna • Adorjani Barnabas • Eliane Brown Rodrigues Adorne • Afankov Nikolai • Vera Afonina • Aftaeva Oksana • Agafonov Alexey • Agafonov Vyacheslav • Agapkin Alexey • Agarshev • Vladimir • Ageev Antonida • Vladimir Ageev
A
Agibaev Nurlan • Agibaev Tulekadyr • Ovidio Agreda • Jose Valentin Agudo • Ricardo Alberto Agudo • Alejandro Daniel Agueda
Carlos Oscar Aguilar • Hector Aguilar • Miguel Angel Aguilar • Ruben Norberto Aguilar • Wilfredo Cesar Omar Aguilar • Julio Alberto Aguilera • Raul Oscar Aguilera • Roberto Horacio Aguilera • Aracely Aguirre • Celso Aguirre • Jonatan Aguirre
Santiago Aguirre • Miguel Angel Agusti • Norberto Eduardo Agusti • Harsh Ahluwalia • Ahmad Bashir Haji • Ahmad Masqood • Ahmad Mubesher • Ahmad Munir • Ahmad Nazeer • Ahmad Sarfraz • Ahmad Yasin Mohammad • Aidarbekov Makhsutkhali
• Gustavo Daniel Aguero • Jorgelina Elizabet Aguero • Ricardo Alberto Aguerre • Evelise Batista De Aguiar

Erlan Aita • Aitakynov Zhomart • Aitimbetov Zhanat • Aitkanov Murat • Aitpaev Eginbai • Aityshev Nygymetkash • Ronnie Akehurst • Akentev Gennadiy • Akhmadiev Kamil • Akhmadishin Ramil • Akhmadishina Zulfira • Akhmedov Akif
Akhmedzhanov Ramazan • Akhmetov Daulet • Akhmetov Sovetkazy • Akhmetov Zhumken • Akhmetzhanov Daulet • Akhtar Amin • Akimkulova Nailya • Aksarina Valentina • Akzhan Gabdulmanat • Akzholova Lilia • Alabaeva Nina • Javier Alabaster
Katevan Aladashvili • Aladin Sergei • Alaev Victor • Jorge Mario Alak • Ariel Adrian Albanese • Rodolfo Vicente Albanese • Carlos Alberto Albarino • Ruben Albarino • Ruben Omar Albarino • Albert Istvan • Ricardo Manuel Albicoro • Maria Albina
Campoamor • Albul Anatoliy • Albul Boris • Albul Ludmila • Alejandro Carlos Alconcher • Ana Maria Alcoreza • Luis Marcelo Alcorta • Richard Alcos • Joao Duro Aldavez • Aldobaev Valikhan • Alekseyenko Victor • Alemanova Botagoz • Bill Alexander
Alexander Alexandrov • Gennady Alexandrov • Alexandrov Michael • Sergei Alexandrov • Sergei Alexandrov • Jose Luis Alfano • Carlos Alfaro • Julio Alfaro • Gustavo Adolfo Alfeiran • Eri Rodrigues Alfonso • Lee Ells Alford • Ali Imtiaz • Miguel
Angelo Carvalho Ali • Oscar Abel Ali • Ali Qaiser • Daniel Alcides Alianiello • Alibekov Adilbek • Alimbaev Yergalee • Alimkhanov Akman • Alitisz Sandor • Alkaeva Tatyana • Tatyana Alkaeva • Alla Kolomits • Allah Ditta • Brian Allen • Robert Allen
Mario Hugo Aller • Nelida Cristina Allevatto • Sarah Alleway • Carlos Alberto Dalbao Almada • Almasi Dezso • Almasi Jozsef • Almasi Karoly • Almasi Krisztian • Almasi Laszlo • Almasi Zoltan • Claudio Luiz De Almeida • Elizabeth Gracio De Almeida
Gilberto Vargas De Almeida • Joel De Almeida • Juarez Vargas Almeida • Julio Cesar Rodrigues Almeida • Mike Almeida • Nelcy • Ulisses Duarte De Almeida • Alniyazov Galym • Carlos Mario Aloisi • Victor Rafael Alomar • Hector Carlos Alonso

30

Jorge Daniel Alonso • Oscar Mario Alonso • Alpysov Rustem • Jon Alsop • Hugo Oscar Altamiranda • Cesar Daniel Altavista • Altukhov Vladimir • Altybasarov Sergei • Alexis Alvarado • Alvaro Alvarez • Dilcia Alvarez • Horacio Arnoldo Alvarez
Lazaro Alvarez • Mario Esteban Alvarez • Mario Rafael Alvarez • Monica Beatriz Alvarez • Rosana Lujan Alverca • Adir Pereira Alves • Gerson Soares Alves • Joao Carlos Marques Alves • Jose Ricardo Lopes Alves • Luiz Antonio Gomes Alves
Luiz Carlos Alves • Paulo Alves • Paulo Altair Biscaino Alves • Esteban Javier Alves Caiado • Alzhanov Bekbolat • Alzhanov Tuleukhan • Alzhanova Orazgaisha • Ricardo Cesar Amadeo • Claudio Menote Silveira Amado • Mario Osmar Amado
Miguel Angel Amado • Gabriel Andres Aman • Carlos Alfredo Amante • Amanzholov Erlan • Daltro De Jesus Sedrez Amaral • Ivonir Rocha Do Amaral • Joao Cecilio Cunha Do Amaral • Jose Paixao Do Amaral • Julio Cesar Guarche Amaral
Marcio Andre Silveira Do Amaral • Rosane Fernandes Do Amaral • Jose Luis Ramon Amaya • Ambrus Jozsef • Sebastian Alberto Amengual • Amerkhanov Sagyndyk • Rick Ames • Danielle Eesley Amfahr • Adrian Gustavo Amicuzzi
Marcelo Roberto Amicuzzi • Amina Suprun • Aminov Yuri • Amirbekov Meiram • Amirov Arman • Amirov Vladimir • Amirzhanov Bekbolat • Jose Eduardo Amodio • Julio Da Silva Amorim • An Hua • An Xiaoli • An Yuanbao • Victor Anakin • Ananyan Irina
Anton Ananyev • Anarbaeva Tatyana • Carlos Alberto Anastasi • Valter Anatolii • Louis Anatrella • Emigdio Anaya • Anchugina Lubov • Regis Anderegg • Alan Anderson • John Anderson • Nathalie Anderson • Carlos Edgardo Andino
Roberto Ismael Andino • Ando Istvan • Ando Zsolt • Felix Daniel Andrada • Amir Wanderlei De Andrade • Ana Augusta Sulzbach De Andrade • Andras Gyorgy • Andre Tibor • Alejandro Hernan Andreatta • Pablo Rogelio Andreatta • Andrejcsik Jozsef
Martin Eduardo Andres • Mara Cassini Andretta • Andreyenko Nadezhda • Andreyev Anatoly • Peter Andreyev • Sergei Andreyev • Jorge Andri • Jorge Daniel Andri • Osvaldo Martin Andrini • Anatoly Andriyanov • Androsov Andrey
Andrushishina Natalya • Alexander Andryushchenko • Raul Omar Anduaga • Horacio Oscar Anerot • Jorge Alberto Angeletti • Luiz Alberto Maronez Angeli • Anishenko Yury • Anisimov Anatoly • Anisimov Evgeny • Anisimov Ivan • Anisimov Oleg
Anisimov Sergei • Anisimova Elena • Anisimova Marina • Ankli Laszlo • David Anson • Antal Gergely • Antal Gyulane • Antal Istvan • Antal Attila Janos • Igor Antipin • Ivan Antipin • Antipov Nickolai • Antipova Natalya • Antipova Olga
Gustavo Horacio Antonini • Mario Jesus Antonini • Antonova Tatyana • Antropov Boris • Sergei Antropov • Nina Antropova • Antropova Valentina • Alexandre Arenguis Antunes • Carlos Augusto De Lima Antunes • Jorge Antonio De Lima Antunes
Ao Shun • Anna Aolikoli • Carlos Ernesto Aparicio • Fermin Manuel Apesteguia • Hector Santiago Apesteguia • Oscar Daniel Apesteguia • John Apperley • Horacio Gustavo Appili • Aptekaev Islyamgali • Julio Cezar Rodrigues Aquino
Patricio Alfredo Aragon • Oscar Arana • Jorge Adan Aranciaga • Isidro Jesus Aranda • Luiz Carlos Aranda • Aranyos Ferenc • Aranyosi Csaba • Aranyosi Jozsef • Arapov Valentina • Ozgur Ararat • Carlos Arata • Altamir De Moura Araujo
Antonio Daniel Araujo • Pablo Daniel Arbia • Stella Maris Arbia • Andres Edgardo Arbizu • Casimiro Ardon • Ivana Cecilia Areco • Orlando Oscar Areco • Aida Arevalo • Daniel Roberto Arevalo • Fernando Jorge Arevalo • Hortencia Arevalo
Miguel Arevalo • Victor Hugo Arevalo • Raul Adrian Arguelles • Daniel Gustavo Arias • Daniel Roberto Arias • Elmo Arias • Ricardo Angel Arias • Juan Jose Arigüel • Marcela Alejandra Ariza Thomas • Arkadov Vadim • Sandra Marcela Armale

Brought to you by Global Reports


Paul Armour • Diane Armstrong • Michael Armstrong • Maria Del Carmen Aroca • Alberto Daniel Arpone • Juan Domingo Arribillaga • Maria Laura Arrieta • Lino Arriola • Fabian Enrique Arrizabalaga • Daniel Bernardo Arrossagaray
Gustavo Enrique Arroyo • Arshinov Stanislav • Arshinova Larisa • Nikolai Artamonov • Simon Abel Artola • Artsybashev Leonid • Artyom Lotsman • Douglas Arucha • Arymbaev Baurzhan • Arynov Mels • Ignacio Arzuaga • Asaev Magzum
Asanov Amantai • Asaubaev Akan • Asaubaev Bauyrzhan • Asaubaev Nygymetolla • Mauricio Hector Aschero • Ashurov Ravil • Asim Fazal Hussain • Askarbekov Uair • Askarova Aigul • Askhat Amerkhanov • Aslam Sabir Mohammad • Silvio Pedro Assmann
Alcebiades Alves De Assuncao • Jose Luiz Assuncao • Astaev Kairgeldy • Astafev Sergey • Astafev Vladimir • Astanin Aleksey • Sergei Astashov • Carlos Umberto Astorfo • Astrakhantsev Vladimir • Henry Aszklar • Michael Atamas • Atentaev Aziz
Aubakirov Aidarkhan • Aubakirov Askhat • Aubakirov Berik • Aubakirov Kisam • Aubakirov Kurmanbek • Aubakirov Murat • Eduardo Roberto Aufmuth • Oscar Roberto Aufmuth • Silvia Augusto • Autalipov Yerzhan • Iraki Avaliani • Ketevan Avaliani
David Avalos • Ramon Evaristo Avalos • Aved Istvan • Guillermo Avelar • Sandra Monica Avendano • Miguel Angel Aversano • Gerardo Oscar Avetta • Milton De Oliveira Avila • Rodnei Mota De Avila • Avilov Boris • Juan Carlos Ayala • Salvador Ayala
Ayapbergenov Azamat • Jose Auri Da Silva Ayres • Daniel Oscar Ayude • Azam Zubair Mohammad • Glaci Goes De Azambuja • Jose Ricardo Boucas Azambuja • Azari Csaba • Azbergenov Serik • Azylov Zamir

B’ro Tibor • Babcsany Attila • Babenko Larissa • Baboth Karoly • Babus Janos • Otoniel Bacaro • Hector Julian Bacchella • Jorge Roberto Bacedoni • Frank Bachara • Eddie Bacon • Bacskai Jeno • Bacso Andras • Bacso Andras
Bacso Istvan • Bacso Janos • Bacso Janos • Bacso Janosne • Bacso Laszlo • Badalik Zoltan • Badics Istvan • Badina Oleg • Carlos Alberto Baez • Walter Hugo Baggini • Bagi Istvan • Bagi Zoltan • Bagirov Vladimir
Bagoly Tibor • Bahor Jozsef • Bai Alexander • Bai Ferenc • Baibulova Ainagul • Baibulova Saule • Baibusinov Bakytbeck • Baibutin Esentai • Baidysh Elena • Baiguanyshev Serikbol • Baiguzhin Berik • Baikenov Rafik
Baimagambetov Eduard • Baimanov Ibragim • Julio Santos Baioni • Bairakov Constantine • Baitakova Karlygash • Baizakov Yertken • Baizhanova Aizhan • Baizov Azret • Baizov Serikkan • Peter Bajc • Baji Sandor
Omar Santiago Bajo • Bajza Bela • Bajzath Albert • Bak Laszlo • Bakancha Olga • Bakenova Baltamar • Paul Baker • Bakeyev Galymzhan • Andrei Bakhnov • Suby Bakhtawar • Bakhtidanov Anatoly • Bakirov Amirzhan
Bakirov Kuan • Bakk Ferenc • Bakk Ferenc • Dennis Bakke • Baklanov Valery • Bako Csaba • Bako Jozsef • Bako Sandor • Bakos Dezso • Bakos Dezsone • Bakos Ferenc • Bakos Janos • Bakos Robert • Baktai Istvan • Balabanov Vladimir
B
Eduardo Oscar Balado • Balandin Sergei • Balanyuk Galina • Adolfo Antonio Balassone • Balazs Istvan • Balazs Istvanne • Balazs Istvanne • Balazs Jozsef • Balazs Jozsef • Balazs Jozsef • Balazs Laszlo • Balazs Mihaly • Balazs Pal
Balazs Zoltan • Jorge Carlos Balbo • Jose Balbuena • Balbyshkin Ivan • Jose Andres Baldini • Juan Carlos Balduzzi • Balguzhin Sagidulla
Balla Laszlo • Balla Peter • Balla Tibor • Leon Ballard • Luis Alberto Ballejo • Hector Luis Balmaceda • Hugo Alberto Balmaceda • Balog Bela • Balogfalvi Istvan • Balogh Csaba • Balogh Ferenc • Balogh Gyorgy • Balogh Istvan • Balogh Janos
• Enzo Alfredo Balianelli • Balint Zoltan • Balkina Tatyana • David Ball • Balla Bertalan
• Balazs Sandor
• Balla Geza

Balogh Jozsef • Balogh Jozsef • Balogh Krisztian • Balogh Laszlo • Balogh Laszlone • Balogh Laszlone • Balogh Peter • Balogh Robert • Balogh Tibor • Balogh Tiborne • Balogh Istvan Janos • Balogh Jozsef Ifj • Balogh Laszlo Szilveszter

31

Baltabaev Kasymzhomart • Baltenov Serik • Balyi Jozsef • Balytbaev Adylkan • Ban Istvan • Banati Karoly • Banati Karolyne • Banati Tiborne • Bancs Miklos • Bancs Miklos • Bancs Miklosne • Bancs Tamas • Joao Moacir Pinheiro Bandeira
Carlos Eduardo Banderet • Gustavo Cesar Banderet • Bandik Bela • Sergio Adrian Banega • Bankúti Laszlo • Bannik Valery • Franciso Banos • Marco Antonio Baptista • Pedro Oscar Baquela • Bara Andras • Bara Zoltan • Barabanov Rafael
Barabanov Sergei • Francisco Barahona • Nino Baramidze • Barankin Vladislav • Alexey Baranov • Baranov Boris • Baranov Nikolai • Baranov Vassily • Baranov Vladimir • Baranyi Lajos • Baranyi Laszlo • Barate Tibor • Barath Bela • Barath Laszlo
Barati Zsolt • Gustavo Dario Barbiero • Adegildo Tavares Barbosa • Alan De Oliveira Barbosa • Carlos Iram Barbosa • Jorge Luiz Flores Barbosa • Rejane Intiosp Barbosa • Silvia Maria Cordeiro Cappua Barbosa • Vanio De Oliveira Barbosa
Claudio Roberto • Oliveira De Barcellos • Gerson Luis Tavares Barcellos • Silvio Ricardo Tavares Barcellos • Vania Regina Ferraz Bettanzo Barcelos • Carlos Adolfo Bard • Carlos Alberto Bardetis • Bardos Jozsef • Bardos Laszlo • Bardos Laszlo
Bardosne Berecz Irma • Antonio Carlos Cristaldo Bari • Bari Gyula • Juan Pablo Bariani • Luis Orfilio Barile • Eunice Aparecida Barilli • Greg Barker • Barkhaduryan Ermek • Barkoczi Istvan • Osvaldo Mario Barletta • Barmakov Kanat • Barna Bertalan
Barna Gabor • Barna Laszlo • Barna Sandor • Elmer Barnes • Baroczi Janos • Juri Baroskov • Nick Barr • Cesar Diego Barragan • Claudio Marcelo Barragan • Eduardo Alberto Barragan • Hugo Roberto Barragan • Marelu De Fatima Da Silva Barragan
Oscar Dario Barragan • Sandro Barreto • Sergio Fabian Barreto • Derek Barrett • Peter Barrett • Julissa Barrientos • Paulo Roberto GM De Barros • Ronimar Silveira De Barros • Maria Fernanda Barrufaldi • Michael Barry • Barta Janos • Bartal Jozsef
Bartfai Antal • Bartfai Bertalan • Bartfai Peter • Bartfaine Nagy Ilona • Bartha Istvan • Bartha Barci Istvan • Don Bartlett • Matt Bartley • Bartok Ferenc • Bartok Ferenc • Bartok Laszlo • Bartok Zoltan • Juan Carlos Bartolomei • Diego Ramon Barton
Bartus Istvan • Bartus Istvan • Bartus Laszlo • Bartus Laszlo • Bartus Jozsef Bela • Terrance Bartz • Victor Hugo Barulli • Barva Istvan • Basalaev Nickolai • Cassiano Moises Basei • Bashirov Rashit • Bashkirov Igor • Bashtovoi Andrei
Baskakov Dmitry • Baskenov Kuat • Basov Andrei • Basov Oleg • Basov Sergei • Basov Vladimir • Fabio Dalcol Bassan • Jorge Alberto Bassi • Carmem Lucia Antunes Basso • Bastemiev Marat • Fabiane Lopes Bastos • Silvia Andrea Basualdo
Bata Karoly • Bata Karolyne • Batashov Andrey Batashova Larisa • Gary Bates • Batki Karoly Istvanne • Batori Istvan • Batorligeti Mihaly • Mike Batt • Horacio Pedro Battaglia • Volmar Soares Battu • Baubekov Zhumabai • Paulo Roberto Bauer
Baukh Valery • Jose Luis Bautista • Holden Baxter • Bayadilov Alibeck • Bayadilov Altynbeck • Jorge Roberto Bayala • Gustavo Angel Bayon • Pedro Luis Bazan • Roberto Orlando Bazan • Bazarbaev Myltykbek • Bazsanyi Lorant • Bazsanyi Lorant
Ginger Beamesderfer • Davy Beattie • Joe Beattie • Stephen Beattie • Silvio Pinto Beck • Cezar Roberto Becker • Gilmar Becker
Hector Francisco Bedaglia • Bedarev Vladimir • Bedash Yuri • Bede Istvanne • Bedorov Nickolai • Russ Beetham • Robert Beggs A E S P E O P L E FROM LEFT TO RIGHT: Steve Gale, AES Barry; Shannon Young, AES Arlington;
Beisembaev Erzhan • Beisembekova Galina • Andreev Beisen • Beisenbinov Serik • Beke Istvan • Beke Istvan • Bekenov Bolat Rick Robinson, AES Shady Point; Noel Campbell, NIGEN; Mohammed Elassal, Elsta;
Ken Owens, AES Beaver Valley

Brought to you by Global Reports


Bekesi Jozsef Imre • Frank Bekkens • Bekker Nadezhda • Bekker Yelena • Bekmetov Nuriakhmet • Sharon Belanger • Mark S Belansky • Belenko Vladimir • Belgubaev Marat • Belimov Vladimir • Karen Beliveau • Belkin Alexander • Belkin Vyacheslav
Gennady Belkov • Sergei Belkov • Norman Bell • Peter Bell • Gustavo Rodolfo Belleggia • Carlos Alberto Bellocchio • Jorge Anibal Bellocq • Guillermo Daniel Belloro • Jose Luis Belloro • Belogortsev Victor • Belosheina Tamara • Belov Evgenii
Belteki Lajos • Belteki Miklosne • Marcelo H Beltramini • Belyaev Constantine • Belykh Vasily • Bencs Beata • Bencs Jozsef • Bencs Jozsef • Bencs Lajos • Bencs Zoltanne • Bencs Lajos Gabor • Bencsics Lajos Bertalanne • Benedek Barnabas Elek
Benedek Gyula • Jose Maria Bengochea • Cizer Julius Benini • Julio Cezar Benini • Francisco Pedro Fonseca Benites • Juan Carlos Benitez • Liberato Antonio Benitez • Liliana Noelia Benitez • Miguel Angel Benitez • Ruben Domingo Benitez
Ruben Roberto Benitez • Oscar Anibal Benito • Benjamin Anthony • Herton Luiz Moraes Benke • Benke Mihaly • Fernando Norberto Benot • Hector Osmar Benvenutto • Benyi Ferencne • Andrea Matilde Benzo • Berdnik Oleg
Berecki Sandor Jozsef • Berecz Attila • Berecz Barnabas • Berecz Miklos • Berentes Gyula • Berentes Karoly • Beres Istvan • Beresikova Nadezhda • Berg Oleg • Iliana Berganza • Alicia Maria Bergaz • Mario Alberto Bergaz • Chip Bergeron
Berkes Istvanne • Berkes Jozsef • Berkes Laszlo • Berki Jozsef • Berki Richard • Elsa Bernal • Luiz Carlos Nunes Bernardi • Stefano Cogo Bernardi • Horacio Alejandro Bernardo • Jorge Omar Bernardo • Jose Fabian Bernardo • Paulo Roberto Berndt
Eduardo Estigarribia Bernhard • Leo Bernier • Pedro Angel Beron • Alan Berryhill • Berta Janos • Rudnei Bertagnolli • Julio Jose Bertani • Daniel Jorge Bertera • Marcela Liliana Bertera • Silvio Sergio Bertera • Pablo Edgardo Bertinat • Bertok Attila
Bertok Karoly • Marcos Jose Bertoni • Berzi Janos • Besedin Aleksey • Besenyei Istvan • Besheva Ludmila • Marcelo Beskow • Bespalova Valentina • Jose Alberto Bestilleiro • Julio Cesar Bestilleiro • Victor Hugo Bettinelli • Ruben Dario Bettinotti
Bezborodov Evgenii • Beze Vyacheslav • Bezgina Lubov • Bezhetskiy Konstantin • Bezhunarova Galina • Bezushko Andrey • Bialko Laszlo • Maria Luisa Bianchi • Alberto Carlos Bianco • Jose Luis Bianco • Norma Marcela Bianco • Norma Yolanda Bianco
Bibikov Yury • Bichkovsky Michael • Leslie Biddle • Gabriela Alejandra Bielawski • Guillermo Fabian Bielawski • Henk Biesiot • John Bigalbal • Ray Bigalbal • Bigozhin Omargali • Bigus Istvan • Bihari Istvan • Bihari Lajosne • Bikbov Aryslangaliy
Liliana Graciela Bilbao • Jussara Dorneles Bilheri • Bilyalov Kairkesh • Eddie Bingham • Jack Binns • Daniel Oscar Biondi • Birinyi Zoltan • Birinyi Zoltanne • Biro Ferenc • Biro Peter • Biro Tiborne • Birukova Tatyana • Wayne Bishop
Bismeldinova Karlygash • Dante Florencio Bisson • Munshi Tabitha C Biswas • Luiz Vianei Bitdinger • Julio Arilon De Bittencourt • Roberto Carlos De Freitas Bittencourt • Bitutskikh Mickhail • Andrew Black • John Black Phil Blackburn
Ed Blackford • Blagonravin Alexandr • Blanar Zsolt • Carlos Alberto Blanchoud • Alberto Oscar Blanco • Alfredo Enrique Blanco • Norman Osvaldo Blanco • Walter Hector Blanco • Walter Jose Blanco • Bleko Vladislav • Blendova Natalya
Blendovszki Sandor • Blinova Mickhail • Horiane Ricardo Bloedorn • Richard Blome • Robert Blond • Bludushkin Oleg • Mario Orlando Blume • Bobrovskiy Sergey • Yuri Bobylev • Rodolfo Luis Bocero • Bochakarev Alexander • Andrei Bocharov
Bocharov Vyacheslav • Nikolai Bochevsky • Ivan Bochevsky • Jose Luis Bochiardi • Bochkarev Vladimir • Bochkaryov Elena • Bochkaryov Ergazi • Marli Edelgard Roos Bock • Bocsi Sandor • Boczki Gaborne • Boczki Janos • Boczki Jozsef
Boczki Zsolt • Bodi Andras • Bodi Ferenc • Bodi Imrene • Bodi Janos • Bodi Zsolt • Bodig Istvan • Bodnar Balazs • Bodnar Istvan • Bodnar Krisztian • Bodnar Lajos • Bodnar Lajos • Bodnar Laszlo • Bodnar Sandor • Bodnar Sandorne • Bodnar Tamas
Bodolai Istvan • Bodolai Laszlo • Bodolai Laszlo • Bodvai Lajos • Martin Antonio Bof • Bogardi Imre • Bogati Gabor • Bogati Lajosne • Bogatyreva Ekaterina • Alexander Bogatyryov • Sergei Bogatyryov • Elena Bogatyryova • Bogdanov Leonid

32

Bogdanov Pavel • Bogdanov Yevgeny • Nikolai Bogomolov • Svetlana Bogomolova • Bogoutdinova Ludmila • Carlos Alberto Bogue • Eduardo Nestor Bogue • Jorge Omar Bogue • Nestor Eduardo Bogue • Boiko Oleg • Boikov Igor • Boitsova Irina
Bokonyi Jozsef Gyula • Bokor Csaba Jeno • Jesus Bolanos • Juan Bolanos • Oscar Bolanos • Guillermo Gabriel Bolatti • Bolgar Erzsebet • Bolgar Janos • Bolha Zoltan Janos • Bolla Laszlo • Armando Esteban Jose Bollati • Daniel Bologna
Ricardo Abel Bolognesi • Bolotov Vyacheslav • Bolpakov Muslim • Valery Bolshhakov • Gilso Bolzan • Gabriel Alejandro Bonacci • Miguel Luis Bonavento • Osvaldo Prospero Bonavitta • Sergei Bondar • Bondar Vladimir • Bondarenko Alexey • Bondarenko Valentin
Bondarenko Vasilii • Sergei Bondarev • Gustavo Adolfo Bonesi • Oscar Jorge Bonfanti • Bonh Tibor • Marisa Fabiana Bonifacio • Jorge Romario Kersting Bonilla • Nestor Oscar Bono • Bonta Ferenc • Ricardo Oscar Boragno • Borbely Gyula • Borbely Zoltan
Eleonora Laura Borboglio • Marcelo Fabian Borda • Orlando Jose Borda • Ricardo Raul Borda • Bordas Jozsef • Horacio Jose Bordes • Marcelo Bordin • Miguel Angel Borgatello • Andrea Grillo Borges • Gerson Alves Borges • Luiz Antonio Silveira Borges
Marco Aurelio Oliveira Borges • Valdemar Borges • Boris Anpilogov • Boris Feklistov • Boris Kiryanov • Boris Korshunov • Boris Latyntsev • Boris Poletaev • Ricardo Roberto Boris • Boris Zherekhov • Boris Zlobin • Borisov Sergei • Borisov Viktor
Marcelo Guido Lujan Borniego • Sergei Borodin • Boros Attila • Boros Gyula • Boros Janos • Boros Jozsef • Boros Laszlone • Boros Laszlone • Boros Tibor • Boros Tibor • Boros Zoltan • Borotvas Csaba • Borovikov Andrey • Borovikov Ivan
Rodrigo Borowsky • Borozenets Irina • Carlos Jose Borsarelli • Guillermo Miguel Borsarelli • Borsos Lajos • Bortnikov Alexandr • Bortnikov Andrey • Bortnikov Pyotr • Bortnikov Sergei • Bortosevich Irina • Jose Luis Boscaroli
Gustavo Alejandro Boschin • Bosnyak Jozsef • Bota Istvan • Delmar Reinaldo Both • David Bothwell • Botisova Irena • Daniel Alcides Bottero • Roberto Horacio Botti • Bottyan Janos • Mark Boucher • Scott Boulger • Marcelo Fabian Boumera
Matthew Bourner • Bovt Nadezhda • Raymond Bowen • Javier Ernesto Boy • Boyarinov Aleksey • Boyarinov Dmitriy • Boyarinov Nikolay • Boyarkin Anatoly • Al Boyd • Alan Boyd • Derek Boyd • Sammy Boyd • Scottie Boyd • Karen Boyes
Bozaichenko Natalya • Bozo Attila • Bozso Ferenc • Bozsvari Sandor • Bozsvari Sandorne • Oscar Edgardo Bozzano • Claudio Raul Lorenzo Bozzone • Mervyn Bradley • Anderson Silveira Braga • Gerson Silveira Braga • Osvaldo Lujan
Braganza Rolando A Braganza • George Bramlett • Miguel Angel Branchesi • Julio R Branciforte • Mario Omar Branciforte • Icleia Moraes Branco • Diana Brand • Sergio Brandao • Jose Luis Brandi • Mario Brandi • Ricardo Luis Brandoni
Carlos Augusto Lopes Brasil • Brassai Tamas • Jose Daniel Braun • Willie Braun • Isidro Adan Antonio Bravo • Stan Brayton • John Brazil • Bredikhin Anatoly • Bram De Bree • Brekhunets Lubov • Bobby Bremner • Ernie Brennan • Samuel Brennan
Stephen Brennan • Ruben Antonio Brest • Miguel Angel Brey • Brezoczki Mihaly • Briggs Nelson • Brilyonok Sergei • Joao De Lima Brinck • Sergio Brinckmann • John Brinich • Sergio Brinkman • James Bristow • Carlos Alfredo Britos
Jose Alberto Brizuela • John Brockman • Broda Janosne • Louis Bronsard • Carter Brooks • James Brooks • Tommy Brooks • Alexander Brovkov • Mike Brower • Andy Brown • Eduardo Juan Brown • Jim Brown • Lisa Brown • Mel Brown
Melissa Brown • Robert Brown • Willard Brown • Brian Browne • Jeremy Bruford • Peter De Bruijn • Theo De Bruijne • Sergio Zavaglia Brum • Brunda Tibor • Fabian Abel Brunelli • Alberto Daniel Bruno • Aldo Oscar Bruno • Jorge Reymundo Bruno

Brought to you by Global Reports


Marcelo Bruno • Nestor Alfonso Bruno • Norberto Omar Bruno • Brunszvik Istvan • Angel Dario Bruzzesi • Jason Bryant • Marcelo Andres Bryk • Roberto Omar Bucca • Juan Carlos Bucci • Jerry Buchanan • Keith Buckley • Bucsi Andor • Bucsi Andorne
Bucsi Attila • Bucsi Laszlo • Bucsko Robert • Juan Carlos Buculini • Bucz Zsolt • Buczko Gabor • Buczko Lajos • Budaev Anatoly • Budaev Vladimir • Budai Jozsef • Budai Laszlo • Budai Laszlone • Budai Miklos • Budai Miklos • Budai Sandor
Budai Zoltan • Budaine Marincsak Iren • Budanov Pyotr • Buella Gabor • Claudete Coronel Bueno • Gilberto Bueno • Salvio Buffoni • Bugaev Anatoly • Bugrov Pavel • Daniel Victor Bugvila • Bujdos Jozsef • Bukanova Alexander • Bukenov Kabylkayat
Bukharina Olga • Bukhinskaya Vladimir • Bukhinskii Elena • Oleg Bukhryakov • Oleg Bukhryakov • Buko Istvan Buko Istvan • Bukovinszki Jozsef • Claudio Oscar Bulacio • Bulanbaeva Meiramgul • Bulatov Anatoliy • Bulatov Vladimir • Buldakov Leonid
Buldakov Vladimir • Bulev Yury • Rich Bulger • Bundin Alexander • Burai Bertalan • Andrei Burakov • Paul Burdick • Paul Burger • Chris Burgess • Nestor Edgardo Burgos • Buri Laszlo • Buri Laszlo • Burlaka Tatyana • Burlaka Vladimir
Chuck Burley • Dave Burley • Alexander Burnaev • Burnashov Alexey • Burnashov Sergei • Nikolai Burov • Alejandro Walter Burucua • Carlos Daniel Burucua • Roberto Oscar Antoni Burucua • Burykin Aleksandr • Burykin Georfiy • Raul Elias Busajm
Alberto Daniel Buscaglia • Roberto Carlos Buscemi • Bushkov Pyotr • Bushlanova Galina • Evel Dario Bustos • Hector Eduardo Bustos • Jorge Francisco Bustos • Butkeev Vassily • Butov Anatoly • Butov Vladimir • Butskaya Iraida • Butsky Yuri
Butt Khalid Nazeer • Romeu Buttenbender • Butyrsky Michael • Alexandre Butzen • Buzas Attila • Büdi Miklos • Bykov Vladimir • Bykova Galina • Miria Terezinha Martins Bykowski • Phillip Byrne • Bystrov Dmitry • Bystrova Svetlana

Rodolfo Pablo Caba • Jorge Gabriel Cabalieri • Dario Fernando Caballero • Santiago Roberto Cabeda • Adrian Francisco Cabeza • Fredy Cabeza • Ana Cabezas • Carlos Leonardo Cabezas • Guillermo Raul Cabezas
Jorge Ramon Cabezas • Juan Carlos Cabezas • Juanita Cabezas • Miguel Angel Cabezas • Ruben Edgar Cabezas • Felipe Cabrera • Misael Cabrera • John Cabreros • Angel Osvaldo Cacciali • Jose Caffiero • Jose Luis Caffiero
Jerry Cagle • Olmir Anjo Cagliari • Charles Cain • Carlos Angel Cairo • Daniel Caisphal • Gabriela Betina Calabrese • Mario Ramon Calaggio • Hector Daniel Calandrelli • Derek Calcutt • Mario Antonio Costa Caldas
Juan Luis Calio • Osvaldo Caliri • Kara Callahan • Keith Callahan • Cathia Conceicao Do Santos Callovy • Norma Calzada • Rocio Calzada • Ana Paula Camara • Ademir Francisco Camargo • Odinei De Azevedo Camargo
Ruben Manuel Camblor • Jim Cameron • Luis Caminero • Jose Luis Campana • Noel Campbell • Edolber Anibal Campo • Antonio Valdir Da Silva Campos • Julio Campos • Natalia Campos • Rene Campos • Julio Campsano
Helton Da Costa Canabarro • Elvio Omar Canalis • Gabriel Canaves • Norma Beatriz Canepa • Oscar Domingo Canete • Cristian Fabian Cangaro • Sergio Alberto Canha • Juan Enrique Cano • Daniel Gilberto Cantero • Ramon Antonio Cantone
CCantrell Larry Dale • Cao Ya-Ping • Steve Caouette • Hector Julio Capanera • Jose Maria Capdevila • Jorge Alfredo Capechi • Martin Capello • Pedro Ruben Capoccetti • Jose Rudimar Atzler Cappa • Hector Daniel Capretti • Hector Omar Caprifoglio
Adrian Nicolas Caputo • Domingo Antonio Caputo • Manuel Alberto Caputo • Raul Jose Cara • Roberto Carlos Cara • Pedro Anibal Caramelo • Antonio Ubirajara Caravagio • Alberto Ricardo Carcano • Gabriel Alberto Carcano • Arthur Cardenas Cardenas
Aurora Cardenas • Erik Cardon • Marcia Cardona • Ariel Gustavo Cardone • Carlos Iran Cardoso • Hector Anibal Cardoso • Marcio Alexander Da Silva Cardoso • Solange Pereira Cardoso • Valerie Carlin • Don Carlson • Lizete Adriana Kaiser Carnette

33

Ricardo Jose Carnevali • Baudilio Carpio • Baudilio Carpio • Jim Carr • Keith Carr • Stephen Carr • Antonia Carranza • Antonio Carranza • Francisco David Carrasco Giovani Stumpf Carravetta • Carlos Carreno • Jorge Alberto Carrera
Guillermo Alfredo Carrettoni • Hugo Enrique Carro • John Carroll • Mike Carroll • Mike Carsello • Randy Carter| • German Ariel Carusotti • Jorge Horacio Carvalho • Luiz Carlos Thedy De Carvalho • Marco Antonio Carvalho • Maria Edy Ferreira Carvalho
Marisa Teresinha Machado Carvalho • Miguel Marcelo Carvalho • Carlos Miguel Carzoglio • Luis Enrique Casale • Christian Gabriel Casali • Andrea Casanas • Ulises Hernan Casaretto • Hector Omar Casco • Laura Isabel Casco • Gustavo Daniel Case
Roger Casement • Sara Casey • Rocio Casielles • Fernando Julio Caspe • Joao Leonardo Da Costa Cassani • Norma Ester Cassisi • Osvaldo Francisco Cassisi • Guillermo Horacio Castagneto • Juan Carlos Castagnino • Juan Carlos Castagnino
Oscar Castaneda • Facundo Raul Castano • Jan Castelein • Julio Castellano • Hugo Juan Castiglioni • Claudia Beatriz Almeida Castilhos • Oscar Manuel Castilla • Carlos Castillo • Jose Castillo • Bill Castles • Abel Andres Castro
Carlos Castro • Carlos Roberto Aguiar Castro • Claudenir Roberto Garcia Castro • Eliana Gessiam De Farias Castro • Horacio Daniel Castro • Juan Carlos Castro • Luis Alberto Castro • Milton Dos Santos Castro • Nelson Honorio Castro
Pablo Castro • Vergilio Dirceu De Castro • Waldemar Castro • Wilfredo Castro • Guillermo Sandro Catervi • Eileen Cates • Carlos Francisco Cathelen • Lisa Cathery • David Catota • Mark Cattell • Lais Cristina Cauduro • Dwayne Cauthen
Jose Altivo Da Fontoura Cavalheiro • Jose Luis Cavallo • Juan Carlos Caviglia • Davi Cazarotto • Dolores Cazun • Miguel Cazun • Ádam Janos • Cegledi Istvan • Miguel Angel Cejas • Claudio Celi • Norberto Fabian Cendan • Nancy Rosana Cepeda
Jose Damiao Simoes Cerentini • Ruben Osvaldo Cervan • Hilda Mabel Cervellini • Hector Daniel Cesar • Jorge Enrique Cesaretti • Eduardo Orlando Cesari • Nestor Hugo Cesari • Norberto Ruben Cesari • Gustavo Rodolfo Cesarini • Sergio Abel Cesetti
Chagaidak Nikolai • Don Chagnon • Gordon Chambers • Chan Ching Yin Cynthia • Chan Man Kit David • Chan Wai Yee Olivia • Maxine Chandler • Jeff Chaney • Yuan-Jan Chang • Jim Channels • Raul Chapa • Fernando Gustavo Chaparro • James Chaplin
Colin Chapman • Dean Chapman • Paul Charlesworth • Chatterton Chris • Chau Kim Kau Stanley • Shalini Chauhan • Ana Regina Chaves • Juan Alberto Chaves • Valdir Wurfel Chaves • Chebotaeva Larissa • Chegrin Victor • Chekurov Roman
Chen Ding-Kun • Chen Guang-Guo Paul • Chen Hong • Chen Liangren • Chen Paul • Chen Qin • Chen Qishen • Chen Qiuping • Chen Rong Juia • Chen Wei • Chen Yu • Steve Chenault • Cheprunov Alexander • Cheprunov Anatoly • Cherdantsev Yuri
Cheremisin Vladislav • Cherepanov Nikolay • Cherepanov Nikolay • Cherepanov Vitaliy • Cherepanova Tatyana • Valentina Cherepanova • Cherepinin Alexander • Chergin Victor • Cherikaev Anatoly • Alexei Cherkashin • Gennady Cherkashin
Cherkashin Yury • Svetlana Cherkashina • Cherkasova Svetlana • Chernakov Valentin • Chernakova Elena • Chernenko Vladimir
Chernikov Viktor • Chernov Nikolai • Chernova Nina • Chernykh Valery • Chernyshova Valentina • Vladimir Cherukhin AES PEOPLE FROM LEFT TO RIGHT: Steve Gale, AES Barry; Diane Armstrong, Kingston; David Snelson, AES Barry;
Chesnokov Nickolai • Bob Chestnutt • Alberto Sebastian Chiappe • Roberto Oscar Chiarizia • Mario Angel Chiauzzi J.R. Wright (left) and Mark Rogish (right), AES Beaver Valley; Bob Vannest, Kingston; Amy McDonough (left) and
Alicia Slinn (right), AES Enterprise

Brought to you by Global Reports


Domingo Chicas • Claudia Viviana Chico • Francisco Chimenti • Jose Chimenti • Mario Francisco Chimenti • Juan Jose Chimento • Manuel Chinque • Chistyakov Igor • Omar Alfredo Chisu • Ivan Chonkov • Chow Sui Chun Dilys • John Christoffersen
Chubikov Igor • Chudov Vladimir • Chuikov Alexey • Chung Sze Hang Esther • King Chung Chen • Anita Chupp • Robert Churchill • Churikov Boris • Lyudmila Churikova • Enrique Daniel Ciancio • Victor Hugo Ciaponi • Sergio Daniel Ciardullo
Alberto Ciblis Madero • Adalberto Daniel Cicolini • Eduardo Ernesto Cicolini • Miguel Angel Cicoria • Raul Cienfuegos • Carlos Guillermo Cieri • Enrique Ruben Cieri • Rene Cierra • Ruben Jose Ciladi • Juan Jose Cimini • Jeanette D’esterhazy Cimino
Cindula Attila • Oscar Alfredo Cingolani • Julio Oreste Cioccari • Osvaldo Francisco Ciurca • Nestor Paulino Civico • Steven Clancy • Horacio Osvaldo Clarac • Philip Clark • George Clarke • Graeme Clarke • Samuel Clarke • Stephen Clarke
Tommy Clarke • Pedro Nestor Claros • Abby Clay • Jill Clayton • Joe Cleary • Edgar Cleeve • Sergio Ruben Clementi • Closter Yakov • Graham Clugston • Peter Coburn • Dale Cochenour • Russell Cochran • Cleo Silveira Paixao Coelho • Gilson Coelho
Luis Protazio Soares Coelho • Ilidio Coelho Mendes • Hector Angel Cogo • Jorge Luis Cogo • Mario Roman Cogo • Sandra Lilian Colamarino • Randy Colbert • Craig Cole • David Cole • Philip Cole • Ronnie Cole • Guillermo Osvaldo Coletta
Luciano Coletti • Daniel Horacio Collazo • Steve Collings • Joe Collins • Joel Collins • Mitch Collins • Tony Colman • Corina Colocho • Nelson Colocho • Hector Ruben Colombo • Carlos Alberto Colunga • Ario Alberto Colusso • Daniel Ricardo Coman
Jose Omar Comolli • Heriberto Omar Compagnucci • Marcelo Juan Compierchio • Jose Francisco Marques Da Conceicao • Alejandro Conde D’Ubaldi • Arthur Connor • Gustavo Contardi • Gustavo Angel Contardi • Luis Alberto Contarelli
Christian Guillermo Conte • Fabian Cesar Conte • Lou A Conti • Juan Contreras • Oscar Agustin Contreras • Pete Convery • Curtis Cook • Kevin Cook • Ray Cook • Mauricio Corado • Walter Alberto Corazza • Michael Corbett
Antonio Carlos Monteiro Cordeiro • Enio Nascimento Cordeiro • Carlos Anibal Cordoba • Carlos Cordones • Franklin Passos Coreixas • Hector Osvaldo Coria • Carlos Hugo Cornejo • Manuel Coronado • Darlan Lucardo Corral
Fernando Humberto Corrao • Ancelmo Moises Brum Correa • Claudio Costa Correa • Emilio Mario Correa • Evandro Josue Correa • Paulo T Dos Santos Correa • Sergio Ricardo Cortes • Telvio Renato De Assuncao Cortes • Juan Carlos Corvatta
Edelmiro Jorge Cossani • Miguel Hugo Cossani • Henrique Jose Da Costa • Jose Airton Rodrigues Da Costa • Julio Cesar Costa • Julio Vladmir Da Costa • Jurema Quines Da Costa • Leonel Costa • Rogerio Pereira Da Costa • Ruben Enrique Costa
Taugo Omar De Mattos Costa • German Hugo Costanzi • Juan Pablo Costanzo • Daniel Luis Cottarelli • Alison Courtney • Sean Courtney • Kevin Cousins • Leandro Ricardo Coutinho • Roberto Horacio Couto • Sandro Renato Pereira Couto
Dale Cox • Donna F Cox • Vaughn Cox • Lizane Rosina Graeff Cracco • Craft Victor • Jeff Craig • Crandall Richard John • Jim Crane • Michael Cranna • Rebecca Cranna • Alicia Maria Cravero • Marcelo Claudio Craviolatti • Alan Crawford
Pablo Ruben Crego • Horacio Omar Crena • Jorge Enrique Crena • Jose Frederico Da Rocha Crespan • Dominic Crickard • Joarez Correa Crippa • Ana Mabel Cris • Angel Norberto Cris • Beatriz Maria Cris • Luis Fabian Cris • Oscar Ismael Cris
Fernando Mario Crisci • Alfredo Ariel Crocetti • Diane Crockett • Gary Crosby • Ian Cross • Roy Croucher • Oscar Alfredo Crova • Albert Crownover • Aldo Luiz Da Cruz • Elton Luiz Da Cruz • Giovani Ferreira Cruz • Crvai Barnabas • Csabai Attila
Csaki Gyorgy • Csaki Istvan • Csaki Tibor • Csanalosi Jozsef • Csanyi Bela • Csaszar Bertalan • Csaszar Istvan • Csaszar Istvanne • Csaszar Jozsef • Csatlos György • Csatlos Györgyne • Csattos Csaba • Csecsi Zoltan Cseh Albert • Cseh Attilane
Csehes Jozsef • Csemer Tibor • Csendom Attila • Csengeri Jozsef • Csengeri Laszlo • Csengeri Laszlone • Csepilszki Laszlo • Cserba Zoltan • Cserhalmi Istvan • Cserhalmi Janosne • Cserkuti Jozsef • Cseszarik Ferenc • Csibrik Jozsef • Csibrik Peter

34

Csikasz Ferenc • Csikasz Gyula • Csikasz Janos • Csikasz Tamas • Csikasz Zsolt • Csiki Jozsef • Csikja Zsolt • Csiko Kalman • Csikos Ferenc • Csikos Istvan • Csikos Laszlo • Csilik Attila • Csillik Balint • Csinyi Gabor • Csipke Jozsef • Csipkes Attila
Csizi Istvan • Csizmadia Janos • Csizmadia Nandor • Csok Lajos • Csomor Gabor • Csomor Jozsef • Csonka Bela Zsolt • Csonka Belane • Csontos Lajos • Csorba Janos • Csorba Sandor • Csorba Sandor • Csorsz Tibor • Csöke Rudolf • Csupity Marton
Csurko Istvan • Csüros Zsolt • Mirta Beatriz Cuadrado • Carlos Alberto Cuarterola • Andres Roberto Cuba • Maximiliano Cubas • Diego Martin Cuchan • Analiz Cuellar • Leonel Cuellar • Ruben Oscar Cuello • Paulina Cuenca • Agustin Roberto Cuervo
Oscar Daniel Cufre • Cui Wei • Frank Cullen • Miguel Angel Culotta • Robert Cummings • Soledad Cummins • Fabio Silveira Da Cunha • Ivana Da Rosa Cunha • Jose De Ribamar Da Silva Cunha • Tommy Cunningham • Juan Carlos Curadini
Fabian Luis Curras • Ronnie Curry • Edgardo Rodolfo Curten • Norberto Gustavo Curten • Hugo Heriberto Curti • Omar Ruben Curti • Angel Alfredo Cusin • Daniel Elias Cutufos • Czaga Jozsef • Czagany Zoltan • Czako Albert • Czako Ferenc
Czako Karoly • Czako Zoltan • Czako Lajos Laszlone • Czapak Zoltan • Czapar Ferenc • Czapar Ferencne • Czecze Janos • Czifra Laszlo • Czifra Sandor • Czimbak Istvan • Czingler Antal • Luke Czmyr • Guillermo Jorge Da Fonte • Jorge Eduardo Dadario
Steven Dahm • Dai Yu • Daichman Tatyana • Dakhno Anatoly

Angel Dario Dalchero • Eva Mariza Da Vida Dalenogare • Gonzalo D’Alessandro Cepeda • Bruno Dalmolin • Marcelo Pascual D’Aloisio • Nick Daltorio • Paulo Andre Dambacher • Christian Ariel D’Amicis • Domingo D’Amicis
Lyudmila Damm • Rudi Van Damme • Dan Gabor • Dan Kalman • Dan Tibor Kalman • Danchev Gennady • Dancs Istvan Jozsef • Dandas Istvan • Rafael D’Angelo • Oscar Mario Dania • Danilenko Lubov • Danko Istvan
Vic Danks • Dann Adam • Veronica Marcela D’Annunzio • Danyi Ferenc • Danyi Janos • Danyi Lajos • Danyi Tibor • Danyi Zoltan • Danyi Zsolt • Darab Laszlone • Darago Gyorgy • Darago Pal • Tom Darnall • Daroczi Jozsef
Jose Antonio Darriba • Luis Maria Darriba • Edson Darski • Dauksha Rita • Daumbaev Amarbek • Camille Davenport • Alex David • David Lajos • David Zsolt • Davidne Pocsik Szilvia • Andrew Davies • Dorian Davies
Ronnie Davies • Vilma Lucia Davin • Glen Davis • Jeff Davis • Jeff Davis • Murray Davis • Robin Davis • Davkin Shaimuran • Davletyarov Bulat • Davletyarova Taslima • Davydkin Arkady • Davydova Oksana • Davydova Svetlana
Mark Dawson • Edel Rodolfo De Carlo • Sandra Elizabeth De La Calle • Nestor Hugo De La Iglesia • Ricardo Carlos De La Presa • Ruben Oscar De La Presa • Omar Eugenio De La Torre • Leonardo Alberto De Los Santos • Emilio Camilo De Luca
D
Emilio Jose Fabian De Luca • Ruben Daniel De Noia • Claudio Orlando De Pastena • Juan Manuel Alberto De Rosa • Bibiana Antonina De Simone • Maria Del Pilar G De Valls
Philip Deakin • Julio Cesar Deambrosio • Roberto Juan Deamelio • Debreceni Attila • Debreceni Laszlone • Debreczeni Otto • Debbie Debruin • Dedekensov Kenzhebulat • Dedics Gyula • Dedics Istvanne • Dedics Sandor • Dedicsne Nagy Katalin
• Julio Cesar De Vivo • Deak Endre • Deak Janos • Deak Laszlo

Brought to you by Global Reports


Degtyaryov Evgeniy • Degtyaryov Galina • Degtyaryov Victor • Degtyaryov Vladimir • Degtyaryova Marina • Jose Luis Deibele • Juan Carlos Deibele • Miguel Angel Deibele • Corine Dekker • Vladimir Del • Mario Roberto Del Arco • Guillermo Del Compare
Alfredo Lujan Del Fueyo • Jorge Eduardo Del Portico • Graciela Elisabet Del Sole • Anita Del Toro • Edgardo Adrian Del Vecchio • Rosalino Bitencourt Delavechia • Horacio Alfredo Delega • Delekh Dmitry • Alberto Ricardo Delendati • Medardo Deleon
Roberto Carlos Delettieres Analia Mariel Delgado • Miguel Angel Dellanegra • Antonio Gabriel Delle Done • Delov Vladimir • Luis Alberto Delpiano • Tania Maria Schreiber Demarco • Daniel Hector Demartini • Fernando Alberto Demartini
Demes Gyula • Demesinov Yelyubai • Demeter Geza • Demeter Janos • Demeter Krisztian • Demeter Laszlo • Demeter Laszlo • Demeter Peter • Demeter Tamas • Demeter Zoltan Miklos • Demitriev Savely • Demko Ferenc • Melissa Demple
Gary Dempster • Demyanchuk Constantine • Anibal Mauricio Denett • Deng Xian-Lin • Denisevich Frants • Pablo Denisienia • Dmitry Denisov • Denisov Pyotr • Lyudmila Denisova • Denisova Olga • Tatyana Denisova • Mike Denney • Alan Denny
Colin Denny • Rose Dentinger • Fernando David Dentis • Ariel Alejandro Deo • Alan Depaoli • Luis Deras • Derecskei Karoly • Deregi Zoltan • Derenko Gyorgy • Deresne Szogedi Ildiko • Dergelyov Viktor • Dervoedov Evgeny • Dervoedov Valery
Derzsi Mihaly • Desinszki Lajos • Victor Desyatov • Sergio Edgardo Detzel • Ellen Devore • Devushkin Pavel • Devyatkin Alexey • Randy DeWulf • Antonio Paul Dezio • Enrique Hugo Dezio • Jorge Hector Di Bastiano • Sandro Alberto Di Biase
Noemi Haydee Di Claudio • Adrian Camilo Di Cocco • Armando Omar Di Cocco • Susana Graciela Di Cocco • Juan Carlos Di Filippantonio • Mabel Noemi Di Filippo • Dario Eduardo Di Francisco • Nelson Hernan Di Gesu • Juan Carlos Di Levo
Gustavo Gabriel Di Lorenzo • Paolo Di Lorenzo • Raul Omar Di Lorenzo • Luis Angel Di Luca • Marcelo Fabian Di Matteo • Jose Antonio Di Napoli • Oscar Alfredo Di Napoli • Rosana Gabriela Di Paola • Daniela Mariel Di Pinto • Adriana Cristina Di Yelsi
George Diab • Carlos Antonio Nunes Dias • Luis Fernando Nunes Dias • Alberto Oscar Diaz • Ariel Walter Diaz • Carlos Ruben Diaz • Fernando David Diaz • Griselda Diaz • Jorge Alberto Diaz • Julio Diaz • Roberto Jose Diaz • Roberto Julio Diaz
Ruben Lorenzo Diaz • Abel Esteban Dibene • Julio Ramon Diciano • Dick Lidiya • Steve Dickey • Ken Dickson • Mario Alfredo Dicroce • Santiago Tomas Dicroce • Diczku Attila • Diczku Bela • Greg Didlo • Larisa Nieves Diduch • Ko Dieleman
Dienes Andras • Dienes Laszlone • Dienes Pal • Dienes Sandor • Dienes Tamas • Dienes Zoltan • Dienes Zsolt • Dienes Tivadar Geza • Craig Dietrich • Denise Dietrichkeit • Juan Carlos Diez • Mirta Haydee Diez • Stefan Dijkers
Victor Hugo Dil • Angel Dimas • Rony Dimas • Dimov Pavel • Mario Sergio Dimuro • Din Zhenxue Neida Katia Araujo Diniz • Cezar Luiz Da Silva Diogo • Hector Juan Disanto • Distergova Vladislav • Djanabaeva Kuylan • Djapiev Andrei
Djerikhov Anatolii • Dmitrichenko Raisa • Dmitriev Vadim • Ivan Dmitriev • Dmitrieva Lubov • Jd Dmitsak • Jim Doak • Dobec Sandor • Dobos Janos • Dobos Laszlo • Dobrik Norbert • Dobrik Norbertne • Dobrosi Tibor • Dobrovinsky Leonid
Dobrovinsky Peter • Dobsi Sandorne • Dodo Istvan • David Doherty • Pat Doherty • Enrique Alberto Dolcemascolo Igor Dolgopolov • Galina Dolgopolova • Dolgopyatov Galina • Dolgopyatov Victor • Dolgusheva Nina • Joara Catarina Da Rosa Dolores
Dombovari Ferenc • Lenny Domina • Gustavo Ismael Dominguez • Mario Dominguez • Ruben Julio Dominguez • Hugo Ruben Dominici • Domnin Alexander • Domonkos Jozsef • Kim Donaldson • Alfredo Jose Donati • Keith Donnelly
Michael Donnelly • Donogan Laszlo • Pedro Doratt • Eduardo Doring • Dormany Attila • Antonio Valcir De Souza Dorneles • Mauro Jose Dorneles • Catiane Oliveira Dornelles • Dorofeev Dmittiy • Andrei Dorokhin • Sergio Walmor Dorr
Doshanov Urazbai • Dosmakova Dillyara • Dosymbekov Koishykbai • Dotsenko Olga • Dotsenko Valery • Dovbysh Anatoly • Dovbysh Lidia • Paul Dowdie • John James Downey • Dozsa Gyorgy • Drabon Jozsef • Dragunov Yuri • Dragunova Tatyana

35

Drahos György • Drahos Istvan • Drahos Janos • Drai Alexey • Chris Draper • Drapeza Alexander • Drebot Galina • Dreegert Alexander • Galina Dreit • Joao Carlos Dresch • Robert Drew • Ricardo Driotes • Drobotov Nickolai • Dronova Olga
Drotos Gyorgy • Drotos Janos • Drotos Krisztian • Drotos Sandor • Drozdov Andrey • Drugova Victoria • Luis Alberto D’Stefano • Duan Wenyuan • Duan Youngwen • Eva Maria Duarte • Roberto Raul Duarte • Dubkov Andrei • Dubkov Dmitry
Dubkov Gennady • Lesly Dubon • Dubovik Vladimir • Dubrovin Alexey • Dubrovskaya Polina • Dewey Duckworth • Ducsai Csilla • Ducsai Csilla • Dudareva Tatyana • Dudareva Valentina • Dudas Attila • Dudas Janos • Dudas Jozsef • Dudas Jozsefne
Olga Dudina • Hector Duenas • Miguel Duenas • Graham Duff • Guillermo Raul Dufour • Bill Dukes • Pat Dukes • Duleba Sandor • Dulhazi Istvan • Dulhazi Sandor • Dulhazi Sandorne • Anatoly Dulin • Paul Dunbar • Ronny Duncan • Ray Dupointe
Pedro Daniel Duque • Carlos Duran • Oscar Duran • Carlos Roberto Araujo Durand • Durnitsyn Andrei • Dushkoh Irina • Dusnoki Zoltan • Jose Florencio Dussauge • Dutbaev Murat • Airton Trevisan Dutra • Veroni Antonio Schneider Dutra
Gustavo Hugo Duva • Ramiro Maximiliano Duva • Osmar Alfredo Duville • Dvorak Anastasia Dvortsevoy Boris • Dyachenko Arkady • Dyadyah Nadezhda • Dyakov Alexey • Al Dyer • Dyomin Alexandr • Dyomin Mikhail • Dyomin Valery • Dyomina Elena
Dyominov Alexander • Dyomkina Ludmila • Dyudyukin Gennady • Dyuhina Vladimir Dyusenov Soltan Dyusenova Olga • Dzhabrailov Boris • Dzhafarov Gafar • Dzhafarov Valeriy • Dzhasybergenova Anar • Dzhauktsyan Edward • Dzhobalaev Nurgali
Dzhumaeva Alfiya • Dzhumanbaev Sayat • Dzhurta Valentina • Dzsupin Imrene

Colin Eagleson • Giovane Roseri Ebertz • Eric Eckersley • Eczet Lajos • Jerry Edens • Edilbaev Aset • Eduard Tserr • John Edwards • Carlos Ruben Efesi • Efimov Gleb • Efimov Vyacheslav • Efimtseva Tatyana • Alexander Efremov
Victor Efremov • Egorova Svetkaba • Tamara Egorushkina • Yulia Egorushkina • Egri Bela • Egyed Andras • Andreev Ekaterina • Ekaterina Rusnak • Ekimov Boris • Ekimov Oleg • Mohammed Elassal • Elek Elemer • Elek Elemerne
Elek Istvan • Elek Laszlone • Elek Zoltan • Eni Sperling Elesbao • Mara Andrea Eliades • Elias Andras • Ernesto Elizondo • Jose Elizondo • Davy Elliott • Carolyn Ellis • Mike Ellis • James Ellison • Lee Ells Ells • Arnaldo Raul Elsasser
Ronaldo Almeida Eltz • Elubaeva Natalya • Allen Ely • Elyasova Elena Yakovleva Nadezhda • Alice Emerson • Stephen Emmett • Maya Enclave • Tais Mariusa Endres • Monica Luzia Engel • Engelman Evgeny • Bob Ennis
Ana Isabel Enrico • Eduardo Ernesto Enriques • Gabor Van Enschot • Erds Ferenc • Erdei Janos
Erdei Laszlo • Erdei Jozsef Robert • Erdelyi Istvan • Marta Erdelyi • Erdelyi Marta • Jim Erdman • Erdosi Lajos • Eremeev Poytr A E S P E O P L E FROM LEFT TO RIGHT: Leon Ballard, Elsta; Jay Scopel, AES Beaver Valley;
E
Andrei Eremeyev • Vladimir Eremeyev • Eremin Victor • Ermakov Anatoly • Ermakov Evgeny • Simon Ermilio • Ermolayev Anatolii Leith Mann, AES Arlington; Calvin MacCormack, Kingston; Mark Tracey, Kingston;
Ronnie Verhelst, Elsta

Brought to you by Global Reports


Ermolin Nikolai • Ermoshkin Igor • Ermoshkin Valery • Ermoshkina Lubov • Regis Roberto Ernst • Erokhin Aleksandr • Eros Kalman • Ersek Zoltan • Ersin Arkadiy • Erös Miklos • Erygin Oleg • Eryomenko Olga • Eryomenko Sergei • Vladimir Eryomin
Sergio Escher • Clara Escobar • Juan Escobar • Juan Alberto Escobar • Miguel Escobar • Pedro Escobar • Raul Escobar • Salvador Escobar • Juan Rito Escudero • Esenczki Mihaly • Esenzholov Muratkhali • Robert Esgro • Esik Bela • Eskhat Sainov
Nestor Horacio Eslava • Antonio Juan Espada • Angel Alejandro Especie • Aldo Fabian Espino • Jorge Andres Esquivel • Norberto Carlos Esquivel • Oscar Esquivel • Ramon Antonio Esquivel • Celso Jose Costa Tulio Da Silva Esteves • Fernanda Esteves
Carlos Estrada • Esyakova Natalya • Eszlari Dezsö • Fabian Eduardo Etchegaray • Hector Oscar Etchegaray • Rita Herminia Etchegaray • Oscar Enrique Etchegoin • Theresa Evan • Osvaldo Daniel Evangelista • Curtis Evans • Rich Evans • Ross Evans
Pedro Jose Evdemon • Evdokimov Valery • Evdokimov Vladimir • Evdokin Gennadiy • Evdokin Pavel • Ed Everett Evgeny Ponkratov • Evgeny Popov • Evgeny Redutko • Evgeny Savinkov • Evgeny Shevelyov • Evgenya Petrushenko • Frank R Ewing
Jose Ramon Eyrea • Eyukin Anatoly • Claudio Edgardo Ezama

Fabian Istvan • Fabian Istvan • Ana Maria Fabiani • Juan Carlos Fabiano • Fabry Zsolt • Jose Elio Roos Faccin • Eduardo Hector Facenda • Gennady Fadeev • Fadeev Vladimir • Tatyana Fadeeva • Monica Beatriz Faggiani
Heraldo Emir Faggioli • Rodolfo Daniel Faggioli • Fagilya Ishutina • Anderson Da Silva Fagundes • Ricardo Alves Fagundes • Tarcisio Da Rosa Fagundes • Fainikova Nadezhda • Fajder Etelka • Fakhrutdinov Rashid
Fakhrutdinova Natalya • Marisol Andrea Falbo • Alicia Marta Falcone • Sergio Dornelles Falk • Charles Falter • Jorge Alberto Fanaro • Marisa Fabiana Fanchi • Carlos Alberto Fanchini • Fang Jin-Xiang • Fang Qing
Alberto Victor Julio Fantoni • Carlos Hector Fappiani • Farago Fva • Farago Gyula • Luis Hipolito Faria • Amilcar Ricardo Farias • Carine Farias • Carlos Alberto Farias • Carlos Alberto Farias • Carlos Roberto Goulart Farias
Dalmir Pereira De Farias • Edson De Lima Farias • Julio Fernando Farias • Sandroni Flores De Farias • Tomas Luis Farias • Bobby Faries • Farkas Andras • Farkas Csaba • Farkas Ferenc • Farkas Ferenc • Farkas Istvan
Farkas Jozsef • Farkas Jozsefne • Farkas Laszlo • Farkas Maria • Farkasne Magyar Marta • Farooq Rizwan • Farooqi Safdar Ali • James Farrar • Farvazova Ludmila • Fateev Alexander • Fatkulin Galimzhan • Fattakhova Zilya • Cesar Ney Fay
F
Fazekas Bela • Fazekas Istvan • Fazekas Lajos • Larisa Fazlyeva • Fazylova Nazgul • Fazylova Nazgul • Ricardo Daniel Fea • Fecso Csaba • Fecso Jozsef • Fedina Valentina • Fedorov Vladimir • Fedotkina Olga • Fedotov Alexander • Fedotov Vadi
Fefelov Nikolai • Fefelova Elena • Feher Istvan • Loreci Machado De Oliveira Feijo • Beatriz Teresinha Feistel • Fejes Laszlone • Fekete Andras • Fekete Csaba • Fekete Ferenc • Fekete Ferencne • Fekete Ildiko • Fekete Ildiko • Fekete Zoltan
Feklistov Alexandr • Feklistova Lubov • Marcus Izquierdo Felberbaum • Sergio Renato Dos Santos Felipeto • Felitarin Oleg • Carlos Horacio Felix • Jorge Alberto Felix • Norberto Francisco Felix • Pedro Alberto Feliz • Feng Xiao-Qiao • John Fenning
Juan Pablo Fenocchio • Antonio Guido Feo • Carlos Hector Feo • Ferencsik Andras • Ferencsik Andrasne • Ferencz Belane • Ferencz Szabolcs • Ferenczi Istvan • Ferenczi Jozsef • Ferge Tamas • Billy Ferguson • Billy Ferguson • Clyde Ferguson
Stewart Ferguson • Feringer Valery • Gerardo Javier Ferino • Cristian Flores Fernandes • Cristiano Vilela Fernandes • Ezequiel Da Rosa Fernandes • James Coelho Fernandes • Leopoldo Vieira Fernandes • Valdir Fernandes • Vilmar Regasson Fernandes

36

Carlos Daniel Fernandez • Diego Rodrigo Fernandez • Gerardo Ruben Fernandez • Guillermo Raul Fernandez • Hector Edgardo Fernandez • Horacio Francisco Fernandez • Jorge Alberto Fernandez • Manuel Alberto Fernandez • Sergio Adrian Fernandez
Sergio Fidel Fernandez • Walter Oscar Fernandez • Rodrigo Fernandez Bollini • Valdoir Salazar Ferrao • Arieles Mairon Ferraz • Gladis Cezarina Schek Ferraz • Antoninho Lopes Ferreira • Helen Tatiane Da Silva Ferreira • Jose Carlos Gularte Ferreira
Mauricio Antonio Dos Santos Ferreira • Paulo Cezar Dos Santos Ferreira • Guillermo Jorge Ferrero • Roberto Hector Ferrero • Jose Antonio Ferres • Nestor Fabian Ferretti • Sergio Hector Ferretti • Enrique Antonio Ferreyra
Walter Osvaldo Ferri • Esteban Daniel Ferro • Fernando Willian Ferro • Alejandro Antonio Ferronato • Horacio Adrian Ferrua • Ricardo Alberto Ferrucci • Carlos Festugato • Elena Graciela Fiala De Moreno • Lucidio Claudio Da Rocha Fialho
Fiatal Istvan • Fiatal Istvanne • Cesar Omar Fidalgo • Fernando Gabriel Fiebelkorn • Alberto Jose Soares Figueiredo • Carlos Eduardo Cauduro Figueiredo • Luiz Fernando Souza Figueiredo • Marinelio Machado Figueiredo • Carlos Figueroa
Emilio Norberto Figueroa • Hector Alberto Figueroa • Sergio Alberto Figueroa • Francisco Alejandro Filannino • Filaretov Vladimir • Filatov Oleg • Filatov Victor • Filatov Vladimir • Filatova Natalya • Filatova Olga • Filek Laszlo Ferenc
Arlindo Hasselein Filho • Arquimedes Cezar Da Silva Filho • Carlos Augusto Canova Filho • Jose Alberi Ribas Filho • Luiz Alfredo Schafer Filho • Milton Gustavo Schmidt Filho • Neri Dos Santos Filho • Nestor Rocha Alves Filho
Odir Heitor Thiesen Filho • Pedro Antonio Rodrigues Filho • Ulisses Quintana Ribeiro Filho • Waltrudes De Moraes Filho • Filimonov Pavel • Filimonov Valeriy • Vladimir Filimonov • Filimonova Lidia • Filin Oleg • Vilson Jose Filipetto • Filipov Dmitry
Sergei Filippov • Filler Jozsef • German Finelli • Ann Finnerty • Juan Manuel Finos • Fintor Istvan • Luis Gustavo Finuken • Reinaldo Oscar Fio • Claudia Alejandra Fiorucci • Daniel Jose Firmani • Firsov Pyotr • Firsov Vladimir • Fisenko Evgeniy
Dave Fisher • John Fisher • Maria Cristina Fittipaldi • Mark Fitzpatrick • Neil Fitzsimmons • Debora Elizabeth Fiz • Hector Eduardo Flaherty • Sarah Flanigan • Flasko Istvan • Stephen Fleming • Floch Laszlone • Carlos Alberto Flores • Elton Zigler Flores
Eric Flores • Fabricio Flores • Maria Irene Lencini Flores • Mauricio Flores • Miguel Angel Flores • Oscar Flores • Otto Flores • Paulo Roberto Vieira Flores • Roman Flores • Sergio Marino Flores • Simony Da Costa Flores • Vera Maria Correa Flores
Wirlen Ramires Flores • Yronelys Flores • David Flory • Claudia Floyd-Crelia • Pedro Ramon Flynn • Carlos Alberto Focareta • Fodor Ildiko • Fodor Janos • Fodor Laszlo • Fodor Robert • Fodor Tibor • Fodor Tiborne • Foldi Gyorgy
Clovis Vicente Foletto • Folomeshkin Osip • Alexei Fomenko • Jury Fomenko • Elena Fomenko • Ary Clebes Rodrigues Da Fonseca • Jose Americo Fontana • Jose Luis Fontana • Adao Arialdo Brasil Da Fontoura • Lindsey Ford • Forgacs Gyulane
Forgo Istvan • Forgo Robert • Forgo Sandor • Forgon Gyorgy • Foris Krisztian • Forizs Jozsef • Gary Forsythe • Russ Forsythe • William Forsythe • Joao Paulo Fortes • Oscar Ruben Fortes • Plinio Antonio Da Silva Fortunato • Omar Anibal Fossini
Chris R Foster • James Fox • Rick Fox • Fozo Attila • Alexander Fraindt • Jose Carlos De Franca • Marcus Vinicius Araujo Franca • Valerio Franceschet • Eurides Franceschi • Luiz Carlos Francisco • Juan Angel Francisconi • Oscar Antonio Francisconi
Juan Bautista Franco • Oscar Domingo Franco • Jorge Luis Francucci • Hector Oscar Franquello • Harold Franson • Liliana Isabel Franza • Cassio Franzon • Mike Frazier • Adrian Guillermo Fredes • Shelly Fredich • Ross Fredericks • Katya Freeson

Brought to you by Global Reports


Ed Freiler • Freind Vladimir • Everaldo Silveira De Freitas • dauri Govani Frescura • Fresena Galina • Ivo Frey • Claudio Alejandro Freysulaj • Andy Friend • Billy Friend • Ademar Friggi • Frigyik Bertalan • Frigyik Geza • Frigyik Janos • Frikker Laszlo
Claudia Edith Frison • Oleg Frolov • Frona Jozsef • Luciano Alberto Frontini • Földvari Bertalan • Felix Alfredo Fuentes • Victor Fuentes • Fugedi Gabor • Juan Alberto Fuhr • Winston Fulton • Leo Furlow • Almirante De Quadros Furtado • Fuzer Istvan
Fügedi Janos • Fügedi Janosne • Füleki Gyula • Fülep Laszlone • Fyodor Kotenkov • Fyodor Nedobitkov • Fyodor Shmigelsky • Alexander Fyodorov • Fyodorov Gennadiy • Lidia Fyodorova • Lyudmila Fyodorova • Füredi Peter • Füzer Jozsef • Füzer Jozsef
Füzer Jozsefne

Gaal Bela • Gaas Lubov • Horacio Oscar Gabba • Julie Gabel • Eduardo Damian Gabini • Gach Jozsef • Gadilshinov Marat • Gadyan Yuri • Gafur Tulegenov • Gainutdinov Roman • Gal Ferenc • Gal Gaspar • Gal Istvan
Gal Jozsef • Gal Laszlo • Gal Miklos • Gal Pal • Gal Zsolt • Galambos Attila • Eddie Galbraith • Guillermo Galdamez • Stephen Gale • Galiev Murat • Galiev Yadkar • Galivets Igor • Galkah Valery • Gall Istvan
Osvaldo Cleman Gallana • Diego Andres Gallardo • Jose Luis Gallardo • Luis Gilberto Gallardo • Mario Isaias Gallardo • Roberto Carlos Gallardo • Claudio Jose Gallas • Ricardo Lujan Gallegos • Jorge Daniel Gallo
Sergio Alejandro Gallo • Ricardo Ernesto Gallotti • Brett Galura • Galuska Bela • Antonio Oscar Galvan • Hector Ruben Galvan • Carlos Galvez • Galyas Janos • Carlos Fabian Games • Jorge Alberto Games
Ganics Bertalan • Ganiev Rafkat • Ganin Vladimir • Vladimir Ganshin • Ganzhina Galina • Gao Sheng-Lin • Gaptulin Vassily • Gaptulin Yuri • Horacio Rene Garassi • Gustavo Gabriel Garate • Maria Elena Garay
Adan Garcia • Alejandro Norberto Garcia • Antonio Jacemar Garcia • Armando Nestor Garcia • Carlos Garcia • Claudio Daniel Garcia • Damian Domingo Garcia • Delmar Inacio Garcia • Diego Omar Garcia • Donald Garcia • Fernando Ariel Garcia
GFrancisco Garcia
Juan Oscar Garcia


Guillermo Raul Garcia
Julian Garcia •
• Gustavo Marcelo Garcia
Leonardo Gabriel Garcia

• Leonel Garcia
• Heriberto Garcia

Lisete De Souza Garcia


Hugo Daniel Garcia
• Luis Garcia
• Jaime Garcia

• Javier Ricardo Garcia
Maria Rejane Josende Garcia •
• Jorge Horacio Garcia
Mario Garcia • Mauricio Garcia
• Jorge Luis Garcia
• Miguel Angel Garcia
• Jose Garcia
• Oscar Garcia
• Jose Norberto Garcia
• Rafael Garcia
Raul Oscar Garcia • Roberto Enrique Garcia Roberto Enrique Garcia • Sergio Marcelo Garcia • Bob Gardner • Scott Gardner • Luis Omar Gardon • Garifullina Guzalliya • Carlos Reinaldo Garrido • Marcelo Luis Garrido • Mauricio Andres Garrote
Enrique Daniel Gartner • Luis Alberto Gartner • Frank Garvey • Gustavo Alejandro Gasco • Gaspar Laszlo • Cesar Miguel Gasperuzzo • Marcela Alejandra Gastaldi • Eduardo Soares Gastaud • Gatenyuk Vasilii • Alseno Da Silveira Gattelli
Javier Orlando Gatti • Layman Gattis • Griselda Liliana Gatto Caceres • Mario Alberto Gattolin • Sergio Alberto Gattolin • David Gault • Vera Gaus • Flavia Anabela Gauto • Gavaller Laszlo • Gavel Sandor • Gavenko Mikhail • Gavrilenko Boris
Gavrilenko Sergey • Vladimir Gavrilov • David Gawn • Susan Gaynor • Gebri Miklos • Gecse Gabor • Rick Geiler • Jay Geinzer • Gelber Olga • Gellerfi Sandor • Dario Fernando Genchi • Marcelo Fabian Genchi • Rodolfo Marcelo General
Genke Lubov • John George • Marilena Cristina Gerace • Nelida Hilda Gerber • Geregur Imre • Geregur Istvan • Gergely Attila • Gergely Istvan • Gergely Istvan • Gergely Janosne • Gergely Jozsef • Gergely Zoltan • Gergert Fatima

37

Rozane Gerling • Sergio Haroldo Germano • Gerulsky Yury • Getmanov Alexei • Ghani Arshad • Ghazi Nisar Ahmad • Ileana Silvina Ghilarducci • Juan Jose Ghione • Ruben Omar Ghione • Ghulam Fareed • Ghulam Murtaza • Hugo Giaccio
Nilda Ester Giacinti • Marta Beatriz Giacomini • Carlos Marcelo Giacomino • Ricardo Hugo Giannaday • Julio Cesar Giannattasio • Norberto Victor Giannattasio • Daniel Enrique Giaon • Jose Horacio Giaon • Hugo Alejandro Giarelli
Jose Luis Giarraputo • Ivor Gibson • Ramsey Gibson • Monica Adriana Gigena • Pablo Marcelo Gigliotti • Carlos Alberto Gil • Hector Manuel Gil • Nestor Damian Gil • Oscar Ramon Gilardoni • Hugo Fabian Giles • Gileva Larisa • Patricia Gill
Jamie Gilliam • Gary Gilliland • Bill Gilstrap • Mario Nestor Gimenez • Rodolfo Alfredo Gimenez • Victor Andres Gimenez • Fernando Nicolas Gioia • Stella Maris Gioia • Rafael Giorgio • Vicente Javier Giorgio • Jorge Eduardo Giovanelli
Jorge Luis Giovanelli • Eduardo Girardi • Gustavo Dario Girolami • Hugo Edmundo Girolamo • Julio Cesar Girolimo • Guillermo Orlando Gismondi • Alberto Oscar Giuffrida • Daniel Antonio Giusti • Gladkikh Anatoly • Gladyshev Ivan
Gladysheva Valentina • Alan Glanville • Elizabeth Roberts Glasser • Glatsynov Valentin • Glatsynova Valentina • Marty Glavan • Rebecca Glazer • Glazkov Viktor • Ken Glendinning • Bob Glenn • Glibina Irena • George Glover • Glukhov Sergei
Glukhova Kulzaira • Glushakov Nikolay • Igor Glushkov • Victor Hugo Gnazzo • Elcio Gnoatto • Gnoevoi Svetlana • Edwin Gochez • Gocza Laszlo • Goda Istvanne • David Godoy • Jorge Luis Godoy • Norma Noemi Godoy • Gofman Victor
Gogolya Istvan • Golenisheva Nadezhda • Goloktionov Sergey • Horacio Alberto Golovca • Golovin Sergey • Golts Victor • Goltsov Pavel • Golub Sergei • Hemilse Haydee Gomba • Gombos Istvan • Gombos Karoly • Ana Amelia De Conti Gomes
Fabio Deorges Gomes • Jose Pedro Garcia Gomes • Marcal Valmor Gomes • Roni Dos Santos Gomes • Wanderlei Roberto Gomes • Abel Dante Gomez • Amilcar Gomez • Andres Gomez • Arturo Adolfo Gomez • Daniel Gomez
Edgardo Jose Gomez • Elba Maria Gomez • Elio Gomez • Ernesto Alberto Gomez • Fabian Anibal Gomez • Hector Daniel Gomez • Jose Antonio Gomez • Luciano Walter Gomez • Maria Luisa Gomez • Ulises Gomez • Victor Hugo Gomez
Gomg Xing-Ming • Aglae Prado Goncalves • Claudio Luiz Alves Goncalves • Delmir Marques Goncalves • Delvair Ramires Goncalves • Jose Carlos Santos Goncalves • Julio Goncalves • Ramao Luiz Nunes Goncalves • Valdirene De Freitas Goncalves
Orestes Goncalves Junior • Goncharuk Nickolai • Gondarev Valeriy • Gondareva Tatyana • Norberto Juan Gongora • Miguel Angel Goni • Carlos Alberto Gonnet • Claudio Fabian Gonnet • Gontar Galina • Alberto Gonzalez • Alberto Enrique Gonzalez
Alexander Gonzalez • Angel Gonzalez • Carlos Alberto Gonzalez • Cecilio Gonzalez • Claudio Gabriel Gonzalez • Edgardo Raul Gonzalez • Gustavo Daniel Gonzalez • Jorge Adrian Gonzalez • Jose Esteban Gonzalez • Jose Maria Gonzalez
Juan Carlos Gonzalez • Juan Domingo Gonzalez • Julio Cesar Gonzalez • Luis Cesar Gonzalez • Luis Eugenio Gonzalez
Marcelo Ismael Jesus Gonzalez • Miguel Alberto Gonzalez • Oscar Alberto Gonzalez • Oscar Alberto Gonzalez AES PEOPLE FROM LEFT TO RIGHT: Gilberto Linares, CLESA; Alan DePaoli, AES Beaver Valley;
Oscar Alfredo Gonzalez • Rafeal Gonzalez • Ramona Hermenegilda Gonzalez • Raul Horacio Gonzalez • Raul Omar Gonzalez Sharon Shelby, AES Shady Point; Gary Leckonby, AES Beaver Valley; Joe Molton, AES Shady Point;
Peter Bajc, Kingston

Brought to you by Global Reports


Ricardo Salvador Gonzalez • Roberto Martin Gonzalez • Roberto Miguel Gonzalez • Ruben Gonzalez • Silvia Patricia Gonzalez • Oscar Gonzalo • Edna Gonzatti Alan Good • Goor Gyula • Goor Karoly • Goor Karoly • Goor Zsolt
Andre Goossens • Gor Andras • Gor Bela • Gor Ferenc • Gor Laszlo • Gor Zoltan • Gorbacheva Valentina • Gorban Alexander • Valery Gorbunov • Gorbunov Vladimir • Gordeev Nikolay • Gordeyev Veniamin • Davy Gore • Vladimir Gorelov
Gorelova Taeesia • Domingo Hector Gorga • Gorgei Miklos • Gorlach Svetlana • Pedro Omar Gorosito • Gorr Vladimir • Gorshkov Fedor • Gorshkov Vladimir • Gorshkov Vladimir • Gorshkova Elena • Jose Luis Gortari • Goryanov Valery
Goryanova Nadezhda • Olga Goryunova • Gorzsony Gyorgy • Irina Gosteyeva • Orlando Jose Gottert • Gotthard Lajos • Diego Dorneles Goulart • Gersulei Modesto Garat Goulart • Rudinei Farias Goulart • Terry Gould • Grachyov Svetlana
Norberto Alejandro Gracia • Alex Graham • Nita Graham • Raymond Graham • Roger Graham • Bob Gralton • Ana Graciela Granato • Carlos Grande • Leonel Grande • Luis Carlos Borges Grande • Silvina Grandolini • Grankina Lidia
Eamon Grant • Willie Gray • Daniel Osmar Gredel • Luis Cesar Gredel • Mark Green • Roy Green • Alan Greer • Robert Greer • Daniel Eduardo Gregorio • Marcelo Hector Gregorio • Luis Alberto Gregorutti • Clenio Gregory • Nelson Gregory
Anna Greiner • Gribkov Aleksey • Grier John • Grier John • Grigorenko Oleg • Grigoriev Vitaly • Grigorjev Fariza • Grigory Matveyev • Vladimir Grigoryev • Lidia Grigoryeva • Grigoryeva Vera • Grigoyadi Viktor • Alberto Marcelo Griguoli
Horacio Daniel Griguoli • Norma Otilia Grillo • Grin Alexander • Roberto Adrian Grioli • Bianca Gripp • Grishchenko Georgy • Grishina Galina • Gritsenko Leonid • Gritsuk Elena • Daniel Liborio Groch • Mirta Beatriz Groch • Grolmusz Istvan
James W Groover • Jorge Daniel Grosselli • Grosul Paraskoviya • Grosz Andras • Grozavc Pavel • Rodney Grubham • Dan Gruszecki • Gryazev Anatoly • Gryazev Vladimir • Gryazeva Galina • Gönczi Lajos • Görömbei Andrasne
Görömbei Istvan • Miguel Angel Guadagnoli • Gustavo Andres Guala • Carlos Ruben Guanis • Julio Guardado • Guba Sandor • Gubaidullin Damir • Gubanyi Sandor • Gubareva Larissa • Gubik Laszlo • Gubin Valery • Guchenko Yury
Gudz Oleg • Jose Irani Guedes • Carlos Jose Guedes De Moraes • Adolfo Cesar Guelso • Natalie Guenther • Jose Luis Guerra • Juana Ajuria Guerra • Julio Guerra • Emigdio Guerrero • Juan Carlos Guerri • Jorge Guevara • Lorenzo Guevara
Wilfredo Guevara • Julio Faustino Guezamburu • Ruben Oscar Guida • Karl Guidry • Maria Izabel Do Amarante Guilhermano • Roberto Guillen • Pedro Renato Ribeiro Guimaraes • Sebastiao Paulino Guimaraes • Daniel Hugo Guimil
Patricia Marcela Guion • Guirong Zhao • Cristiano Insaurriaga Gularte • Edson Ferreira Gularte • Gulichev Alexandr • Carlos Horacio Gullacci • Gulyaev Aleksandr • Gulyaeva Lidiya • Gulyas Ferenc • Gulyas Gabor • Gulyas Jozsef
Gulyas Jozsef • Gulyas Katalin • Gulyas Katalin • Gulyas Laszlo • Gulyban Attila • Gumenyuk Viktor • Gumerov Rishat • Guo Kunren • Anil Gupta • Gureev Grigoriy • Gureev Vladimir • George Gurnee • Gurszki Laszlo • Gurzhy Larisa
Michael Gusev • Gushchin Sergei • Gushchin Valery • Gushchin Vladimir • Liz Gusmati • Ricardo Ceferino Gutauskas • Abel Dario Gutierrez • Cesar Alberto Gutierrez • Hector Jose Gutierrez • Isabel Gutierrez • Luis Gutierrez
Ricardo Alberto Gutierrez • Roberto Eduardo Gutierrez • Roberto Osvaldo Gutierrez • Victor Manuel Gutierrez • Gennady Gutov • Vladimir Gutov • Gutsalova Tatyana • Bernardino Guzman • Edgardo Jose Guzman • Marlene Guzman
Normando Abdon Guzman • Gvozd Sergei • Gyarfas Peter • Gyarmati Jozsef • Gyenes Csaba • Gyenes Ferenc • Gyongyosi Janos • Gyor Laszlone • Gyorgy Istvan • Gyori Csaba • Gyori Zoltan • Gyori Zoltan • Gyorik Istvan • Gyöngy Janos
Gyurcso Jozsef • Gyurcso Jozsefne • Gyuro Istvanne

38

Thong Ha • Luis Horacio Haag • Maria Luiza Haag • Habibullin Nuris • Hada Zsolt • Eduardo Oscar Haedo • Ruben Orlando Haedo • Hagen Zoltan • Hajas Karolyne • Hajdú Istvan • Hajdú Janos • Hajdu Istvan
Hajdu Istvan • Hajdu Jozsef • Hajdu Viktor • Hajdu Zoltan • Hajnal Laszlo • Halasz Andrasne • Halasz Barnabas • Halasz Csaba • Halasz Janos • Halasz Janosne • Halasz Jozsef • Halasz Jozsefne • Halasz Karoly
Halasz Tibor • Halaszi Istvan • Joan Halbert • Anne De Fraipont Halembek • Kimberly Hall • Ned Hall • Trey Hall • Matt Hallam • Halmi Antal • Hameed Ch Tahir • Hamid Farhan • Michael Hamilton • Sammy Hamilton
Rosmeri Hammes • Hamori Levente • Han Huanqing • Kevin Hanashiro • George Haney • Alberto Eusebio Hankin • Hanko Attila • Hanko Gabor • Hanko Geza • Hankusz Laszlo • Paul Hanrahan • Harangozo Ferenc
Harangozo Gabor • Haraszin Istvan • Haraszin Miklos • Haraszti Jozsefne • Alan Harding • Harencsar Laszlo • Ralph Hargreaves • Raul Tomas Harguindegui • Harnocz Istvan • Kenny Harrelson • Ian Harrington
Clarence Harris • Kurt Harris • Bill Harshbarger • David Hart • Brent Harter • Paulo Cesar Harter • Jim Hartley • Allen Hartman • Gail Hartsell • Grayson Harvell • Leonard Harvison • Harzso Ferenc • Kazi Kamrul Hasan
Steve Hase • Robert Hastings • Jeff Hatch • Jose Luis Haure • Steve Hauschild • Cory Hauser • Havasi Bela • Raymond Haveron • Haviar Laszlo Gyula • Richard Hawkins • Steve Hawkins • Tom Hawkins • Miguel Juan Hawryszkow • Hayat Khizer
HRobert Hemphill • He Owen • Fred Heath • Mike Hebert • Hegedus Klaszlone • Hegedus Jozsef • Hegedus Zoltan • Hegedus Dezso Ferenc • Hegedüs Laszlo • Hegyaljai Bela • Mario Vicente Heinrich • Heiszman Janos • Liberato Jose Helfer
Armando Hellwig
Sergio Fabian Herchaft
• Joe Hembrough
• Herczeg Istvan
• Hencs Jozsef
• Herczeg Zoltan
• Richard Henderson
• Hericz Istvan
• Jane Ana Klusener Henerasky
• Herman Gabor • Herman Laszlo
• Jean Lucky Henkel
• Hermanutz Jozsef
• Ron Hennen
• Joao Arnoldo Hermes
• Ceferino Jose Luis Henriquez
• Carlos Adolfo Hernandez
• Maricela Henriquez
• Carlos Hector Hernandez
• Estanislau Aloisio Hensel

Guillermo Raul Hernandez


Henyecz Istvan •

Julio Hernandez • Liliana Mercedes Hernandez • Mario Hernandez • Raul Ismael Hernandez • Rigoberto Hernandez • Carlos Alberto Hernando • Daniel Luis Herrera • Diego Daniel Herrera • Edgar Herrera • Hugo Alberto Herrera • Jose Herrera
Jose Antonio Herrera • Julio Cesar Herrera • Luis Alberto Herrera • Mario Jorge Herrera • Otto Herrera • Rafael Herrera • Ruben Omar Herrera • Tomas Daniel Herrera • Rod Herron • Pedro Oscar Schulz Hertz • Hervoly Bela • Hetesi Gyorgyne
Hethy Laszlo • Hevesi Sandor • Doyle Hibler • Carlos Daniel Hidalgo • Rogelio Ysmael Hidalgo • Conrad Higa • Harold Higginson • Andy Hignite • Jack Hilbert • Eric Hill • Kevin Hill • Rolando Hector Hilt • Kathy Hinojos • Alake Hinton • Noelan Hipkiss
Hlad Attila • Willard Hoagland • Paul Hoback • Hodi Miklos • Julio Eloi Hofer • Hoffer Andrasne • Hohol Gabor • Hohol Gaborne • Hamid Hojabr • Ella Mae Holbrook • Mark Holbrook • Holicsko Bela • Holkin Natalya • Ron Holley • Chris Hollingshead
Glenn Hollins • Hollo Istvan • Hollo Janos • Hollo Laszlo • Hollo Laszlo Attila • Randy Holloway • Michelle Hollowell • Roy Holmes • Marcelo Walter Holmgren • Holoda Istvan • Gisela Haubert Holstein • Homoki Gyula • Alencar Homero Homrich
Claiton Alexandre Ritzel Homrich • Frank Hood • Kavin Hook • Neil Hopkins • Horkay Ferenc • Hornyak Balint • Hornyak Laszlo • Horokhov Alexander • Horokhova Alexei • Andrew Horrocks • Horvath Alfred • Horvath Andras • Horvath Antal

Brought to you by Global Reports


Horvath Arpad • Horvath Attila • Horvath Elek • Horvath Gabor • Horvath Gyula • Horvath Gyula • Horvath Istvan • Horvath Janos • Horvath Janos • Horvath Janos • Horvath Jozsef • Horvath Jozsef • Horvath Jozsef • Horvath Kalman • Horvath Laszlo
Horvath Sandor • Horvath Tibor • Horvath Vilmos • Horvath Zoltan • Horvath Zoltan • Don Householder • Hovhannisyan Ashot • David Howell • David Howells • Dale Hoxie • Hraboczki Jozsef • Hrabovszki Barnabas • Hrabovszki Janos • Hrecska Zsolt
Hronyecz Zoltan • Jeffrey Hsia Chung-Hsin • Frederick Hsing • Hu Helen • Hu Jun • Hu Xiao Helen • Armildo Adolfo Huanca • Huang Jane • Huang Page • Huang Yong-Yi • Huber Istvan • Karl Huber • Hubert Istvan • Hubert Laszlo • Hubi Laszlo
Hudacsko Bertalan • Hudacsko Janos • Hudak Elek • Hudak Laszlo • Gary Huddleston • Matt Huestis • Adian Hughes • Rodney Hughes • Richard Hughes-Lewis • Bobbie Hull • Hullman György • Harold Humbert • Kenny Humphreys • Buck Hunt
Charlotte Hunt • Bill Hurley • Roger Hurst • Hurtak Janos • Hurtak Peter • Husonyicza Sandor • Hussain Amir • Hussain Sajjad • Huszar Csaba • Hugh Hutchinson • Len Hutchinson • Neil Hutchinson • Paul Hutchman • Mitch Hutton
Tommy Hutton • Bernie Hysong • Bob Hysong Jr

Antonio Iasi • Carlos Alberto Ibanez • Guillermo Federico Ibanez • Clemente Nestor Ibarra • Nestor Ibarra • Ibraev Aitkali • Ibraev Burkutbai • Ibraev Magauya • Ibraev Samat • Ibraev Zhaskairat • Bernie Ickes • Icsu Sandor
Hugo Osvaldo Iglesias • Jose Maria Iglesias • Ignatenko Vladimir • Ignatov Nikolai • Ignatov Nikolai • Ignatova Tamara • Igoshev Boris • Juan Luis Ilacqua • Juan Esteban Ilid • Angel Gualberto Ilincheta • Illes Ferenc
Illes Gabor • Illes Istvan • Illes Tibor • Illes Tibor • Illes Vidor • Illinskaya Nadezhda • Illinskiy Mikhail • Ilya Eroshenko • Ilyashev Sailubai • Ilyasova Olga • Ilyin Nickolai • Ilyin Valery • Ilyin Yury • Imanbaev Duisenbek
Leonardo Daniel Imaz • Ferencsin Imre • Imre Sandor • Imre Sandorne • Imre Zsolt • Imsagambetov Marat • Inancsi Jozsef • Oscar Alberto Ines • Roner Jose Santos Ineu • Jorge Oscar Infantino • Dwane Ingalls
Manuel Ernesto Iniguez • Inna Zinchenko • Inovan Gyorgy • Inyakin Ivan • Sergio Gustavo Iommi • Vladimir Ionin • Guilherme Henrique De Bem Iop • Anton Ipatov • Iqbal Arshad • Iqbal Zafar • Iqbal Ch Zafar
Roberto Pedro Iranzo • Jorge Alfredo Iraola • Claudio Irene • Nestor Domingo Irioni • Gustavo Daniel Irribarria • Irsymov Rinat • Emilce Graciela Iruretagoyena • Anja Irwin • Norman Irwin • Uel Irwin • Irzhev Sergei • Reynaldo Salvado Isabella
IIsaev Alexandr

Andrei Ivanov
• Isaev Vyacheslav • Isakov Dmitry • Isakova Marina

Ivanov Boris Ivanov Konstantin Ivanov Oleg


• Isamadiev Murat • Isanov Sagat • Isbulatov Zhanat
Gustavo Norberto Islas • Ismail Naveed • Ismailov Zhetpisbai • Mario Esteban Isso • Anna Istomina • Ivan Jozsef • Ivanchenko Alexandr • Ivanencko Alvina • Ivanko Imre • Ivankov Andrey • Ivankov Leonid • Ivankovsky Vladimir • Ivanov Aleksandr
• • • • Ivanov Sergei • Ivanov Sergei • Sergei Ivanov •
• Ischenko Pyotr • Ischenko Victor • Isenov Merambek • Ishmaev Galimulla

Ivanov Sergey • Ivanov Valery • Ivanov Victor • Ivanov Vladimir • Ivanov Vladimir
• Iskakov Zhumakhan

• Ivanov Vladimir
• Md Tajul Islam

• Ivan Ivanov
Ivanova Elena • Ivanova Larisa • Ivanova Tatyana • Ivanova Vera • Ivchenko Oleg • Ivitskaya Oksana • Hector Alberto Izarra • Izhnik Nickolai • Izotov Nikolay • Oleg Izotov • Izotov Pavel • Pablo Luis Izquierdo • Izrok Janos • Izso Jozsef
Izsvak Robert • Juan Izzo

39

Jose Jacinto • Davy Jackson • Rick Jackson • Neila Tatiana Jacobsen • Hugo Alberto Jacomelli • Juan Carlos Jacomelli • Julio Cesar Jaeger • Jagos Bela • Ruben Abel Jaime • Haresh Jaisinghani • Jakab Jenö • Jakab Jozsef
Jakab Jozsefne • Jakab Laszlo • Jakab Laszlo • Ariel Ruben Jalaris • Horacio Miguel Jaltar • Bob James • John James • Kenneth James • Jack Jamison • Jancsar Sandor • Jancso Vince • Jancso Janos Benedek • Jang Shanfen
Janosdeak Laszlo • Janschich Janos • Janschich Janos • Dennis Jansen • Rinus Jansen • Janszki Gaborne • Janusek Gyula • Ilodino Da Silva Jaques • Luis Mario Jara • Idimo Jardim • Rodrigo Silva Jardim • Tracy Jarvis
Jasko Csaba • Jasko Peter • Jaszberenyi Tibor • Jaszkai Florian • Javed Amjad • Javed Khalid • Gabriel Javier • Mui Lin Jaw • Terry Jaynes • Diane Jebram • Jehangir Aftab • Jeles Jozsef • Jeles Laszlo • Jenei Endre • Jenei Janos
Jerga Laszlo • Jiang Jijun • Alfredo Jimenez • Alfredo Jimenez • Blanca Jiminez • Ofelia Jiminez • Jin Yuan-Sheng Jason • Joelson John • John Peter • Bob Johnson • Carmen Johnson • Chet Johnson • Gary Johnson • Jay Johnson
Joe Johnson • Mike Johnson • Bob Johnston • Bobby Johnston • Stephen Johnston • Jonas Andrasne • Jonas Bela • Jonas Ferenc • Jonas Sandor • Gordon Jones • Jennifer Jones • Jonyer Gyula • Yvonne Jordan • Kevin Joyce
Jozsa Sandor • Jtuo Jin • Abel Osvaldo Juarez • Jose Juarez • Nestor Alberto Juarez • Salvador Juarez • Aurelija Juchneviciute • Juhasz Andras • Juhasz Attila • Juhasz Attila • Juhasz Ferenc • Juhasz Imre • Juhasz Istvan
Juhasz Istvan • Juhasz Janos • Juhasz Janosne • Juhasz Jozsef • Juhasz Jozsef • Juhasz Laszlo • Juhasz Laszlo • Juhasz Laszlo • Juhasz Peter • Juhasz Sandor • Juhasz Sandor • Juhasz Tibor • Juhasz Tibor • Juhasz Zsolt • Juhasz Peter Sandor
Elizabeth Silvina Jumilla • Frank Jungers • Renato Junges • Alvaro Macedo Koslowski Junior • Byron Santos Junior • Elio Lopes Do Nascimento Junior • Jose Antonio Pereira Junior • Jose Iran Peixoto Junior • Matheus Carlos De Araujo Junior
Osmar Pires Jardim Junior • Pedro Fernandes Junior • Jurko Jozsef • Juan Ramon Justo

K Varga Elemer • Harriet Kabayondo • Kabdulkarimov Mukhamettokhtar • Kabishev Igor • Kabyshev Darkhan • Valentina Kachesova • Kachulin Vladimir • Kacsa Albert • Kadar Istvan • Kadas Gyula • Kadyrov Albert
Kadyrov Zhulfar • Laura Kaff • Geremias Da Rosa Kaigo • Kaigorodova Nina • Marvin Kailikea • Kainar Akabaev • Natalya Kainazarova • Kainekeshev Marat • Kairbaev Ardak • Juan Alberto Kaiser • Kaisin Bakytzhan
Kaitanov Yermeck • Kakabaev Sabit • Kakabaeva Sagila • Kakimova Alexander • Kakszi Miklos
Kakucsi Istvan • Kakucsi Istvan • Kakuk Laszlo • Kalabina Klavdiya • Kalafusz Ferenc • Kalafusz Viktor AES PEOPLE FROM LEFT TO RIGHT: James Dmitsak, AES Beaver Valley; Susan Gaynor (left) and
Reggie Kalahiki • Kalaida Evgeny • Kalaida Galina • Cindy Kaletz • Kalinichenko Vladislav • Kalinin Leonin Sharon Belanger (right), AES Arlington; Dale Cochenour, AES Beaver Valley; Rick Jackson, AES Shady Point;
Matt Riel, AES Beaver Valley; Dennis Jansen, Elsta
K
Brought to you by Global Reports
Kalinin Oleg • Kalinninikov Alexander • Kaliyev Maulit • Kallai Attila • Kalmar Balint • Kalmius Galina • Kalna Janos • Kalotai Laszlo • Kaloz Bertalan • Kaloz Emil • Kaluzhnov Stanislav • Kamaev Danil • Kamaliev Sembek • Damian Kamara
Kamaras Janos • Kambarov Turlybek • Kamenev Alexandr • Kamenev Nikolai • Kameneva Svetkaba • Kameneva Yuriy • Kamensky Nikolai • Kamensky Valery • Kaminskiy Vladimir • Kamnev Anatoly • Kamnev Constantine • Kanai Sandor
Kanakov Tamara • Kananykhin Andrey • Kananykhin Andrey • Kandracs Karoly • Bobby Kane • Kantor Laszlo • Keven Kapaona • Kapcsos Balazs • Kapichenov Sergey • Kapitany Istvan • Kapiyonoba Galina • Kaplenko Yuri • Kapus Istvan
Alexander Kapustin • Kapustina Ludmila • Kapuszta Janos • Karabanov Igor • Karachev Ivan • Karaffa Jozsef • Valentina Karataeva • Karavaeva Anatolii • Kardinal Laszlo • Andrei Karelov • Nikolai Karelov • Tatyana Karelova • Beliveau Karen
Karikas Lajos • Karimbaev Azadakhan • Victor Karkavin • Karkhanov Bakytzhan • Karkusak Janos • Karnaukhov Grigoriy • Karnaukhov Sergei • Karnoczi Lajos • Karolyi Janosne • Karpati Erika • Karpenko Anatoly • Karpich Svetlana • Tatyana Karpova
Kartnik Imre • Karya Nikolai • Karymsakov Talgat • Kasa Attila • Kasakova Ludmila • Kasatkina Natalya • Kasenov Seksenbai • Kasenova Alma • Kashchaev Nikolai • Kashkarev Andrei • Kassirov Vladimir • Kasybaev Suyundyk • Kasymova Tatyana
Richard Katende • Katiev Talgat • Katkov Vladimir • Katkova Nina • Kato Laszlo • Katona Ferenc • Katona Istvanne • Katona Tamas • Katona Tamasne • Kaufman Nikolai • Kauts Vladimir • Lorne Kavanagh • Kaverina Vera • Kavko Viktor
Kazantsev Aleksandr • Kazantsev Victor • Kazarina Lidia • Kazel Ivan • Kazhkenov Kazbek • Kazilov Denis • Kazilov Stanislav • Kazuska Sandor • Kazvinszki Ferenc • Kecsö Dezsö • Kecsö Dezsöne • Mike Keeler • Robert Keen • David Kehres
Monica Nancy Keib • Keki Csaba • Keki Istvan Sandor • Albie Kekich • Kelemen Istvan • Kelemen Jozsefne • Kelemen Lajos • Kelemen Zsolt • Andrea Keller • David Keller • Frankie Kelly • Joyce Kelly • Tom Kelly • Kelm Jerry • Kenderesi Tibor
Kendyukh Michael • Kenesbaev Anton • Kenez Lajos • Keninger Antal • Dave Kent • Kenzhekhanov Azat • Kenzhekhanov Beibitkali • Kepes Istvan • Clovis Augusto Kerber • Kerek Gyula • Kerekes Janos • Kerekgyarto Sandor • Kerekgyarto Zoltan
Keresztesi Attila • Keresztesi Imre • Keresztesi Istvan • Kerezsi Ferenc • Keri Jozsef • Kerimova Roza • Kern Tibor • Kertesz Ferenc • Kertesz Istvan • Kertesz Matyas • Kertesz Matyas Robert • Kesely Norbert • Keshubaev Serik
Gustavo Miguel Kessel • Paulo Andre Kessler • Keterling Alexandr • Maryanne Kevada • Khabarov Andrei • Khabarov Yury • Khadzhy Vasily • Khagga Hameed Abdul • Khairullin Alexandr • Khairullina Lidiya • Khairushev Zhakyp • Khakimov Anfis
Khali Tursumbekov • Khalid Rasheed • Khamitov Fary • Khamzin Talgat • Khan Abdul Qayyum • Ghazanfar Ali Khan • Khan Sadeed Ud Din Ahmad • Khan Shabir Ahmad • Khan Shafi Mohammad • Khan Shahid Z • Khan Shameer Gul
Khan Tariq Saleem • Kharitonov Alexandr • Olga Kharitonova • Kharkhanbai Zhuparkhan • Kharlova Natalya • Khasanov Deputat • Kherov Victor • Elena Khilko • Khivik Alexander • Khludkova Irena • Khodyrev Yuri • Kholina Nina • Kholkina Margarita
James Khong • Svetlana Khorishko • Khorosheva Ludmila • Khoroshilov Vladimir • Khosyainova Svetlana • Khramov Viktor • Khramov Yury • Khrapov Vladimir • Khristinyuk Ludmila • Khristus Nataliya • Khryapko Gennadiy • Khudobina Svetlana
Khudoleyev Anatoly • Khudyakov Aleksandr • Sergei Khudyakov • Sergei Khudyakov • Khudyakov Victor • Khudyakova Larissa • Khvalchenko Dmitriy • Khvalov Aleksandr • Scott Kicker • Lundy Kiger • Kigizbaev Sandybai • George Kihugura
Henry Kikoyo • Kilian Gabor • Kilyasov Vladimir • Kilybaev Erikkazy • Kim Leonid • Sung Kim • Kimasov Nikolay • Kincsem Karoly • Kincsem Robert • Kincsem Tibor • Ray King • Kiraly Barnabasne • Kiraly Ferenc • Kiraly Istvan • Kiraly Istvanne
Kiraly Laszlo • Kenny Kirby • Vera Kirilenko • Kirillin Gennady • Charlie Kirkpatrick • Willie Kirkpatrick • Kirnos Sergei • Kiryakov Vladimir • Elena Kiryanova • Kiryushin Ivan • Kis Peter • Kis Toth Tamas • Kiselyova Larisa • Kisil Vasily • Kiska Tünde

40

Kis-Molnar Gyula • Ruben Alberto Kisner • Kiss Attila • Kiss Attila • Kiss Attila • Kiss Balazs • Kiss Bela • Kiss Bertalan • Brian Kiss • Kiss Csaba • Kiss Csaba • Kiss Csaba • Kiss Dezs • Kiss Ferenc • Kiss Ferenc • Kiss Gabor • Kiss Gabor
Kiss Gabor • Kiss Gyozo • Kiss Gyula • Kiss Gyula • Kiss Imre • Kiss Istvan • Kiss Istvan • Kiss Istvan • Kiss Istvan • Kiss Istvan • Kiss Istvanne • Kiss Janos • Kiss Janos • Kiss Janos • John Kiss • Kiss Lajos • Kiss Laszlo • Kiss Laszlo • Kiss Laszlone
Kiss Miklos • Kiss Miklosne • Kiss Pal • Kiss Pal • Kiss Peter • Kiss Robert • Kiss Rudolf • Kiss Sandor • Kiss Tibor • Kiss Zoltan • Kiss Zoltan • Kiss Zoltanne • Kiss Istvan B • Kiss Jozsef Attila • Kissne Toth Maria • Marcio Cristiano Kist
Kisvardai Sandor • Kisvari Mihaly • Kitik Valentina • Graham Kitney • Muge Kizilca • Fabricio Manganelli Klafke • Klari Miakitsne • Klasin Evgeny • Kleiber Tibor • Klenik Gyorgy • Kleshev Valery • Klets Alexander • Klets Gennady • Klevtsov Ivan
Klimenko Valery • Klimenko Yuri • Klimov Aleksandr • Klimov Aleksandr • Nikolai Klimov • Klimov Peter • Klimova Alexander • Klimova Rice • Sergei Klinovitsky • Armando Oscar Klos • Klucsik Laszlo • Klus Gennady • Klusoczki Istvan
Klusoczki Istvanne • Klyuchnik Vladimir • Sergei Klyutchnikov • Kmecz Imre • Kmecz Istvan • Kmeczo Istvan • Emma Knowles • Russell Knowles • Raymond Knox • Ko Zhenhua • Kobegenova Elmira • Kobor György • Kobor Zoltan • Victor Kobzev
Kobzhasarov Saken • Kobzos Jozsef • Ricardo Kocak • Kochatickhin Mikhail • Kochkin Sergei • Kochnev Sergei • Kocsi Laszlo • Kocsis Csaba • Kocsis Dezso • Kocsis Gyorgy • Kocsis Imre • Kocsis Janos • Kocsis Janos • Kocsis Norbert • Kocsis Peter
Kocsis Zsigmond • Kocsis Zsolt • Kocsis Istvan Pal • Anatoly Kodintsev • Victor Kodintsev • Kogteva Gennady • Kohanyi Laszlo • Kohar Zoltan • Koharine Krisztina • Kohulak Laszlo • Kohulak Laszlone • Koichin Rafail • Koichubaev Yermeck
Kokai Marianna • Kokarev Yuri • Kokh Ilya • Kokhonenko Vladimir • Kokpasova Kuliyara • Kolbin Andrey • Koldakov Sergei • Koleinick Ludmila • Kolenko Maria • Kolesnichenko Nickolai • Kolesnick Valentina • Koleszar Bela • Koleszar Imre
Koleszar Janos • Kollar Laszlo • Kollath Zoltan • Kolmakov Aleksandr • Kolmakov Dmitriy • Anastasia Kolmakova • Kolmakova Anastasyia • Koloberdin Evgeny • Kolotova Galina • Kolozsvari Karolyne • Kolpakova Yulia • Kolton Alexandr
Kolykhailov Yakov • Komlev Vadun • Komlev Victor • Lyudmila Komleva • Komlo Laszlo • Komoroczki Karolyne • Koncsol Csaba • Koncz Imre • Konczvald Laszlo • Kondrad Janosne • Kondrak Istvan • Kondrat Laszlo • Kondratenko Sergei
Vladimir Konevsky • Konganbaev Toktagam • Rik Konings • Kononenko Vladimir • Kononenko Vladimir • Kononov Zoya • Alexander Konoplyov • Konovalov Gulya • Konovalov Vasily • Konovalova Lidiya • Konstantin Tsymbal • Kontalinskii Roza
Konya Attila • Konya Bela • Konyakhin Alexander • Konyha Istvan • Konyha Sandor • Konyrtaev Ertai • Koos Csongor • Koos Imre • Koos Jeno • Kopasz Janosne • Kopchenov Vasiliy • Kopcso Mihaly • Kopylova Nadezhda • Valeria Duarte Korb
Korbely Jozsef Lajos • Korchagin Andrey • Korchagin Eduard • Korchagin Sergey • Korenuk Svetlana • Korgonbaev German • Korik Janos • Kormos Jozsef • Kornev Alexandr • Kornev Viktor • Kornev Vladimir • Galina Korneva • Kornienko Yuri
Korobovsky Nickolai • Korodi Gyula • Korolkova Marina • Korolyov Vyacheslav • Korotin Nikolay • Korotkov Oleg • Korotkov Yuri • Korotysh Sergei • Kos Istvan • Kos Jozsef • Koscso Imre • Koscso Laszlo • Kosharny Andrei • Koshelev Boris
Kosherbaev Batyrbek • Koshkarov Sergei • Koshkumbaev Aryslan • Kosiczki Laszlo Jozsef • Kosik Eniko • Natalya Kosikhina • Kosilov Evgeny • Kosina Janosne • Kosina Jozsef • Kosmenyuk Lyubov • Kosmenyuk Oleg • Kostarev Vitaly

Brought to you by Global Reports


Kostenok Michael • Kostenszki Istvan • Sergei Kostin • Kostrikina Olga • Arkady Kostromin • Natalya Kostromina • Kostyukov Alexey • Alexander Kosyanov • Kosztyi Gabor • Koteles Janos • Koteles Jozsef • Kotenyova Natalya • Koterla Ferenc
Kotlar Zoltan • Kotlubei Vladimir • Calvin Kotrla • Kovacs Albertne • Kovacs Andras • Kovacs Attila • Kovacs Bela • Kovacs Erzsebet • Kovacs Ferenc • Kovacs Ferenc • Kovacs Ferenc • Kovacs Ferencne • Kovacs Ferencne • Kovacs Ferencne
Kovacs Gyorgy • Kovacs Gyula • Kovacs Gyula • Kovacs Istvan • Kovacs Istvan • Kovacs Istvan • Kovacs Istvan • Kovacs Istvan • Kovacs Istvan • Kovacs Janos • Kovacs Jozsef • Kovacs Jozsef • Juliann Kovacs • Kovacs Karolyne • Kovacs Krisztian
Kovacs Laszlo • Kovacs Laszlo • Kovacs Laszlo • Kovacs Laszlo • Kovacs Laszlo • Kovacs Laszlo • Kovacs Laszlo • Kovacs Otto • Kovacs Robert • Kovacs Robert • Kovacs Sandor • Kovacs Sandor • Kovacs Tamas • Kovacs Zoltan • Kovacs Zoltan
Kovacs Zsolt • Kovacs Zsolt • Kovaikin Gennady • Kovalchuk Igor • Kovalcva Yurly • Kovalenko Grigory • Kovalenko Viktor • Kovalevskiy Victor • Kovaliov Yuriy • Kovaltsov Alexander • Kovaltsova Olga • Kovalyov Sergei • Kovalyova Yuri • Kovasc Pal
Kovdeeva Tatyana • Kovesdi Erno • Kovikhov Boris • Kovikhov Constantine • Alexei Kovshirin • Anna Kovshirina • Kovtonyuk Tatyana • Kovtunets Constantine • Koza Istvan • Oscar Alberto Kozak • Kozanogin Dmitry • Kozer Otto Istvan
Kozhaev Fedor • Kozhakhanov Bolat • Kozhakhmetov Meiram • Kozhakhmetov Nurlan • Kozhakhmetova Nurgul • Kozhithova Ludmila • Larisa Kozinova • Alexander Kozlov • Kozlov Alexandr • Kozlov Boris • Kozlov Konstantin • Kozlov Valentin
Kozlov Viktor • Kozlova Elena • Kozlova Elena • Kozlova Elena • Kozlova Ludmila • Tamara Kozlova • Alessandra Kozlowski • Kozlyakov Gennady • Kozma Istvan • Kozma Tibor • Kozovlev Alexandr • Kozyrev Tatyana • Kozyreva Lubov • Krainov Viktor
Krajcz Ferenc • Krajczar Zoltan • Krajnyak Istvan • Krakhmalev Igor • Krakhmalev Ivan • Kramchaninov Viktor • Nilso Kramer • Krapiva Alexander • Krasilnikova Natalya • Krasnoshchyokov Pyotr • Krasulin Anatoliy • Krasulin Vladimir • Krasyukov Sergei
Kravets Raisa • Kravets Victor • Valery Kravtchenko • Kreban Zoltan • Angelisa Ines Kremer • Kremnev Alexei • Alexander Kriger • Lyudmila Kriger • Kriger Olga • Kriger Vladimir • Kristof Bela Laszlo • Kriston Gabor Endre • Kriston Pal Istvan
Krisztian Zsolt • Krisztin Sandor • Kriulin Sergei • Kriulina Galina • Krivolapov Evgeny • Krivosheev Viktor • Krivosshein Valery Krivosshein • Krivykh Andrey • Krizsanyi Bela • Krizsanyi Belane • Krizsanyi Zsuzsa • Krokavecz Jozsef
Fernando Ceferino Kronenberger • Kropachyov Ivan • Irvaldo Irnaldo Kroth • Krotov Alexandr • Krotova Svetlana • Kruchkov Gennadiy • Lauri Kruger • Krukova Alexander • Irina Krul • Kruzhalsky Yuri • Krylov Vladimir • Ksembekova Aliya
Ksenofontova Olga • Kstnsukhova Tatyana • Kuan Telen • Kuat Murzaspaev • Kubak Zsolt • Kubik Laszlo • Daniel Guillermo Kubis • Kuchin Boris • Kuchin Viktor • Kuchin Vyacheslav • Kuchina Olga • Kucskar Lajos • Kucsora Istvan • Kucsora Jozsef
Kudaibergenov Kuat • Kudaibergenov Muratbeck • Kudin Valery • Kudinova Valentina • Kudrin Vitaly • Kudryavtseva Olga • Kudukov Sergei • Kudyakov Vladimir • Kuhn Jozsefne • Nilda Gladys Kuhn • Roselaine Nelci Kuhn • Kuidan Elena
Kuidan Sergei • Peter Kuijs • Kulchitskii Igor • Kulchumanova Nazhiba • Kulcsar Denes • Kuli Kalman • Kulikov Pavel • Anzhela Kulikova • Kulinich Nickolai • Kumarova Yaroslava • Kumashev Zhanger • Kuminova Valentina • Kuminova Valentina
Kun Albert • Aldemar Kun • Kun Balint • Kunafin Almaz • Kunakbaev Nurlan • Kundakov Nurzhan • Thomas Clayton Kunde • Kundrat Miklos • Kungurova Svetlana • Cristiano Alexius Kuntzler • Aldo Renato Kunz • Osmar Kunzler • Mei Kuo
Kupas Miklos • Kupreev Vladimir • Kuprin Sergei • Kupriyanova Olga • Kurdics Peter • Kurganbaev Tulegen • Kurichenko Victor • Kurimai Tibor • Kurimai Tiborne • Kurkachyova Sergei • Kurkuyanets Alexander • Kurmanbaev Rinat
Kurmanbaev Rinat • Kurmangaliev Aristan • Kurmangaliev Meiramgali • Kurmanov Bolat • Kurmashov Baurzhan • Andrei Kurnosenko • Valery Kurnosenko • Kurochkin Victor • Vladimir Kurochkin • Kurucz Dezs • Kurucz Janosne

41

Kurumbaev Kuanyshbek • Kusaev Ermek • Kushner Olga • Kusmanov Malik • Kuspekov Kairat • Kusztvan Bela • Kutas Andras • Kuti Vince • Kutliyarov Anvar • Kutsevalov Nikolai • Kuvaldin Nikolai Kryukova • Vera Kuyan • Vladimir Kuzin • Kuzin Yury
Kuzmenko Alexey • Kuzmenko Sergei • Kuzmi Laszlo • Alexander Kuzmin • Kuzmin Alexandr • Kuzmin Anatoly • Gennady Kuzmin • Kuzmin Ivan • Kuzmin Sergey • Kuzmin Tatyana • Kuzmin Valentin • Kuzmin Vyacheslav • Kuzmina Elena • Kuzmina Galina
Kuzmina Marina • Kuzminykh Valery • Kuzmuk Igor • Kuzmuk Nina • Kuznetsov Ilfat • Sergei Kuznetsov • Kuznetsov Vladimir • Kuznetsova Lubov • Kvaszta Attila • Molly Kwik • Kylyshpekov Dauren • Kyznetsov Nikolay

Domingo Antonio La Fratta • Ricardo La Fratta • Labancz Attila • Labancz Jozsef • Oscar Armando Labatti • Hector Osvaldo Laborda • Juan Fernando Laborda • Adrian Marcelo Lacanna • Eduardo Javier Lacassin
Ruben Daniel Lacassin • Eduardo Mario Lacomba • Laczai Janosne • Laczko Ferenc • Laczko Janos • Laczko Sandor • Ladanyi Andras • Ladanyi Gyula • Ladi Laszlo • Ladi Tiborne • Ladi Zoltan • Miguel Angel Laferrara
Lagodin Anatoly • Maria Rosa Laguinge • Angel Javier Laguna • Antonio Dos Santos Laia • Lajtos Ferenc • Lajtos Jozsef • Lakatos Andras • Lakatos Gyozo • Lakatos Gyula • Lakatos Laszlo • Lakatos Mihaly • Lakatos Miklos
Lakatos Miklos • Lakatos Raffaelne • Lakatos Sandorne • Lako Laszlo • Salvador Bernardo Lallana • Lam Po Yuen • Ricky Lam • Mike Lambert • Lambrekht Anton • Colin Lamont • Maxwell Lamounier • Jose Maria Lancelotti
Juan Carlos Lancioni • Nazareno Lancioni • Daniel Amadeo Landaburu • Pedro Landaburu • Landenberger Laszlo • Lang Andras • Pedro Gilmar Espindola Lang • Mark Van Langevelde • Langrofne Lengyel Zsuzsa • Graham Langworthy
Natalya Lapkina • Laposan Lajos • Flavio Lara • Jose Roberto De Lara • Larionova Natalia • Marcela Viviana Larranaga • Fernando Daniel Larraqaga • Gustavo Alberto Larraqaga • Alberto Esteban Larrea • Juan Domingo Larreteguy
L
Jorge Claudio Larroque • Juan Carlos Larroque • Daniel Enrique Larroza • Natalia Lorena Lasaga Viquela • Laszlo Andras • Laszlo Jozsef
Ruben Horacio Laurelli • Laurov Sergey • Daniel Adalberto Lavagnino • Luis Mateo Lavallen • Linda Lavazza • Sergio Lavoletta • Lavrinov Viktor • Lawrence Amir Abid • Ian Lawrence • John Lawrence • Norberto Ariel Lay • Rodolfo Eustaquio Layus
Lazar Gabor Gyorgy • Vera Lazareva • Martin Lazo • Sergio Osmar Lazzaretti • Luiz Fernando De Aquino Leaes • Brian Lease • Lebedev Alexander • Lebedeva Tatyana • Lebedeva Vera • Gary Leckonby • Marcelo Leonel Ledesma • George Lee
• Jesus Maria Latapy • Juan Gerardo Latapy • Latipov Zynur • Gustavo Adolfo Laudani • Victor Lauk

Lenny Lee • Lee Vitaly • Felix Leeb • Norberto Horacio Lefevre • Joe Leggett • Legoza Attila • Osvaldo Luis Leguizamo
Jennifer Lehmann • Regis Luiz Lehmenn • Francisco Daniel Lehner • Lehotai Janos • Karen Lein • Pavel Leisle • Iara Martini Leite A E S P E O P L E FROM LEFT TO RIGHT: Pete Norgeot, AES Barry; Jeanette d’Esterhazy Cimino, AES Arlington;
Luiz Fernando Grehs De Carvalho Leite • Mario Leiva • Pedro Antonio Leivas • Lekerova Saule • Leleszi Tibor • Lemeshko Andrey Gary Wise, AES Shady Point; Bernie Hysong, AES Beaver Valley; Nelson Thornburg, AES Beaver Valley;
Karl Guidry, AES Deepwater

Brought to you by Global Reports


Lemeshko Ivan • Lemeshko Nadezhda • Ademir Jesus Lemos • Nildo Jose Lemos • Carlos Lemus • Homer Lemus • Israel Lemus • Marilu Lemus • Lenart Attila • Lenart Gyorgy Sandor • Lenart Imre • Lenart Istvan • Angel Ismael Lenguitti
Lengyel Attila • Lengyel Istvan • Lengyel Istvan • Lengyel Istvanne • Lenkey Gyorgy • Robert Lennox • William Lennox • Lenskaya Galina • German Hector Lento • Mauricio Victor Lento • Charles Lenzi • Julio Leon • Oscar Alfredo Leonardo
Hector Ruben Leonelli • Jorge Osvaldo Leoni • Leonid Vizinger • Leonov Andrei • Leonova Larisa • Leontev Vladimir • Sergio Marcelo Lerner • Leschenko Nikolay • Rodolfo Dario Lescoulie • Lesko Csaba • Lesko Gyula • Ramon Pedro Letamendi
Sue Lettrich • Susana Cristina Leuzzi • Lev Kim • Levai Jozsef • Levai Jozsef • Levai Jozsefne • Nikolai Levakov • Scott Levanto • Levay Lajos • Anatoly Levchenko • Galina Levchenko • Valery Levchenko • Vladimir Levchenko • Garry Levesly
Andrei Levin • Vasily Levin • Levin Vladimir • Levin Vladimir • Piers Lewis • Alan Leyshon • Juan Jose Lezcano • Li Gang • Li Jin • Li Li Lily • Li Qi Fen • Li Wujie • Xiaodan Li • Li Xuan • Liang Echo • Liang Longqing • Lib Felix • Zinei Luiz Librelotto
Abel Armando Licera • Lidko Viktor • Lidya Pochekina • Gelson Lied • Ligeti Jozsef • Ligeti Jozsefne • Raul Eduardo Ligorria • Likhobabin Sergei • Likhobabin Yevgeny • Liktor Sandor • Dean Lilley • Maureen Lim • Tanny Lim • Airton Villanova Lima
Alicia Mabel Lima • Carlos Guiomar Pereira De Lima • Gerson Jose Lima • Gislaine Oliveira De Lima • Joao Paulo Araujo Lima • Joao Ricardo Da Rosa Lima • Jose Vilmar Griza De Lima • Luiz Eduardo Correa De Lima • Napoleao Jose Dias De Lima
Thimoteo Martin Bacellar De Lima • Lin Pei-Juan • Cristobal Linares • Gilberto Linares • Oscar Linares • Roberto Linares • Victor Linares • Rodrigo Vinicius Linck • Amaury Linerez • Ling Xiaogang • Link Sergei • Rich Linkenheimer • Bobby Linton
Daniel Omar Liporace • Nilson Jose Lippert • Lipsky Edward • Liptai Istvan • Liptak Istvan • Liptak Istvan • Liptak Laszlo • Lipusz Miklos • Oscar Eduardo Lirio • Liskonog Victor • Alfredo Javier Lista • Natalya Litovchenko • Vladimir Litovchenko
Littig Nina • Littig Valeriy • Peter Litvinov • Liu Hongmei • Liu Shu-Dong • Liu Yuang-Chang • Hugo Cesar Lizardo • Ruben Omar Lizardo • Tungalag Lkhamdorjiin • Silvia Llan • Maria Laura Llanes • Hector Rodolfo Llanos • Decio Serafin Llull
Lo Tai On Eric • Julio Jose Lobaiza • Isabel Cristina Da Silva Lobato • Julio Cesar Lobato • Lobkovitz Laszlo • Loboda Sergei • Lobov Alexandr • Loczi Miklos • Logvinencko Ludmila • Ricardo Lohder • Lokhmatov Boris • Lokisov Sergei • Lokos Istvan
Lokos Janos • Anibal Juan Lombardi • Arturo Lombardi • Osvaldo Alejandro Lombardi • Sergio Gustavo Lombardi • Enio Vicente Londero • David Long • David Longley • Adrian Alberto Longo • Angelo Batista Judes Lopes • Carlos Roberto Santos Lopes
Iara Maria Medeiros Lopes • Jorge Luiz Lopes • Jose Leoni Mota Lopes • Leontina Teodozo Lopes • Paulo Roberto Lopes • Valdir Da Silva Lopes • Antonio Miguel De Oliveira Lopez • David Francisco Lopez • Edgardo Daniel Lopez • Emiliano Lopez
Francisco Lopez • Hugo Daniel Lopez • Hugo Luis Lopez • Jorge Lopez • Jorge Luis Lopez • Juan Lopez • Julio Jorge Lopez • Luis Anibal Lopez • Pablo Alberto Lopez • Raul Antonio Lopez • Rodolfo Lopez • Ruben Horacio Lopez • Angel Luis Lopez Osornio
Lopukhin Irina • Nestor Eugenio Lopumo • Humberto Segundo Lorenti • Lorents Alexander • Pablo Javier Lorenzo • Patricia Raquel Lorenzo • Lorincz Attila • Lorko Laszlo • Sebastian Angel Lorre • Liliana Mercedes Losada • Miguel Angel Losada
Loshkaryov Nikolai • Losonczi Lajosne • Losonczi Sandor • Lotov Alexandr • Daniel Nestor Loursac • Lovas Bertalan • Lovas Istvan • Lovas Otto • Lovas Pal • Lovas Sandor • Lovas Sandorne • Carlos Lovato • Lovei Istvanne • Billy Lovell • Harry Lovrak
John Lowen • Jennifer Lowry • Graciela Loya • Alberto Jesus Loza • Angel Lujan Loza • Ernesto Alejandro Loza • Hector Omar Loza • Lozitsky Viktor • Lörinczi Tibor • Lu Bin Scott • Lu Mingyi • Lu Quenfeng • Lu Shao-Yi • Lu Xiaochuan • Lu Xinhui
Jorge Osvaldo Lualdi • Alexei Lubinsky • Lubivy Yuriy • Antonova Lubov • Gilnei Lucas • Ana Maria Lucero • Cecilia Lucero • Jose Francisco Lucero • Julio Alberto Lucero • Miguel Alberto Lucero • Roberto Lucero • Oscar Alberto Luces

42

Gerardo Adrian Luchetti • Reynaldo Oscar Luchetti • James Luckey • Luczi Janosne • Maria Carmen Ludovico • Elena Ethel Luduena • Raul Renato Luduvico • Ludva Csaba • Jose Lue • Omar Lue • Raul Lue • Julio Oscar Luengo • Ruben Lugo
Miguel Eduardo Lugones • Jarbas Furtado Luiz • Luis Walter Lujan • Lukacs Attila • Lukacs Attila • Lukacs Beata • Lukacs Beata • Lukacs Ferenc • Lukacs Imrene • Lukacs Istvan • Lukacs Istvan • Lukacs Janos • Lukacs Janos • Lukacs Jozsef
Lukacs Jozsef • Lukacs Jozsef • Lukacs Laszlo • Lukacs Laszlo • Lukacs Laszlo • Lukacs Laszlo • Lukacs Laszlo • Lukacs Zoltan • Lukacs Zoltan • Lukacs Zoltan • Lukacsik Barna • Lukacsne Erika • Lukicheva Nina • Lukin Nikolai • Lukina Lubov
Lukoshkov Anatoly • Lukoshkov Oleg • Lukoyanov Vyacheslav • Lukyanov Konstantin • Sonny Lulla • William Luna • Eric Lundberg • Jake Lundy • John Lungan • Tomas Alberto Lungo • Lunyov Yuri • Luo Jin • Luo Ya • Luo Yuanzhen • Lupaneszku Viktor
Oscar Roberto Luppo • Raul Alberto Luquet • Bill Luraschi • Gustavo Atilio Luraschi • Silvia Elvira Lustau • Lutfullin Filared • Ricky Lutman • Luydmila Leisle • Leslie Mari Alves Da Luz • Luciano Da Luz • Luzan Valentin • Lyapin Alexey
Lyapunova Valentina • Lyashenko Aleksey • Lyashenko Irina • Lychkovskaya Zoya • Shane Lynch • Shane Lynch • David Lyon • Kevin Lyon • Roger Lyon • Lysenko Alexander • Lysenko Nina • Lysogor Boris • Lyubishkin Iraida • Lyubov Andreyeva
Lyubov Desyatova • Lyubov Murashkina • Lyubov Sharaburina • Lyutov Gennady

M Khan Hayat • Ma Chui Fong Florence • John Maarleveld • Juan Carlos Mac Cormick • Jose Luis Maccarone • Juan Jose Macchione • Mariano Martin Macchione • Calvin Maccormack • Janone Klatte Macedo
Clair Jose Machado • Claudenildo Machado Machado • Edmilson Martins Machado • Elisandra Fraga Machado • Fatima Rosane Costa Machado • Heitor Benfica Machado • Izair Feliciano Ramos Machado
Joao Dionisio Rodrigues Machado • Joao Maria Machado • Julio Cesar De Mello Machado • Laercio Miguel Machado • Marcelo Machado • Miguel Angel Machado • Osorio Guacir Saidelles Machado • Paulo Cesar
Severo Machado • Sadi Unfer Machado • Sergio Roberto Soares Machado • Manual Machuca • Cleonice Maciel • Gerson Luiz Ferreira Maciel • Paulo Daniel Pereira Maciel • Mackovjak Sandor • Macsi Janos • Macsi Janos
Madar Andras • Madar Andrasne • Madarasz Gyula • Madarasz Istvan • Madarasz Janos • Rose Otilia Goncalves Pinto Madeira • Juan Carlos A Madera • Madocsai Lorant • Humberto Enrique Maduena
Adrian Roberto Maffeo • Luis Roberto Maffioli • Ena Magana • Maritza Magana • Miguel Angel Maganetti • Maria De Lourdes Maganin • John Magezi • Hugo Aldo Maggi • Griselda Beatriz Maggiora • Geoff Magill • Magocsi Ferncne
MDessie Magowan • Magyar Andras • Magyar Gabor • Magyar Gabor • Magyar Lajosne • Magyar Laszlone • Magyar Tibor • Magyar Zsolt • Magyar Tamas Peter • Magzumov Abai • Maiboroda Valery • Maimeskulova Natalia • Carlos Daniel Maini
Maior Valery • Alexander Maiorov • Azhibai Mairmanov • Major Laszlo Gyorgy • Majoros Andras • Majoros Attila • Majoros Geza • Majoros Istvan • Majoros Zoltan • Majorosne Katalin • Mak Alys Jean • Mak Ferencne • Nikolai Makarenko

Brought to you by Global Reports


Makarkina Valentina • Oleg Makarov • Makarova Natalya • Makarova Yelena • Makhovikov Nickolai • Mako Jozsef • Mako Jozsefne • Makotina Natalya • Maks Vitaaly • Maksimov Aleksandr • Olga Maksimova • Makurin Stanislav • Makushin Alexei
Oscar Clemente Malacalza • Malakhovsky Anatoly • Malakhovsky Gennady • Anatoly Malashenko • Malchenko Sergei • Malchenko Tatyana • Jorge Alberto Maldonado • Tony Maldonado • Malenko Timofei • Malgin Victor • Malik Abid Hussain
Malik Aslam Mohammed • Malinina Nina • Malinovsky Vitaly • Tibirica De Oliveira Mallmann • Rick Mallory • Malovanyy Mikhail • Juan Carlos Maltisotto • Nikolai Maltsev • Malukova Lubov • Irina Malygina • Malyonvany Mikhail • Pavel Malyshev
Malyshkina Lubov • Malyutin Alexandr • Mamontova Tatyana • Mamyrbek Sarsen • Daniel Jose Mana • Oscar Dario Manacorda • Elizabeth Mancia • Nestor Mancia • Rene Mancia • Santos Mancia • Miguel Angel Mancini • Alessandro Mandelli
Mandrik Anatoly • Edgardo Walter Manetta • Nelida Liliana Manfredi • Irineu Manfroi • Domingo Raul Mangoni • Ivana Alicia Maniago • Adriana Manica • Mankov Anatoly • Leith Mann • Billy W Manners • Mansha Ashraf Mohammad
Marcelo Angel Mansicidor • Edgardo Adalberto Mansilla • Guillermo Mansilla • Juan Carlos Mansilla • Marcos Onesimo Mansilla • Sergei Mantsev • Manukovsky Vassily • Guillermo Daniel Marc • Sergio Marcaida • Alejandro Marcelo Marcato
Carlos Alberto Marcato • Miriam Leonor Marcelli • Marchenko Natalia • Marchenko Sergei • Pedro Cesar Marchi • Marcis Csaba • Marcis Sandor • Suzana De Oliveira Marcolino • Alberto Gabriel Marconi • Julio Angel Marconi • Karina Marczuck
Richard Mardon • Horacio Amilcar Marfil • Mari Lajos • Maria Priska • Norma Haydee Mariangeli De Cisner • Gustavo Alberto Mariescurrena • Luis Alberto Marin • Marina Burnaeva • Marina Guseva • Alessandra Marinheiro • Oscar Jose Marini
Daniel Alberto Marino • Carlos Alberto Marioni • Markin Eduard • Markoczi Andras • Ruben Eduardo Maroa • Daniel Antonio Marotta • Marozsan Janos • Davi Goncalves Marques • Luis Prestes Marques • Pedro Henrique Nunes Marques
Ricardo Monteiro Marques • Santo Vanderlei Narvas Marques • Daniel Marquez • Raul Eduardo Marquez • Pablo Josue Marquina • Eduardo Marroquin • Jose Marroquin • Levis Marroquin • Marshalkin Konstantin • Ken Marshall • Marsi Gyorgy
Guillermo Daniel Marsico • Juan Marte • Alfredo Martell • Guillermo Marti • Jose Alberto Marti • Marti Antal Istvan • Colin Martin • Gary Martin • John Martin • Johnnie Martin • Rod Martin • Luis Oscar Martin Morillo • Angel Luis Martinese
Rogelio Alberto Martinese • Fabiana Analia Martinet • Alberto Martinez • Carlos Martinez • Cecilia Martinez • Eduardo Alfredo Martinez • Eduardo Andres Martinez • Jesus Martinez • Jorge Martinez • Jorge Alberto Martinez • Jose Luis Martinez
Jose Raul Martinez • Juan Martinez • Manuel Martinez • Marcelo Alejandro Martinez • Maria Virginia Martinez • Miguel Angel Martinez • Nestor Martinez • Oscar Anibal Martinez • Pedro Martinez • Phil Martinez • Rene Martinez • Rosa Martinez
Alberto Horacio Martins • Antonio Dagoberto Dos Reis Martins • Eder Flavio Soares Martins • Jose Edison Neves Martins • Oldi De Avila Martins • Paulo Cezar Da Silva Martins • Rodolfo Mario Ilha Martins • Rosa Mara De Souza Martins
Andrew Martinson • Pascual Rafael Martire • Roque Antonio Martoccia • Marton Attila • Marton Bela • Marton Imre • Marton Istvan • Marton Jozsef • Marton Karoly • Marton Zsolt • Martynenko Ivan • Martynov Alexandr • Marusev Alexandr
Marushchyak Galina • Maruzsi Kalmanne • Vladimir Maryasov • Wantuil Da Silva Mascarenhas • Alfredo Masdea • Miguel Angel Masdea • Mashkin Arkady • Mashkov Gennady • Mashkovskaya Valentina • Mashkovskiy Aleksandr
Mashkovskiy Pavel • Mashuk Yekaterina • Masih Sarwar • Juan Carlos Massei • Alessandro Costa Massena • Diego Hernan Massera • Howard Massie • Terri Massie • Idelmo Mastella • Osvaldo Raul Mastrantonio • Masugutov Daulet
Masygutov Talgat • Masyukov Anatoly • Mata Andras • Mata Sandor • Mata Tibor • Ana Matamoros • Jorge Matamoros • Mate Gabor • Mateeva Larisa • Ron Matheny • Guinivere E Mathews • Jerry Mathews • Mike Mathews • Matocsi Laszlo

43

Diego Gomes De Matos • Maria Teresinha De Matos • Pedro Juarez Matos De Matos • Hugo Antonio Matrichuk • Vladimir Matsak • Matsapei Andrey • Matsapei Yuri • Matta Csaba • Matta Jeno • Silvia Marcela Matteucci • Liandro Garcia De Mattos
Valmir Farias De Mattos • Vilmar Farias De Mattos • Matula Imre • Matula Sandor • Matunova Natalya • Matusek Tibor • Agustin Matutino • Matveev Viktor • Matveyev Alexander • Vitaly Matveyev • Matvienko Aleksandr • Matvienko Mikhail
Matyas Gabor • Matyasi Laszlo • Matyasi Sandor • Maukushev Omirkhan • Maukusheva Asel • Juan Miguel Mauro • Mavrin Gennady • Maximov Valery • Jim Maxwell • Mayamerov Bolat • Roberto Alfredo Mayer • Miguel Angel Mayora
Edgardo Mazariego • Oscar Mazariego • Francois Maze • Mazhikova Umetzhamal • Mazitova Jamila • Vladimir Maznyak • Marta Angelica Mazza • Ana Maria Mazzocoli • Sergio Marcelo Mazzola • Ernesto Santiago Mazzoni • Harry McAfee
Jimmy McAlister • Eamon McAllister • Pat McAllister • John McArthur • William McArthur • Michael McBratney • Janice McBurney • Peter McCallin • David McCalmont • Frankie McCartney • Edna McClay • John McClay • Alan McClean • Billy McClean
David McClenaghan • Paul McClenaghan • Lindsay McCloy • AndyMcCobb • Noel McCombe • Billy McConnell • Colin McConnell • Ken McCormick • Raymond McCormick • Gerry McCorry • Hugh McCosh • Willie McCrory • Tim McCullough
Tom McCullough • Richard McElnay • Pamela McHugh • David McIlhagger • Willie McIlhatton • Neil McIlwaine • Kenny McKinley • Maureen McKinley • Andy McKinney • John McKinstry • Gerard McManus • Arnie Mc Maw • Joe McMurran
Brian McMurtry • Tony McNally • George McNeilly • Jim McNeilly • John McTier • Joseph McVicker • Judy McAbee • Jerry McBrien • Carl McCaughey • Jeffrey L McClarty • Jean McCleaf • Jerry McCoy • Laureen McCoy • Tom McCune
Amy McDonough • Richard McElnay • Andrew McKay • Daniel McKay • Doug McKenzie • Maureen McKinley • John McLaren • Dave McMillen • Ron McParland • Gary McPherson • Jon McQuillen • Luis Angel Mechetti • Alessandro Rodrigues Medeiros
Medenbaev Yuldash • Butch Mederos • Carlos Alberto Medina • Gabriel Medina • Jose Maria Medina • Victor Medina • Cesar Hernan Medrano • Rigoberto Medrano • Medve Gyula • Medvedev Igor • Victor Medvedev • Mark Megarry • Megyesi Antalne
Megyesi Zoltan • Mehmood Shahid Hafiz • Mei Jin-Yi • Anair Gomes Meine • Adair De Souza Meirelles • Jose Francisco Meirelles • Carlos Mejia • Hector Mejia • Jorge Mejia • Salvador Mejia • Melchikov Mikhail • Melchikov Vasiliy
Melchikova Ludmila • Antonio Hugo Melideo • Mario Jose Melideo • Alberto Raul Melion • Alexander Melkozyorov • Adrian Jose Alfredo Mellid • Jose Carlos Osorio Mello • Marcelo Eduardo De Mello • Sergio Ronchi De Mello • Domenico Melluso
Oscar Rosario Melluso • Silvio Melluso • Melnick Oleg • Melnik Alexander • Melnikov Igor • Melnikov Michael • Melnikov Valery • Melnikov Victor • Yuri Melnikov • Melnova Vera • Luis Fernando Mello De Melo • Roberto Angel Melogno
Ernesto Antonio Melonaro • Sebastian Gustavo Mencacci • Magale Mendel • Daniel De Oliveira Mendes • Luciano Ferrao Mendes
Luiz Andre Mendes • Marco Antonio De Oliveira Mendes • Juan Carlos Mendez • Marcelo Ruben Mendez • Maria Cristina Mendez A E S P E O P L E FROM LEFT TO RIGHT: Al Kekich, AES Placerita; Craig Dietrich, AES Beaver Valley;
Rigoberto Mendez • Sandra Gabriela Mendez • Silvia Edith Mendiz • Eduardo Mendl • Ezequiel Mendoza • Jose Mendoza Anna Raptis, AES Arlington; Carter Brooks, AES Shady Point; Terri Massie, AES Shady Point;
Mike Frazier, AES Shady Point

Brought to you by Global Reports


Juan Carlos Mendoza • Manuel Mendoza • Ernesto Jose Menedi • Maira Regina Menegaz • Carlos Menendez • Rodolfo Ricardo Meneo • Cezar Ricardo Dutra Menezes • Denise De Oliveira Menezes • Valdir Flores De Menezes • Eduardo Guido Mengarelli
Vitor Hugo De Aguiar Von Mengden • Miguel Angel Menghini • Hipolito Menjivar • Rene Menjivar • Menshchikov Yuri • Hector Eduardo Menta • Solange Catarina Schmitt Mentz • Menus Sandor • Ana Maria Mercado • Angel Alberto Mercado
Dardo Antonio Mercado • Pura Mercedes • Mark Mercer • Norman Mercer • Mergaliev Duisen • Victoriano Manuel Merillan • Merköy Geza • Merkulev Anatoliy • Alberto Raul Merlino • Alberto Federico Merlo • Sergio Fabian Merquel
Walter Javier Merquel • Merzlikin Ruslan • Merzlikina Tatyana • Meshcheryakova Tatyana • Mesheryakov Ivan • Raul Daniel Messina • Mester Attila • Meszaros Gyorgy • Meszaros Janos • Meszaros Jozsef • Meszaros Laszlo • Meszaros Zsolt
Metelev Andrey • Metsler Alexander • Josue Claudio Metz • Dante Rafael Meyer • Mezei Gabor • Mezei Laszlone • Mezentsev Vladimir • Mezes Katalin • Mezes Katalin • Mezes Sandor • Anatoly Mezhelevsky • Dasha Miakisheva • Miakits Jozsef
Miakits Jozsefne • Michael Ivanov • Dean Michaels • Michailov Yury • Daniel Michel • Paulo Roberto Michel • Alfredo Haroldo Michetti • Maria Isabel Michetti • Ruben Daniel Micucci • Eduardo Ernesto Miculan • Mida Gyula • Mida Gyula
Midiu Bauyrzhan • Miglecz Miklos • Alberto Omar Migliavacca • German Omar Miguel • Norberto Horacio Miguel • Julio Miguelissi • Francisco Miguez • Oscar Miguez • Mihaly Balint • Mihaly Dezsö • Mihaly Balint Istvanne • Mihics Laszlo
Mihok Janos • Mihok Peter • Walter Fernando Mihura • Mikesz Arpad • Anufriev Mikhail • Mikhail Ekimov • Mikhail Teterin • Mikhail Zinovyev • Mikhailenko Yuri • Andrei Mikhailov • Mikhailov Dmitry • Nikolai Mikhailov • Mikhailov Sergei
Mikhaleva Natalya • Mikhno Anatoly • Mikhno Anna • Mikitevich Pyotr • Miklos Ferenc • Miklos Istvan • Mikov Viktor • Miku Jozsef • Nestor Gerardo Milano • Miguel Angel Milea • Jose Arnoldo Milione • Haydee Ester Miliozzi • Mill Robert • Ian Miller
Mark Miller • Mike Miller • Pamela Miller • Scott R Miller • Harry Milligan • Roberto Cesar Milone • Milov Aleksandr • Milyukov Sergei • Minden Andras • Daniel Horacio Mineo • Nestor Alberto Mineo • Mingaleva Ludmila • Mingyi Lu
Minikhanov Rashit • Joe Minnick • Gladys Esther Mino • Luis Alberto Minor • Nilda Celestina Minutti • Edison Luiz Lemes Miqueli • Clara Graciela Miqueo • Edgardo Mario Miracco • Carlos Miranda • Daniel German Miranda • Leci Maria Lopes Miranda
Victor Miranda • Miroshnichenko Ludmila • Miroshnichenko Maxime • Miroshnikov Alexander • Mirza Aziz Ahmad • Angel Ricardo Mishevitch • Miskolczi Bertalan • Miskolczi Dezsö • Miskolczi Laszlo • Miskovics Otto • Miskovics Otto
Misurak Peter • Misyura Stanislav • Miszkuly Laszlo • Claudio Gaston Mitarotonda • Dwight Mitchell • Ken Mitchell • Mitin Valery • Mitrofanov Oleg • Mitrofanov Oleg • Fabian Pedro Miyar • Mizsak Karoly • Mizsanyi Laszlo • Mlotko Yury
Mo Yuanzhen • Jorge Raul Mobrici • Juan Carlos Mobrici • Mocz Zoltan • Marcelo Norberto Modarelli • Jorge Henrique Moehlecke • Mohammad Abid • Mohammad Afzal • Mohammad Amin • Mohammad Anwar • Mohammad Aslam
Mohammad Faheem Abdul • Mohammad Gul Zamman • Mohammad Hassan • Mohammad Iqbal • Mohammad Ismail • Mahir Mohammad • Mohammad Masood • Mohammad Munawar • Mohammad Rafiq • Mohammad Ramzan • Mohammad Shaban
Mohammad Shaheen • Mohammad Shahid • Mohammad Taufique • Mohammad Tufail • Mohammad Umar • Mohammad Ch Sohail • Moiseenko Ivan • Moisevich Vitold • Moiseyev Sergei • Luis Mojica • Molcsany Laszlo • Moldovan Tatyana
Moldovan Laszlo Jozsef • Oscar Roberto Molero • Adrian Enrique Molina • Margarita Molina • Molleker Tatyana • Molnar Andras • Molnar Attila • Molnar Attila • Molnar Balazs • Molnar Bela • Molnar Ede • Molnar Ferenc • Molnar Gabor • Molnar Gyorgy
Molnar Gyula • Molnar Gyula • Molnar Istvan • Molnar Janos • Molnar Janosne • Molnar Jozsef • Molnar Laszlo • Molnar Laszlo • Molnar Laszlo • Molnar Laszlo • Molnar Mihaly • Molnar Peter • Molnar Sandor • Molnar Zsolt • Joe Molton

44

Omar Alejandro Monachesi • Aldo Luis Monaldi • Hugo Omar Moncla • Brian Mongan • David Monge • Monostori Levente • Carlos Monroy • Elmer Monroy • Ismael Monroy • Jorge Monroy • Roberto Monroy • Fidel Ernesto Monsalvo • Montak Jozsefne
Angel Horacio Montaldi • Ricardo Omar Montaldi • Monica Mariela Montana • Walter Roberto Montani • Benilda Fernandes Monteiro • Claudio Arlei Canto Monteiro • Elezur Soares Monteiro • Sarita Monteiro • Carlos Guillermo Montenegro
Gaston Hugo Montenegro • Graciela Mabel Montenegro • Edgardo Ruben Montero • Graciela Beatriz Montero • Jose Maria Montero • Miguel Monterrosa • Jose Monterrrosa • Horacio Alberto Montes De Oca • Deric Montgomery • Martin Montgomery
Michael Montgomery • Stephen Montgomery • Fernando Mario Monti • Jonathan Moore • Rodolfo Daniel Mora • Sergio Delfor Mora • Alessandro Moraes • Edson Nunes De Moraes • Eva Magali Lucas De Moraes • Fernando Renato De Oliveira Moraes
Ivo Goncalves De Moraes • Jose Salvador De Moraes • Manuel Angel Moraes • Oraci Ferreira De Moraes • Marise Teresinha De Morais • Carlos Alberto Morales • Cruz Morales • Francisco Morales • Gerardo Abel Morales • Gustavo Jorge Morales
Juan Morales • Roberto Angel Morales • Ruben Alfredo Morales • Sergio Morales • Yanira Morales • Alejandro Moran • Carlos Angel Moran • Dolores Moran • Jose Moran • Norberto Oscar Moran • Moravcsik Andras • Joao Batista Gragi Moreira
Leandro Ricardo Moreira • Luiz Carlos De Costa Moreira • Paulo Sergio Ambrozio Moreira • Telmomar Nunes Moreira • Jorge Horacio Morel • Daniel Jose Moreno • Elena Moreno • Gregorio Alberto Moreno • Rodolfo Lujan Moreno • Sergio Oscar Moreno
John M Morgan • Lynn Morgan • Rob Morgan • Oscar Alberto Morgavi • Moricz Jozsef • Luiz Morinel • Pedro Ismael Morini • Morong Sandor • Moroz Nikolai • Morozov Sergei • Morozova Lidiya • Morozova Mariya • Lee Morris • Bill Morrow
Chantel Mortier • Morvay Gabor • Adalberto Edelmar Moscoloni • Moser Mike • Moseyevsky Vasily • Moskovchenko Vladimir • Mosman Alexandr • Mosman Alexandr • Mosman Pyotr • Linesio Luiz Mosmann • Keith Moss • Jorge Luis Mosto
Alex Sandro Mota • Mara Lucia Motta • Ana Maria Moura • Pedro Da Silva Moura • Danny Mout • Alexandre Paz Moyses • Mozgovoy Pavel • Mozgovoy Sergei • Mozgunov Vladimir • Mozol Ludmila • Jose Fernando Mozzaquatro • Mrazik Sandor
Joseph Mudoma • Mufti Azeem • Mufti Zaheer Ul Hassan • Anjam Mughal • Jorge Angel Mugica • Francisco Von Muhlen • Mukanov Galimbek • Mukanov Sailau • Mukashev Bolat • Mukashev Bulat • Mukazhanov Erzhan • Mukhamediyarov Baurzhan
Mukhametzhanov Yerlan • Mukhanova Aizhan • Mukhin Aleksandr • Mukhlaev Yury • Yokolum Mukholi • Mukhtarova Galiya • Mukushev Serik • Ian Mulholland • Joao Viegas Muller • Muller Laszlo • Rinaldo Pinto Muller • Muller Antal Tamas
Mumtaz Asim Mohammad • Munaizhanov Yerimkhan • Glaucio Izonir Da Silva Munhoz • Luiz Augusto Braz Munhoz • Anibal Horacio Munoz • Francisco Munoz • Juan Carlos Munoz • Lucio Pedro Munoz • Martin Munoz • Muntak Gyula • Jose Luis Muqiz
Carlos Adalberto Murature • Daniel Angel Murialdo • Muritov Shakir • Ricardo Omar Muro • Allister Murphy • Pat Murphy • Guillermo Carlos Murrie • Ann Murtlow • Celso Romario Mativi Murussi • Murzaev Vladimir • Murzakanov Ersain
Murzakanova Gulbarai • Musabekov Kalymbek • Musaipov Yerik • Musataev Vassily • Mushtaq Ashar • Musin Zeinolla • Musin Zhuman • Musina Alexander • Musina Daniya • Musina Nadezhda • Raul Angel Mussa • Mustafin Ravil • Mustafin Rinad
Mustafin Sapar • Mustafin Vladimir • Mustafina Galina • Muzulev Sergey • Muzyka Yelena • Müller Zsolt • Myshkovets Iosif • Mysykbaev Bagdat

Brought to you by Global Reports


Ana Maria Nacif • Nelson Pedro Nacimbera • Nadasi Laszlo • Nadasi Laszlo Karoly • Ahmer Nadeem • Nadeem Ashraf Mohammad • Nadezhda Krasulina • Nadezhda Kryukova • Nagaev Nickolai • Nagisheva Yuri • Nagmetov
Amangeldy • Nagy Akos • Nagy Aladar • Nagy Andras • Nagy Anita • Nagy Attila • Nagy Bela • Nagy Csaba • Nagy Csaba • Nagy Csaba • Nagy Ferenc • Nagy Ferenc • Nagy Gabor • Nagy Geza • Nagy Gyula • Nagy Imre
Nagy Istvan • Nagy Istvan • Nagy Istvan • Nagy Istvan • Nagy Istvanne • Nagy Janos • Nagy Jozsef • Nagy Jozsef • Nagy Kalmanne • Nagy Karoly • Nagy Laszlo • Nagy Laszlo • Nagy Miklos • Nagy Pal • Nagy Sandor • Nagy
Sandor • Nagy Sandor • Nagy Tibor • Nagy Tibor • Nagy Zoltan • Nagy Zsolt • Nagy Laszlo • Nagy Jozsef Laszlo • Nagy Miklos Erik • Nagy Sandor Arpad • Naidin Anatoliy • Roger Naill • Naimanbaev Anatoly • Naimanovsky
Alexandr • Namazbaev Talgat • Namazbaev Zhumabek • Venu Nambiar • Namesanszki Csaba • Nargizyan Valentina • Narmukhanova Zaidunya • Narnukhanov Shaimardan • Naryzhnaya Natalya • Hermogenes Jose Do
Nascimento • Rogerio Daniel Do Nascimento • Carlos Alberto Nasif • Carlos Claudio Nasif • Nasir Akram Mohammad • Nasir Jaffar Hussain • Eduardo Luis Natal • Carlos Alberto Natale • Katya Noelia Natale • Miguel
Angel Natale • Alfonso Natelli • David Nation • Naumenko Sergei • Naumenko Zikhlinda • Andres Navarrete • Alicia Beatriz Navarro • Jaime Navas • Nelson Navas • Carlos Alberto Navazzotti • Nawaz Ali Mohammad • Nawaz Amjad Ali M • Aswini
N
Kumar Nayak • Naz Zahida • Nazarenko Vyacheslav • Ivan Nazarenko • Nazarov Konstantin • Zukhra Nazhmetdinova • Harold Nebraski • Nechaev Victor • Gervacio Leonardo Neculpam • Jorge Mario Negrete • Marcelo Ricardo Negro • Negyesi
Istvan • Paul Neill • Flavio Antonio Neiva • Nekrasov Boris • Nekrasov Victor • Nekrasova Olga • Nestor Ruben Nellar
Nemeth Ferenc • Nemeth Gyulane • Nemeth Lajos • Nemeth Lajos • Nemeth Laszlo • Nemeth Robert • Nemethne Eke Eva • Nemstev Lubov • Nemstev Nikolay • Nemstev Nikolay • Nemstev Pyotr • Nemykin Fyodor • Andy Nesbitt • Nesterenko
• Davy Nelson • Eric Nelson • Rocky Nelson • Nemchinov Nikolay • Nemchinova Valentina • Nemes Gabor • Nemes Gyulane

Karlygash • Nesterov Kairat • Nesterova Galina • David Travesso Neto • Elisio Rodrigues De Freitas Neto • Jose Carvalho Neto • Ricardo Slaghenaufi Neto • Ulisses Fernandes De Oliveira Neto • Netrunenko Anatoly • Rogerio Claudio Neuenfeldt
Luiz Alberto Neujahr • Vladimir Neupokoyev • Nelson Antonio Stefani Neves • Renato Rogerio Neves • Emilio Daniel Neves Mendes • Malcolm Newland • Ng Ying Ho Elliot • Niazi Zaheer Ullah Khan • Jose Luis Nicelli • Renato Luis Niches
Gerrit Nicholas • Jorge Luis Nieves • Nikitin Vladimir • Nikitin Yevgeni • Nikitina Tatyana • Nikityonok Evgeny • Nikityonok Valery • Nikityonok Vladimir • Mike Nikkel • Nikolaev Alexei • Nikolaev Sergei • Nikonov Anatoly • Sergei Nikulin • Nikulin
Vladimir • Nikulina Ludmila • Bairros Nilton Riella • Juan Carlos Niriche • Andy Nixon • Ken Niznik • Carlos Nobus • Jose Osvaldo Nogales • Nogin Andrey • Nogin Gennadiy • Nogin Vasiliy • Nogin Victor • Alzira Terezinha Rodrigues Da Cunha
Nogueira • Elso Oliveira Nogueira • Carlos Sergio Noguera • Hector Alberto Noguera • Stan Nolan • Ruben Omar Nolasco • Joao Gaspar Rocha Nolibos • Jan De Nooyer • Rafael Nordio • Peter Norgeot • Alyne Gioda Noronha • Janice Maria Carneiro
Noschang • Nosova Alexandra • Novak Gyula • Novak Pal Vilmos • Novek Jozsefne • Novichkov Yuri • Bennie Novick • Novikov Alexander • Novikov Anatoly • Novikov Nickolai • Nikolai Novikov • Novosyolov Vassily • Novosyolov Victor • Mark
Nowakowski • Nrdobytko Andrey • Sam Ntanda • Nukenov Kairulla • Amilton Aimore Nunes • Antonio Saldanha Nunes • Laerte Agapito Nunes • Lisiane Dos Reis Nunes • Ludimar Da Silva Nunes • Marco Antonio Nunes • Renato Dias Nunes
Gelmer Nunez • Lucio Ariel Nestor Nunez • Mario Oscar Nunez • Fernando Luis Nuqez • Nurakhmetova Nadiya • Nuranov Abaisha • Nuranov Toleutai • Nurgalieva Bekamal • Nurgalieva Valentina • Nurgazinova Fatima • Nurgozhin Arman

45

Nuriakhmetov Rafik • Nurkenov Serkkali • Nurmukhametov Vladimir • Nurpeisov Tatyana • Nurtazin Marat • Nurutdinov Rifkat • Nyakacska Karoly • Nyakas Sandorne • Nyaradi Gabor • Nyeste Istvan • Nyeste Istvan • Nyeste Janos • Nygmanov
Seitken • Nyiri Jozsef • Nyiri Bela Laszlo • Nyitrai Sandor

Graeme O Neill • Ober Jozsef • Damian Obiglio • Obogrelov Anatoly • Obrusanszki Judit • Obukhov Nikolai • Obukhov Vassily • Anibal Nestor Ocampos • Cesar Omar Ocanto • Lorenzo Ochoa • Enrique Andres Odda
Joe Oddo • Odegov Viktor • Odegov Yuri • Odegova Larissa • Odintsov Alexandr • Don Odom • Valentino Oen-Mitchell • Offenbecher Laszlo • Ognyova Valentina • Ogyleva Mariya • Andy O’Hare • Ramon Antonio Ojeda
Újhelyi Jozsef • Miguel Angel Ojuez • Újvari Lajosne • Joseph Okong • Okpebaev Makhsut • Okulskaya Svetlana • Okunkov Ilya • Olah Istvan • Olah Istvan • Olah Janosne • Olah Laszlo • Olah Mihaly • Olah Miklos • Olah Palne
Olah Rudolf • Olah Sandor • Olah Sandor • Olane Orosz Roza • Olarnyik Janos • Bobby Oldham • Alicia Rosa Olea • Fabio Raul Olea • Fernando Amilcar Olea • Marcelo Rodolfo Olea • Omar Guillermo Olea • Sergio Ricardo Olea
Hazel O’Leary • Jim Oleksiak • Olenichev Uriv • Daniel Hugo Olguin • Oscar Ramon Oliva • Roberto Olivares • Ana Lucia Camargo De Oliveira • Antonio Carlos De Oliveira • Ari Silva De Oliveira • Ary Gomes De Oliveira
Cristiane Marques De Oliveira • Dalva Figueiro De Oliveira • Delmar Machado De Oliveira • Fabricio Silva De Oliveira • Geovana De Oliveira • Gerson Luiz Pires Oliveira • Gladis Helena Da Silveira Oliveira • Hermes Roberto Pereira Mascarenhas De Oliveira
OHolte Ramos De Oliveira
Marcio Goncalves De Oliveira
• Ironi Correa De Oliveira
• Margarete Assis De Oliveira
• Ivar Camargo De Oliveira
• Mario Carlos De Oliveira
• Joselito Silva De Oliveira
• Paulo Vicente Couto De Oliveira
• Leandro Antonio Valim De Oliveira
• Rosemeri Couto De Oliveira
• Luiz Carlos De Oliveira
• Sadi De Oliveira •
• Luiz Rogerio Prestes De Oliveira
Samarone Simonetti De Oliveira •
• Marcelo Pedreira De Oliveira
Sergio Renato Silveira De Oliveira
Valdacir Sidnei Brasil De Oliveira • Juan Carlos Olivero • Roberto Oscar Olivero • Araceli Viviana Oliveros • Fernando Agustin Olivetto • Fernando Javier Olivieri • Hugo Daniel Olivieri • Jorge Alejandro Olivieri • Julio Cesar Olivieri • Federico Pedro Olmos
Luis Alberto Olmos • Patricia Olmos • Olyunin Sergei • Omarbekov Erlan • Omarbekov Karamende • Omargaliev Bakytbek • Omargaliev Galymbek • Omarkhanov Simbai • Omarov Kuat • Sergio Carlos Omentari • Onegov Andrei • Angela Ong
Ongarbaev Kairosh • Ongonusov Raikhan • Onishenko Yevgeny • Onodi Csaba • Onodi Ferenc • Onodi Gyula • Onodi Mihaly
Evelyn O’Laughlin • Peter O’Neill • Opris Gabor • Oralbaev Tleubek • Oravecz Antal Gyula • Oravecz Antalne • Oravecz Jozsef A E S P E O P L E FROM LEFT TO RIGHT: Rogério Sallé Karan, reforestation project, Light;
Orazalin Serik • Orazalina Raushan • Orazgalieva Gulnar • Orban Lajos • Orban Laszlo • Neil Ord • Orekhova Galina • Carlos Orellana Vaughn Cox, AES Beaver Valley; Tom Stierwalt, AES Beaver Valley; Carlos Figueroa, AES Los Mina;
Li Sufa (left) and Sun Yuoung Guang, Hefei; Julie Gabel, AES Beaver Valley

Brought to you by Global Reports


Liliana Delma Orellano • Jesus Antonio Krebes Orestes • Marcelo Albino Orioli • Osvaldo Salvador Orlate • Alba Silvia Ormaechea • Sergio Daniel Oros • Felix Ramon Orosco • Orosz Csaba Laszlo • Orosz Istvanne • Orosz Jozsef • Orosz Jozsef
Orosz Laszlo • Orosz Laszlo • Orosz Laszlo • Orosz Miklos • Orosz Pal • Orosz Sandorne • Orosz Zoltan • Oroszi Sandor • Oscar Alfredo Oroz • Christine Orr • Fabricia De Almeida Ortacio • Daniel Adrian Ortega • Christina Orticke • Cesar Ortiz
Ivette Ortiz • Omar Ortiz • Maria Del Carmen Osacar • Oshchepkov Evgeny • Osintsev Victor • Osipenko Akslue • Osipenko Boris • Osipov Igor • Osipov Sergei • Oskin Kenzhakhmet • Oskin Sergei • Oskina Nadezhda • Osmanova Nuriya • Osokin Leonid
Severiano Horacio Osorio • Ostanin Evgeniy • Ostanin Gennady • Ostapenko Klavdiya • Katherine Oster • Osvath Szabolcs • Oszlar Istvan • Oszlar Istvanne • Otarbaev Kairat • Otarbaev Marat • Hugo Alberto Oteiza • Oscar Alfredo Otermin
Andres Fernando Otonello • Ovcharenko Vladimir • Aquiles Roberto Oviedo • Jadir Ferreira Oviedo • Ken Owens • Alexander Ozolin • Alexei Ozolin

Carlos Paa • Daniel Roberto Pach • Miguel Pacheco • Pachinger Janos • Pacza Andras • Pacza Istvan • Adilson Padilha • Juan Antonio Troglia Padilha • Juan Padilla • Carlos Alejandro Padova • Graciela Ines Padova
Elio Lisboa Paes • Joao Carlos Lisboa Paes • Sergio Lisboa Paes • Antonio Alejandro Paez • Darrol Pagaduan • Ernest Pagaduan • Jose Maria Paganini • Ricardo Jose Paganucci • Teresa Josefina Pagella • Oleg Pakhomov
Pakhomov Sergei • Pakhomova Tatyana • Pakhutkin Maxim • Pakichev Igor • Paksy Zoltan • Pal Emil • Pal Istvan • Pal Laszlo • Pal Tamas • Pal Zsolt • Gustavo Adrian Palacios • Marcelo Antonio Palacios
Mario Tomas Paladini • Palagin Konstantin • Hugo Alberto Palandri • Palasti Zoltan • Hector Mario Palavecino • Jorge Oscar Palazzo • Palekhov Anatoliy • Clem Palevich • Palfi Tibor • Palincsak Janos • Palinkas Miklos
Palitsin Vassily • Palkin Mikhail • Victor Palkin • Palkovi Zoltan • Palla Jozsef • Miguel Angel Palleros • Pallos Lajos • Valdemir Palludo • Daniel Oscar Palma • Tony Palmer • Juan Carlos Palminteri • Palocs Istvan
Palotai Attila • Hector Julio Palucci • George Van Pameleon • Pan Rose • Carlos Jose Panaccio • Panarin Vladimir • Panasenko Vitaliy • Maira Rose Panato • Panchkovsky Yevgeny • Raul Alberto Panella • Panikarovsky Grigory • Panin Mikhail
P
Neil Pankhurst • Pankrashin Michael • Enrique Alejandro Pannelli • Daniel Nicolas Pannese • Rosana Angela Pannone
Papaine Gonczi Agnes • Guillermo Daniel Paponi • Papp Attila • Papp Ferenc • Papp Gyula • Papp Gyula • Papp Istvan • Papp Janosne • Papp Jozsef • Papp Lajos • Papp Laszlo • Papp Sandor • Papp Tibor • Papp Zoltan • Papp Andras Miklos
• Panov Alexander • Panov Beket • Sarah Pantaleon • Sergio David Pantiga • Panyi Imre • Papai Andras

Porfirio Parada • Parbuzina Galina • Fabian Avelino Pardal • Sergio Esteban Pardal • Brett Pardew • Pardi Jozsef • Marcelo Javier Pares • Rodney Paris • Sergio Arnaldo Parissi • Billy Parke • Parkhomenko Igor • Charles Parkhurst
Luis Alber to Parma • Pradeep Parmar • Paroczai Csaba • Angel Ramon Parodi • Lazaro Parraga • Parshenkov Vadim • Jackie Parsonese • Alfredo Omar Par tida • Elsa Lidia Par tida • Hector Juan Par tida • Juan Carlos Pascual
Fernando Sergio Pascucci • Bilal Pasha • Igor Pashin • Sergei Pashke • Angelica Dias Pasqualin • Edward J Pasternak • Jose Enrique Pastor • Myrian Edith Pastorino • Alberto Pastrana • Paszka Laszlo • Paszternak Pal • Pasztor Barnabas
Pasztor Jozsef • Pasztor Sandor • Pasztor Zoltan • Pasztorne Papp Maria • Pataki Imre • Pataki Jozsefne • Pataki Zoltan • Natalya Patakina • Derek Paton • Gino Patrignani • Jeff Patry • Anil Pattanayak • Davy Patterson • Mel Patton

46

Patuk Said • John Paugh • Francisco Honeron Gomes De Paula • Paulas Erno • George Pauley • Paulyas Attila • Hugo Abel Paumgertner • Reinaldo Oscar Paumgertner • Pavin Boris • Vladimir Pavlinets • Alexei Pavlitsky • Pavlovich Victor
Pavlyas Zombor • Pedro Alberto Pawelek • Loreni Silveira Pawlak • Carlos Alberto Paz • Delmar Flores Paz • Enio Roberto Moreira Paz • Juan Carlos Paz • Luciano Martin Paz • Pazmandi Ferenc • James Pearn • Aj Peck • Davy Peden
Billy Pedlow • Juan Pedrazzoli • Ignacio Juan Pedreira • Sandra Quoos Pedroso • Long Peilin • Anderson Da Silva Peixoto • Anisio Da Silveira Peixoto • Pejko Csaba • Husniye Pekel • Peleskey Geza Jozsef • Adrian Osmar Pellati
Claudia Alejandra Pellegrini • Pedro Sergio Pellegrini • Alberto Juan Pellegrino • Jose Luis Pelosi • Raul Horacio Pelosi • Sergio Horacio Peluso • Eduardo Pena • Juan Domingo Pena • Adalberto Penate • Joaqin Penate • Eric Pendergraft
Jose Francisco Penica • Carlos Roberto Penko • Penkova Olga • Marisa Penna • Ricardo Bautista Penna • Charlie Pennington • Pente Istvan • Pentek Oliverne • Penzes Janos • Penzes Jozsef • Penzov Vassily • Maria Isabel Peqa
Silvia Cristina Peragallo • Carlos Alberto Peralta • Juan Ricardo Peralta • Pedro Peralta • Vilson Jose Perazzollo • Jose Perdomo • Esteban Gabriel Peredo • Carlos Geraldo Pereira • Edison Antonio Garbini Pereira • Elizete Dueli Garbini Pereira
Emerson De Moura Pereira • Janete Regina Pereira • Jose Valdair Silveira Pereira • Jose Volnei Garcia Pereira • Jurema Saraiva Pereira • Lidio Pereira • Luis Fernando Santos Pereira • Marcelo Flores Pereira • Maria Luiza Soares Pereira
Milto Valerio Pereira • Paulo Valdoci Pereira • Sandro Alves Pereira • Teresinha Antonia Pereira • Valdir Peretti • Horacio Guillermo Peretto • Pereverzin Vitaly • Andres Ricardo Pereyra • Adalberto Perez • Alicia Beatriz Perez
Carlos Alberto Perez • Dagaberto Perez • David Perez • Elba Perez • Ernesto Ricardo Perez • Fernando Diego Perez • Gustavo Ernesto Perez • Juan Antonio Perez • Julio Roberto Perez • Marionel Perez • Nelida Sabina Perez
Nestor Ismael Perez • Oscar Perez • Santiago Alberto Perez • Perfilev Oleg • Perge Gaborne • Perge Laszlone • Perge Zsolt • Perge Zsolt • Omar Alfredo Peri • Mauro Julian Periga • Carlos Perlera • Julia Permitina • Daniel Norberto Perone
Nora Ines Perone • Mainar Peronio • Hector Oscar Perrupato • Dale Perry • Olga Beatriz Persia • Persiyanova Elena • Amilcar Oscar Peru • Pervaiz Aslam Mohammad • Pervaiz Salman • Pervan Imre • Ernesto Pesaresi • Hector Daniel Pesoa
Pesterev Igor • Peter Jozsef • Ron Petley • Peto Gyula • Peto Laszlo • Petrakov Yury • Petrakova Yelena • Petran Zolan • Petrenko Alexander • Claudia Fabiana Petrili • Petro Andras Gyorgy • Alexander Petrov • Petrov Michael
Petrov Mikhail • Petrov Oleg • Sergei Petrov • Petrov Yuri • Petrovics Janos • Petrovics Lajos • Pedro Carlos Petruf • Petrushenko Gennady • Petrushkin Alexander • Petruska Csaba • Guillermo Daniel Petruzzi • Cornelio Roberto Petry
Petrykin Alexander • Nikolai Petukhov • Petukhov Oleg • Alexandra Petukhova • Petukhova Rtiada • Petyakhim Nikolay • Pflaum Dina • Carlos Alberto Goncalves • Sid Phan • Jean Phillips • Gerry Philpott • Antonio Piaz • Carlos Abel Piazza
Ruben Oscar Pichinelli • Larisa Pichugina • Wayner Da Trindade Piegas • Kevin Pierce • Marco Antonio Santos Pierry • Mark Pietrasik • Pikkelgaut Alexander • Maria Pilar • Krzysztof Pilch • Hector Horacio Pilia • Oscar Alberto Pilia
Pilipchevsky Vasily • Aleksandr Pilipenko • Pilipenko Boris • Daniel Lino Pillon • Alexander Pimenov • Roberto Pimentel • Pinchuk Larissa • Pinczes Laszlo • Alexei Pineko-Skvortsov • Alberi Mendes Pinheiro • Marco Adauto Pinheiro

Brought to you by Global Reports


Vanderli De Oliveira Pinheiro • Julio Cesar Vargas Pino • Carlos Enrique Pinotti • Pinter Balint • Pinter Ivan • Pinter Laszlo • Pinter Laszlo • Pinter Laszlo • Pinter Zsolt • Carlos Augusto Benevenuto Pinto • Jaime Pinto • Marcos Luciano Lemos Pinto
Mario Augusto Silva Pinto • Noecir Paz Pinto • Maria Julia Piovano • Julio Ceferino Piqeiro • Juan Domingo Pirchi • Alfeu Nunes Pires • Carlos Roberto Goulart Pires • Lissandro Machado Pires • Piriczki Karoly • Pirko Imre • Elena Piryatinskaya
Pisak Istvan • Pisak Zsolt • Domingo Pisani • Julio Gaston Pita • Pitateleva Roza • Pitelka Ferencne • Pitilimova Vera • Daniel Piuzzi • Alexander Platonov • Platonov Yakov • Larisa Platunova • Luis Emilio Plaza • Marcelo Gabriel Plaza
Silvio Marcelo Plaza • Rich Plendl • Yuri Plesennikov • Plesovskeekh Sergei • Plevako Sergei • Ploshansky Stanislav • Plosz Peter • Plotar Laszlo • Plotnikhov Boris • Plotnikov Aleksandr • Plotnikov Pavel • Plotnikov Vladimir
Patricia Alejandra Plozner • Sergio Antonio Da Silva Plucani • Dale Plumley • Plyuta Anatoly • Pochashev Konstantin • Vladimir Pochekin • Gabriel Ernesto Pocho • Pocsai Sandor • Pocsik Barnabas Tibor • Poczik Imre • Poczik Lajos
Podboronov Vadim • Roberto Podesta • Hector Waldemar Podetti • Podgornova Natalya • Podhenszki Laszlo • Podkorytov Victor • Pavel Podoinikov • Luis Alberto Poggi • Pogrebnov Anatoly • William L Pogue • Lais Ribeiro Salgueiro Pohlmann
Pok Jozsef • Pol Sergei • Carlos Polanco • Kevin Polchow • Poleshuk Vyacheslav • Jon Poley • Polgarne Ligeti Andrea • Hector Oscar Polizzi • Polkovnikova Elena • Susana Maria Pollaroli • Valery Polokhin • Polomoshnov Sergey
Polonkai Antal • Polonkai Attilane • Polonkai Zoltan • Polonkai Zoltan • Polonkaine Kovacs Fva • Polshanov Sergei • Poltaranin Andrei • Poltaranina Alexander • Poluantseva Elena • Polyakov Evgeniy • Polyakov Gennadiy • Polyakov Sergei
Ponedelnick Olga • Ponomarenko Marina • Ponomaryov Gennady • Vladimir Ponomaryov • Ponomaryova Tatyana • Luis Angel Pons • Horacio Raul Pont • Pontos Ferencne • Pontos Zoltan • Pontos Ferenc Arpad • Robert L Pool •

Poor Istvan • Popikova Irina • Popkov Alexander • Popkov Vladimir • Popov Andrei • Popov Gennady • Popov Igor • Popov Michael • Popov Valery • Popova Ludmila • Valentina Popova • Popykin Alexey • Popykina Sergei • Juan Dante Porcel
Marta Alicia Porcel • Porechny Sergey • Maria Susana Porfido • Poros Jozsefne • Porotnekov Evgeniy • Porotnekov Olga • Dagoberto Port • Alejandro Cesar Porta • Juan Portillo • Wilvaldo Portillo • Daniel Sperb Porto • Tulio Roberto Eifler Porto
Poruchenko Vladimir • Poryakov Ivan • Poryakov Vitaly • Poryakova Lubov • Poshivalova Tatyana • Poshtarenko Rimma • Poshtarenko Valentin • Posta Sandor • Postnova Elena • Poszuk Janos • Alexander Potapov • Valentina Potapova
Julio Alberto Potel • Erivelton Pott • Billy Potter • Potyka Laszlo • Leandro Enrique Pozzi • Ruben Oscar Pracanica • Milton Rene Pradal • Evandro Carlos Do Prado • Pragai Ferencne • Prais Oksana • Pralya Yuri • Pravednikov Igor
Preis Alexander • Daniel Carlos Prevedoni • Jorge Alejandro Prevedoni • Bob Price • Gene Price • Martin Price • Jorge Prieto • Raymond J Prihoda • Prikhodko Galina • Prikhodko Grigory • Prikhodko Nina • Vladimir Primenko • Fernando Jose Principi
Virginia Elizabeth Luiz Proenca • Prokai Janos • Prokai Laszlo • Prokay Sandor • Prokk Jozsef • Prokofyev Victor • Prokopchuk Stepan • Protasov Vyacheslav • Prudnikov Leonid • Prudnikova Svetlana • Luis Oscar Pruzzo • Pshembaev Adilbek
Pstebaev Suyundik • Ricardo Daniel Puccinelli • Pukkel Istvan • Alberto Armando Pulido • Analia Beatriz Pulido • Liliane Marques Pumes • Pupyshev Nickolai • Pupyshev Sergei • Pushkarev Sergey • Puskas Ferenc • Puskas Janos
Puskas Jozsef • Pusztai Gyula • Pusztai Janos • Pusztaszeri Istvan • Pusztaszeri Janos Istvan • Monica Beatriz Puyella • Puzakov Sergei • Puzanko Konstantin • Puzanko Mikhail • Puzyryov Konstantin • Pykhtarev Valeriy
Pykhtarev Victor • Pylev Evgeny

47

Shahzad Qasim • Qi Lu-Bin Robin • Qin Yafei • Marcio Henrique Quadros • Carlos Omar Qualina Antonio Mario Rabaiolli • Rabbani Nadeem Iqbal • Maria Elena Rabosto • Mario Racchi • Racz Gyula
Elvio Alberto Qualina • Ricardo Ruben Qualina • Roberto Qualina • Santos Luis Qualina Racz Janos • Racz Janos • Racz Jozsef • Racz Jozsef • Racz Lajosne • Racz Zoltan • Radacsi Janos
Hector Ernesto Quar tarolo • Gustavo Osmar Quevedo • Ricardo Daniel Quevedo Radchenko Michael • Alicia Mabel Radice • Radics Gyula • Radics Jozsef • Radics Jozsefne
Manuel Quijada • Neal Quinn • Maria Ines Quinones • Osvaldo Sergio Quinones Radics Kalman • Bill Rady • Alejandro Nestor Rafael • Juan Jose Raffaelli • Rafikov Ravil
Sergio Quinones • Walter Quintanilla • Luciana Quintero • Alejandro Daniel Quiroga Ragalyi Balint • Carlos Alberto Rago • Ragozin Sergei • Ragozin Vladimir • Rahman Atiq Ur
Gabriel Gaston Quiros • Sergio Daniel Quiros • Qureshi Dilbagh Ahmad • Qureshi Imran Hameed Raikulov Serzhan • Raimbekov Makhabbat • David Rainey • Rajdos Lajos • Hector Lujan Rajoy
Qureshi Mujahid Mohammad Rajz Matyas • Rak Jozsef • Rakhimbaev Talgat • Rakhimov Burumbai • Rakhimzhanov Askarbeck
Q R
Rakhmetullin Kairatbek • Gennady Rakhvalov • Rakhymbaev Nazymkhan • Raki Jozsef • Rakitina Anna • Rakitina Ludmila • Rakitina Tamara • Rakumzhanova Khadisha • Chris Ralphs • Jose Alberto Ramallo • Vitrani Ramapriya • Mara Tereza Rambo
Edgardo Antonio Ramborger • Alceu Escobar Ramires • Tania Aparecida Fernandes Ramires • Carlos Alfredo Ramirez • Claudio Marcelo Ramirez • Favio Emir Ramirez • Francisco Ramirez • Hector Luis Ramirez • Jaime Ramirez • Mario Ramirez
Rakhmaev Imnakhun • Rakhmanov Askhat • Rakhmatullina Karlygash • Rakhmetov Amanzhol

Miguel Angel Ramirez • Rene Ramirez • Daniel Ramos • Eliu Ramos • Francisco Ramos • Jerson James Ramos • Maximiliano Ramos • Miguel Ramos • Roque Ramos • Salvador Ramos • Vilmar Jose Ramos • Albert Ramsey • Sam Ramsey • Ran Heguo
Ran Zhongyu • Rana Razaq Abdul • Rana Zulfiqar Ali • Maria Teresa Rando • Nelson De Oliveira Rangel • Govinda Rao • Sandro Vagner Raphaelli • Anna Raptis • Roberto Rard • Daryn Rasberry • Rasheed Haroon • Raso Zoltan • Raspaev Duan
Eduardo Humberto Rassi • Omar Alberto Rastelli • Garry Ray • Razdykov Marat • Razi Yousaf • Razumov Nikolai • Miriam Raquel Re Arellano • Tommy Rea • Nilo Sergio Santos Real • Mickey Reavis • Paulo Roberto Dos Santos Rebelo • Reberko Petr
Reberko Valentina • Rebrov Vladimir • Marcelo Recalt • Horacio Recchioni • Roberto Inacio Rech • Rechkalov Nickolai
Cristobal Recinos • Ruben Recinos • Richard Rector • Redkin Aleksandr • Alexander Redkin • Redkin Kulkabira • Valery Redkin AES PEOPLE FROM LEFT TO RIGHT: Alicia Slinn, AES Enterprise; Jim Channels, AES Beaver Valley;
Vladimir Redkin • Bob Reece • Reece Robert • David Reel • Brian Charles Reeves • Humberto Regalado • Oscar Horacio Regalia Victor Hugo Gomez, Eden; Bobby Faries, AES Shady Point; Paul Baker, AES Barry;
Chantel Shelton, AES Americas South

Brought to you by Global Reports


Alfredo Alberto Regino • Roman Marcos Regino • Roy Reid • Brian Reil • Jose Nestor Reina • Jim Reiney • Remias Bertalanne • Remsperger Zsolt • Carlos Rendon • Oscar Rendon • Marisa Moraes Marques Renosto • Renyes Bertalan • Renyes Gyula
Carlos Daniel Renz • Carlos Oldemar Renz • Rozangela Das Gracas Concatto Reque • Angel Omar Resa • Juan Carlos Resa • Licia Liliane Simionovski De Resende • Reshetnikov Yuri • Reshetov Dmitriy • Daniel Alberto Ressia • Rether Victor
Rethy Janosne • Reunova Yuri • Revesz Sandor • Revyakin Vasily • Alfredo Raul Rey • Hector Alejandro Rey • Luis Reyes • Sioban Reyes • Mark Reynolds • Reynolds Mitch • Gilberto Antonio Rezer • Rezmuves Laszlo • Rezmuves Sandor
Hugo Guillermo Riazuelo • Paulo Vicente Ribas • Airton Luis Ribeiro • Carlos Ronaldo Ribeiro • Marcelo Ribeiro • Milton Pires Ribeiro • Juan Lorenzo Ricavet • Juan Angel Ricci • Pedro Modesto Ricci Cabuccio • Bob Ricciardi • Donald Rice
John Richards • Paulo Silvestre Richter • Rudolf August Richter • Carlos Rico • Lyudmila Ridel • Carlos Alberto Riedel • Riegel Ferenc • Matt Riel • Jose Alberto Riesgo • Luis Eduardo Riganti • Tom Riggin • Tracy Riggins • Rigo Arpad • Rigo Gyula
Rigo Robert • Rigo Sandor • Rigo Zoltan Norbert • Cees Rijcke • Pascal De Rijke • Art Rillo • Riman Laszlo • Jose Alberto Rimoldi • Jorge Alberto Rimoli • Stan Riner • Richard Ringer • Scott Rinn • Luciana Dorneles Do Rio • Evaristo Ramon Rios
Hugo Alberto Rios • Jorge Vicente Rios • Rist Vladimir • John De Ritter • Ritter Svetlana • Jorge Rivas • Jose Rivas • Mario Fabian Rivas • Sandra Mabel Rivas • Alba Rivera • Blanca Rivera • Cesar Rivera • Dinorah Rivera • Donald Rivera
Edwin Rivera • Francisco Rivera • Julius Rivera • Marcelo Luis Rivera • Ricardo Omar Rivera • Anibal Jose Rivero • Carlos Jose Rivero • Elba Noemi Rivero • Jose Rivolta • Sergei Rizaev • Jose Javier Rizo • Rizvi Nadeem • Carlos Alberto Rizzi
Orlando Jose Rizzi • Antonio Alberto Rizzo • Eddie Robb • Barbara Roberts • Gary Robinson • Rick Robinson • Jose Luis Robles • Rolando Antonio Robles • Rolando Cristino Robles • Sergio Oscar Robles • Victor Hugo Robles • Juan Carlos Roca
Marcelo Damian Rocales • Ademar Marino Nascimento Da Rocha • Carlos Alberto Vogt Rocha • Franco Vaghetti Rocha • Gilberto Cabral Da Rocha • Jorge Emilio Rocha • Julio Augusto Da Rocha • Rafael Da Silva Rocha • Roger Fillipe Rocha
Alexei Rodionov • Rodionova Svetlana • Valentina Rodionova • Anatoly Rodivilov • Allen Rodney • Carlos Manuel Rodrigo • Maria Esmeralda Rodrigo • Eliane Rodrigues • Gleoci Maciel Rodrigues • Jose Luis Rocha Rodrigues • Michael Rodrigues
Miguel Amandio Machado Rodrigues • Pacifico Da Silva Rodrigues • Paulo Roberto Rodrigues • Sandoval De Jesus Fraga Rodrigues • Silvano Da Silva Rodrigues • Terezinha De Fatima Soares Rodrigues • Wanderlina Normando Rodrigues
Alejandro Luis Rodriguez • Alfonso Rodriguez • Annette Rodriguez • Carlos Rodriguez • Carlos Alberto Rodriguez • Carlos Alberto Rodriguez • Claudio Marcelo Rodriguez • Diana Rodriguez • Diego Esteban Rodriguez • Edgardo Alfredo Rodriguez
Gustavo Raul Rodriguez • Hugo Armando Rodriguez • Jorge Hugo Rodriguez • Jose Luis Rodriguez • Jose Luis Rodriguez • Juan Carlos Rodriguez • Luis Rodriguez • Luis Rodriguez • Luis Maria Rodriguez • Miguel Angel Rodriguez • Nelba Liliana Rodriguez
Noel Rodriguez • Osvaldo Daniel Rodriguez • Ramon Rodriguez • Roberto Juan Rodriguez • Ruth Rodriguez • Silvio Eduardo Rodriguez • Victor Hugo Rodriguez • Yris Rodriguez • Alvaro Rodriguez Bernard • Fernando Rodriguez Loureiro
Raul Antonio Rodriguez Moral • Horacio R Rodriguez Presa • Ron Rodrique • Eduardo Luis Roedelsperger • Aldo Antonio Roese • Carlos Henrique Roese • Mark Rogish • Natalya Rogova • Oscar Alberto Javier Rojas • Raul Fernando Rojas
Jose Alberto Roldan • Mario Reni Roldan • Patty Rollin • Roman Zsolt • Pablo Orlando Romanini • Romanov Aleksandr • Romanov Alexander • Alexander Romanov • Romanov Sergei • Romanov Vladimir • Romanukha Sergei • Roberto Hugo Romerniszyn
Alejandro Norberto Romero • Daniel Horacio Romero • Hector Raul Romero • Julio Cesar Romero • Liliana Ines Romero • Luis Mario Romero • Osvaldo Alfredo Romiti • Ronai Mihaly • Ronto Sandor • Ronyai Ferenc • Ronyai Laszone • Ronyai Sandor

48

Ronzhina Valentina • Cindy Root • Argemiro Silveira Da Rosa • Carla Angeli Cascaes Da Rosa • Edenir Almeida Da Rosa • Elisario Dickel Da Rosa • Eroni Cirineu Da Rosa • Fabiana Angelica Da Silva Rosa • Joao Dalmir Rosa • Jorge Da Silva Rosa
Jose Carlos Da Rosa • Jove Amador Verissimo Da Rosa • Juarez Alves Da Rosa • Jurema De Souza Rosa • Nilcarlo Boszard Rosa • Nolberto Farias Da Rosa • Norma Elisabeth Rosa • Rogerio Rodrigues Da Rosa • Simone Silveira Da Rosa
Sirlei Teresinha Da Silva Rosa • Vilson Roberto Melo Da Rosa • Felix Rosales • Karen Rosales • Eliberto Tomas Rosas • Felipe Adolfo Rosas • Sil Rosati • Luiz Carlos Sena Roscoff • Carlos David Rosetti • Jose Luis Rosito • Andy Ross
Gregg L Ross • Oliver K Ross • Sandra Ross • Bart Rossi • Diego Emilio Rossi • Eduardo Jose Rossi • Nestor Fernando Rossi • Orlando Juan Rossi • Guillermo Rossini • Rostas Andras • Roth Bela • Dan Rothaupt • Gabriela Olivia Rothschild
Nara Rubia Soter Roxo • Mou Roy • Rozhkova Olga • Rozsa Gabor • Rozsa Miklos • Rozsa Sandor • Rozsa Sandorne • Rozsnyai Ferenc • Rubanov Sergey • Robinson Rubenich • Carlos Alberto Rubio • Cesar Felix Rubio • Ruccius William Bill
Rudak Bertalan • Rudak Bertalanne • Rudak Jozsef • Rudakov Dmitriy • Tatyana Rudakova • Michael Ruddock • Rudenko Sergei • Anatoly Rudko • Rudofilov Victor • Victor Aldo Ruffini • Roberto Orlando Ruggeri • Ruben Eduardo Ruggeri
John Ruggirello • Betty Rugley • Antonio Ruiz • Hector Omar Ruiz • Jesus Roberto Ruiz • Jorge Ruiz • Manuel Ruiz • Mara Corina Silvina Ruiz • Roberto Ruiz • Tomas Hernan Ruiz • Javier Diego Luis Ruiz Diaz • Rulkov Alexandr • Rulyov Dmitriy
Rusinov Sergei • Ruslan Krivomazov • Rusnak Vladimir • David Russell • Greg Russell • Hector Eduardo Russo • Jose Antonio Russo • Luis Mario Russo • Rustamkhanova Kulyay • Rusznyak György • Ruszo Bela • Billy Rutherford • Don Rutter
Miguel Angel Ruviera • Ruzhitsky Boris • Ruzsanyi Tiborne • Ryabchuk Anatoly • Gennady Ryabenko • Ryabinin Sergei • Ryabko Vyacheslav • Ryaboshapkov Andrey • Ryaboshapkov Gennady • Ryabov Victor • Ryabova Sergei • Ryabtsev Vladimir
Stu Ryan • Natalya Ryazankova • Vera Ryazanova • Victor Rybin • Andrei Rykov • Nina Rykova • Rykunov Sergei

Domingo Saavedra • Carlos Alfonso Sabatini • Hugo Juan Sabbatini • Sabeyeva Maral • Sabirzyanov Rashid • Sabitov Radik • Gabriel Horacio Saborido • Luis Abel Saborido • Sabyrzhanov Evgeny • Gustavo Daniel Sacco
Roberto Tomedi Sacco • Sergio Omar Sachcovski • Juan Carlos Sack • Saduov Kanysh • Sadvakasov Rinat • Sadvokasov Zhanat • Sadykova Gulbarshin • Saeed Amir • Saevich Valery • Safargaliev Rinat • Jeffrey Safford
Safonov Lyubov • Safonov Vasily • Safonova Olga • Safrany Endre Gabor • Safrany Istvan • Safronov Dmitry • Sagimov Kudaibergen • Sagura Lilia • Roshawn Sagynbekova • Nipu Kumer Saha • Baljinder Sahdra • Saidashev Shamil
Saidova Vera • Saifullin Bolat • Saifullin Ramil • Saifurov Baranbai • Alfredo Carlos Sainaghi • Jorge Andres Sainaghi • Saitzhanova Raiza • Saitzyanov Rafail • Sajban Mihaly • Sajgo Zoltan • Sajid Javed A • Sajjid Majid Abdul
S Sakenov Mereke • Sakhariev Bolat • Pablo Daniel Sala • Salamon Gyula • Carlos Fernando Salazar • Gladis Salazar • Emilce Alejandra Salcito • Jorge Henrique Elste Saldanha • Gaston Andres Saldaqo • Giuliano Genaro Saletti

Brought to you by Global Reports


Mario Salguero • Roberto Alfredo Salguero • Gisela Mariel Salim • Marcelo Alejandro Salinas • Sergio Bernardo Salinas • Carlos Alberto Salino • Sallai Ferenc • Sallai Istvan • Sallai Janos • Sallai Laszlo B • Doroteo Salmeron • Salnikov Boris
Salnikov Nikolai • Salnikova Elena • Saltangazinova Gulnazip • Ernesto Ramon Salvadore • Javier Adolfo Salvarezza • Sergio Salvatori • Salykov Bekbol • Samarin Nickolai • Oscar Samayoa • Samko Vadim • Samoilov Larisa • Samokish Petr
Samyi Azmat Habib • Carlos Silvio San Juan • Hugo Rene Sanabria • Elias Rocha Sanches • Cesar Daniel Sanchez • Damian Sanchez • David Sanchez • Diego Marcelino Sanchez • Edwin Sanchez • Gustavo Adrian Sanchez • Mario Sanchez
Valentin Sanchez • Mike Sanders • Alexa Sandor • Sandor Barna • Sandor Gabor • Sandor Imre • Sandor Istvan • Sandor Janosne • Sandor Laszlo • Sandor Zoltan • Rhonda Sanford • Nicolas Arturo Sangiacomo • Sankov Lyubov • Sannikov Alexander
Fernando Horacio Sansogni • Roger Sant • Santa Laszlo • Santa Zoltan • Horacio Julio Santa Cruz • Carlos Gabriel Santa Maria • Enor Santana • Gilberto Santana • Carlos Alberto Santanna • Pablo Javier Santillan • Daniel Omar Santobar
Oscar Alberto Santoni • Adao Odir Machado Dos Santos • Ademar De Castro Santos • Andre Junqueira Dos Santos • Andreiara Dos Santos • Antonio Lino Dos Santos • Beatriz Martins Dos Santos • Carlos Roberto Dos Santos • Daniel Santos
Darci Pazinato Dos Santos • Douglas Adir De Oliveira Santos • Edilson Soares Dos Santos • Ewerton Barbosa Dos Santos • Ezequiel Dos Santos • Genealdo Silva Dos Santos • Genevaldo Silva Dos Santos • Gerson Luis Da Silva Santos
Jaci Mendes Dos Santos • Joao Pedro Cabeleira Dos Santos • Jomar Ferreira Dos Santos • Jose Henrique Silva Dos Santos • Luiz Carlos Dos Santos • Luiz Fernando Santos • Luiz Rogerio Da Silva Santos • Magino Constantino Rosa Dos Santos
Mara Lucia Nunes Leal Dos Santos • Marcelo Correa Dos Santos • Marcelo Farias Dos Santos • Maria De Fatima Rodrigues Dos Santos • Mario Augusto Caetano Dos Santos • Neiva De Jesus Ribeiro Dos Santos • Odacir Gripa Dos Santos
Paulo Cesar Dos Santos • Rafael Miranda Dos Santos • Rejane Eilert Dos Santos • Roberto Eilert Dos Santos • Ronaldo Dos Santos • Roselaine Avila Dos Santos • Sandro Souza Dos Santos • Sergio Gurniak Dos Santos
Valdones Gedevar Padilha Dos Santos • Valter Da Silva Dos Santos • Varli Dos Santos • Saparov Nurlan • Saparyov Vladimir • Sapozhnikova Natalya • Paulo Ricardo Saraiva • Gustavo Miguel Saralegui • Sarimsakov Vladimir • Sarin Alexandr
Sarog Laszlo • Roberto Sarrantonio • Sarsenbaev Serikbai • Eduardo Juan Sartirana • Hugo Oscar Sartorelli • Ana Teresa Sartori • Jose Gerardo Sartori • Agripina Florencia Saruves • Sarymov Serik • Sarymsakov Rishat • Reid Sasaki • Sashalmi Erika
Sashalmi Laszlo • Hugo Adalberto Sassi • Karina Sasso • Satbaldinov Sergazy • Satiev Murat • Fabian Gustavo Sato • Sergio Raul Satragni • Satvaldynova Sergei • Satysheva Karima • Savchenko Sergei • Savelyev Fedor • Vitor Manoel Savian
Mike Savidge • Andrei Savin • Victor Savin • Miguel Angel Savinelli • Savitsky Vladimir • Raul Alberto Savoy • Roberto Miguel Savoy • Alexandra Savushkina • Jacek Sawicki • Oscar Eduardo Sayal • Gustavo Alberto Scabini • Nestor Omar Scamuffo
Hugo Alberto Scarano • Miguel Angel Scarfi • Oscar Horacio Scarfi • Angel Scarsella • Roberto Scarsella • Ruben Eduardo Scavariello • Chuck Schavolt • Sergio Ruben Schbib • Scheglova Elena • Carlos Adrian Scheller • Marcelo Alejandro Scheppe
Scher Konrad • Scherbakov Yuriy • Juan Sebastian Schiebelbein • Ruben Gustavo Schiebelbein • Hugo Alberto Schiel • Maria Clara Bardagi Schilling • Gilberto Batista Schleder • Antonio Amarante Schmidt • Pedro Paulo Schmidt
Luis Horacio Schneeberger • Francisco Alberto Schneider • Michael Scholey • Luciane Dumerqui Scholz • Joe Schon • Chip Schroeder • Gilmar Ilton Schroeder • Hugo Raul Schroh • Ariel Dario Schwab • Jose Salomon Schwab
Carlos Alberto Schwam • Dario Alejandro Schwam • Nestor Raul Schwam • Sergio Daniel Scipio • Jay Scopel • Jack Scott • Sergio Jose Scotti • Carlos Alberto Scotto • Jose Carlos Seberino • Sebestyen Jozsef • Sebestyen Sandor

49

Sebestyen Zsolt • Sebestyen Robert Sandor • Sebok Ferenc • Sebok Laszlo • Sebok Mihaly • Sebok Pal • Sebokne Balogh Olga • Marcelo Javier Seccaspina • Mohammed Sedenu • Sedliczki Jozsef • Sefcsikne Margit • Edwald Segers
Segizbaev Valerii • Ernesto Segovia • Alberto Sehn • Eliseu Seibt • Antyura Seisembai • Seisenbekov Serikbai • Seitenov Meiram • Seitov Niyazbek • Edilson Teixeira Seixas • Selin Michael • Selivanova Olga • Selivanova Tatyana
Selmeczi Janosne • Selmser Joe • Ricardo Francisco Selvaggio • Sembaev Nurlybek • Sembaev Shagizada • Semenenko Dmitry • Semenenko Viktor • Semenov Oleg • Semenov Yegor • Semiguk Ludmila • Semyonov Leonid • Semyonov Valery
Marco Antonio Souza Senandes • Yuri Sengeleev • Senokosova Ekatherina • Serdtseva Olga • Serebrennikov Vladimir • Serebryakov Alexander • Seredin Mikhail • Sereg Csaba • Sergeev Vyacheslav • Sergeeva Lubov • Sergeeva Valentina
Sergeyev Boris • Gennady Sergeyev • Sergeyev Igor • Sergeyev Pavel • Sergeyev Vladimir • Sergeyev Vyacheslav • Galina Sergeyeva • Sergienko Sergey • Sergei Serokhvostov • Anatoly Serov • Serov Nikolay • Africo Mello Serpa
Carlos Norberto Serra • Luis Oscar Serra • Adalberto Serrano • Hugo Ricardo Serrano • Flavio Ernesto Servidio • Seryanov Serik • Serzhanov Sergei • Jose Airu Campos Sesterrem • Jorge Adalberto Kumer Severo • Jorge Jose Severo
Marcos De Oliveira Severo • Simone Osorio Severo • Eduardo Alberto Sfie • Juan Manuel Sfie • Shabakbaev Batyrkan • Hamsa Shadaksharappa • Shaeekhova Bakhyt • Vladimir Shafner • Shaforostov Anatoly • Rubena Shaheen
Shaidulin Khamit • Shaikh Ashfaque Ali • Shaikhov Kaganat • Shaimerdenova Bagdat • Shakhov Alexander • Shakhov Valery • Shakners Aleksandr • Shalygina Galina • Shamenko Stepan • Shamova Vera • Bob Shampoe • Shamrin Alexandr
Shamsutdinov Tagir • Gary Shannon • Sharafudinov Rafik • Sharipov Sergei • Barry Sharp • Tim Sharp • Bob Shatten • Tatyana Shavrova • Nigel Shaw • Shcheglov Alexandr • Shcheglov Nikolai • Shcheglov Viktor • Alexander Shcherbakov
Shcherbakov Nikolai • Shcherbakova Ludmila • Vladimir Shcherbinin • Shchukin Viktor • Maureen Shearer • Shebetun Valery • Sheikh Iqbal M • Sheiman Ludmila • Sharon Shelby • Shelekhov Pyotr • Shelest Viktor • Shelevaya Nina
Shelevoi Nikolai • Chantel Shelton • Chris Shelton • Sheludyakov Sergei • Shelyakina Yuri • Shemelinin Vladimir • Shemetov Nikolai • Nato Shengelia • Wendy Sheppard • Sheptun Vladimir • Sherbakov Edward • Sherbinin Vladimir
Sherder Vadim • Sheremetyev Sergei • Shestakov Alexandr • Shestakov Michael • Shestakov Mikhail • Shestakov Nina • Shestakov Sergey • Shestakov Vasilii • Shestakov Victor • Anatoly Shevchenko • Shidenko Leonid • Shigorin Victor
Shih Loong Ling Jimmy • Shikhov Naeel • Valery Shilke • John Shin • John Shin • Shipilov Vasily • Shirin Victor • Shirin Viktor • Shiryaeva Ivan • Shiryaeva Yelena • Shishkin Alexander • Shishkina Zoya • Srinivasan Shiv
Shkoolipa Stanislav • Alexander Shkutin • Shlender Larissa • Shlender Leonid • Shlyakhov Alexei • Shlyapin Vitaly
Shlyapina Valentina • Shmakov Vladimir • Shmargun Tatyana • Nikolai Shmatov • Shmidt Boris • Shneider Alexandr A E S P E O P L E FROM LEFT TO RIGHT: Elizabeth Glasser, AES Arlington; Chet Johnson, AES Beaver Valley;
Shokbarbaev Tutsyn • Shokei Aldabergen • Shokhman Sergei • Shpakova Irena • Shpakova Natalya • Shpigunov Anatoly Tony Smith, AES Beaver Valley; Greg Didlo, AES Placerita; Chuck Schavolt, AES Beaver Valley;
Zhou Yu Bin (left) and Hu Hao, Chengdu

Brought to you by Global Reports


Shpilkin Nikolai • Shubert Nikolai • Shubnikov Igor • Shukhavtsova Ekaterina • Shuklin Valerian • Shulenbaev Akdarbek • Shulga Pyotr • Shulgin Victor • Shushakova Tatyana • Gennady Shushannikov • Vladimir Shushannikov
Shushmarkin Yuri • Shushmarkina Tamara • Shvets Ivan • Shvets Toktagan • Sibagtullin Valerity • Siddiqui Javed Akhtar • Sidlo Tamas • Sidorov Vladimir • Adriano Luiz Siegert • Carlos Alberto Sierra • Rosa Siguenza • Edwin Sihuachi
Sikora Dezso • Sikur Bela • Sikur Gyorgy • Adalberto Silva • Adao Marcelo Da Silva • Ademir Alves De Azambuja E Silva • Adilson Da Silva Silva • Adriano Goncalves Da Silva • Albani Canabarro Da Silva • Anderson Vandre Da Silva
Angel Oscar Silva • Arcedino De Souza E Silva • Ari Da Silva • Bergson Braz Lara Da Silva • Carla Denise Rodrigues Da Silva • Cesar Rodrigues Da Silva • Daniel Alfredo Silva • Edgardo Raul Silva • Edu Jose Da Silva • Eliana Benedita Pires De Silva
Eliane Montanha Da Silva • Erlon Cardoso Da Silva • Flavio Gomes Silva • Geferson Buzatta Da Silva • Gelson Luis Da Silva • Geraldo Teixeira Da Silva • Getulio Canabarro Da Silva • Ingrid Schmidt Da Silva • Ismael Silva
Iulcefem Moreira Da Silva • Ivete Gehlen Da Silva • Jair Antonio Da Silva • Jandir Jose Franco Da Silva • Joao Batista Da Silva • Joao Carlos Trindade Da Silva • Joao Francisco Penteado Da Silva • Joao Iraja Baptista Da Silva
Jobair Pires Da Silva • Jorge Luis Teixeira Da Silva • Jorge Rafael Prestes Da Silva • Jose Carlos Braz Da Silva • Jose Ramao Gomes Da Silva • Jose Valmir Honorio Da Silva • Julio Cesar Da Silva • Leandro Nascimento Da Silva
Lindomar Silveira Da Silva • Luiz Fernando Da Silva • Marcio Fernando Da Silva • Marcus Antonio De Souza Da Silva • Maria Alejandra Silva • Marinalva Ferreira Da Silva • Melissa Fatima Da Silva • Paulo Cezar Oliveira Da Silva
Ricardo Dos Anjos Da Silva • Roberto Viana Da Silva • Robson De Azambuja Silva • Rodrigo Adriano Da Silva • Rudimar Assis Da Silva E Silva • Sandro Lima Da Silva • Sandro Marcelo Da Silva • Sheila Flores Da Silva • Sirlei Freitas Da Silva
Vanessa Regina Da Silva • Victor Hugo Silva • Virginia Brasil Da Silva • Volnei Tavares Da Silva • Walter Hugo Silva • Aldemir Mesquita Da Silveira • Cledison Coelho Silveira • Dario Luiz Da Silva Silveira • Flabio Silveira
Jorge Luiz Flores Da Silveira • Mario Sergio De Carvalho Silveira • Marlene Silveira • Sandra Simone Otero Silveira • Vilson Vanderlei M Da Silveira • Oscar Alfredo Silvestrini • Simagin Anatoly • Simakov Aleksandr • Simakov Vladimir
Jacques Estevan Siman • Claudionor Simao • Carlina Simini • Simko Andras • Simko Ferenc • Helio Eduardo Heretier Simoes • Maria Louezy Naue Simoes • Simon Aladar • Simon Aladarne • Simon Erzsebet • Simon Gyula • Simon Imre
Simon Istvan • Simon Istvan • Simon Jozsef • Simon Lajos • Simon Szilard • Daniel Rafael Simonini • Gary Simpson • Sinelobov Aleksey • Sinelobov Vladimir • Vijai Singh • Guillermo Rodolfo Sinigaglia • Anatoly Sinitsyn • Sinitsyn Dmitry
Sinitsyn Nikolai • Sinitsyna Natalia • Sinka Karoly • Sinkler Dale • Cesar Miguel Sioli • Sipeki Gaspar • Sipilivy Anatoly • Sipter Imre • Cirleni Matos Siqueira • Gilson Fernandes De Siqueira • Luiz Andre Basso De Siqueira • Sirokai Jozsef
Sirota Nickolai • Tim Sisler • Raimundo Sisniega • Geoffrey Sittlington • Jim Sittlington • Jim Sittlington • Sivak Jozsef • Sivak Jozsefne • Apolinario Heberto Sivori • Carlos Daniel Sivori • Enrique Daniel Sivori • Rodolfo Ismael Sixto
Skachkov Vyacheslav • Skaliczki Zsolt • Gwynfryn Skelton • Joe Skinner • Skomorokhova Svetlana • Skornyakova Oksana • Skosarev Grigory • Skotnyar Gyorgy • Skovorodina Lyubov • Slesarenko Sergei • Alicia Slinn • Sliz Istvan
Slonchinsky Sergei • Vladimir Slonov • Sarah Slusser • Smagulov Kambar • Smagulov Marat • Smagulov Murat • Smagulov Sergei • Smailov Kairbulat • Smaus Novak Novak Janos • Smekhovich Grigory • Smigura Mihaly • Smirnov Anatolii
Smirnov Pavel • Smirnova Tatyana • Luis Alberto Smith • Ray Smith • Steve Smith • Tommy Smith • Tony Smith • Smolyanaya Svetlana • Smulsky Anatoly • Paul Smyth • Albert Smythe • Snatzki Janos • Snegiryova Yuri • David Snelson

50

Sergei Snetkov • So Kui Freeman • Artur Da Silva Soares • Darcinei Dos Santos Soares • Eduardo Soares • Egila Dorneles Soares • Nara Duarte Soares • Rafael Aguirre Soares • Renato Luis Soares • Sanadi Da Silva Soares
Tadeo Joares Soares • Nina Sobchenko • Jose Soboleski • Sobolev Vladislav • Sobolevsky Sergei • Ivo Gomes Lisboa Sobrinho • Estefani Alberto Socal • Sogor Gyula • Sohajda Gabor • Sokha Sergei • Sokha Svetlana • Sokolov Alexander
Sokolov Boris • Sokolov Mairash • Juan Carlos Sol • Armando Oscar Solis • Monty Solis • Mario Jorge Solla • Solodkin Nikolai • Solodkin Viktor • Solodovnikov Nickolai • Carlos Solorzano • Julio Solorzano • Soltanbaev Dyusengali
Soltanbek Donbaev • Soltesz Ferencne • Soltesz Istvan • Soltesz Istvanne • Soltesz Jozsef • Soltesz Laszlo • Soltesz Zoltan • Solymosi Gabor • Eduardo Alcides Soma • Somogyi Endre • Somogyi Janos • Somogyi Tamasne • Somogyvari Bela
Somosi Laszlo • Son Dina • Song Sony • Zhiyong Song • Soos Gyulane • Soos Istvan • Soos Zsolt • Carlos Alberto Sorgente • Luis Fernando Sorgetz • Ana Maria Soria • Ruben Soroeta • Ruben Dario Soroeta • Ulises Soroeta
Soroka Lubov • Sos Lajos • Sos Tamas • Daniel Dario Sosa • Mario Raul Sosa • Santiago Carmelo Sosa • Sosin Vladimir • Sosina Olga • Sosnov Dmitry • Carlos Alberto Sotnik • Sebastian Soto • Mariangela Moretti Souto • Milton Serafim Damian Souto
Alexandre Santana De Souza • Eduardo Marques De Souza • Elaine Flores De Souza • Ermes Costa De Souza • Fabio Luis De Souza • Mario Eduardo Correia De Souza • Rogerio Quadros De Souza • Anatoly Sovko • Miguel Angel Spadaro
Orlando Jose Spadaro • Daniel Horacio Spagnolo • Luiz Nicolau Spalding • Keith Speak • Dennis C Spencer • Jeff Spencer • Marco Aurelio Spier • Mauricio Peroni Spindler • Carlos Spinelli • Spiridonov Oleg • Spiridonov Yuri
Spiridonova Galina • Spisak Janos • Stella Maris Spitale • Andrei Spivak • Spodin Sergey • Ernie Squirrel • Sragli Gyula • Sraj Ferenc • Fernando Gabriel Stabile • Yuri Stadnik • Sergio Alberto Goncalves Staevie • Mauro Maria Stahl
Mike Staley • Daniel Bruno Stanig • Stanislav Rubtsov • Stankoczi Peter • Andrea Stanley-Miller • John Stanley-Miller • Starkov Andrey • Starkova Larisa • Starodymov Valerii • Stasevich Alexander • Jorge Oscar Stassi • Statirsky Vladimir
Svetlana Statsenko • Stavitsky Alexander • Mario Marcelo Steckler • Stefan Gizella • Stefan Jozsef • Paulo Roberto Berleze Stefano • Alexander Stegantsev • Jorge Omar Stei • Stepanenko Yuri • Alexander Stepanov • Stepanova Svetlana
Dai Stephens • Everson David Sternberg • Chad Stevens • Junior Stevenson • John Stewart • Stiber Karoly • Stibor Antal • Tom Stierwalt • Paul Stinson • Colin Stokes • Stomp Laszlo • Stomp Vendel • Jon Stoneman-Merret • Tommy Storey
Eduardo Alberto Stork • Gustavo Gabriel Stork • Juan Carlos Storti • Billy Stothers • Strabek Ferenc • Strabek Imre • Fernando Luis Stradella • David Straight • Jonathan Strang • Victor Luis Stranich • Jai Antonio Strapazzon
Roberto Strappini • Marisa Aldina Streck • Oleg Streltsov • Streltsova Galina • Alberto Oscar Stricker • Gilberto Antonio Stricker • Strobek Janos • Irina Stroi • Pam Strunk • Vilberto Cado Strunkis • Bob Stuart • Ademar Antonio Sturmer
Diana Stutzman • Carlos Alberto Suarez • Alberto Vidal Suero • Sugar Gaspar • Vladimir Sugeiko • Suhajda Laszlo • Sukaly Janos • Sukaly Janos • Sukaly Jozsef • Alexander Sukhorukov • Yuri Sukhorukov • Suknov Igor • Suleimenov Erzhan
Suleimenov Marat • Suleimenov Viktor • Sulimov Oleg • Sultanov Yerbolat • Marco Antonio Sulzbach • Valery Sumarokov • Sumegi Florian • Sumegi Florian • Alexei Sumenkov • Nathan Summerhill • Sergio Fabian Summo

Brought to you by Global Reports


David Sundstrom • Suntsov Leonid • Suprun Nickolai • Suradeev Ivan • Suru Attila • Sushkov Valery • Suto Istvan • Bob Suttorp • Sutus Csaba • Suyentaev Aliaskar • Svambaev Ryskan • Claudio Luiz Svarovsky • Svedenyuk Sergei
Svercsok Laszlo • Svetlova Svetlana • Svetlyshev Mihail • Jeff Swain • Garry Swann • Johan Swemmelaar • Syed Ali Ahmad • Syed Ansar Haider • Syeda Sarwat Fatima • Sytnik Victor • Süto Zsigmond • Syzdykov Bolat • Syzdykov Dulat
Syzdykova Saule • Szabados Istvan • Szabo Andrasne • Szabo Andrasne • Szabo Antal • Szabo Arpad • Szabo Bela • Szabo Bela Istvan • Szabo Benjamin • Szabo Bertalanne • Szabo Csaba • Szabo Daniel • Szabo Erno • Szabo Ferenc
Szabo Ferenc • Szabo Ferenc • Szabo Ferencne • Szabo Ferencne • Szabo Gabor • Szabo Gyula • Szabo Gyula • Szabo Imre • Szabo Imre • Szabo Istvan • Szabo Istvan • Szabo Istvan • Szabo Istvan • Szabo Istvan • Szabo Istvan
Szabo Istvan • Szabo Janos • Szabo Janos • Szabo Janos • Szabo Jozsef • Szabo Jozsef • Szabo Jozsef • Szabo Jozsef • Szabo Jozsef • Szabo Karoly • Szabo Karoly • Szabo Lajos • Szabo Laszlo • Szabo Laszlo • Szabo Laszlo • Szabo Laszlo
Szabo Mihaly • Szabo Mihalyne • Szabo Miklos • Szabo Palne • Szabo Sandor • Szabo Sandor • Szabo Sandor • Szabo Sandor • Szabo Sandor • Szabo Sandor • Szabo Sandor • Szabo Sandor • Szabo Sandorne • Szabo Tamas • Szabo Tibor
Szabo Zoltan • Szabo Zoltan • Szabo Zoltan • Szabo Zoltan • Szabo Zoltanne • Szabo Akos Zsolt • Szabo Gabor Ferenc • Szabo Zoltan B • Szabon Gyorgy • Szabon Sandor • Szabone Debreceni Anna • Szabone Szilvia • Szacsuri Ferenc
Szajko Janos • Szakacs Gyulane • Szakacs Peter • Szakalos Andras • Szakmari Attila • Szalai Karoly Geza • Szalay Marta • Szalontai Lajos • Szaniszlo Attila • Szantai Robert • Szanto Ernu • Szanyi Laszlo • Szapanos Sandor
Szaraz Lajos • Szarka Andor • Szarka Zoltan • Szarka Zoltan Gyula • Szarszo Laszlone • Szarvas Tamas • Szasz Bela • Szasz Lajos • Szasz Sandor • Szatmari Janos • Szatmari Otto • Szava Laszlo • Szavold Zoltan • Szebenyi Sandor
Szechy Zsuzsa • Szecsenyi Istvan • Szecsi Erzsebet • Szecsodi Laszlo • Szedunka Pal • Szegedi Janos • Szegedi Gergely Janos • Szekely Barnabas • Szekely Imre • Szekely Istvan • Szekely Istvan • Szekely Jozsef • Szekely Jozsef
Szekely Laszlo • Szekely Pal • Szekeres Bertalan • Szekerka Janos • Szekrenyes Tibor • Szeli Kalman • Szeman Janos • Szeman Janos • Szeman Tamas • Szemanne Maria • Szenasi Istvan • Szendi Tamas • Szendrei Attila • Szendrei Attilane
Szendrei Jozsef • Szendrei Lajos • Szenegeto Miklosne • Szenes Tibor • Szentesi Istvanne • Szentesi Tibor • Szep Laszlone • Szepsi Istvan • Szert Sandor • Szigeti Laszlo • Szigeti Laszlone • Szikszai Bela • Szilagyi Attila • Szilagyi Gyozo
Szilagyi Gyulane • Szilagyi Istvanne • Szilagyi Janos • Szilagyi Jozsef • Szilagyi Laszlo • Szilagyi Laszlo • Szilasi Gabor • Szili Zoltan • Szilvasi Gabor • Szimandli Andras • Szincsak Attila • Szirmai Laszlo • Sziszak Benedek • Sziszak Peter Antal
Szitai Rudolfne • Szivos Szabolcs • Szivos Szilard • Szladics Barna • Szlavik Sandor • Szmerek Andras • Szmerek Sandor • Szmik Mihaly • Szogedi Tamas • Szoke Istvan • Szoke Janos • Szoke Lajos • Szoke Lajos • Szoke Lajosne • Szoke Laszlo
Szokol Attila • Szokol Otto • Szomori Ferenc Istvan • Szonda Laszlo • Szöke Tibor • Szöllösi Istvan • Szöllösi Zoltan • Sztahura Janosne • Sztanko Peter • Sztari Gabor • Sztari Jozsef • Sztari Sandor • Sztavinovszki Imre • Sztolar Zoltan
Sztollar Laszlo • Sztollar Miklos • Sztrazsa Janos • Sztupak Andras • Sztupak Gusztav • Szucs Andras • Szucs Attila • Szucs Attila • Szucs Istvan • Szucs Istvan • Szucs Istvan • Szucs Istvanne • Szucs Janos • Szucs Laszlo • Szucs Sandor
Szucs Sandor • Szucs Sandor • Szucs Sandor • Szucs Tamas • Szucs Viktor • Fernando Conti Szulczewski • Szurkosne Zelei Erzsebet • Szuromi Attila • Szuromi Istvan • Szuromi Istvan • Szücs Csaba • Szücs Geza • Szücs Istvan
Szücs Istvan • Szücs Tibor • Szücsne Anna

51

Tabachinsky Boris • David Tabidze • David Taboada • Diogenes Taboada • Sandra Karina Taboada • Tabulovich Vyacheslav • Eduardo Angel Tagliafferri • Juan Jesus Tagliamonte • Tagner Galina • Tagner Nikolai • Tahir Siddique Mohammad
Taikenova Amina • Takacs Andor • Takacs Istvan • Takacs Janos • Takacs Janos • Takacs Jozsef • Takacs Karoly • Takacs Laszlo • Takacs Tibor • Takacs Tibor • Takacs Tibor • Takacs Zsolt • Takacsne Kozma Gyorgyi • Taksas Andras
Talas Ferenc • Talasne Feledi Katalin • Oleg Talyzin • Galina Talyzina • Tamas Laszlo • Tamas Laszlo • Tamas Tibor • Tamasi Ivan Istvan • Tamasko Mihaly • Marcos Ariel Tamer • Tamko Ferenc • Tamko Jozsef • Tan Wen-Hua
Vinod Tandon • Tang Jiyong • Tang Zhong-Sheng • Johnny Tanis • Tanko Andras • Tanko Istvan • Tanko Istvan • Tanyi Antal • Tanyi Geza • Tanyi Laszlo • Tanyi Laszlo • Taradaev Pavel • Valery Taranov • Tarantina Tamara
Tarasenko Alexandr • Tarasenko Nikolay • Tarasenko Vicotr • Andrei Tarasov • Tarasov Nadezhda • Tarasov Valery • Tarasova Murat • Tarasova Tatyana • Taratukhin Andrey • Tarcali Bela • Tarczali Jozsef • Sergei Tarnaikin
Tarnoczi Laszlo • Tarnoczi Zsolt • Tarnopilskaya Nina • Luis Oscar Tartara • Tarto Robert • Tashenov Alexander • Tashlykov Anatoly • Tashlykov Nikolai • Tashlykova Lubov • Tasko Janos • Tasmagambetova Dametken • Tatar Jozsef
Tatar Jozsef • Tatar Lajos • Tatrai Laszlo • Taukenov Myrzabeck • Hector Edgardo Tavella • Jose Luis Tavella • Tayapbergenov Erlan • Gwen Taylor • Lewis W Taylor • Vicky Taylor • Dmitry Tchistyakov • Vitaly Tchunikhin • Vladimir Tchunikhin • Irina Tchurikova
T
Pablo Gustavo Tebaldi • Oscar Silvio Tedesco • Shane Tedford • Willie Tedford • Teivonin Anatoly • Airton Teixeira • Antonio Carlos Dias Teixeira • Claudia Bode Teixeira • Eliza Santos Teixeira • Ivo Omar Acosta Teixeira • Luiz Fernando Fauth Teixeira
Osmar Da Silva Teixeira • Paulo Cesar Costa Teixeira • Alfredo Lorenzo Tejada • Mario Guillermo Tejedor • Teleki Jozsef • Telelyaeva Yulia • Temchenko Alexander • Temirbekova Aigul • Temirkhanova Salima • Vladimir Ten • Eduardo Nicolas Tenaglia
Tenizbaev Beisembai • Alberto Tentoni • Terentiev Andrei • Tereshchenko Vladimir • Terikhova Nadezhda • Terjek Geza • Yuri Ternopolsky • Ternyushenko Michael • Teryokhin Evgeny • Roberto Tesche • Hernan Ariel Tesorieri • Carlos Antonio Coelho Tessis
Ana Maria Tessore • Claudio Oscar Tessore • Alejandro Daniel Testa • Francisco Juan Ramon Testa • Jorge Omar Testa • Raul Francisco Testa • Carlos Alberto Tettamanti • Tettlak Gabor • Elena Tezikova • Eloi Carlos Thom • Carlos Fabian Thomas
Dave Thomas • Thomas James • Thomas Tom • Brian Thompson • Cj Thompson • Ian Thompson • John Thompson • Skip Thompson • Terry Thompson • Nelson Thornburg • Ian Thornton • Thymbalov Igor • Carlos Daniel Tiadini • Tian Wenhua • Tiborc Bela
Patricia Alejandra Tigel • Tikhanskaya Zoya • Tikhomirov Andrey • Tikhomirov Sergei • Tikhonov Nadezhda • Tiliczki Zsolt • Timakov Nikolai • Timar Antal • Timashev Serikbek • Timko Jozsef • Andrei Timofeev • Vladimir Timofeev • Timofeeva Tatyana
Timofeeva Yuri • Timofeyev Victor • Mike A Tirado • Tircs Istvan • Elisete Goebel Tirollo • Elena Julia Tiseira • Eduardo Humberto Tisera
Ernesto Omar Tisera • Luis Alberto Tisera • Ruben Gustavo Tisera • Daniel Alfredo Tissera • Miguel Angel Tissera Carabajal A E S P E O P L E FROM LEFT TO RIGHT: Ron Hennen, AES Beaver Valley; Dulat Sizdikov (left0 and
Titko Miklos • Tkachencko Vasily • Tkachenko Constantine • Tkachenko Michael • Tkachenko Victor • Tkalich Alexander Serik Seriyanov, Ekibastuz; Gary Leckonby, AES Beaver Valley; David Doherty, Kilroot; Regis Anderegg,
AES Beaver Valley; Varga Laszlone, AES Tisza

Brought to you by Global Reports


Tleubaev Kanagat • Tleubaev Rymbek • Santos Tobar • Tobias Laszlo • Tocsev Ivanov Gyorgy • Samuel Todd • Tofanyuk Stanislav • Togzhiginova Kulyash • Toigambaeva Dina • Toinbaev Beisembek • Tokarchuk Aleksandra • Tokarev Viktor • Tokareva Vera
Olga Tokmina • Tokoshbekova Umsyndyk • Tolczeki Jozsef • Toleubaev Mukhtarkhan • Eldert Tollenaar • Daniel Toloza • Juan Carlos Toloza • Manuel Armando Toloza • Stella Maris Toloza • Tolstunov Vyacheslav • Tolstunov Yuri • Tolstunova Oksana
Tolstunova Tatyana • Vladimir Tolstykh • Toma Tibor • Toman Stanislav • Juan Carlos Tomas • Miguel Angel Tomas • Everton Francisco De Freitas Tomaselli • Cesar Eduardo Tomasello • Hector Alfredo Tomasello • Victor Manuel Tomasello
Fabian Dario Tomasone • Sergio Osvaldo Tomasone • Tomchakovskaya Ludmila • Tomilov Natalya • Nikolai Tomilov • Pavel Tomilov • Doug Tomlin • Tomolya Attila • Tomolya Gergely • Tompa Barnabas • Tomski Gennadiy • Jose Luis Tonella • Topnikov Pyotr
Topnikov Vladimir • Topstov Vasily • Torbin Aleksey • Torbin Valery • Edgardo Omar Torcoletti • Torgashov Igor • Sandra Mabel Tornello • Torok Andras • Torok Gyulane • Torok Julianna • Torok Lajos • Torok Istvan Andras • Francisco Jose Torrents
Carlos Mauricio Steigleder Torres • Luiz Fernando De Oliveira Torres • Oswaldo Torres • Ricardo Torres • Jorge Antonio Torresi • Virginio Torti • Carlos Tortora • Luis Alberto Tortora • Marcelo Daniel Tortora • Ricardo Santos Tortora • Roque Alberto Toscani
Hector Daniel Tosi • Adrien Toth • Toth Adrien • Toth Adrien • Toth Andras • Toth Andras • Toth Andrasne • Toth Arpadne • Toth Attila • Toth Attila • Toth Attila • Toth Attila • Toth Attilane • Toth Barnabas • Toth Barnabas • Toth Beata • Toth Beata Edit
Toth Bela • Toth Bela • Toth Bertalanne • Toth Gabor • Toth Gyula • Toth Imre • Toth Imre • Toth Imre • Toth Imre • Toth Imre • Toth Istvan • Toth Istvan • Toth Istvan • Toth Istvan • Toth Istvan • Toth Istvan • Toth Istvan • Toth Istvan • Toth Istvan
Toth Istvan Janosne • Toth Janos • Toth Janos • Toth Janos • Toth Jozsef • Toth Jozsef • Toth Jozsef • Toth Jozsef • Toth Jozsef • Toth Jozsef • Toth Jozsef • Toth Jozsef • Toth Judit • Toth Karoly • Toth Karoly • Toth Lajos • Toth Lajos • Toth Laszlo • Toth Laszlo
Toth Laszlo • Toth Laszlo • Toth Laszlo • Toth Laszlo • Toth Laszlo • Toth Laszlo • Toth Laszlone • Toth Mihaly • Toth Miklos • Toth Nandor • Toth Palne • Toth Peter • Toth Sandor • Toth Sandor • Toth Sandor • Toth Sandor • Toth Szilard • Toth Tibor
Toth Tiborne • Toth Viktor • Toth Zoltan • Toth Zoltan • Toth Zoltan • Toth Zoltan • Toth Zsolt • Toth Istvan • Toth Jeno Tibor • Toth Karoly Gyula • Toth Lajos Csaba • Toth Papp Bela • Toth Peter Zoltan • Toth Sandor Zoltan • Tothne Judit
Tothne Balogh Andrea • Ruth Tovar • Tozser Imre • Tozser Laszlo • Mark Tracey • Roberto Tranchida • Trashkova Antonina • Trashkova Elena • Juan Carlos Trasierra • Horacio Marcelo Traversa • Juan Carlos Traversa • Luiz David Travesso • Tregubov Alexandr
Eduardo Daniel Trejo • Tretyakov Alexei • Tretyakov Anatoliy • Tretyakova Galina • Tom Tribone • Richard Trifonoff • Roberto Ruben Trinchin • Julio Cesar Amaral Trindade • Manoel Varlei Gomes Trindade • Osvaldo Erli Trojahn • Troman Dmitry
Gabriel Luis Troncoso • Juan Trotta • Troyeglazov Andery • Valery Troyeglazov • Vasily Troyeglazov • Trudics Erno • Atilio Luis Trujillo • Jorge Anibal Trujillo • Trukhov Andrei • Trush Nadezhda • Anatoly Trusov • Tatyana Trusova • Tsaisler Alexandr
Wei-Luen Tsao • Tsarenkov Yury • Tatyana Tsitsina • Tsoi Tatyana • Tsoy Galina • Tsoy Yuri • Török Tamas • Tsybulin Vitaliy • Tsyganok Alexander • Tsymbalov Michael • Juan Raul Tucker • Tucsa Bela • Tucsa Istvan • Tucsa Janos • Tucsa Robert
Tulak Jozsef • Tulak Jozsefne • Tulak Szilard • Tulegenov Ablai • Tulegenov Agybai • Tulegenov Gibrat • Sergio Leonardo Tules • Tuleubaev Serik • Tuleuov Salimgerei • Tom Tuma • Andrew Tumusiime • Travis W Tunstall • Tuo Jin • Tupitsin Yuriy
Turanov Alexander • Turarova Galina • Turbalo Alexander • Turiczki Gyula • Turinczki Gyula • Oleg Turko • Dave Turner • David Turner • John Turner • Jorge Alberto Turoni • Tursumbaev Kapsalam • Tushkanov Sergei • Tusupov Myrzakhmet
Tusupova Elvira • Tutyaev Alexei • Tutyaeva Irena • Tuyakov Tulukan • Paul Twomey • Tyazhenova Dina • Tyrtyshny Vladimir • Tyshtybaev Sergazy • Tyutaev Alexey • Tyutenkov Mikhail • Tyutkov Vladimir

52

Teresa Elba Uberti • Udalov Viktor • Udvardi Sandorne • Jose Osvaldo Uhalt • Mario Edgardo Uhalt • Uher Peter • Ujhazi Lajos Laszlo • Ujj Laszlo • Ujlaki Robert • Ujpal Andrasne • Ujsag Zoltan • Ujvari Zoltan
Uksumbaeva Gulsymia • Ulanov Valerii • Ulasik Viktor • Ullah Saif • Ulyadarov Valery • Ulyankin Vasilii • Ulyanov Alexandr • Ulyanov Vladimir • Umarbekov Ramil • Mara Karina Uncal • Unhauserne Maria • Thomas Unterberg
Unzhenin Sergei • Bill Uphold • Adriana Myrian Uranga • Ruben Dario Uranga • Urban Andras • Urban Istvan • Urban Laszlo • Urban Mihaly • Urban Tibor • Urban Zsolt • Juan Jose Urdangaray • Marcelo Fabian Uribe
Oscar Alberto Urquiza • Marcelo Abel Urra • Javier Urrecho • Arturo Julian Urrestarazu • Anselmo Urrutia • Enrique Luis Urteaga • Uryumtsev Vadim • Usenko Vladimir • Ushakov Anatoly • Ushakov Nikolai • Ushakov Nikolai
Ushakov Vassily • Ushakova Ludmila • Ushakova Nikolai • Uskov Valery • Usova Tatyana • Ustyantsev Nikolay • Ustyantsev Vladimir • Utemisova Gulziya • Utepbergenov Kabdrakhman • Utrobina Ludmila • Utyupin Oleg
U Uveges Antal • Uveges Gyula • Uveges Janos • Uveges Janosne • Uveges Laszlo • Uveges Levente • Uveges Sandor • Uveges Tunde • Uveges Zsolt

Uveges Istvan Palne • V’gh Karoly • Roberto Pelegrin Vacas • Edgardo Gabriel Vaccaro • Raul Eduardo Vaccaro • Vadaszi Tamas • Vadim Arkadov • Vadim Karataev • Vadim Otchesky • Vadim Segida • Vadim Smirnov
Vadnai Pal • Vadnai Sandor • Vaganov Aleksey • Vaganov Vladimir • Anderson Zanotta Vagheti • Vagilevich Irina • Vagner Pavel • Vaimert Leonid • Vainberg Tamara • Vajoczki Tibor • Vakhitov Flyur • Vakhitova Tatyana
Sergei Vakhnin • Natalya Vakhnina • Vakhrushev Konstantin • Vaklyucheva Valentina • Jose Luis Valdez • Marcelo Fabian Valdez • Roberto Antonio Valdez • Miguel Valencia • Joe Valentic • Valentienko Vladimir
Ubaldo Valenzuela • Raul Valerio • Valik Nadezhda • Valint Lajos • Vall Andras • Luis Eduardo Vallanciani • Hugo Rafael Vallejo • Valov Andrei • Valov Vladimir • Valter Valentina • Ruben Oscar Van Pamel • Viviana Mabel Van Pamel
Vanczak Laszlo • Mabel Noemi Vanin • Robert Vannest • Varadi Aladar • Varadi Bela • Varadi Ferenc • Varadi Ferenc • Varadi Ferenc • Varadi Istvan • Varadi Janos • Varadi Jozsef • Varadi Laszlo • Varadi Viktor
Varadine Somoskoi Erika • Varga Andras • Varga Andras • Varga Andrasne • Varga Arpad • Varga Attila • Varga Balazs • Varga Bela • Varga Bela • Varga Bela • Varga Csaba • Varga Csaba • Varga Ferenc • Varga Ferenc • Varga Ferenc • Varga Gabor
VVarga Gyula • Varga Istvan • Varga Istvan • Varga Istvan • Varga Janos • Varga Jozsef • Varga Jozsef • Varga Jozsef • Varga Lajos • Varga Laszlo • Varga Laszlo • Varga Laszlo • Varga Laszlo • Varga Laszlo • Varga Laszlone • Varga Laszlone
Varga Levente • Varga Peter • Varga Szilvia Judit • Varga Tibor • Varga Tibor • Varga Vajtehne • Varga Zoltan • Varga Zoltan • Varga Zoltan • Varga Zsolt • Varga Zsolt • Varga P Bela • Alessandra Ramos De Vargas • Antonio Fernando De Vargas
Varhegyi Robert • Kerry Varkonda • Varlakov Vladimir • Varlakova Galina • Varro Zsolt • Varsanyi Gyula • Vas Janos • Vas Jozsef • Vas Lajos • Vasarhelyi Gabor • Alessandra Candal De Vasconcellos • Jose Alberto Vasile • Raul Oscar Vasile

Brought to you by Global Reports


Vasilev Vladimir • Vasilyev Evgenii • Vladimir Vasilyev • Benjamin Vasquez • Jorge Leonardo Vasquez • Roberto Vasquez • Vincent Vasquez • Vass Laszlo • Alcides Osvaldo Vassallo • Stelios Vassileou • Vassilyev Anatoly • Vaszil Attila • Vattai Ferenc
Vattai Gyula • Jeff Vaughan • Rui Fernando Vaz • Vazhinskaya Olga • Carlos Omar Vazquez • Carlos Vicente Vazquez • Jorge Francisco Vazquez • Ricardo Daniel Vazquez • Adalberto Fabian Vazzoler • Vdovenko Larisa • Vdovenko Nickolai • Veber Vladimir
Vecherkov Vladimir • Vecsei Bela • Vecsi György • Dmitry Vedyakin • Roman Vedyakin • Daysi Maria Veeck • Ernesto Ruben Vega • Lorena Vega • Mario Daniel Vega • Sergio Jose Vega • Gustavo Alejandro Vegas • Oscar Marcelo Vegas
Francisco Diuner Veiga • Luiz Carlos Cremonini Veiga • Lorenzo Juan Veja • Bill Vela • Eddie Vela • Adonay Velasquez • Alex Velasquez • Luis Velasquez • Oscar Velasquez • Alejandro Alfredo Velazco • Omar Enrique Velazco • Eleuterio Velazquez
Velichko Ludmila • Velichko Victor • Antonio Velis • Luis Ramon Veliz • Beatriz Edith Velozo • Brian Venables • Venczel Jozsef • Venczel Laszlo • Alexei Venderskikh • Irina Venderskikh • Roman Venderskikh • Sergio Blas Venera • Robert Venerus
Arnulfo Ventura • Elizabeth Ventura • Norberto Angel Ventura • Veprev Valery • Verba Nikolai • Vereb Janos • Vereb Jeno • Veres Csaba • Veres Ferenc • Veres Istvan • Veres Istvan • Veres Jozsef • Veres Lajos • Veres Laszlo • Veres Norbert
Veres Sandor • Veres Tamas • Veres Tamas • Veres Zoltan • Veres Zoltanne • Veresne Erzsebet • Mario Emilio Vergara • Sergio Mario Vergara • Ronny Verhelst • Yuri Verigin • Verkhoglyad Vladimir • Lidia Esther Vero • Ricardo Alfredo Veron
Olga Vershinina • Coen Vervaeck • Anna Veselova • Vetlugaeva Irina • Vetsel Alexandr • Edgardo Humberto Vicente • Victorova Tatyana • Viczian Andras • Hugo Anibal Vidal • Jorge Daniel Vidal • Miguel Vidal • Jorge Alberto Videla • Hermogenes Vides
Vidinszki Attila • Vidman Vera • Vido Jozsef • Elisangela Vidor • Flavio Luis Reis Vidor • Luis Augusto Viegas • Ademar Pinto Vieira • Antonio Carlos Dos Santos Vieira • Ariberto Figueiredo Vieira • Carlos Alberto Vieira • Edeir Figueira Vieira
Edy Figueira Vieira • Luiz Carlos Flores Vieira • Paulo Roberto Alves Vieira • Vilma Da Rosa Vieira • Horacio Abel Viera • Bela Viertl • Viertl Bela • Enrique Vieyro • Vig Jozsefne • Vigh Sandor • Oscar Felipe Vigo • Rene Alberto Vila
Jose Alexandre Vilela • Miguel Pedro Oscar Villaescusa • Angel Alberto Villafain • Luis Osvaldo Villagran • Ruben Rodolfo Villalba • Gustavo Antonio Villalobo • Rodolfo Del Carmen Villalobos • Monica Beatriz Villar • Francisco Julio Villares
Edgardo Luis Villarino • Manuel Eduardo Villarino • Mario Antonio Vinales • Alejandro Roberto Vincent • Vincze Gyorgy • Vincze Istvan • Vincze Istvan • Vincze Lajos • Jesse Vinson • Virag Arpad • Virag Ferenc • Virag Gyula • Virag Istvanne
Virag Janos • Virag Jozsef • Virag Jozsefne • Virag Zsolt • Viragh Ferenc • Viragh Jozsef • Viragh Jozsefne • Viragh Karoly • Hector Fabian Virgili • Anderson Lazzarotto Viriato • Sergey Vishnevsky • Visitaev Ruslan • Viskolc Ferencne • Vismeg Miklos
Viszlokai Lajos • Vitez Andras • Vitez Gabor • Ruben Dario Vitiello • Vitvitsky Valery • Toniana Vivan • Luiz Carlos Peres Vivian • Marcelo Ricardo Vivona • Marcelo Junges Vizzoto • Vjun Olga • Vlasenko Danil • Vlasenko Vladimir • Vlasova Elena
Vlastsov Nikolai • Vnukov Valentin • Jim Vogel • Volkov Arkady • Volkov Igor • Oleg Volkov • Volkov Viktor • Volkova Natalia • Volkova Tatayana • Volokhovich Yury • Volokitin Vassily • Volokitina Tatyana • Beatriz Noemi Volonte • Volosatov Oleg
Jorge Alfredo Volpe • Volyanszki Istvan • Vorobyov Valerity • Vorobyova Antonina • Vorobyova Evgenii • Vorobyova Tatyana • Vorogushina Yekaterina • Voronin Alexander • Voronin Alexandr • Voronin Igor • Voronin Viktor • Vovk Antonida
Yuri Vtyurin • Vunsh Aleksandr • Vyacheslav Gagarin • Vyacheslav Galkin • Vyacheslav Kolokolov • Vyacheslav Kurgin • Vyacheslav Kuzmin • Vyacheslav Lyapunov • Vyacheslav Pampurin • Vyacheslav Pavlenko • Vyacheslav Romanov
Vyacheslav Turenko • Vyacheslav Vtyurin • Vyacheslav Yarets • Vyakhirev Sergei • Alexander Vyatkin • Nikolai Vykhodtsev • Vladimir Vykhodtsev • Vynsh Nadezhda • Vyrodov Vladimir

53

Eric Waals • Don Wade • Carmo Waechter • Michael Wagner • Frankie Walker • Len Walker • Tonya Walker • Alan Wallace • Dave Wallace • Jeff Walsh • Miguel Angel Walter • Obdulio Edgardo Walton • Oscar Alberto Walton
Ricardo Norberto Walton • Ruben Orlando Walton • Silvio Ruben Walton • Wang Qimin • Wang Shirley • Wang Timei • Wang Xiaobin • Wang Xiaoqiang • Wang Xiao-Qiang • Wang Xuehua • Wang Yung-Gang
Carlos Jose Ward • Warden Dave • Darrel Warren • Drew Warwick • Robert Waterman • Waran Watkins • Neil Watlington • Curt Watrous • George Watson • John Watson • Martin Watson • Joe Watts • Felipe Wehrmann
Wei Jin • Wei Leiqing • Wei Wei • Alberto Santiago Weiner • Mauricio Weingaertner • Joe Weir • Paulo Alberto Weiss • Ricky Welch • Earl Welford • Nancy Welsh • Weninger Mihalyne • Liceu Jose Weschenfelder
Martin West • Helen Westphal • Tommy Wharry • Stan Wheeler • Bill White • Graham White • Malcom White • Robert White • Jonathon Whitfield • Widomski Miroslaw Jan • Miranda Vd Wiele • Marilene Freitas Wilhelms
Patrick Wilkins • Tony Willders • Richard Willetts • Andy Williams • Billy Williams • Peter Williams • Richard L Wilmeth • Derek Wilson • Helen Wilson • Neil Wilson • Jose Alcampes Winck • Telmo Sergio Winck
Dave Wingfield • Charles Winterburn • Howard Winters • Steve Winters • Weikko Wirta • Jim Wisdom • Gary Wise • Victoria Wiseman • Kim Yin Wong • Wong Tsz Kwan Linda • Callum Wood • Rona Wood • Tr Woodard • Ken Woodcock • Mark Woodruff
W
Brian Woodward • Christian Wright • Delores Wright • Gail Wright • Jr Wright • Wu Hongui • Wu Ping • Wu Tung-Ming Tom • Wu Xiao-Ning • Nadine Wujtewicz • Wujuie Ji

• • • • • • •
Alvaro Franklin Santos Xavier Xiang Hongmin Joao Pedro De Oliveira Ximendes Valdemar Diogo Correa Ximes Xong Jinshen Xu Daizhong Xu Dao-Hong Xu Guang-Hao
Xu Honghong • Xu Zhangyuan • Ya Ping Cao • Yakhina Galnira • Yakimov Vitaly • Yakovchuk Ludmila • Yakovlev Alexey • Yakovlev Alexey • Yakovlev Boris • Yakovlev Nickolai
Yakovlev Nurlan • Yakovlev Sergei • Yakovleva Valentina • Yakovleva Zit • Yakushev Vladimir • Yakushin Igor • Yakushin Yury • Yamschikova Tatyana • Yan Changde • Yao Hong
Jose Eduardo Yapor • Yaqoob Kamran • Ila Yarbrough • Yarin Arthur • Yarin Constantine • Sergei Yartsev • Yartseva Olga • Yasin Zafar • Yatsenko Alexander • Yatsenko Gennady
Yatskov Sergei • Fong Yau • Yuri Yavorsky • Yazovsky Alexander
Kerry Yeager • Yefremov Sergei • Yefremova Tamara • Yelemisov Alexei Yeremin • Yelemisov Marat • Yelmuratov Nurlan A E S P E O P L E FROM LEFT TO RIGHT: Gene Price, AES Beaver Valley; Bobby Oldham, AES Shady Point;
XYZ
Yembaeva Bakhyt • Yepifantseva Nadezhda • Yerdyakova Nina • Yergibaev Arman • Yerishov Michael • Yerishov Nagashybai A.J. Peck, AES Beaver Valley; Jack Binns, AES Shady Point; Jamie Gilliam, AES Shady Point;
Jeff Davis, AES Shady Point

Brought to you by Global Reports


Yermakov Yury • Yerofeyev Vitaly • Ygodnitsin Aleksandr • Luis Maria Yordaz • Maximiliano Yordaz • Howard Young • Shannon Young • Yu Jian-Jun • Wei-Li Yu • Yudin Sergei • Yudin Sergei • Yuen Kwai Ying Queenie • Oleg Yukhtenko • Vladimir Yukovlev
Yung Chi Wai Doris • Carlos Alberto Yurec • Yurichkina Nadezhda • Yurinov Vladimir • Yurkhov Victor • Yurlov Victor • Yushenko Nikolai • Yushenko Nikolai • Yushin Boris • Yutkin Vladimir • Yuzhakov Boris • Yuzhakov Yuri • Hector Eduardo Zabala
Jorge Mario Zabala • Alexander Zabelin • Zabolai Ferenc • Zabrudskih Evgeniy • Zadaura Yuri • Zagday Sergei • Zagorah Nickolai • Zagrebina Tanzilya • Zagulyaev Yuri • Zahorszki Zsolt • Zaimidoroga Sergei • Alexander Zaitsev • Zaitsev Andrei
Natalya Zaitseva • Zakalyuzhny Anatoly • Zakany Gyula • Zakarya Mukhtar • Zakharenko Yuri • Valery Zakharov • Manuel Zaldana • Ruben Eduardo Zaletta • Gustavo Sergio Zamora • Zana Tamas • Roberto Santo Zanardo • Mauricio German Zanche
Mario Andres Zanchetta • Lino Luz Zanchi • Monica Beatriz Zanello • Marcia Zanette • Natalia Andrea Zanetto • Edenor Zanin • Zankevich Ivan • Zapasnyi Evgeniy • Dalton Luiz Zappe • Helintom Jose Zappe • Silvia Zarate De Pastoriza
Zaravnyaev Aleksandr • Zaravnyaev Vitaly • Zarochintsev Alexander • Maria Teresa Zarza • Zatsepin Viktor • Zaushitsina Olga • Jaime Zavaleta • Zavalishin Igor • Zavarko Attila • Zavarko Attilane • Zavodin Oleg • Zavodina Tamara
Zavodina Tatyana • Vasily Zavyalov • Vincent Zehnle • Zelei György • Zelei György • Zelei Imre • Zelei Janos • Zelenak Csaba • Dmitry Zemlyansky • Zeng Qiang • Zeng Xu-Dong • Zeng Yong • Zeng Yong • Marcial Zepeda • Armando Elmiro Zeppenfeld
Zeru Valentina • Zhabeldesov Sarzhan • Zhagypar Ospanov • Zhailyauov Beibut • Zhak Yelena • Zhakenov Talgat • Zhaksybaev Gafiulla • Zhaksybaev Gafur • Zhaksylykov Kuat • Zhakupov Yermeck • Zhamanbalinova Anargul • Zhang Banglian
Zhang Bin • Zhang Cheng-Xiao • Zhang Lun • Zhang Mei • Zhang Pen • Zhang Xuejun • Zhang Zhaolong • Zhang Zhirei • Zhaniya Omarova • Zhanpeisov Marat • Zhanseitov Tanatal • Flora Zhao • Zhaparov Erlan • Zhapparov Bauyrzhan
Zhapparov Bulat • Zhapparov Muratbek • Zhapparov Sayat • Zhartovsky Nickolai • Zharullin Khusain • Zharynbetov Tynysbek • Zhazira Baizhumenova • Zhdanova Ludmila • Zheksembaev Syrymbet • Zheksenov Nikolai • Zheleznyak Alexander
Zheleznyak Galiyabanu • Zheltobryukhov Viktor • Zhenaev Askar • Zheng Xue-Wen • Zhenkobaev Koken • Galina Zherikhova • Olga Zherikhova • Zhernosenko Dmitry • Zhernosenko Vitaly • Zhilin Alexander • Zhilin Alexander • Zhiyenbekov Yerbol
Zhmylev Sergei • Zholobaev Ermek • Zhomartova Vyacheslav • Zhong Xiao-Lin • Zhou De-Xong • Zhou Helen • Zhou Jocy • Zhou Min • Zhou Tian-Xia • Zhou Wencai • Zhou Yi-Xin Amber • Zhou Zhongmei • Zhuiko Alexander • Zhuk Evgeny
Zhukov Yakov • Yuri Zhukov • Zhulinsky Sergei • Zhulyabina Irina • Zhumabaeva Madina • Zhumadilov Marat • Zhumataev Tursynkhan • Zhuminov Svyatoslav • Zhunusov Onerbek • Lena Zhuravliova • Roman Zhuravlyov • Tamara Zhuravlyova
Zhurba Tamara • Jorge Jose Zibana • Miriam Beatriz Zibana • Zigangirova Valentina • Zinaida Alexandrova • Zinaida Kutepova • Inna Zinchenko • Jorge Ruben Zinni • Zinoviena Marena • Galina Zinovyeva • Greg Zis • Zlobin Dmitri • Zloblin Dmitri
Irina Zobova • Zogin Alexandr • Zohori Laszlo • Zohori Zoltan • Zoldi Albert • Zoloduev Alexander • Zolotaryov Vladimir • Zolotaryova Nadezhda • Zolotov Nikolai • Zoltai Jozsef • Zong Qi-Chao Sally • Zongxin Zhu • Zonov Anatorly • Zorenko Alexey
Zorgel Imre • Zorgel Imrene • Zpolski Alexander • Zrupko Pal • Zsarnai Jozsef • Zsekov Demeter • Zsekov Demeter • Zsipi Gyula • Zsolyomi Attila • Zsudel Jozsef • Zsuponyo Istvan • Jerebakne Zsuzsa • Zubareva Galina • Zubova Alexander
Cesar Gabriel Zuccolilli • Andrei Zuev • Jose Juan Zugar • Sonia Helena Mitef Zuleger • Zulqernain Shaida M • Omar Reinaldo Zunino • Ricardo Hector Zunino • Zupko Laszlo • Ernesto Hector Zurlo • Zuyev Alexander • Vladimir Zverev • Zvereva Vera
Tatyana Zvontsova • Zyryanov Alexandr • Evgeniy Zyryanov • Zyuzin Vasily

54

AES PEOPLE FROM LEFT TO RIGHT: Russ Forsythe, AES Beaver Valley; Tom Thomas, Hefei;

Jim Wisdom, AES Shady Point

Brought to you by Global Reports


Table of Contents

56 Introduction

58 Independent Auditors’ Report

59 Consolidated Statements of Operations

60 Results of Operations

66 Consolidated Balance Sheets

Financial Review 55

68 Financial Position and Cash Flows

69 Consolidated Statements of Cash Flows

70 Consolidated Statements of Changes in Stockholders’ Equity

71 Capital Resources, Liquidity and Market Risks

76 Notes to Consolidated Financial Statements

93 Summary Financial Data and Price Range of Common Stock

Brought to you by Global Reports


Introduction
The AES Corporation (AES or the with a total capacity of 24,076 megawatts construction is approximately 29,330
Company) is a global power company (MW). Of that total, 29% are fueled by MW and net equity ownership (total
committed to serving the world’s needs for coal or petroleum coke, 24% are fueled MW adjusted for the Company’s owner-
electricity in a socially responsible way. by natural gas, 33% are hydroelectric ship percentage) represents approxi-
Electricity sales accounted for 97% of total facilities, 6% are fueled by oil, and the mately 19,819 MW.
revenues during 1998 and 94% during remaining 8% are capable of using multi- Because of the significant complexi-
1997. Other sales arise from the sale of ple fossil fuels. Of the total MW, 5,025 ties associated with building new electric
steam and other commodities related to (nine plants) are located in the United generating plants, construction periods
the Company’s cogeneration operations. States, 817 (eight plants) are in China, often range from two to five years,
Service revenues represent fees earned in 1,281 (three plants) are in Hungary, 6,456 depending on the technology and location.
connection with wholesale power services, (forty-one plants) are in Brazil, 1,818 (five AES currently expects that projects now
and operating and construction services plants) are in the UK, 885 (six plants) are under construction will reach commercial
provided by AES to its affiliates. in Argentina, 5,384 (seven plants) are in operation and begin to sell electricity at
The majority of the Company’s rev- Kazakhstan (including 4,000 MW attrib- various dates through the year 2002.
enues represent sales of electricity to utable to Ekibastuz which currently has a The completion of each plant in a timely
customers (generally electric utilities or reliable capacity of approximately 25%), manner is generally supported by a
regional electric companies) for further 210 (one plant) are in the Dominican guarantee from the plant’s construction
resale to end users. This is referred to as Republic, 110 (one plant) are in Canada, contractor, although in certain cases,
the electricity “generation” business. 695 (two plants) are in Pakistan, 405 (one AES has assumed the risk of satisfactory
56 AES’s generation business represented plant) are in the Netherlands, 288 (one construction completion. However, it
58% of total revenues for 1998 com- plant) are in Australia, 420 (one plant) remains possible, due to changes in
pared to 74% for 1997. Sales by these are in India (operational control in 1999) the economic, political, technological,
generation companies are usually made and 282 (three plants) are in Panama regulatory or logistical circumstances
under long-term contracts from power (acquired in 1999). involving each individual plant, that
plants owned by the Company’s sub- AES is also currently in the process commercial operations may be delayed
sidiaries and affiliates, although in of adding approximately 5,254 MW to in certain cases.
certain instances, the Company sells its operating portfolio by constructing AES also sells electricity directly to
directly into regional wholesale electricity several new plants. These include a end users such as commercial, industrial,
markets without a contract. The Company 180 MW coal-fired plant and a 700 MW governmental and residential customers.
owns new plants constructed for such natural gas-fired plant in the United This is referred to as the electricity
purposes (“greenfield” plants) as well as States, a 600 MW natural gas-fired plant “distribution” business. AES’s distribu-
existing power plants acquired through in Brazil, a 2,100 MW coal-fired plant tion business represented 39% of total
competitively bid privatization initiatives in China, an 830 MW natural gas-fired revenues for 1998 compared to 20%
or negotiated acquisitions. plant in Argentina, a 360 MW coal-fired for 1997. Electricity sales by AES’s dis-
In its generation business, AES now plant in England and a 484 MW natural tribution businesses are generally made
operates and owns (entirely or in part) a gas-fired plant in Mexico. pursuant to the provisions of long-term
diverse portfolio of electric power plants As a result, AES’s total MW of the electricity sale concessions granted by
(including those within the integrated 96 power plants in operation or under the appropriate governmental authority
distribution companies discussed below) as part of the original privatization of

Brought to you by Global Reports


each distribution company. In certain coal-fired generating plants totaling seek to complete competitive solicita-
cases, these distribution companies approximately 1,400 MW from NGE tions in less than one year, much quicker
are “integrated”, in that they also own Generation, Inc., an affiliate of New York than the time periods associated with
electric power plants for the purpose of State Electric and Gas Corporation, and greenfield development and construction,
generating a portion of the electricity its agreement to acquire the outstanding and require payment in full on transfer.
they sell. Each distribution company shares of Cilcorp, Inc. an integrated dis- AES believes that its experience in
also purchases, in varying proportions, tribution company in Illinois. competitive markets and its worldwide
electricity from third party wholesale Certain subsidiaries and affiliates of integrated group structure (with its
suppliers, including in certain cases, the Company (domestic and non-U.S.) significant geographic coverage and
other subsidiaries of the Company. have signed long-term contracts or made presence) enable it to react quickly
AES has majority ownership in three similar arrangements for the sale of and creatively in such situations.
distribution companies in Argentina, one electricity and are in various stages of Because of this relatively quick
in Brazil and one in El Salvador, a heat developing the related greenfield power process or other considerations, it may
and electricity distribution business plants. There exist substantial risks to not always be possible to arrange “project
in Kazakhstan, one in the Republic of their successful completion, including, financing” (the Company’s historically
Georgia (operational control in 1999), but not limited to, those relating to fail- preferred financing method, which is dis-
and less than majority ownership in three ures of siting, financing, construction, cussed further under “Capital Resources,
additional distribution companies in permitting, governmental approvals or Liquidity and Market Risk”) for specific
Brazil. These ten companies serve a total termination of the power sales contract potential acquisitions. Additionally, as
of approximately 13.2 million customers as a result of a failure to meet certain in the past, certain acquisitions or the
with sales exceeding 63,000 gigawatt milestones. As of December 31, 1998, commencement of construction on several
57
hours. On a net equity basis, AES’s capitalized costs for projects under devel- greenfield developments would potentially
ownership represents approximately opment and in early stage construction require the Company to obtain substantial
3 million customers and sales exceeding were approximately $144 million. The additional financing including both debt
22,000 gigawatt hours. Company believes that these costs are and equity. As a result, and in order to
AES continues to believe that there recoverable; however, no assurance can enhance its financial capabilities to
is significant demand for more efficiently be given that changes in circumstances respond to these more accelerated oppor-
operated electricity generation and related to individual projects will not occur tunities, the Company maintains a $600
distribution businesses. As a result, and or that any of these projects will be com- million revolving line and letter of credit
guided by its commitment to serve the pleted and reach commercial operation. facility (the Revolver). AES also main-
world’s needs for electricity, AES is AES has been successful in growing tains a “universal shelf” registration
pursuing additional greenfield develop- its business and serving additional cus- statement with the SEC which allows for
ment projects and acquisitions in many tomers by participating in competitive the public issuance of various additional
countries. Several of these, if consum- bidding under privatization initiatives debt and preferred or common equity
mated, would require the Company to and other asset sales and has been par- securities, either individually or in com-
obtain substantial additional financing, ticularly interested in acquiring existing bination, and which currently represents
including both debt and equity financing. businesses or assets in electricity mar- approximately $900 million in unused
AES is also currently in the process kets that are promoting competition and potential proceeds from the issuance of
of completing several acquisitions, eliminating rate of return regulation. public securities.
including its agreement to acquire six In such privatizations, sellers generally

Brought to you by Global Reports


Independent Auditors’ Report

TO THE STOCKHOLDERS OF THE AES CORPORATION

We have audited the accompanying consolidated balance sheets of The AES Corporation and

subsidiaries (the Company) as of December 31, 1998 and 1997, and the related consolidated

statements of operations, changes in stockholders’ equity, and cash flows for each of the three

years in the period ended December 31, 1998 appearing on pages 59, 66, 67, 69, 70 and 76

through 91. These financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards. Those

standards require that we plan and perform the audit to obtain reasonable assurance about
58
whether the financial statements are free of material misstatement. An audit includes examining,

on a test basis, evidence supporting the amounts and disclosures in the financial statements. An

audit also includes assessing the accounting principles used and significant estimates made by

management, as well as evaluating the overall financial statement presentation. We believe that

our audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly, in all material respects, the

financial position of The AES Corporation and subsidiaries as of December 31, 1998 and 1997,

and the results of their operations and their cash flows for each of the three years in the period

ended December 31, 1998 in conformity with generally accepted accounting principles.

Washington, DC
February 4, 1999

Brought to you by Global Reports


Consolidated Statements of Operations
(in millions, except per share amounts)

For the Years Ended December 31 1998 1997 1996

Revenues:
Sales $2,382 $1,361 $ 824
Services 16 50 11
Total revenues 2,398 1,411 835
Operating Costs and Expenses:
Cost of sales 1,579 940 495
Cost of services 8 41 7
Selling, general and administrative expenses 56 45 35
Provision to reduce contract receivables 22 17 20
Total operating costs and expenses 1,665 1,043 557
Operating Income 733 368 278
Other Income/(Expense):
Interest expense (485) (244) (144)
Interest income 67 41 24
Foreign currency exchange loss (1) (7) —
Equity in pre-tax earnings of affiliates 232 126 49
59
Income Before Income Taxes, Minority Interest, and Extraordinary Item 546 284 207
Income Taxes 145 77 74
Minority Interest 94 19 8
Income Before Extraordinary Item 307 188 125
Extraordinary item – gain/(loss) on extinguishment
of debt – net of applicable income taxes/(benefit) 4 (3) —
Net Income $ 311 $ 185 $ 125
Basic Earnings Per Share:
Before Extraordinary Item $ 1.73 $ 1.13 $ 0.83
Extraordinary Item 0.02 (0.02) —
Basic Earnings Per Share $ 1.75 $ 1.11 $ 0.83
Diluted Earnings Per Share:
Before Extraordinary Item $ 1.67 $ 1.11 $ 0.80
Extraordinary Item 0.02 (0.02) —
Diluted Earnings Per Share $ 1.69 $ 1.09 $ 0.80

See notes to consolidated financial statements.

Brought to you by Global Reports


Results of Operations

Revenues. Total revenues increased $987 purchaser’s obligations, as well as by Electricity sales by AES’s distribu-
million (70%) to $2,398 million from locating its plants in different geographic tion businesses are made pursuant to
1997 to 1998 after increasing $576 mil- areas in order to mitigate the effects of provisions of long-term electricity sales
lion (69%) to $1,411 million from 1996 regional economic downturns. concession agreements ranging in
to 1997. The increase in 1998 primarily However, AES does not limit its remaining length from 18 to 93 years.
reflects the acquisition of controlling business solely to the most developed Each business is generally authorized to
interests in two distribution companies, countries or economies, nor only to those charge its customers a tariff for electric
Clesa and Edelap, three electricity gen- countries with investment grade sovereign services which consists of two compo-
erating plants at Southland, a full year of credit ratings. In certain locations, partic- nents: an energy expense pass-through
operations at Eden, Edes, Sul, Los Mina, ularly developing countries or countries component and an operating cost compo-
Altai and Lal Pir, and the commence- that are in a transition from centrally nent. Both components are established
ment of commercial operations at Pak planned to market oriented economies, as part of the original grant of the con-
Gen, Barry, Hefei, and Jiaozou, offset in the electricity purchasers, both wholesale cession for certain initial periods (rang-
part by lower revenues at Ekibastuz. The and retail, may experience difficulty in ing from four to eight years remaining).
increase in 1997 primarily reflects the meeting contractual payment obligations. Beginning subsequent to the initial peri-
acquisition of controlling interests in the AES has recorded a provision for uncol- ods, and at regular intervals thereafter,
distribution companies Eden, Edes, and lectible amounts of $22 million for the concession grantor has the authority
Sul and electricity generating plants at 1998 associated with receivables arising to review the costs of the relevant business
Altai and Los Mina, a full year of opera- from the Company’s operations in the to determine the inflation adjustment
60 tions at Tisza and Ekibastuz, service Dominican Republic and Kazakhstan, (or other similar adjustment factor), if
revenue associated with construction at and $17 million and $20 million for 1997 any, to the operating cost component (the
Elsta, and the start of commercial opera- and 1996, respectively, associated with “Adjustment Escalator”) for the subse-
tions at Lal Pir. receivables arising from the Company’s quent regular interval. This review can
The nature of most of the Company’s operations in Kazakhstan. There can be result in an Adjustment Escalator that
generating businesses is such that each no assurance of the ultimate collectibility has a positive, zero or negative value. To
power plant generally relies on one power of these amounts owed to the Company. date, the Company has not reached the
sales contract with a single electric cus- A portion, and in certain cases all, of end of the initial tariff periods in any of
tomer for the majority, if not all, of its the electricity sales from several plants is its distribution businesses. As a result,
revenues. The prolonged failure of any not subject to a contract and is available there can be no assurance as to the
significant customer to fulfill its contrac- for sale, when economically advanta- effects, if any, on its future results of
tual payment obligations in the future geous, in the relevant spot electricity mar- operations of potential changes to the
could have a substantial negative impact ket. The prices paid for electricity in the Adjustment Escalator.
on AES’s results of operations. The spot markets may be volatile and are As stated above, the electricity
Company has sought to reduce this risk, dependent on the behavior of the local sales concessions provide for an annual
where possible, by entering into power economy, including the demand for, and adjustment to the tariff, resulting in
sales contracts with customers who have retail price of, electricity and the compet- adjustments based on several factors
their debt or preferred securities rated itive price and availability of power from including inflation increases as mea-
“investment grade”, or by obtaining other suppliers. sured by different agreed upon indices.
sovereign government guarantees of the In certain situations, there is also an

Brought to you by Global Reports


explicit adjustment to a portion of the proceedings are designed to reflect, devaluation on the local Brazilian infla-
tariff that reflects changes, either entirely among others, (i) increases in the infla- tion rate and the certainty, timing, and
or in part, in exchange rates between the tion rate as represented by a Brazilian amounts of these rate increases at each
local currency and the U.S. dollar. Such inflation index (IGPM), and (ii) increases business, and therefore, the future impact
adjustments are made in arrears at in specified operating costs (including on AES’s earnings cannot be predicted.
various regular intervals, and in certain purchased power costs), in each case as See also “Capital Resources, Liquidity
cases, requests for interim adjustments measured over the preceding twelve and Market Risks” for additional effects
are permitted. months. The specific tariff adjustment associated with the devaluation of the
However, if the relevant foreign mechanism provides each Brazilian Brazilian Real.
currency were to experience a sudden Business the option to request additional Costs of Sales and Services. Total costs of
or severe devaluation relative to the rate adjustments arising from unusual sales and services increased $606 mil-
U.S. Dollar (the Company’s reporting or significant events which disrupt the lion (62%) to $1,587 million in 1998
currency), such as occurred to the economic and financial equilibrium of after increasing $479 million (95%) to
Brazilian Real in January 1999, because such business. Such events may include $981 million in 1997. The increase in
of the in arrears nature of the respective significant increases in purchased power 1998 was primarily caused by the costs
adjustment in the tariff or because of costs or local inflation, or significant of electricity sales associated with
the potential delays or magnitude of the currency devaluation. The Brazilian the acquisition of controlling interests in
resulting local currency inflation of the Business requesting relief has the burden two distribution companies, Clesa and
tariff, the future results of operations of to prove the impact on its financial or Edelap, three electricity generating
AES’s distribution companies in that economic equilibrium, however, there 61
plants at Southland, a full year of opera-
country could be adversely affected. can be no assurance that such adjust- tions at Eden, Edes, Sul, Los Mina, Altai
Depending on the duration or severity ments will be granted. and Lal Pir, and the start of commercial
of such devaluation, the future results During early 1999, the Brazilian operations at Pak Gen, Barry, Hefei,
of operations of AES may also be Real experienced a significant devalua- and Jiaozou. The increase in 1997 was
adversely affected. tion relative to the U.S. Dollar, declining caused primarily by the costs of electric-
In Brazil, AES has interests in four from 1.21 Brazilian Reais to the Dollar at ity sales associated with the acquisition
distribution companies or integrated util- December 31, 1998 to 1.79 Reais to the of controlling interests in Eden, Edes,
ities (the Brazilian Businesses). These Dollar at February 3, 1999. As a result, Sul, Los Mina and Altai, a full year of
distribution companies have long-term there will likely be a negative and poten- operations at Tisza and Ekibastuz, con-
concession agreements which, although tially material impact on AES’s results of struction costs at Elsta, and the start of
varying in term, have substantially operations because of the effect of this commercial operations at Lal Pir, offset
similar clauses providing for tariff and any further devaluation on the oper- in part, by lower costs at San Nicolás due
adjustments based on certain specific ating results of the Brazilian Businesses. to lower fuel prices.
events or circumstances. These adjust- Each Brazilian Business has or intends to
ments occur annually (at different times) recover the specific rate adjustments as
for each Brazilian Business and, in discussed in the preceding paragraphs;
certain instances, in response to specific however, the resulting effects of the
requests for adjustment. Adjustments
to the tariff rates during the annual

Brought to you by Global Reports


Gross Margin. Gross margin (revenues less improved gross margin percentage at Operating Income. Operating income
costs of sales and services) increased San Nicolás. improved $365 million (99%) to $733
$381 million (89%) to $811 million from The Company’s operations are locat- million from 1997 to 1998 after increas-
1997 to 1998 after increasing $97 million ed in several different geographical ing $90 million (32%) to $368 million
(29%) to $430 million from 1996 to 1997. areas. Seasonal variations or unusual from 1996 to 1997. The increases are
The improvement in 1998 primarily weather conditions in certain regions, the result of the factors discussed in the
reflects the additional gross margin including in particular, Argentina and preceding paragraphs.
contributed by the operations from Brazil, or the specific needs of individual Other Income/(Expense). Other income and
the acquisitions of Clesa, Edelap, and power plants to perform routine or unan- expense, on a net basis, increased $103
Southland, as well as a full year of oper- ticipated maintenance that may require million (123%) to $187 million from
ations at Altai, Los Mina, Eden, Edes, an outage, could significantly affect com- 1997 to 1998 after increasing $13 mil-
Sul, and Lal Pir, the commencement of parable quarterly financial results. In lion (18%) to $84 million from 1996 to
commercial operations at Pak Gen, addition, some power sales contracts per- 1997. Interest expense increased 99% in
Barry, Hefei, and Jiaozou in addition to mit the customer to dispatch the related 1998 and increased 69% in 1997. The
improved performance at Tisza, offset plant (i.e., direct the plant to deliver a increase in 1998 reflects a full year of
slightly by lower margins at Ekibastuz. reduced amount of electrical output) interest expense associated with the
The improvement in 1997 primarily within certain specified parameters. Such senior subordinated notes and Tecons
reflects the additional gross margin dispatching, however, does not have a issued in 1997, project financing debt
contributed by the operations of Eden, material impact on the results of opera- relating to the 1997 and 1998 acquisitions
Edes, Sul, Los Mina, Altai, Tisza and tions of the related subsidiary because, and greenfield projects that commenced
Lal Pir, and improved operations at San even when dispatched, the plant’s capac- operations, offset in part by lower interest
62
Nicolás and Thames. Gross margin as a ity payments generally are not reduced. expense resulting from declining balances
percentage of total revenues (net of the Selling, General and Administrative related to other project financing debt.
provision to reduce contract receivables) Expenses. Selling, general and adminis- The increase in 1997 reflects a full year
increased from 29% in 1997 to 33% trative expenses increased $11 million of interest expense associated with the
in 1998, primarily due to higher relative (24%) to $56 million from 1997 to 1998 senior subordinated notes issued in 1996
gross margin percentages of newly after increasing $10 million (29%) to and 1997, project financing debt relating
operating or acquired businesses at $45 million from 1996 to 1997. The to the 1996 and 1997 acquisitions, inter-
Lal Pir, Pak Gen, Southland, and Barry, 1998 increase is attributable to expenses est expense associated with the senior
improved gross margin percentages at associated with the development of subordinated notes and Tecons issued in
Tisza, Eden, Edes and Sul, offset in part, new business opportunities. The 1997 1997, offset in part by lower interest
by a lower gross margin percentage at increase is attributable to administrative expense resulting from declining balances
Ekibastuz. Gross margin as a percentage costs. As a percentage of total revenue, related to other project financing debt.
of total revenues (net of the provision selling, general and administrative Interest income increased 63%
to reduce contract receivable) decreased expenses decreased to 2% in 1998, in 1998 and 71% in 1997. The 1998
from 37% in 1996 to 29% in 1997 down from 3% in 1997 and down from increase results primarily from interest
primarily due to lower relative gross 4% in 1996. The Company’s general and income associated with late payments
margin percentages of businesses administrative costs do not necessarily on customer accounts at the distribution
acquired in 1996 and 1997 including vary with changes in revenue. businesses, offset by lower interest
Tisza, Ekibastuz, Eden, Edes, Los Mina, income at Shady Point and Chigen
Sul and Altai, offset in part, by an

Brought to you by Global Reports


due to lower invested funds. The 1997 Outlook. Global electricity markets con- 1999 and 2003), allowing utilities to
increase results primarily from higher tinue restructuring and are shifting away recover “stranded assets” (the remaining
cash balances as a result of the from government-owned and government- costs of uneconomic generating or regu-
issuances of debt, common stock and regulated electricity systems toward latory assets) and a reaffirmation of the
Tecons, higher cash balances at Chigen deregulated, competitive market struc- validity of contracts like the Company’s
due to the issuance of the $180 million tures. Many countries have rewritten their U.S. contracts.
notes in December 1996, interest laws and regulations to allow foreign In addition to the potential for state
income at Eden and Edes associated investment and private ownership of restructuring legislation, the U.S.
with the late payments on customer electricity generation, transmission or Congress has proposed new Federal
accounts, and interest on debt service distribution companies. Some countries legislation to encourage customer choice
reserves at Indian Queens and Coral (for example Hungary, Brazil and some and recovery of stranded assets. Federal
Reef (Light). of those of the former Soviet Union, legislation might be needed to avoid the
Equity in pre-tax earnings of affili- among others) have or are in the process conflicting effect of each state acting
ates increased 84% in 1998 and 157% of “privatizing” their electricity systems separately to pass restructuring legisla-
in 1997. The increase in 1998 was by selling all or part of such to private tion (with the likely result of uneven
primarily due to a full year of equity in investors. This global trend of electricity market structures in neighboring states).
earnings from Cemig. The increase in market restructuring provides significant While it is uncertain whether or when
1997 results primarily from the acquisi- new business opportunities for companies Federal legislation dealing with electricity
tion of an approximate 13.1% equity like AES. restructuring might be passed, the
interest in Cemig (of which approximately Several states in the U.S. are also Company believes that such legislation
3.7% was sold to a partner in January beginning to follow this trend. In particu- would not likely have a negative effect
63
1998), and a full year of equity in earnings lar, many regulated U.S. public utilities on the Company’s U.S. business, and
from a 2.4% increase (to an aggregate of have begun to sell or auction their gener- may create opportunities.
13.75%) in the Company’s ownership ation capacity. Substantially all of the There is also legislation currently
interest in Light. transmission and distribution services in before the U.S. Congress to repeal part or
Income Taxes. The Company’s effective the U.S. continue however to be regulated all of the current provisions of the Public
tax rate was 32% for 1998 as compared under a state and Federal regulatory Utility Regulatory Policies Act of 1978
to 29% for 1997 and 37% for 1996. framework. In addition, many states have (“PURPA”) and of the Public Utility
The lower rate in 1997 was due primarily passed or are considering new legislation Holding Company Act of 1935
to a one-time tax benefit realized as a that would permit utility customers to (“PUHCA”). The Company believes that
result of a reduction in the statutory tax choose their electricity supplier in a com- if such legislation is adopted, competi-
rate of certain foreign countries. petitive electricity market (so-called tion in the U.S. for new generation capac-
“retail access” or “customer choice” ity from vertically integrated utilities
Extraordinary Item. During 1998, Chigen
laws). While each state’s plan differs in would increase. However, independents
redeemed $18 million of its 10.125%
details, there are certain consistent ele- like AES would also be free to acquire
notes resulting in an extraordinary gain
ments, including allowing customers to retail utilities.
of $4 million, net of taxes. During 1997,
choose their electricity suppliers by a As consumers, regulators and suppli-
the Company redeemed its $75 million
certain date (the dates in the existing ers continue the debate about how to fur-
9.75% Senior Subordinated Notes due
or proposed legislation vary between ther decrease the regulatory aspects of
2000 resulting in an extraordinary loss
providing electricity services, the
of $3 million, net of taxes.
Company believes in and is encouraging

Brought to you by Global Reports


the continued orderly transition to a more Company’s revenues may be dependent mental laws, regulations, permits and
competitive electricity market. Inherent on prices determined in electricity spot licenses but, despite such efforts, at
in any significant transition to competi- markets. In order to capture a portion times has been in non-compliance,
tive markets are risks associated with the of the market share in competitive gen- although no such instance has resulted
competitiveness of existing regulated eration markets, AES is considering and in revocation of any permit or license.
enterprises, and as a result, their ability may elect to invest in and construct Year 2000. There are three main elements
to perform under long-term contracts low-cost “merchant” plants (plants with- in the provision of electricity: generation,
such as the Company’s electricity sale out long-term electricity sale contracts) transmission and distribution, all of
contracts. Although AES strongly in those markets. Such an investment which form a tightly integrated “supplier
believes that its contracts will be hon- may require the Company (as well as chain.” In addition, the Company’s
ored, there can be no assurance that each its competitors) to make larger equity businesses are also dependent on vari-
of its customers, in a restructured and contributions (as a percentage of the ous industries supplying water, fuel and
competitive environment, will be capable total capital cost) than the more tradi- other utility services. AES, through its
in all circumstances of fulfilling their tional contract-based investments. subsidiaries and affiliates, is involved
financial and legal obligations. In addition, to the extent that mar- in each aspect of the supplier chain in
AES’s investments and involvement kets allow for retail access or customer various countries throughout the world.
in the development of new projects and choice, the Company may enter this new Set forth below is information regarding
the acquisition of existing power plants market segment, either as extensions of AES’s efforts to be prepared for problems
and distribution companies in locations its generation or distribution businesses, associated with the potential inability
outside the U.S. are increasing. The or as a separate business enterprise. of many existing computer programs
financing, development and operation of Because of the nature of AES’s and/or embedded computer chips to
64
such businesses may entail significant operations, its activities are subject to recognize the year 2000, both those in
political and financial uncertainties and stringent environmental regulation by AES’s businesses as well as those that
other structuring issues (including relevant authorities at each location. AES’s businesses depend upon.
uncertainties associated with the legal If environmental laws or regulations Certain of these statements may
environments, with first-time privatiza- were to change in the future, there can constitute forward-looking information
tion efforts in the countries involved, be no assurance that AES would be as contemplated by the Private Securities
currency exchange rate fluctuations, cur- able to recover all or any increased Litigation Reform Act of 1995, including
rency repatriation restrictions, currency costs from its customers or that its busi- those regarding AES’s expected readi-
inconvertibility, political instability, civil ness and financial condition would not ness to handle Year 2000 problems,
unrest and, in severe cases, possible be materially and adversely affected. expected capital expenditures in the
expropriation). Although AES attempts In addition, the Company or its sub- areas of remediation and testing, the
to minimize these risks, these issues sidiaries and affiliates may be required future costs associated with business
have the potential to cause substantial to make significant capital expenditures disruption caused by supplier or customer
delays or material impairment to the in connection with environmental mat- Year 2000 problems and the success of
value of the project being developed or ters. AES is committed to operating its any contingency plans. AES cautions that
business being operated. businesses cleanly, safely and reliably its predictions of the extent of potential
It is also possible that as more of and strives to comply with all environ- problems and the effectiveness of mea-
the world’s markets move toward compe- sures designed to address them are based
tition, an increasing proportion of the on numerous assumptions, like those

Brought to you by Global Reports


regarding the accuracy of statements or The Company’s generation plants are reflect AES’s portion of expected costs worst case scenario until substantially all
certifications from critical third parties also significantly dependent on transmis- to make its businesses Year 2000 ready, of the testing phase is completed.
and vendors, the ability to identify and sion and distribution systems to carry the but not necessarily the costs associated Contingency Plans. The Company
remediate or replace embedded computer electricity to the ultimate end users. with post-Year 2000 corrective actions (together with appropriate interested
chips in affected equipment, and resource The Company also believes that it or damage, if any. The Company expects parties like transmission companies,
availability, among other things, and has identified the potential issues at to fund these expenditures through independent system operators and
readers should be aware that actual substantially all of its distribution com- internal sources. government agencies) is still in the
results might differ materially from those panies. These issues consist of potential Risks of Year 2000 Failures. process of identifying and testing appro-
discussed below. problems in the digital relays and meters, Failures by each of the Company’s gen- priate contingency plans addressing
AES’s approach to analyzing Year its radio systems, energy management eration and distribution companies to emergency operations, disaster recovery,
2000 issues is to (1) inventory all systems systems, system control and data manage- address Year 2000 issues may lead to data preservation and business continu-
and equipment likely to be affected, ment, and billing systems, among others. numerical errors that, if not addressed or ation plans, and intends to have them in
(2) perform an inventory assessment, Due to the interdependent nature of mitigated, may cause system malfunc- place by the fourth quarter of 1999. The
(3) conduct remediations, (4) test all the supply chain, the Company has tions resulting in the inability to deliver plans will be continuously refined as
equipment and systems, and (5) develop extended its evaluation of Year 2000 electricity or the inability to collect data new information becomes available.
contingency plans to aid in business issues to include key suppliers, transmis- necessary for proper billing and tariff
continuity. sion companies, customers and vendors, calculations, among other things.
AES’s State of Readiness. In 1998, and has sought written assurance from The Company’s generating businesses
AES established a readiness program, these parties as to their Year 2000 readi- may also be unable to deliver electricity
led by a senior executive and consisting ness. The Company expects to complete because of the failure of the intercon-
of a team of AES people with extensive steps one through four referred to above nected distribution companies to receive
65
knowledge of AES’s businesses and by the end of the second quarter of 1999. or transmit the electricity. Conversely,
processes, as well as outside consultants The Company’s businesses are cur- the Company’s distribution companies
experienced in these areas who are being rently working through planned pro- may not receive sufficient electricity to
used as advisors to assist with third party grams in order to achieve Year 2000 deliver to their customers because of
analysis and contingency planning. readiness. These programs include, failures by supplying generators. In
AES estimates that it has identified where possible, actual simulations of the such instances of business interruption
the potential issues at substantially all Year 2000, focusing on the key dates due to supplier or customer default, the
of its generating facilities. These issues that have been identified as potential Company will pursue all contractual
consist of potential problems in non- problems. A number of simulations have remedies available to it to minimize
information technology (IT) areas like already been conducted with no adverse the impact on its results of operations;
AES’s distributed control systems, pro- impacts on those AES businesses. however, there can be no assurance
grammable logic control systems, gas Costs of Addressing Year 2000 that, in all instances, the Company will
and electricity metering systems, environ- Issues. Based on internal analysis, AES be able to legally protect itself from dam-
mental emissions monitoring equipment, expects to spend a total of $15 million ages arising from third party Year 2000
backup power systems and telephone and to $18 million to achieve full Year 2000 failures. Because of the significant
security systems, as well as more tradi- readiness company-wide. These amounts interdependency of the supplier chain,
tional IT areas like computer hardware the Company cannot guarantee that ser-
and software programs for accounting, vices will be uninterrupted nor can it
payroll and billing services, among others. adequately predict a reasonably likely

Brought to you by Global Reports


Consolidated Balance Sheets

December 31 1998 1997

Assets
Current Assets:
Cash and cash equivalents $ 491 $ 302
Short-term investments 35 127
Accounts receivable, net 365 323
Inventory 119 95
Asset held for sale — 139
Receivable from affiliates 18 23
Deferred income taxes 71 47
Prepaid expenses and other current assets 155 134
Total current assets 1,254 1,190

Property, Plant and Equipment:


Land 135 29
Electric generation and distribution assets 5,301 3,809
Accumulated depreciation and amortization (525) (373)
Construction in progress 593 684
66
Property, plant and equipment, net 5,504 4,149

Other Assets:
Deferred financing costs, net 167 122
Project development costs 144 87
Investments in and advances to affiliates 1,933 1,863
Debt service reserves and other deposits 205 236
Electricity sales concessions and contracts 1,280 1,179
Goodwill 66 23
Other assets 228 60
Total other assets 4,023 3,570
Total $10,781 $ 8,909

Brought to you by Global Reports


(in millions, except par value)

December 31 1998 1997

Liabilities and Stockholders’ Equity


Current Liabilities:
Accounts payable $ 215 $ 205
Accrued interest 113 68
Accrued and other liabilities 235 335
Other notes payable - current portion 8 —
Project financing debt - current portion 1,405 596
Total current liabilities 1,976 1,204

Long-Term Liabilities:
Project financing debt 3,597 3,489
Other notes payable 1,644 1,096
Deferred income taxes 268 273
Other long-term liabilities 220 291
Total long-term liabilities 5,729 5,149

Minority Interest 732 525


Commitments and Contingencies (Note 6) — — 67
Company-Obligated Mandatorily Redeemable
Preferred Securities of Subsidiary Trusts Holding
Solely Junior Subordinated Debentures of AES 550 550
Stockholders’ Equity:
Preferred stock (no par value; 2 million shares authorized; none issued) — —
Common stock ($.01 par value; 500 million shares authorized;
shares issued and outstanding: 1998 – 180.4 million;
1997 – 175.0 million) 2 2
Additional paid-in capital 1,243 1,030
Retained earnings 892 581
Accumulated other comprehensive loss (343) (131)
Treasury stock at cost (1997 – .2 million shares) — (1)
Total stockholders' equity 1,794 1,481
Total $10,781 $ 8,909

See notes to consolidated financial statements.

Brought to you by Global Reports


Financial Position and Cash Flows
At December 31, 1998, AES had nega- borrowings associated with the acquisi- ing 1997 and $1,135 million during with the acquisitions, issuance of $350
tive consolidated working capital of $722 tions of Clesa, Southland and Edelap 1996. The 1998 amount was caused million of corporate long-term debt and
million as compared to $14 million at the and additional borrowings associated primarily by construction activities at $200 million of common stock and
end of 1997. The increase was primarily with construction at Warrior Run, Barry, various projects and the acquisitions of borrowings under the Revolver. These
due to increases in the current portion of Mt. Stuart, Uruguaiana and Merida. Clesa, Southland, Edelap, OPGC, Telasi financing sources were partially offset
project financing debt discussed later Other notes payable (non-current) and an additional 5.6% of Sul. These by repayments of acquisition related
under “Capital Resources and Liquidity.” increased $548 million (50%) to $1,644 investing uses were offset, in part, by the bridge loans and scheduled debt repay-
Property, plant and equipment, net of million as a result of the issuances of sales of Hazelwood, approximately 3.7% ments. The 1997 increase was primarily
accumulated depreciation, was $5,504 additional debt to finance current year of the Company’s investment in Cemig due to the issuance of project financing
million at December 31, 1998, up from acquisitions. and a minority interest of 30% of debt drawn under construction financing
$4,149 million at the end of 1997. The Operating Activities. Cash flows provided Edelap. The 1997 amount primarily commitments or associated with acquisi-
net increase of $1,355 million (33%) is by operating activities totaled $528 reflects construction activity at Barry, tion financings, the issuance of senior
primarily attributable to the acquisitions million during 1998 as compared to Lal Pir, Pak Gen, Warrior Run, and Mt. subordinated notes, the issuance of
during 1998 and the continuation of $193 million during 1997 and $195 Stuart, an additional purchase of Light Tecons and common stock, and contri-
construction activities at Warrior Run, million during 1996. The 1998 increase shares (2.4%), acquisition of a 60% butions from minority partners. These
Mt. Stuart and Uruguaiana and the com- was caused primarily by a significant interest in each of Eden and Edes, the financing inflows were offset by project
mencement of construction at Merida. increase in net income, an increase in acquisition of an approximate 13.1% financing debt amortization payments
Other assets increased $453 million distributions from affiliates, and interest in Cemig, acquisition of Destec’s and refinancing and repayments under
(13%) to $4,023 million primarily due changes in consolidated working cap- international assets, the acquisition of the Company’s revolving line of credit.
68 to payments for deferred financing costs ital. The decrease in 1997 was primarily 90% of Sul, acquisition of an 85% inter- The significant cash financing inflows
associated with debt issued during the due to a larger portion of net income est in Altai, and the funding of debt ser- in 1996 were the result of construction
year, additional capitalized amounts being derived from undistributed earn- vice reserves related to Chigen. The loan borrowings for Lal Pir, Pak Gen
associated with projects in development ings from affiliates and increased net 1996 amount primarily reflects the and Warrior Run, project acquisition
and early stage construction, the acquisi- working capital (excluding project acquisitions of San Juan, Tisza and financing of the Light investment,
tion of a 49% share of the Orissa Power financing debt) necessary to support Ekibastuz, the Light investment con- issuance of $250 million of 10.25%
Generation Corporation (OPGC) and electricity sales at AES’s distribution struction progress at Lal Pir, Pak Gen, Notes, initial project financing at San
undistributed earnings from Cemig, businesses. Unrestricted net cash flow Warrior Run and Barry, Chigen’s invest- Nicolás, and net borrowings under the
deferred foreign currency losses that will to the parent company, after cash paid ments in various projects, reimbursable Company’s revolving line of credit.
be recovered through tariff adjustments as for general and administrative costs payments for contracts related to a pro- Significant cash financing outflows were
provided for in certain power sales con- and project development expenses but ject in development; and the funding of due to scheduled debt amortization of
tracts, the purchase of a concession con- before investments and debt service, debt service reserves for the project the project financings.
tract associated with the acquisition of amounted to approximately $360 mil- financing of the Light investment.
Edelap, and goodwill from the purchase lion, $259 million and $165 million for Financing Activities. Net cash provided by
of Southland, offset by reductions in the the years ended December 31, 1998, financing activities aggregated $1,503
carrying values of Cemig and Light and 1997 and 1996, respectively. million during 1998 compared to $3,723
the concession contract at Sul due to the million during 1997 and $886 million
Investing Activities. Net cash used in
devaluation of the Brazilian Real. during 1996. The 1998 activity was
investing activities totaled $1,842 million
Project financing debt, net of repay- caused primarily by the borrowing of
in 1998 compared to $3,799 million dur-
ments, increased as a result of additional bank and other project debt associated

Brought to you by Global Reports


Consolidated Statements of Cash Flows
(in millions, except per share amounts)

For the Years Ended December 31 1998 1997 1996

Operating Activities:
Net income $311 $185 $125
Adjustments to net income:
Depreciation and amortization 196 114 65
Provision for deferred taxes, net of equity investee taxes 67 20 26
Undistributed earnings of affiliates, net of tax (50) (57) (20)
Other (6) 22 6
Changes in consolidated working capital 10 (91) (7)
Net cash provided by operating activities 528 193 195
Investing Activities:
Property additions (517) (511) (506)
Acquisitions, net of cash acquired (1,623) (2,454) (148)
Proceeds from the sales of assets 301 — —
Sale of short-term investments 94 77 103
Purchase of short-term investments (2) (184) (66)
Affiliate advances and equity investments (69) (649) (430)
Project development costs (57) (34) (16)
Debt service reserves and other assets 31 (44) (72)
69
Net cash used in investing activities (1,842) (3,799) (1,135)
Financing Activities:
Borrowings/(repayments) under the revolver, net 206 (186) 163
Issuance of project financing debt and other coupon bearing securities 1,843 3,926 802
Repayments of project financing debt and other coupon bearing securities (668) (749) (75)
Payments for deferred financing costs (47) (34) (13)
Repayments of other liabilities (71) (6) (3)
Contributions by minority interests 40 269 10
Sale of common stock 200 503 2
Net cash provided by financing activities 1,503 3,723 886
Increase/(decrease) in cash and cash equivalents 189 117 (54)
Cash and cash equivalents, beginning 302 185 239
Cash and cash equivalents, ending $491 $302 $185

Supplemental disclosures:
Cash payments for interest, net of amounts capitalized $415 $201 $134
Cash payments for income taxes, net of refunds 24 31 32
Schedule of noncash investing and financing activities:
Deferred purchase price of Cemig shares $ — $528 $ —
Common stock issued for amalgamation of AES Chigen — 157 —
Conversion of subordinated debentures to common stock — — 50
See notes to consolidated financial statements.

Brought to you by Global Reports


Consolidated Statements of Changes in Stockholders’ Equity
(in millions)

For the Years Ended December 31 1998 1997 1996

Common stock
Balance at January 1 and December 31 $ 2 $ 2 $ 2
Additional paid-in capital
Balance at January 1 $1,030 $ 359 $ 292
Issuance of common stock 184 494 —
Issuance of common stock pursuant to Chigen amalgamation — 157 —
Issuance of common stock under benefit plans
and exercise of stock options and warrants 16 12 3
Tax benefit associated with the exercise of options 13 8 15
Issuance of common stock on conversion of 6.5% subordinated
debentures, net ($13.08 per share) — — 49
Balance at December 31 $1,243 $1,030 $ 359
Retained earnings
Balance at January 1 $ 581 $ 396 $ 271
Net income for the year 311 185 125
Balance at December 31 $ 892 $ 581 $ 396
70
Accumulated other comprehensive loss (cumulative foreign currency translation adjustment)
Balance at January 1 $ (131) $ (33) $ (10)
Foreign currency translation adjustment (212) (98) (23)
Balance at December 31 $ (343) $ (131) $ (33)
Treasury stock
Balance at January 1 and December 31 $ — $ (1) $ (3)
Total stockholders’ equity $1,794 $1,481 $ 721
Comprehensive income
Net income for the year $ 311 $ 185 $ 125
Foreign currency translation adjustment (212) (98) (23)
Comprehensive Income $ 99 $ 87 $ 102

See notes to consolidated financial statements.

Brought to you by Global Reports


Capital Resources, Liquidity and Market Risks
Capital Resources and Liquidity to provide non-recourse project financ- incurred to finance the acquisitions of terms of the Revolver, the Company is
AES’s business is capital intensive ing (including financial guarantees) for Sul ($729 million) in Brazil and Eden, required to reduce its direct borrowings
and requires significant investments businesses in certain less developed Edes and Edelap ($324 million) in to $225 million for 30 consecutive days
to develop or acquire new operations. economies, the Company, in such loca- Argentina. The Company’s intention is during each twelve month period. The
Occasionally, AES will also seek to tions, has and will continue to seek to replace such loans with long-term Revolver also includes financial
refinance certain outstanding project direct or indirect (through credit support project financing loans with terms that covenants related to net worth, cash flow,
financing loans or other notes payable. or guarantees) project financing from a more appropriately reflect the underly- investments, financial leverage and cer-
Continued access to capital on competi- limited number of government spon- ing long-term concessions. As a result tain other obligations and limitations on
tive and acceptable terms is therefore sored, multilateral or bilateral interna- of the current economic conditions in cash dividends. At December 31, 1998,
a significant factor in the Company’s tional financial institutions or agencies. those countries, including the significant cash borrowings and letters of credit out-
ability to expand further. AES has, to As a precondition to making such pro- devaluation of the Brazilian Real, the standing under the Revolver amounted to
the extent practicable, utilized project ject financing available, these institu- Company expects that it will not be able $233 million and $194 million, respec-
financing loans to fund the capital tions may also require governmental to refinance certain of such project tively. The Company may also seek from
expenditures and investments required to guarantees of certain project and sover- financing loans on terms (interest rates, time to time to meet some of its short-
construct and acquire its electric power eign related risks. Depending on the maturity or amounts) that AES would term and interim funding needs with
plants, distribution companies and policies of specific governments, such consider acceptable without making sig- additional commitments from banks and
related assets. Project financing borrow- guarantees may not be offered, and as a nificant additional investments. In such other financial institutions at the parent
ings are substantially non-recourse to result, AES may determine that suffi- circumstances, AES, as the parent com- or subsidiary level.
other subsidiaries and affiliates and to cient financing will ultimately not be pany, would provide additional amounts The ability of AES’s subsidiaries and
AES as the parent company and are available to fund the related business, in the form of equity investments, or affiliates to declare and pay dividends 71
generally secured by the capital stock, and may cease development or acquisi- intercompany loans or additional credit to AES is restricted under the terms of
physical assets, contracts and cash flow tion of such business. support to repay some or all of the existing project financing debt agree-
of the related subsidiary or affiliate. In addition to the project financing existing short-term acquisition loans. ments. See Note 5 to the consolidated
The Company intends to continue to loans, if available, AES as the parent Depending on the magnitude of such financial statements for additional infor-
seek, where possible, such non-recourse company provides a portion, or in certain additional investments or loans, the mation. In connection with its project
project financing in connection with the instances all, of the remaining long-term Company may also need to issue addi- financings and related contracts, AES
assets or businesses which the Company financing required to fund development, tional debt, common stock or other simi- has expressly undertaken certain limited
or its affiliates may develop, construct or construction or acquisition. These invest- lar securities to fund such additional obligations and contingent liabilities,
acquire. However, depending on market ments have generally taken the form of contributions. most of which will only be effective or
conditions and the unique characteristics equity investments or loans, which are Interim needs for shorter-term and will be terminated upon the occurrence
of individual businesses, the Company’s subordinated to the project financing working capital financing at the parent of future events. AES’s obligations and
providers of project financing, particu- loans. The funds for these investments company have been met with borrowings contingent liabilities in certain cases
larly multinational commercial banks or have been provided by cash flows from under AES’s Revolver. Over the past sev- take the form of, or are supported by,
public market bond investors, may seek operations and by the proceeds from eral years, the Company has continued to letters of credit. These obligations and
higher borrowing spreads and increased issuances of debt, common stock and increase the amount of available financ- contingent liabilities, excluding future
equity contributions. other securities issued by the Company. ing under the Revolver. The Company commitments to invest and those collat-
Furthermore, because of the reluc- At December 31, 1998, the current currently maintains a $600 million credit eralized with letter of credit obligations
tance of commercial lending institutions portion of project financing debt included limit under the Revolver. Under the under the Revolver, were limited by their
$1,053 million of short-term loans terms as of December 31, 1998 to an

Brought to you by Global Reports


aggregate of approximately $399 million. and energy prices. Because of the com- generation businesses in Kazakhstan, the the electricity purchase obligation of
The Company is obligated under other plexity of hedging strategies and the UK, Argentina, Hungary and Texas) are government-owned power authorities,
contingent liabilities which are limited diverse nature of AES’s operations, its derived from businesses without signifi- such as in the Dominican Republic
to amounts, or percentages of amounts, results, although significantly hedged, cant long-term revenue contracts. In and Pakistan.
received by AES as distributions from its will likely be somewhat and in certain some of these businesses, AES has taken AES has also used a hedging strate-
project subsidiaries. These contingent cases, such as Brazil, materially affected additional steps to improve their pre- gy in an attempt to insulate each plant’s
liabilities aggregated $33 million as by fluctuations in these variables and dictability, in the Company’s opinion, by financial performance, where appropri-
of December 31, 1998. In addition, such fluctuations may result in material using other contractual hedging provi- ate, against the risk of fluctuations in
AES has expressly undertaken certain improvement or deterioration of operating sions such as entering into fuel supply interest rates. Depending on whether
other contingent obligations which the results. Results of operations would gen- contracts that absorb a significant portion capacity payments are fixed or vary
Company does not expect to have a erally improve with higher oil and natural of the variability in electricity sales with inflation, the Company generally
material adverse effect on its results of gas prices and with lower interest rates. prices. Despite these mitigating factors, attempts to hedge against interest rate
operations or financial position, but which Operating results are also sensitive to the increasing reliance on non-contract busi- fluctuations by arranging fixed rate or
by their terms are not capped at a dollar difference between inflation and interest nesses in AES’s portfolio does subject the variable rate financing, respectively.
amount. Because each of the Company’s rates, and would generally improve when Company to potentially increasing elec- In certain cases, the Company executes
businesses are distinct entities and geo- increases in inflation are higher than tricity market price volatility. interest rate swap, cap and floor agree-
graphically diverse and because the increases in interest rates. As discussed The hedging approaches and ments to effectively fix or limit the
obligations related to a single business under Results of Operations and below, methodologies utilized by the Company interest rate exposure on the underlying
are based on contingencies of varying the recent devaluation of the Brazilian are implemented through contractual variable rate financing. At December
types, the Company believes it is unlike- Real will have a material negative impact provisions with fuel suppliers, interna- 31, 1998, the Company and its sub-
ly that it will be called upon to perform on AES’s results of operations in 1999. tional financial institutions and several of sidiaries had approximately $2,505
72
under several of such obligations at any AES has generally structured the the Company’s customers. As a result, million of fixed rate debt obligations.
one time. energy payments under its power genera- their effectiveness is dependent, in part, In addition, the Company had entered
At December 31, 1998, the tion sales contracts to adjust with similar on each counterparty’s ability to perform into interest rate swap agreements and
Company has future commitments to price indices as do its contracts with the in accordance with the provisions of the forward interest rate swap agreements
fund investments in its projects under fuel suppliers for the corresponding relevant contract. The Company has aggregating approximately $1,366 mil-
construction and in development of power plants. In some cases a portion of sought to reduce this credit risk in part lion at December 31, 1998, which the
$37 million. Of this amount, $18 million revenues is associated with operations by entering into contracts, where possi- Company used to hedge its interest rate
in letters of credit under the Revolver and maintenance costs, and as such is ble, with creditworthy organizations. In exposure on variable rate debt.
have been issued to support a portion of usually indexed to adjust with inflation. certain instances, where the Company Through its equity investments in
these obligations. The remaining future AES primarily consists of businesses determines that additional credit support foreign subsidiaries and affiliates, AES
capital commitments are expected to with long-term contracts or retail sales is necessary, AES will seek to execute operates in jurisdictions dealing in cur-
be funded by internally-generated cash concessions. While the contract-based (either concurrently or subsequently) rencies other than the Company’s consol-
flows and by external financings as may portfolio is expected to be an effective standby, guarantee or option agreements idated reporting currency, the U.S. dollar.
be necessary. hedge against future energy and electrici- with creditworthy third parties. In partic- Such investments and advances were
Market Risks ty market price risks, it is worth noting ular, AES has executed and is the benefi- made to fund capital investment or
The Company attempts, whenever possi- that a portion of AES’s current and ciary of fuel purchase option agreements, acquisition requirements, to provide
ble, to hedge certain aspects of its pro- expected future revenues (particularly corporate and governmental guarantees working capital, or to provide collateral
jects against the effects of fluctuations in those related to certain portions of its to support the obligations of local fuel for contingent obligations. Due primarily
inflation, interest rates, exchange rates suppliers in several locations and sover- to the long-term nature of certain invest-
eign governmental guarantees supporting

Brought to you by Global Reports


ments and advances, the Company At December 31, 1998, the Company, likelihood of additional fluctuations in the
accounts for any adjustments resulting and its subsidiaries had approximately exchange rates.
from translation as a charge or credit $613 million in outstanding debt that The table on the next page provides
directly to a separate component of was denominated in currencies other information about the Company’s financial
stockholders’ equity until such time as than the U.S. Dollar and approximately instruments and derivative financial
the Company realizes such charge or $574 million in outstanding debt that instruments that are sensitive to changes
credit. At that time, differences may be was denominated in currencies other in interest rates, in particular, debt oblig-
recognized in the statement of operations than the relevant subsidiary’s functional ations, Tecons, and interest rate swaps.
as gains or losses. currency. In addition, certain Brazilian AES does not trade in these financial
In addition, certain of the Company’s Businesses whose functional currency is instruments and derivatives and therefore
foreign subsidiaries and affiliates have the Brazilian Real have (after adjusting has classified them as other than trading.
entered into monetary obligations in for AES’s ownership percentages) U.S. For debt obligations and Tecons, the table
U. S. Dollars or currencies other than Dollar demoninated debt that amounts presents principal cash flows and related
their own functional currencies. When to $439 million. weighted average interest rates by expect-
monetary assets or obligations are As discussed in “Results of ed maturity dates over the next five years
incurred in a currency other than a for- Operations,” the Brazilian Real experi- and thereafter. For interest rate swaps,
eign subsidiary’s or affiliate’s functional enced a significant devaluation in the table presents aggregate contractual
currency, that entity may be exposed to early 1999. As a result, the Brazilian notional amounts and weighted average
reporting foreign currency transaction Businesses will also experience noncash, interest rates over the next five years.
gains or losses based on fluctuations foreign currency transaction losses Notional amounts are used to calculate
between the relative value of that entity’s associated with the impact of changes in the contractual payments to be exchanged
73
functional currency and the currency of the value of the Brazilian Real on the for- under the contract. Weighted average
the monetary asset or liability. Whenever eign currency (non-functional currency) variable rates are based on implied for-
possible, these subsidiaries have denominated debt (primarily U.S. Dollars) ward rates in the yield curve at December
attempted to limit potential foreign within the Brazilian Businesses. If the 31, 1998. The information is presented
exchange exposure by entering into rev- exchange rate of 1.79 Brazilian Reais to in U.S. Dollar equivalents, which is the
enue contracts which adjust to changes the dollar (the closing exchange rate on Company’s reporting currency. The instru-
in the foreign exchange rates. Certain for- February 3, 1999) were to prevail until ments’ actual cash flows are denominated
eign affiliates and subsidiaries operate in the end of 1999, the Company estimates in U.S. Dollars (USD), Japanese Yen
countries where the local inflation rates that its proportionate share of the after-tax (JPY), Australian Dollars (AUD), Chinese
are greater than U.S. inflation rates. In foreign currency transaction loss would Renminbi Yuan (CHY), UK Pounds
such cases the foreign currency tends to be approximately $105 million. In addi- Sterling (GBP), Indian Rupees (INR),
devalue relative to the U.S. dollar over tion, such devaluation would result in a Hungarian Forints (HUF), and German
time. The Company’s subsidiaries and related increase of approximately $760 Marks (DEM) as indicated in parentheses
affiliates have entered into revenue million in the balance of the cumulative as of December 31, 1998.
contracts which attempt to adjust for foreign currency translation adjustment
these differences; however, there can reflected as a reduction of stockholders’
be no assurance that such adjustments equity; as well as a corresponding reduc-
will compensate for the full effects of tion in the carrying value of the related
currency devaluation, if any. assets. These estimates do not reflect the

Brought to you by Global Reports


December 31, 1998
Financial instruments There- 1998 1997 1998
By expected maturity date 1999 2000 2001 2002 2003 after Total Total Fair Value
Debt (USD equivalents in millions, except interest rates)
Long-term debt:
Fixed rate (USD) 75 52 54 19 23 2,173 2,396 2,077 2,410
Average interest rate 9.6% 9.7% 10.1% 10.7% 11.2% 8.8% 8.9% 9.4% —
Variable rate (USD) 1,268 448 199 200 177 1,217 3,509 2,516 3,509
Average interest rate 8.0% 7.4% 7.5% 7.5% 7.3% 6.5% 7.3% 7.8% —
Fixed rate (JPY) 7 7 7 7 7 23 58 54 59
Average interest rate 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% —
Variable rate (JPY) 28 28 28 28 28 96 236 213 236
Average interest rate 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.8% —
Variable rate (GBP) 4 7 7 12 16 137 183 176 183
Average interest rate 7.3% 7.3% 7.3% 7.3% 7.3% 7.2% 7.2% 8.9% —
Variable rate (AUD) 3 4 4 5 5 36 57 5 57
Average interest rate 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% 7.7% —
Fixed rate (CHY) 3 — — — — — 3 2 3
Average interest rate 7.5% — — — — — 7.5% 11.1% —
Fixed rate (INR) — — 48 — — — 48 — 48
Average interest rate — — 13.9% — — — 13.9% — —
Variable rate (HUF) 2 — — — — — 2 — 2
74 Average interest rate 17.5% — — — — — 17.5% — —
Variable rate (DEM) 15 11 — — — — 26 — 26
Average interest rate 4.6% 4.6% — — — — 4.6% — —
Total debt 1,405 557 347 271 256 3,682 6,518 5,043 6,533
Tecons
Fixed rate (USD) — — — — — 550 550 550 657
Average interest rate — — — — — 5.4% 5.4% 5.4% —

December 31, 1998


Derivative financial instruments Fair
By aggregate notional amounts outstanding at December 31 1998 1999 2000 2001 2002 2003 Value
Interest rate swaps (USD equivalents in millions, except interest rates)
Variable to fixed (USD) 944 715 762 708 646 587 101
Average pay rate 8.04% 7.80% 7.66% 7.62% 7.61% 7.56% —
Average receive rate 5.07% 5.00% 5.21% 5.28% 5.40% 5.40% —
Variable to fixed (GPB) 182 182 182 182 182 182 11
Average pay rate 6.15% 6.17% 6.17% 6.17% 6.17% 6.17% —
Average receive rate 5.95% 5.17% 5.47% 5.39% 5.27% 5.20% —
Variable to fixed (AUD) 54 52 48 35 31 28 8
Average pay rate 7.38% 7.38% 7.38% 7.38% 7.38% 7.38% —
Average receive rate 4.80% 5.02% 5.43% 4.97% 5.63% 6.60% —
Total 1,180 949 992 925 859 797 120

Brought to you by Global Reports


The table below also provides infor- These instruments are debt obligations of tional currencies include the Argentine
mation about the Company’s financial the Company’s subsidiaries which are Peso (ARS), the Pakistan rupee (PKR),
instruments by functional currency and denominated in currencies other than and the U.S. Dollar (USD). For debt
presents such information in U.S. Dollar that subsidiary’s functional currency. obligations, the table presents principal
equivalents. The table summarizes AES does not trade in these financial cash flows and related weighted average
information on instruments that are sen- instruments and therefore has classified interest rates by expected maturity dates
sitive to foreign currency exchange rates. them as other than trading. Such func- for the next five years and thereafter.

December 31, 1998


Financial instruments There- 1998 1997 1998
By expected maturity date 1999 2000 2001 2002 2003 after Total Total Fair Value
Liabilities (USD equivalents in millions, except interest rates)
Long-term Debt:
ARS Functional Currency:
Fixed rate (USD) 61 34 10 — — — 105 67 101
Average interest rate 9.4% 9.2% 10.2% — — — 9.4% 10.3% —
Variable Rate (USD) 3 3 1 — — — 7 9 7
Average interest rate 10.1% 10.1% 10.1% — — — 10.1% 10.6% —
PKR Functional Currency:
Fixed rate (USD) 7 7 7 8 8 41 78 78 78
Average interest rate 8.7% 8.8% 8.9% 9.0% 9.0% 10.0% 9.5% 9.2% —
Variable rate (USD) 6 6 7 7 7 32 65 56 65 75
Average interest rate 8.4% 8.4% 8.4% 8.5% 8.5% 8.6% 8.5% 8.8% —
Fixed rate (JPY) 7 7 7 7 7 22 57 54 59
Average interest rate 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% —
Variable rate (JPY) 28 28 28 28 28 96 236 213 236
Average interest rate 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.8% —
USD Functional Currency:
Variable rate (DEM) 15 11 — — — — 26 — 26
Average interest rate 4.6% 4.6% — — — — 4.6% — —
Total 127 96 60 50 50 191 574 477 572

Brought to you by Global Reports


Notes to Consolidated Financial Statements

1. General and Summary of Significant method. Short-term investments consist from 3 to 40 years. Maintenance and
Accounting Policies of investments with original maturities in repairs are charged to expense as
The AES Corporation and its subsidiaries excess of three months but less than one incurred. Emergency and rotable spare
and affiliates, (collectively “AES” or the year. Debt service reserves and other parts inventories are included in electric
“Company”) is a global power company deposits, which might otherwise be con- generation and distribution assets and
primarily engaged in owning and operating sidered cash and cash equivalents, are are depreciated over the useful life of the
electric power generation and distribution treated as noncurrent assets (see Note 3). related components.
businesses in many countries around Accounts Receivable — Accounts Construction in Progress — Construc-
the world. receivable include a provision for uncol- tion progress payments, engineering
Principles of Consolidation — The con- lectible amounts of $59 million at costs, insurance costs, wages, interest
solidated financial statements of the December 31, 1998 associated with and other costs relating to construction
Company include the accounts of AES, receivables arising from the Company’s in progress are capitalized. Construction
its subsidiaries and controlled affiliates. operations in the Dominican Republic in progress balances are transferred to
Investments in 50% or less owned affili- and Kazakhstan, and $37 million at electric generation and distribution
ates over which the Company has the December 31, 1997 associated with assets when the assets are ready for their
ability to exercise significant influence, receivables arising from the Company’s intended use. Interest capitalized during
but not control, are accounted for using operations in Kazakhstan. development and construction totaled
the equity method. Intercompany transac- Inventory — Inventory, valued at $79 million, $67 million and $27 million
tions and balances have been eliminated. the lower of cost or market (first in, first in 1998, 1997 and 1996, respectively.
76 Cash and Cash Equivalents — The out method), consists of coal, fuel oil, Intangible Assets — Goodwill and
Company considers cash on hand, raw materials, spare parts, and supplies. electricity sales concessions and con-
deposits in banks, certificates of deposit Inventory consists of the following tracts are amortized on a straight-line
and short-term marketable securities (in millions): basis over their estimated periods of
with an original maturity of three months December 31 1998 1997 benefit which range from 15 to 40 years.
or less to be cash and cash equivalents. Intangible assets at December 31, 1998
Investments — Securities that the Coal, fuel oil and and 1997 are shown net of accumulated
Company has both the positive intent other raw materials $ 63 $ 58 amortization of $39 million and $13 mil-
and ability to hold to maturity are classi- Spare parts, materials lion, respectively.
and supplies 56 37
fied as held-to-maturity and are carried Long-Lived Assets — The Company
at historical cost. Other investments that Total $119 $ 95 reviews its long-lived assets for impair-
the Company does not intend to hold to ment whenever events or changes in
Property, Plant and Equipment — circumstances indicate that the carry-
maturity are classified as available-for-
sale, and any significant unrealized gains Property, plant and equipment, including ing amounts of such assets may not be
or losses are recorded as a separate improvements, is stated at cost. recoverable.
component of stockholders’ equity. Depreciation, after consideration of sal- Deferred Financing Costs —
Interest and dividends on investments vage value, is computed using the Financing costs are deferred and amor-
are reported in interest income. Gains straight-line method over the estimated tized using the straight-line method over
and losses on sales of investments are composite lives of the assets, which range the related financing period, which does
recorded using the specific identification not differ materially from the effective

Brought to you by Global Reports


interest method of amortization. Deferred Foreign Currency Translation — Defined Benefit Plans — In 1998, hedge against interest rate exposure on
financing costs are shown net of accumu- Foreign subsidiaries and affiliates trans- the Company adopted SFAS No. 132, floating rate project financing debt.
lated amortization of $70 million and late their assets and liabilities into U.S. Employers’ Disclosures about Pensions These transactions, which are classified
$52 million as of December 31, 1998 dollars at the current exchange rates in and Other Retirement Benefits. SFAS as other than trading, are accounted for
and 1997, respectively. effect at the end of the fiscal period. The No. 132 revises disclosures about pen- as hedges, and interest is expensed or
Project Development Costs — The revenue and expense accounts of foreign sion and other postretirement benefit capitalized, as appropriate, using effec-
Company capitalizes the costs of devel- subsidiaries and affiliates are translated plans by providing guidance for a stan- tive interest rates. Any fees are amortized
oping new projects after achieving into U.S. dollars at the average exchange dard practical disclosure format. It does as yield adjustments.
certain project related milestones which rates that prevailed during the period. not change the measurement or recogni- Net Income Per Share — Basic and
indicates that the project is probable. The gains or losses that result from this tion of costs relating to these plans. diluted net income per share are based
These costs represent amounts incurred process, and gains and losses on inter- Revenue Recognition and on the weighted average number of
for professional services, salaries, per- company transactions which are long-term Concentration — Revenues from the sale shares of common stock and potential
mits, options, capitalized interest and in nature, and which the Company does of electricity and steam are recorded common stock outstanding during the
other related direct costs. These costs not intend to repatriate, are shown in accu- based upon output delivered and capaci- period, after giving effect to stock splits
are included in property when financing mulated other comprehensive loss in the ty provided at rates as specified under (see Note 8). Potential common stock, for
is obtained, or expensed at the time the stockholders’ equity section of the bal- contract terms. Electricity distribution purposes of determining diluted earnings
Company determines that a particular ance sheet. For subsidiaries operating in revenues are recognized when power is per share, includes the effects of dilutive
project will no longer be developed. highly inflationary economies, the U.S. provided. Most of the Company’s power stock options, warrants, deferred com-
The continued capitalization is subject dollar is considered to be the functional plants rely primarily on one power sales pensation arrangements and convertible
to on-going risks related to successful currency, and transaction gains and contract with a single customer for the securities. The effect of such potential
completion, including those related to losses are included in determining net majority of revenues. There were no common stock is computed using the
77
government approvals, siting, financing, income. Gains and losses that arise from single customers which accounted for at treasury stock method or the if-converted
construction, permitting and contract exchange rate fluctuations on transactions least 10% of revenues in 1998, three method, as applicable.
compliance. Certain reimbursable costs denominated in a currency other than customers accounted for 14%, 12%, Comprehensive Income — In 1998,
related to a project were classified as the functional currency, except those that and 10% of revenues in 1997 and five the Company adopted SFAS No. 130,
other assets at December 31, 1997 and are hedged, are included in determining customers accounted for 20%, 16%, Reporting Comprehensive Income. SFAS
were recovered in 1998. net income. Foreign currency gains and 16%, 11% and 10% of revenues in 1996. No. 130 establishes rules for the report-
Income Taxes — The Company fol- losses that will be recovered through The prolonged failure of any of these cus- ing of comprehensive income and its
lows Statement of Financial Accounting tariff adjustments as provided for in tomers to fulfill contractual obligations components. Comprehensive income
Standards (SFAS) No. 109, Accounting power sales contracts are deferred and or make required payments could have a consists of net income and foreign cur-
for Income Taxes. Under the asset and recognized as they are recovered under substantial negative impact on AES’s rency translation adjustments and is
liability method of SFAS No. 109, deferred contract terms. revenues and profits. The Company does presented in the Consolidated Statements
tax assets and liabilities are recognized for During early 1999, the Brazilian not anticipate non-performance by the of Changes in Stockholders’ Equity for all
the future tax consequences attributable Real experienced a significant devalua- customers under these contracts. periods. The adoption of SFAS No. 130
to differences between the financial state- tion relative to the U.S. Dollar, declining Hedging Arrangements — The had no impact on the previously reported
ment carrying amounts of the existing from 1.21 Brazilian Reais to the Dollar at Company enters into various derivative balances of stockholders’ equity.
assets and liabilities and their respective December 31, 1998 to 1.79 Reais to the transactions in order to hedge its expo- Use of Estimates — The preparation
income tax bases. Dollar at February 3, 1999. This devalu- sure to certain market risks. The Company of financial statements in conformity with
ation will likely result in significant for- currently has outstanding interest rate generally accepted accounting principles
eign currency translation and transaction swap, cap and floor agreements which requires the Company to make estimates
losses for the Company in 1999. and assumptions that affect reported

Brought to you by Global Reports


amounts of assets and liabilities and investment in Companhia Energetica de agreement, and refurbishment, of the pany in India, for approximately $144
disclosures of contingent assets and Minas Gerais (Cemig), an integrated hydroelectric plant as well as the con- million. The remaining interest is owned
liabilities at the date of the financial electric utility serving the State of Minas struction of a new 230 MW plant (Punta by the Orissa state government. OPGC
statements, as well as the reported Gerais in Brazil for approximately $102 Negra) at the same site. The construction owns and operates a 420 MW mine-
amounts of revenues and expenses dur- million. Cemig owns approximately 5,000 of Punta Negra will be funded with cash mouth coal-fired power station. Also in
ing the reporting period. Actual results MW of generating capacity and serves flows from Caracoles as well as a contri- late December, the Company acquired a
could differ from those estimates. approximately 4 million customers. In bution of approximately $139 million 75% interest in Telasi, the electricity dis-
Reclassifications — Certain reclassi- June 1997, AES, through a consortium, from the government of San Juan. AES tribution company of Tbilisi, Republic of
fications have been made to prior period acquired, for approximately $1 billion, a will operate the Punta Negra facility Georgia, for approximately $26 million.
amounts to conform with the 1998 14.41% interest in Cemig. This invest- under a 30 year concession agreement, at The Company has not recorded any
presentation. In 1998, the Company ment represents a 33% voting interest. which time the facility will revert to the income or earnings from these two acqui-
changed its method of reporting earnings Through the consortium, the Company government of San Juan. sitions during 1998 because it took over
from its equity affiliates to a pre-tax has the ability to exercise significant In May 1998, a subsidiary of operating control of both companies in
basis. The Company’s share of the influence over the operations of Cemig AES acquired three natural gas-fired January 1999.
investee’s income taxes is recorded in and records the investment using the electric generating stations (Southland) In January 1997, the Company
income tax expense. Amounts for 1997 equity method. After the January 1998 from Southern California Edison for acquired an additional 2.4% interest
and 1996 have been reclassified to con- sale of a portion of its equity investment, approximately $786 million. Approxi- in Light-Serviços de Electricidade S.A.
form to this presentation (see Note 4). AES’s net investment represents a 9.4% mately $45 million of the purchase price (Light), a publicly-held Brazilian
2. Acquisitions ownership interest in Cemig. represents goodwill and is being amor- corporation that operates as the conces-
In January 1998, a subsidiary of AES In February 1998, a subsidiary of the tized over 40 years. sionaire of an integrated electric power
acquired an additional 5.6% ownership Company acquired, for approximately In June 1998, a subsidiary of AES generation, transmission and distribu-
78
interest in the former Companhia $97 million, 80% of Compañía de Luz acquired approximately 90% of Empresa tion system which serves Rio de Janeiro,
Centro-Oeste de Distribuicao de Eléctrica de Santa Ana (Clesa), an Distribuidora de La Plata S.A. (Edelap), Brazil. In June 1996, AES and three
Energia Electrica (Sul), an electric electricity distribution company in an electric distribution company in the other partners participated in a consor-
distribution company in the state of El Salvador, and subsequently sold province of Buenos Aires, Argentina for tium which acquired a 50.44% controlling
Rio Grande do Sul, Brazil. Previously, in 16% of its interest for approximately approximately $355 million. In November interest. The additional investment in
October 1997, AES had acquired 90% $15 million. At December 31, 1998, the 1998, the subsidiary sold one-third of 1997 of approximately $82 million,
of Sul for approximately $1.4 billion. Company’s ownership interest was 64%. its 90% interest for approximately $61 increased AES’s holdings in Light to
The additional investment in 1998 of Approximately $32 million of the acqui- million and a proportionate percentage 13.75%. Through the consortium, the
approximately $116 million increased sition cost represents the value of the of related project debt (approximately Company has the ability to exercise
AES’s ownership interest in Sul to 95.6%. electricity sales concession granted $64 million). At December 31, 1998, the significant influence over the operations
Approximately $884 million of the to Clesa, which has no expiration date, Company’s ownership interest is 60%. of Light and records the investment
acquisition cost represents the value of and is being amortized over 40 years. Approximately $129 million of the using the equity method.
the 60 year electricity sales concession In April 1998, a subsidiary of AES acquisition cost represents the value of In May 1997, AES completed its
granted to Sul, which is being amortized acquired for no consideration a 45 MW the 90 year electricity sales concession amalgamation with AES China
over 40 years. Included in current hydroelectric plant (Caracoles) from the agreement, which is being amortized Generating Co., Ltd. (Chigen). As a
liabilities at December 31, 1997 is government of the San Juan Province in over 40 years. result of the amalgamation, the Company
$34 million associated with severance Argentina. The project represents the In late December 1998, a subsidiary issued approximately 5 million shares
costs related to the acquisition. operation, under a 30 year concession of the Company acquired a 49% share of of AES Common Stock, valued at $157
Also in January 1998, a subsidiary of the Orissa Power Generation Corporation million, in exchange for all of the out-
AES sold approximately 3.7% of its equity (OPGC) a state government-owned com-

Brought to you by Global Reports


standing Chigen Class A Common Stock. (Los Mina) (100%); and a 1,600 MW from February 1998, Caracoles from
Approximately $29 million of the trans- coal-fired plant in Victoria, Australia April 1998, Southland from May 1998,
action cost represents values assigned (Hazelwood) (20%). Approximately $172 Edelap from June 1998, Eden and Edes
to power purchase contracts which are million of the acquisition cost represents from May 1997, equity in earnings of
being amortized over their respective the value of various contracts which are Cemig and Kingston from June 1997,
lives, which range from 16 to 25 years. being amortized over the respective lives and the operating results of Los Mina
Also in May 1997, a subsidiary of the which range from 14 to 34 years, and a and Indian Queens from June 1997, and
Company acquired 60% of two electric $67 million liability was accrued related Sul and Altai from October 1997.
distribution companies sold as part of the to the completion of construction at Elsta. The table below presents supplemen-
Argentine government privatization pro- Construction at Elsta was completed in tal unaudited proforma operating results
gram. The companies purchased were September 1998. as if all of the acquisitions had occurred
Empresa Distribudora Energia Norte The Hazelwood investment was classi- at the beginning of 1997 (in millions,
(Eden), which serves the northern part of fied as held for sale at December 31, 1997, except per share amounts):
the Buenos Aires province, and Empresa and was subsequently sold in February
For the year ended 1998 1997
Distribudora Energia Sur (Edes), which 1998. The Company recognized a foreign
serves the southern part of the province. currency transaction loss of $5 million in Revenues $2,498 $ 2,100
The Company, together with its partner, 1997 related to this investment. Income before
invested approximately $565 million to In October 1997, a subsidiary of the extraordinary item 304 151
acquire a 90% ownership interest in each Company acquired an 85% interest in Net income 308 148
company. Approximately $204 million of two hydro-electric stations (GES) and Basic earnings
the acquisition cost represents the value four combined heat and power stations per share $ 1.74 $ 0.89
79
of the 95 year electricity sales conces- (TETS) in eastern Kazakhstan (Altai). Diluted earnings
sions granted to Eden and Edes, and is Altai has a total electric capacity of per share $ 1.68 $ 0.87
being amortized over 40 years. 1,384 MW with an additional equivalent
In June 1997, AES acquired the thermal capacity of approximately 1,000
The proforma results are based upon
international assets of Destec Energy, MW. The purchase price was approxi-
assumptions and estimates which the
Inc. for approximately $439 million. The mately $24 million for the 20 year GES
Company believes are reasonable. The
purchase included five electric generating concession and the TETS shares.
proforma results do not purport to be
plants in construction or operation and a These acquisitions were all account-
indicative of the results that actually
number of power projects in development. ed for as purchases. The purchase
would have been obtained had the acqui-
The plants acquired by AES (with owner- price allocations for Clesa, Caracoles,
sitions occurred on January 1, 1997, nor
ship percentages in parenthesis) include Southland, Edelap, Telasi and OPGC
are they intended to be a projection of
a 110 MW gas-fired combined cycle plant have been completed on a preliminary
future results.
in Kingston, Canada (Kingston) (50%); basis, subject to adjustments resulting
In January 1999, a subsidiary of the
a 405 MW gas-fired combined cycle plant from additional facts that may come to
Company acquired a 49% interest in
under construction in Terneuzen, light when the engineering, environmen-
three hydro-electric generating facilities
Netherlands (Elsta) (50%); a 140 MW tal, and legal analyses are completed
in Panama for approximately $91 million.
gas-fired simple cycle plant in Cornwall, during the respective allocation periods.
England (Indian Queens) (100%); a 235 The accompanying financial statements
MW oil-fired simple cycle plant in include the operating results of Clesa
Santo Domingo, Dominican Republic

Brought to you by Global Reports


3. Investments 4. Investments In and Advances to Affiliates 100% basis. Amounts presented for 1998
The short-term investments and debt service reserves and other deposits were invested The Company is a party to joint include the accounts of Northern/AES
as follows (in millions): venture/consortium agreements through Energy (45% owned U.S. affiliate) and
which the Company has equity invest- for both 1998 and 1997 include the
December 31 1998 1997 ments in several operating companies. accounts of NIGEN, Ltd. (NIGEN)
1
The joint venture/consortium parties (47% owned UK affiliate), Medway
Restricted cash and cash equivalents $ 108 $ 130
generally share operational control of the Power Ltd. (Medway) (25% owned UK
Held-to-maturity investee. The agreements prescribe own- affiliate), Light (13.75% owned Brazilian
U.S. treasury and government agency securities 15 37 ership and voting percentages as affiliate), affiliates of Chigen, Kingston
Foreign certificates of deposit 1 95 well as other matters. The Company (50% owned Canadian affiliate), Elsta
Commercial paper 95 66 records its share of earnings from its (50% owned Netherlands affiliate), and
Subtotal 111 198 equity investees on a pre-tax basis. The Cemig (9.4% and 13.1%, in 1998 and
Available-for-sale
Company’s share of the investee’s income 1997, respectively, owned Brazilian
U.S. treasury and government agency securities – 15 taxes is recorded in income tax expense. affiliate). Amounts presented for 1996
Certificates of deposit – 2 The following table presents summarized include the accounts of NIGEN, Medway,
Commercial paper 21 15 financial information (in millions) for Light (11.35% owned Brazilian affiliate),
Floating rate notes – 3 equity method affiliates on a combined and affiliates of Chigen.
Subtotal 21 35
Total $ 240 $ 363 As of and for the Years Ended December 31 1998 1997 1996
1
amounts required to be maintained in cash in accordance with certain covenants of various project financing Revenues $ 8,091 $ 3,991 $ 1,959
80 agreements.
Operating income 2,079 984 497
Net income 1,146 670 383
At December 31, 1998 and 1997, the Short-term investments classified as Current assets 2,712 1,698 889
Company’s investments were classified as held-to-maturity and available-for-sale Noncurrent assets 19,025 14,800 4,914
either held-to-maturity or available-for- were $16 million and $15 million, Current liabilities 4,809 1,809 863
sale. The amortized cost and estimated respectively, at December 31, 1998, and Noncurrent liabilities 7,356 4,752 2,108
fair value of the investments at December $111 million and $16 million, respec- Stockholders’ equity 9,572 9,937 2,832
31, 1998 and 1997 classified as held-to- tively, at December 31, 1997. Also
maturity and available-for-sale were included in short-term investments at
approximately the same. December 31, 1998 is restricted cash of The Company’s after tax share of recognized construction revenues, man-
approximately $4 million. There was no undistributed earnings of affiliates agement fees and interest on advances
restricted cash in short-term investments included in consolidated retained earnings to its affiliates which aggregated $19 mil-
at December 31, 1997. was $50 million and $57 million at lion, $42 million, and $9 million for each
December 31, 1998 and 1997, respec- of the years ended December 31, 1998,
tively. The Company charged and 1997 and 1996, respectively.

Brought to you by Global Reports


5. Debt counterparties, the Company may be
Project Financing Debt — Project financing debt at December 31, 1998 and 1997 con- exposed to increased interest rates,
sisted of the following (in millions): however, the Company does not antici-
pate nonperformance by the counterpar-
Interest Final December 31 ties, which are multinational financial
Rate1 Maturity 1998 1997 institutions. At December 31, 1998, sub-
Senior Debt - variable rate sidiaries of the Company have interest
Notes payable to banks 7.3% 2017 $3,011 $1,830 rate cap, floor and forward interest rate
Commercial paper 6.9% 2007 291 598 cap agreements at various rates with
Debt to (or guaranteed by) multilateral remaining terms ranging from one to 18
or export credit agencies 5.8% 2010 452 429 years in an aggregate notional amount of
Senior Debt - fixed rate $1,365 million.
Notes payable to banks 10.0% 2009 689 623 The commercial paper borrowings
Capital leases 7.6% 2022 135 143 are supported by an irrevocable letter
Tax-exempt bonds 7.4% 2019 74 74 of credit issued by a U.S. financial insti-
Chigen bonds 10.1% 2006 162 180 tution. In the event of nonperformance
Debt to (or guaranteed by) multilateral or credit deterioration of the institution,
or export credit agencies 6.5% 2008 135 133 the Company may be exposed to the risk
Subordinated Debt - variable and fixed rate 12.4% 2014 53 75 of higher effective interest rates. The
Subtotal 5,002 4,085 Company does not believe that such
Less current maturities (1,405) (596) nonperformance or credit deterioration
81
is likely.
Total $3,597 $3,489
At December 31, 1998, the current
1 portion of project financing debt includes
weighted average interest rate at December 31, 1998
$1,053 million of short-term loans
incurred to finance the acquisitions of
Project financing debt borrowings amount of $1,366 million at December Sul ($729 million) in Brazil, and Eden,
are primarily collateralized by the capital 31, 1998. The swap agreements effec- Edes and Edelap ($324 million) in
stock of the relevant subsidiary and in tively change the variable interest rates Argentina. The Company’s intention is
certain cases, the physical assets of and on the portion of the debt covered by the to replace some or all of such loans with
all significant agreements associated with notional amounts to weighted average long-term project financing.
such business. fixed rates ranging from approximately
The Company has interest rate swap 7.4% to 12.1%. The agreements expire
and forward interest rate swap agree- at various dates from 1999 through 2014.
ments in an aggregate notional principal In the event of nonperformance by the

Brought to you by Global Reports


Other Notes Payable — Other notes payable at December 31, 1998 and 1997 consisted of the following (in millions):

Interest Final First Call


Rate Maturity Date 1998 1997

Corporate revolving bank loan1 7.21% 2000 — $ 233 $ 27


Senior notes 8.00% 2008 2000 200 —
Senior subordinated notes 10.25% 2006 2001 250 250
Senior subordinated notes 8.38% 2007 2002 325 325
Senior subordinated notes 8.50% 2007 2002 375 375
Senior subordinated debentures 8.88% 2027 2004 125 125
Convertible junior subordinated notes 4.50% 2005 2001 150 __
Unamortized discounts (6) (6)
Subtotal 1,652 1,096
Less current maturities (8) —
Total $1,644 $1,096
1
weighted average interest rate at December 31, 1998 on floating rate loan.

Under the terms of the $600 million to maturity. As a result, the Company has for, among other items, maintenance of
82 corporate revolving bank loan and letter recorded an extraordinary gain of $4 mil- certain reserves, and require that mini-
of credit facility (Revolver), the lion, net of income tax of $2 million. mum levels of working capital, net worth
Company must reduce its direct borrow- Future Maturities of Debt — and certain financial ratio tests are met.
ings to $225 million for 30 consecutive Scheduled maturities of total debt at The most restrictive of these covenants
days annually to obtain additional December 31, 1998 are (in millions): include limitations on incurring addition-
loans. Commitment fees on the unused al debt and on the payment of dividends
portion at December 31, 1998 are .38% 1999 $1,413 to stockholders.
per annum, and as of that date $173 2000 566 The project financing debt limita-
million was available. The Company’s 2001 358 tions of AES’s subsidiaries permit the
senior subordinated notes are general 2002 282 payment of dividends to the parent com-
unsecured obligations of the Company. 2003 268 pany out of current cash flow for quarterly,
The Company’s 9.75% senior subor- Thereafter 3,767 semi-annual or annual periods only at
dinated notes due 2000 were refinanced Total $6,654 the end of such periods and only after
in August 1997. As a result, the Company payment of principal and interest on pro-
recorded an extraordinary loss of $3 mil- Covenants — The terms of the ject loans due at the end of such periods.
lion, which is net of a $2 million tax Company’s Revolver, senior and junior As of December 31, 1998, approximately
benefit. subordinated notes and project financing $57 million was available under project
Chigen bonds in the amount of debt agreements contain certain restric- loan documents for distribution by U.S.
$18 million, were redeemed in 1998 prior tive covenants. The covenants provide subsidiaries.

Brought to you by Global Reports


6. Commitments and Contingencies In December 1998, the Company Company participate in the trading in letters of credit outstanding under its
Operating Leases — As of December 31, entered into an agreement with one of its of electricity forward contracts with vari- Revolver which operate to guarantee
1998, the Company and its consolidated electricity customers for one of its plants ous counterparties and as a result, the performance relating to certain project
subsidiaries were obligated under long- whereby the customer will buy out the Company is exposed to the risk of trad- development activities and subsidiary
term non-cancelable operating leases, remaining term of the contract. The ing losses by its subsidiary or affiliate, operations. The Company pays a letter of
primarily for office rental and site leases. agreement is subject to regulatory and the risk of nonperformance by its credit fee ranging from 0.75% to 1.50%
Rental expense for operating leases was approval. Related to this agreement, the subsidiary, affiliate or counterparties. on the outstanding amounts. In addition,
$4 million, $6 million and $4 million in Company has either entered into agree- The Company has provided limited guar- the Company had $29 million in surety
the years ended December 31, 1998, ments or is negotiating agreements to ter- antees aggregating $38 million which are bonds outstanding at December 31, 1998.
1997 and 1996, respectively. The future minate its other long-term commitments included in the amounts disclosed below. Litigation — The Company is
minimum lease commitments under related to the operation of this plant. The Company does not anticipate nonper- involved in certain legal proceedings in
these leases are $4 million for 1999 and Acquisitions — In August 1998, formance by its subsidiary, affiliate or the the normal course of business. It is the
2000, $3 million for 2001 and 2002, AES won a bid to acquire six coal-fired, counterparties. opinion of the Company that none of the
$6 million for 2003, and a total of electric generating stations from NGE Guarantees — In connection with pending litigation will have a material
$71 million for the years thereafter. Generation, Inc., an affiliate of New York certain of its project financing, acquisi- adverse effect on its results of operations,
Contracts — A subsidiary of the State Electric and Gas Corporation, tion and power purchase agreements, financial position, or cash flows.
Company has entered into “take-or-pay” for approximately $950 million. In AES has expressly undertaken limited
contracts for the purchase of electricity November 1998, AES agreed to acquire obligations and commitments, most of
7. Company Obligated Mandatorily
with a term of up to thirteen years. the outstanding shares of Cilcorp, Inc., which will only be effective or will be
Redeemable Preferred Securities of
Purchases in 1998 were approximately an integrated distribution company in terminated upon the occurrence of future
Subsidiary Trusts
$214 million. The future commitments Illinois for approximately $885 million. events. These obligations and commit-
During 1997, two wholly-owned special 83
under these contracts are $228 million The Company anticipates completion ments, excluding those collateralized
purpose business trusts (individually,
for 1999, $229 million for 2000, $237 of both of these acquisitions in 1999, by letter of credit obligations discussed
AES Trust I and AES Trust II and collec-
million for 2001, $253 million for 2002, pending regulatory and other approvals. below, were limited as of December 31,
tively, the Trusts) issued Term Convertible
$231 million for 2003 and a total of Environmental — The Company 1998, by the terms of the agreements,
Securities (Tecons). On March 31, AES
$1,229 million for the years thereafter. reviews its obligations as it relates to to an aggregate of approximately $399
Trust I issued 5 million of $2.6875
Operating subsidiaries of the compliance with environmental laws, million. The Company is also obligated
Tecons (liquidation value $50) for total
Company enter into various long-term including site restoration and remedia- under other commitments which are
proceeds of $250 million and concurrent-
contracts for the purchase of fuel subject tion. Because of the uncertainties limited to amounts, or percentages of
ly purchased $250 million of 5.375%
to termination only in certain limited associated with environmental assess- amounts, received by AES as distribu-
junior subordinated convertible deben-
circumstances. These contracts have ment and remediation activities, future tions from its project subsidiaries. These
tures due 2027 of AES (individually the
remaining terms of 1 to 28 years. One costs of compliance or remediation amounts aggregated $33 million as of
5.375% Debentures). On October 29,
subsidiary has entered into a “take-or- could be higher or lower than the amount December 31, 1998. In addition, the
AES Trust II issued 6 million of $2.75
pay” contract for the purchase of natural currently accrued. Based on currently Company has commitments to fund its
Tecons (liquidation value $50) for total
gas. Purchases in 1998 were approximately available information, the Company does equity in projects currently under devel-
proceeds of $300 million and concurrently
$12 million. The future commitments not believe that any costs incurred in opment or in construction. At December
purchased $300 million of 5.5% junior
under this contract are $27 million for excess of those currently accrued will 31, 1998 such commitments to invest
subordinated convertible debentures
1999 through 2002, $28 million for 2003 have a material effect on the financial amounted to approximately $19 million.
due 2012 of AES (individually the 5.5%
and $136 million thereafter. condition of the Company. Letters of Credit — At December 31,
Debentures and collectively with the
Trading Activity Commitments — 1998, the Company had $194 million
5.375% Debentures the Junior Deben-
A subsidiary and an affiliate of the
tures). The sole assets of AES Trust I

Brought to you by Global Reports


are the 5.375% Debentures and the sole December 31, 1998 and 1997 includes Stock Split and Stock Dividend — On Stock Options and Warrants — The
assets of AES Trust II are the 5.5% $14 million and $10 million, respectively July 15, 1997 the Board of Directors Company has granted options to purchase
Debentures. The obligations of the Trusts, related to the dividends accrued on the authorized a two-for-one split, effected shares of common stock under its stock
as provided under the terms of the Tecons of AES Trust I and $17 million in the form of a stock dividend, payable option plans. Under the terms of the
Tecons, are fully and unconditionally and $3 million related to AES Trust II, to stockholders of record on August 28, plans, the Company may issue options to
guaranteed by AES. respectively. 1997. Accordingly, all outstanding purchase shares of the Company’s com-
Dividends on the Tecons are payable share, per share and stock option data mon stock at a price equal to 100% of the
quarterly at an annual rate of 5.375% by 8. Stockholders’ Equity in all periods presented have been market price at the date the option is
AES Trust I and 5.5% for AES Trust II. Sale of Stock — In August 1998, the restated to reflect the split. granted. The options become eligible for
The Trusts are each permitted to defer Company sold 4.3 million shares of Stock Conversion — On July 30, 1996, exercise under various schedules. At
payment of dividends for up to 20 con- common stock at $44.625 per share. $49 million of convertible debentures, net December 31, 1998, there were approxi-
secutive quarters, provided that AES has Net proceeds from the offering were of conversion costs, were converted into mately 3.4 million shares reserved for
exercised its right to defer interest pay- $184 million. 3.8 million shares of AES common stock future grants under the plans.
ments under the corresponding Junior at a conversion price of $13.08 per share.
Debentures. During such deferral periods,
dividends on the Tecons will accumulate A summary of the option activity follows (in thousands of shares):
quarterly and accrue interest and AES
For the Years Ended December 31 1998 1997 1996
may not declare or pay dividends on its
Weighted-Average Weighted-Average Weighted-Average
common stock. The Tecons are convert- Shares Exercise Price Shares Exercise Price Shares Exercise Price
ible into the common stock of AES at Outstanding – beginning of year 8,896 $13.29 8,020 $ 9.30 8,126 $ 7.28
each holder’s option prior to March 31, Exercised during the year (1,043) 8.60 (941) 7.78 (960) 5.35
84
2027 for AES Trust I and September 30, Forfeitures during the year (10) 31.99 (58) 11.23 (432) 10.28
2012 for AES Trust II at the rate of Granted during the year 831 34.36 999 34.42 1,286 19.39
1.3812 and .8914 shares, respectively,
Conversion of Chigen options — — 876 19.67 — —
representing a conversion price equiva-
Outstanding – end of year 7,926 $14.10 8,896 $13.29 8,020 $ 9.30
lent to $36.20 and $56.09 per share
respectively. Eligible for exercise – end of year 6,855 $12.54 6,163 $ 9.37 4,264 $ 6.43
1
AES, at its option, can redeem the Additional stock options for 1998 performance were granted in February 1999. The Company issued approximately one million options to purchase shares at a price of $34.25 per share.
5.375% Debentures after March 31, 2000
which would result in the required redemp- The following table summarizes information about stock options outstanding at December 31, 1998 (in thousands of shares) :
tion of the Tecons issued by AES Trust I,
for $51.68 per Tecon, reduced annually by Options Outstanding Options Exercisable
$0.336 to a minimum of $50 per Tecon and Weighted-Average Weighted- Weighted-
Range of Total Remaining Life Average Total Average
can redeem the 5.5% Debentures after Exercise Prices Outstanding (in years) Exercise Price Exercisable Exercise Price
September 30, 2000 which would result
$.78-$3.24 1,400 1.8 $ 2.97 1,400 $ 2.97
in the required redemption of the Tecons
$3.25-$9.88 1,849 5.1 8.88 1,475 8.76
issued by AES Trust II, for $51.72 per
$9.89-$14.40 2,045 6.3 10.42 2,029 10.42
Tecon, reduced annually by $0.344 to a
$14.41-$22.85 1,540 7.3 20.11 1,408 20.30
minimum of $50 per Tecon.
$22.86-$58.00 1,092 8.3 35.65 543 35.22
Interest expense for the year ended
Total 7,926 $14.10 6,855 $12.54

Brought to you by Global Reports


The Company accounts for its Had compensation expense been determined under the provisions of SFAS No. In addition to the options, the
stock-based compensation plans under 123, utilizing the assumptions detailed in the preceding paragraph, the Company’s net Company has outstanding warrants to
APB No. 25, and has adopted SFAS income and earnings per share for the years ended December 31, 1998, 1997 and 1996 purchase up to 1.3 million shares of its
No. 123, Accounting For Stock-Based would have been reduced to the following pro forma amounts (in millions): common stock at $14.72 per share
Compensation, for disclosure purposes. through July 2000.
No compensation expense has been rec- For the Years Ended December 31 1998 1997 1996 Chigen — In May 1997, the Company
ognized in connection with the options, acquired all of the outstanding Class
as all options have been granted only to Net Income: A shares of Chigen by amalgamating
AES people, including Directors, with an As reported $ 311 $ 185 $ 125 Chigen with a wholly-owned subsidiary
exercise price equal to the market price of Pro forma 301 174 123 of the Company. As a result of this trans-
the Company’s common stock on the date Basic Earnings Per Share: action, the Company issued approximately
of grant. For SFAS No. 123 disclosure As reported $1.75 $1.11 $0.83 5 million shares of its common stock. As
purposes, the weighted average fair value Pro forma 1.70 1.04 0.81 part of the amalgamation, the Company
of each option grant has been estimated Diluted Earnings Per Share: also converted the outstanding options
as of the date of grant using the Black- As reported $1.69 $1.09 $0.80 of the Chigen stock option plan to AES
Scholes option pricing model with the fol- Pro forma 1.64 1.00 0.78 stock options at the ratio of .29 to 1.
lowing weighted average assumptions: The disclosures of such amounts and assumptions are not intended to forecast any
possible future appreciation of the Company’s stock or change in dividend policy.
1998 1997 1996
Interest rate (risk-free) 4.7% 5.9% 6.5%
Volatility 47% 37% 28%
85
Using these assumptions, an expected
option life of 7 years and a dividend yield 9. Earnings Per Share
of zero, the weighted average fair value The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share compu-
of each stock option granted was $19.02, tations for income before extraordinary item. In the table below Income represents the numerator (in millions) and Shares
$17.86 and $8.81, for the years ended represent the denominator (in thousands):
December 31, 1998, 1997 and 1996,
respectively. For the Years Ended December 31 1998 1997 1996
$ Per $ Per $ Per
Income Shares Share Income Shares Share Income Shares Share
Basic EPS
Income before extraordinary item $307 177.5 $1.73 $188 166.6 $1.13 $125 151.5 $0.83
Effect of Dilutive Securities
Stock options and warrants — 4.3 — 4.4 — 2.7
Stock units allocated to deferred
compensation plans — 0.3 — 0.5 — 0.5
Tecons and other convertible debt,
net of tax 9 6.9 10 6.3 1 2.5
Diluted Earnings Per Share $316 189.0 $1.67 $198 177.8 $1.11 $126 157.2 $0.80

Brought to you by Global Reports


credit carryforwards. These items are stat-
10. Income Taxes ed at the enacted tax rates that are expect-
Income Tax Provision — The provision for income taxes consists of the following ed to be in effect when taxes are actually
(in millions): paid or recovered.
As of December 31, 1998, the
For the Years Ended December 31 1998 1997 1996
Company had Federal net operating loss
carryforwards for tax purposes of approxi-
Federal mately $85 million expiring from 2008
Current $ (9) $ 7 $ 19 through 2018, Federal investment tax
Deferred 61 22 27 credit carryforwards for tax purposes of
State approximately $51 million expiring in
Current 3 19 12 years 2002 through 2006, and Federal
Deferred (5) (6) (2) alternative minimum tax credits of
Foreign approximately $44 million which carry-
Current 82 18 10 forward without expiration. As of
Deferred 13 17 8 December 31, 1998, the Company had
Total $ 145 $ 77 $ 74 foreign net operating loss carryforwards
of approximately $100 million which
The Company records its share of earnings of its equity investees on a pre-tax expire at various times beginning in
basis. The Company’s share of the investee’s income taxes is recorded in income tax 2001, and some of which carryforward
expense; amounts for prior years have been reclassified as such. without expiration. The Company had
86
state net operating loss carryforwards as
Effective and Statutory Rate Reconciliation — A reconciliation of the U.S. statutory
of December 31, 1998 of approximately
Federal income tax rate to the Company’s effective tax rate as a percentage of income
$215 million expiring in years 1999
before taxes (after minority interest) is as follows:
through 2018, and state tax credit carry-
forwards of approximately $11 million
For the Years Ended December 31 1998 1997 1996 expiring in years 2001 through 2008.
Statutory Federal tax rate 35% 35% 35% The valuation allowance increased
Change in valuation allowance — (1) (1) by $2 million during 1998 to $33 million
State taxes, net of Federal tax benefit (1) 3 3 at December 31, 1998. This increase was
Taxes on foreign earnings (1) (7) — the result of increased foreign net operat-
Other – net (1) (1) — ing loss carryforwards, the ultimate
Effective tax rate 32% 29% 37% realization of which is uncertain. The
Company believes that it is more likely
than not that the remaining deferred tax
Deferred Income Taxes — Deferred purposes. Deferred income taxes reflect assets will be realized.
income taxes relate principally to acceler- the net tax effects of (a) temporary differ-
ated depreciation methods used for tax pur- ences between the carrying amounts of
poses and certain other expenses which are assets and liabilities for financial reporting
deducted for income tax purposes in differ- purposes and the amounts used for income
ent periods than for financial reporting tax purposes, and (b) operating loss and tax

Brought to you by Global Reports


Deferred tax assets and liabilities are as follows (in millions):

For the Years Ended December 31 1998 1997


Differences between book and tax basis of
property and total deferred tax liability $ 469 $ 476
Operating loss carryforwards (69) (75)
Bad debt and other book provisions (48) (47)
Retirement costs (26) (31)
Tax credit carryforwards (107) (104)
Other deductible temporary differences (55) (24)
Total gross deferred tax asset (305) (281)
Less: valuation allowance 33 31
Total net deferred tax asset (272) (250)
Net deferred tax liability $ 197 $ 226

Undistributed earnings of certain for- to additional U.S. taxes, net of allowable


eign affiliates aggregated $257 million on foreign tax credits. It is not practicable to
December 31, 1998. The Company con- estimate the amount of any additional
siders these earnings to be indefinitely taxes which may be payable on the
reinvested outside of the U.S. and, undistributed earnings. A deferred tax
87
accordingly, no U.S. deferred taxes have asset of $35 million has been recorded as
been recorded with respect to such earn- of December 31, 1998 for the cumulative
ings. Should the earnings be remitted as effects of certain foreign currency trans-
dividends, the Company may be subject lation losses.

Income from continuing operations before income taxes and extraordinary items con-
sisted of the following:

For the Years Ended December 31 1998 1997 1996


United States $ 211 $ 199 $ 175
Foreign 241 66 24
Total $ 452 $ 265 $ 199

Brought to you by Global Reports


11. Profit Sharing and Deferred full distribution is required to be made to their accounts in the Company’s profit
Compensation Plans all participants upon any change of con- sharing plan if it were not for limitations
Profit Sharing and Stock Ownership Plans — trol of the Company (as defined in the imposed by income tax regulations. All
The Company sponsors two profit sharing plan document). contributions to the plan are vested in the
and stock ownership plans, qualified In addition, the Company sponsors manner provided in the Company’s profit
under section 401 of the Internal an executive officers’ deferred compensa- sharing plan, and once vested are nonfor-
Revenue Code, which are available to tion plan. At the election of an executive feitable. The participant’s account bal-
eligible AES people. The plans provide officer, the Company will establish an ances are distributable upon termination
for Company matching contributions, unfunded, non-qualified compensation of employment or death.
other Company contributions at the dis- arrangement for each officer who chooses Defined Benefit Plans — Two of the
cretion of the Compensation Committee to terminate participation in the Company’s subsidiaries, Sul and Clesa,
of the Board of Directors, and discre- Company’s profit sharing and employee have defined benefit pension plans cover-
tionary tax deferred contributions from stock ownership plans. The participant ing substantially all of their respective
the participants. Participants are fully may elect to forego payment of any por- employees. Pension benefits are based
vested in their own contributions and the tion of his or her compensation and have on years of credited service, age of the
Company’s matching contributions. an equal amount allocated to a contribu- participant and average earnings. Sul’s
Participants vest in other Company con- tion account. In addition, the Company plan assets are comprised of Brazilian
tributions over a five-year period. will credit the participant’s account with government securities and bonds, stocks
Company contributions to the plans were an amount equal to the Company’s of publicly-traded Brazilian companies
approximately $5 million for the years contributions (both matching and profit and real estate holdings. Clesa’s pension
ended December 31, 1998 and 1997 sharing) that would have been made on plan is unfunded.
88
and $4 million for the year ended such officer’s behalf if he or she had been
December 31, 1996. a participant in the profit sharing plan.
Deferred Compensation Plans — The The participant may elect to have all or a
Company sponsors a deferred compensa- portion of the Company’s contributions
tion plan under which directors of the converted into stock units. Dividends
Company may elect to have a portion, or paid on common stock are allocated to
all, of their compensation deferred. The the participant’s account in the form of
amounts allocated to each participant’s stock units. The participant’s account
deferred compensation account may be balances are distributable upon termina-
converted into common stock units. Upon tion of employment or death.
termination or death of a participant, the The Company also sponsors a supple-
Company is required to distribute, under mental retirement plan covering certain
various methods, cash or the number of highly-compensated AES people. The
shares of common stock accumulated plan provides incremental profit
within the participant’s deferred compen- sharing and matching contributions to
sation account. Distribution of stock is to participants that would have been paid to
be made from common stock held in trea-
sury or from authorized but previously
unissued shares. The plan terminates and

Brought to you by Global Reports


Significant assumptions used in the calculation of pension expense and obligation are The changes in the plan assets of the two plans combined for the years ended
as follows: December 31, 1998 and 1997 are as follows (in millions):
1998 19971 1998 19971
Sul Clesa
Changes in plan assets:
Discount rate 6% 11% 6% Fair value of plan assets at beginning of year $ 31 $ —
Rate of compensation increase 2% 7% 2% Effect of foreign currency exchange rate change
Long-term rate of return on plan assets 6% — 6% on beginning balance (2) —
Actual return on plan assets 3 1
Net benefit cost for the year ended December 31, 1998 and the two months Acquisition — 28
ended December 31, 1997 (subsequent to the date of the Sul acquisition) includes Employer contribution 2 1
the following components (in millions): Plan participant contributions — 1
Benefits paid (1) —
December 31 1998 19971 Fair value of plan assets as of December 31 33 31
Service cost $ 2 $ .3
Interest cost on projected benefit obligation 3 .1 The funded status of the two plans combined for the years ended as of December 31,
Expected return on plan assets (1) .3
1998 and 1997 are as follows (in millions):
Recognized actuarial gain — .1
Net benefit cost $ 4 $ .8 1998 19971
Funded status (47) (41)
The changes in the benefit obligations of the two plans combined for the years Unrecognized net actuarial loss/(gain) 5 (3)
ended December 31, 1998 and 1997 are as follows (in millions): Accrued benefit obligation cost as of December 31 $ (42) $ (44) 89

1
1998 19971 Sul only, as Clesa was acquired during 1998 (see Note 2).

Changes in benefit obligations:


Benefit obligation at beginning of year $ 72 $ — The Company is not obligated under any other material post-retirement plans other
Effect of foreign currency exchange rate change than the profit sharing, deferred compensation plans and defined benefit plans
on beginning balance (5) — described in this Note.
Service cost 2 —
Interest cost 3 —
Plan participant contributions — 1
Actuarial loss/(gain) 6 (2)
Acquisition 3 73
Benefits paid (1) —
Benefit obligation as of December 31 $ 80 $ 72
1
Sul only, as Clesa was acquired during 1998 (see Note 2).

Brought to you by Global Reports


12. Segments
The Company considers its reportable segments to be generation and distribution. Information about the Company’s operations and
assets by segment is as follows (in millions):

Pre-tax Investment in
Depreciation Operating equity in Total and advances Property
Revenues1 and amortization income earnings Assets to affiliates additions
Year Ended December 31, 1998
Generation $1,443 $ 126 $ 563 $ 33 $ 5,682 $ 495 $ 369
Distribution 939 70 218 199 4,687 1,438 148
Corporate and services 16 — (48) — 412 — —
Total $2,398 $ 196 $ 733 $ 232 $10,781 $1,933 $ 517

Year Ended December 31, 1997


Generation $1,081 $ 93 $ 380 $ 21 $ 4,404 $ 315 $ 483
Distribution 280 21 24 105 4,269 1,548 28
Corporate and services 50 — (36) — 236 — —
Total $1,411 $ 114 $ 368 $ 126 $ 8,909 $1,863 $ 511

Year Ended December 31, 1996


Generation $ 824 $ 65 $ 309 $ 21 $ 3,002 $ 82 $ 506
90 Distribution — — — 28 433 409 —
Corporate and services 11 — (31) — 187 — —
Total $ 835 $ 65 $ 278 $ 49 $ 3,622 $ 491 $ 506
1
Intersegment revenues for the years ended December 31, 1998 and 1997 were $69 million and $34 million, respectively.

Information about the Company’s operations and long-lived assets by country are as follows (in millions):

US Argentina Brazil Hungary Pakistan Other Total Foreign Total

Revenues
1998 $ 655 $423 $478 $227 $213 $402 $1,743 $2,398
1997 577 291 74 220 23 226 834 1,411
1996 554 146 — 85 — 50 281 835

Long-lived Assets
1998 $2,329 $1,017 $848 $154 $505 $980 $3,504 $5,833
1997 1,424 587 875 172 490 726 2,850 4,274
1996 1,281 203 6 202 393 182 986 2,267

Brought to you by Global Reports


13. Fair Value of Financial Instruments leases, is estimated differently based 14. New Accounting Pronouncements
The estimated fair values of the upon the type of loan. For variable rate In April 1998, the American Institute of
Company’s assets and liabilities have loans, carrying value approximates fair Certified Public Accountants (AICPA)
been determined using available market value. For fixed rate loans, the fair value issued Statement of Position (SOP)
information. The estimates are not neces- is estimated using discounted cash flow 98-5, Reporting on the Costs of Start-Up
sarily indicative of the amounts the analyses based on the Company’s cur- Activities. SOP 98-5 provides guidance
Company could realize in a current mar- rent incremental borrowing rates. The on the financial reporting of start-up and
ket exchange. The use of different market fair value of interest rate swap, cap and organization costs. The effect of adopting
assumptions and/or estimation method- floor agreements is the estimated net this Statement in 1999 is not expected to
ologies may have a material effect on the amount that the Company would pay be material to the Company.
estimated fair value amounts. to terminate the agreements as of the In June 1998, the Financial
The fair value of current financial balance sheet date. The estimated fair Accounting Standards Board (FASB)
assets, current financial liabilities, and values of the tax exempt bonds and issued SFAS No. 133, Accounting for
debt service reserves and other deposits, Chigen bonds (both included in project Derivative Instruments and Hedging
are estimated to be equal to their report- financing debt), certain of the other Activities. SFAS No. 133 established
ed carrying amounts. The fair value of notes payable and Tecons are based on standards for the accounting and report-
project financing debt, excluding capital quoted market prices. ing of derivative instruments and hedging
activities and will be adopted by the
The estimated fair values of the Company’s debt and derivative financial instruments as Company during fiscal year 2000. The
of December 31, 1998 and 1997 are as follows (in millions): Company is currently evaluating the
impact of the adoption of SFAS No. 133.
91
December 31 1998 1997
Carrying Fair Carrying Fair
Amount Value Amount Value
Project financing debt $4,867 $4,847 $3,942 $3,953
Other notes payable 1,652 1,687 1,096 1,116
Tecons 550 657 550 661
Interest rate swaps — 101 — 81
Interest rate caps and floors, net — (5) — —

The fair value estimates presented herein are based on pertinent information as of
December 31, 1998 and 1997. The Company is not aware of any factors that would
significantly affect the estimated fair value amounts since December 31, 1998.

Brought to you by Global Reports


15. Quarterly Data (Unaudited)
The following table summarizes the unaudited quarterly statements of operations (in millions, except per share amounts):

Quarters ended 1998 Mar 31 Jun 30 Sep 30 Dec 31


Sales and services $ 575 $ 565 $ 612 $ 646
Gross margin 178 180 212 241
Income before extraordinary item 65 71 79 92
Extraordinary item, net of taxes — — 2 2
Net income 65 71 81 94
Basic earnings per share:
Before extraordinary item $0.37 $0.41 $0.44 $0.51
Extraordinary item — — 0.01 0.01
Basic earnings per share $0.37 $0.41 $0.45 $0.52
Diluted earnings per share:
Before extraordinary item $0.37 $0.39 $0.43 $0.49
Extraordinary item — — 0.01 0.01
Diluted earnings per share $0.37 $0.39 $0.44 $0.50

Quarters ended 1997 Mar 31 Jun 30 Sep 30 Dec 31


Sales and services $ 261 $ 261 $ 358 $ 531
Gross margin 94 98 112 126
92
Income before extraordinary item 40 42 50 56
Extraordinary item, net of tax benefit — — (3) —
Net income 40 42 47 56
Basic earnings per share:
Before extraordinary item $0.26 $0.26 $0.29 $0.32
Extraordinary item — — (0.02) —
Basic earnings per share $0.26 $0.26 $0.27 $0.32
Diluted earnings per share:
Before extraordinary item $0.25 $0.25 $0.28 $0.32
Extraordinary item — — (0.02) —
Diluted earnings per share $0.25 $0.25 $0.26 $0.32

Brought to you by Global Reports


Summary Financial Data
(in millions, except per share data)
For the Years Ended December 31 1998 1997 1996 1995 1994
Statement of Operations Data
Revenues $ 2,398 $1,411 $ 835 $ 679 $ 533
Operating costs and expenses 1,665 1,043 557 426 297
Operating income 733 368 278 253 236
Income before income taxes, minority
interest, and extraordinary item 546 284 207 175 151
Extraordinary item, net of applicable
income tax/(benefit) 4 (3) — — 2
Net income 311 185 125 107 100
Basic earnings per share:
Before extraordinary item $ 1.73 $ 1.13 $ 0.83 $ 0.71 $ 0.67
Extraordinary item 0.02 (0.02) — — 0.01
Basic earnings per share $ 1.75 $ 1.11 $ 0.83 $ 0.71 $ 0.68
Diluted earnings per share:
Before extraordinary item $ 1.67 $ 1.11 $ 0.80 $ 0.70 $ 0.66
Extraordinary item 0.02 (0.02) — — 0.01
Diluted earnings per share $ 1.69 $ 1.09 $ 0.80 $ 0.70 $ 0.67
As of December 31 1998 1997 1996 1995 1994
93
Total assets $10,781 $8,909 $3,622 $2,341 $1,915
Project financing debt (long-term) 3,597 3,489 1,558 1,098 1,019
Other notes payable (long-term) 1,644 1,096 450 125 125
Stockholders’ equity 1,794 1,481 721 549 401

Price Range of Common Stock 1998 High Low 1997 High Low
5⁄ 16 3⁄ 8 1⁄ 8
The common stock of the Company is First Quarter $54 $39 First Quarter $34 $223 ⁄ 8
currently traded on the New York Stock Second Quarter 58 451⁄ 4 Second Quarter 373⁄ 4 271⁄ 2
Exchange (NYSE) under the symbol Third Quarter 553⁄ 8 23 Third Quarter 451⁄ 4 345⁄ 8
“AES”. The following tables set forth the Fourth Quarter 473⁄ 8 32 Fourth Quarter 495⁄ 8 35
high and low sale prices for the common
stock as reported by the NYSE for the As of March 3, 1999 there were 1,091
periods indicated. registered common stockholders of AES.

Brought to you by Global Reports


Officers and Directors

Officers Roger W. Sant Frank Jungers


Chairman of the Board Private consultant and retired Chairman of the Board and
Dennis W. Bakke Chief Executive Officer of Arabian American Oil Company
President and Chief Executive Officer Barry J. Sharp
(ARAMCO).
Senior Vice President and Chief Financial Officer
Mark S. Fitzpatrick John McArthur
Senior Vice President and Managing Director of Sarah Slusser
Private consultant and retired Dean of the Harvard Business
AES Electric, Ltd. Vice President and President AES Aurora, Inc.
School and Senior Advisor to the President of the World
Paul T. Hanrahan Paul D. Stinson Bank Group.
Senior Vice President and President, AES Americas South Vice President and Managing Director of AES Silk Road, Ltd.
Hazel R. O’Leary
Lenny Lee Thomas A. Tribone Consultant and attorney to a diverse group of domestic and
Managing Director of AES Transpower Private, Ltd. Executive Vice President and President, international energy and sustainable development firms.
AES Americas, Inc. Served as seventh Secretary of the U.S. Department of
William R. Luraschi Energy. Former President of the natural gas subsidiary of
Vice President, General Counsel and Secretary Kenneth R. Woodcock
Northern States Power Company.
Senior Vice President
David G. McMillen Roger W. Sant
Vice President and President, AES Shady Point, Inc. Chairman of the Board of AES.
The Board of Directors
94 Roger F. Naill Thomas I. Unterberg
Vice President Dennis W. Bakke Managing Director, C. E. Unterberg, Towbin and former
President and Chief Executive Officer of AES. Managing Director of Shearson Lehman Brothers, Inc.
Shahzad Qasim
Managing Director of AES Oasis Dr. Alice F. Emerson Robert H. Waterman, Jr.
Senior Advisor at the Andrew W. Mellon Foundation and Founder and Chief Executive Officer of The Waterman
William Ruccius
former President of Wheaton College. Group. Author of Adhocracy – The Power to Change,
Managing Director of AES Orient
Robert F. Hemphill, Jr. The Renewal Factor, What America Does Right, and
John R. Ruggirello co-author of In Search of Excellence.
Managing Director of Toucan Ventures Capital Corporation,
Senior Vice President and President, AES Enterprise, Inc.
an international venture capital firm and former Executive
J. Stuart Ryan Vice President of AES.
Senior Vice President and President, AES Pacific, Inc.

Brought to you by Global Reports


Company Information

Offices AES Pacific Stock Listing:


100 Pine Street NYSE Symbol: AES
AES Corporation (Corporate Office) Suite 300 Investor Relations Contact:
AES Aurora San Francisco, CA 94111 Ken Woodcock
USA Senior Vice President
AES Americas Phone: (415) 395-7899 1001 North 19th Street
AES Enterprise Fax: (415) 395-7891 Arlington, Virginia 22209
1001 North 19th Street USA
AES Silk Road
Arlington, Virginia 22209 Phone: (703) 522-1315
Unit 4, Oxted Chambers
USA Fax: (703) 528-4510
185-187 Station Road East
Phone: (703) 522-1315 Oxted SEC Documents:
Fax: (703) 528-4510 Surrey RH8 0QE The Annual Report on Form 10-K is filed with the U.S.
AES Electric United Kingdom Securities and Exchange Commission. A copy of the 10-K
Burleigh House Phone: 441-83-723400 and other SEC documents can be obtained by writing to the
18 Parkshot Fax: 441-83-716259 Company.
Richmond TW9 2RG AES Transpower World Wide Web:
United Kingdom #16-05 Please visit us at http://www.aesc.com
Phone: 441-81-334-5300 Six Battery Road
Fax: 441-81-940-1170 Singapore 049909
AES Oasis Phone: 65-533-0515 The Annual Meeting of Stockholders of The AES Corporation
#16-05 Six Battery Road Fax: 65-535-7287 will be held Tuesday, April 20, 1999, at 9:30 a.m. in the
Singapore 049909 Company’s corporate headquarters at 1001 North 19th Street,
Registrar and Transfer Agent:
Phone: 65-533-0515 Arlington, Virginia, USA.
First Chicago Trust Company
Fax: 65-535-7287 P.O. Box 2500
AES Orient Jersey City, New Jersey 07303
26/F. Entertainment Building USA
30 Queens Road Central Shareholder Relations Number:
Hong Kong (800) 519-3111
Phone: 852-2842-5111
Fax: 852-2530-1673

Photography: Joel Grimes


Design: Alpert & Alpert, Inc., Herndon, Virginia

Brought to you by Global Reports


The AES Corporation
1001 North 19th Street
Arlington, Virginia 22209 USA
(703) 522-1315

Brought to you by Global Reports