Annual meeting Presentation

1. April 19, 2018
The AES Corporation
2018 Annual Meeting

2. 2Contains Forward-Looking Statements 2Contains Forward-Looking Statements
Certain statements in the following presentation regarding AES business operations may constitute
forward-looking statements. Such forward-looking statements include, but are not limited to, those
related to future earnings growth and financial and operating performance. Forward-looking statements
are not intended to be a guarantee of future results, but instead constitute AES current expectations
based on reasonable assumptions. Forecasted financial information is based on certain material
assumptions. These assumptions include, but are not limited to, accurate projections of future interest
rates, commodity prices and foreign currency pricing, continued normal or better levels of operating
performance and electricity demand at our distribution companies and operational performance at our
generation businesses consistent with historical levels, as well as achievements of planned productivity
improvements and incremental growth from investments at investment levels and rates of return
consistent with prior experience. Actual results could differ materially from those projected in our
forward-looking statements due to risks, uncertainties and other factors. Important factors that could
affect actual results are discussed in AES filings with the Securities and Exchange Commission
including but not limited to the risks discussed under Item 1A Risk Factors and Item 7: “Management’s
Discussion & Analysis” in AES’ 2017 Annual Report on Form 10-K, as well as our other SEC filings. AES
undertakes no obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Reconciliation to U.S. GAAP Financial Information
The following presentation includes certain “non-GAAP financial measures” as defined in Regulation G
under the Securities Exchange Act of 1934, as amended. Schedules are included herein that reconcile
the non-GAAP financial measures included in the following presentation to the most directly comparable
financial measures calculated and presented in accordance with U.S. GAAP.
Safe Harbor Disclosure

3. 3Contains Forward-Looking Statements 3Contains Forward-Looking Statements
1. A non-GAAP financial measure.
Continuing to Transform and Simplify, While
Achieving Our Financial Objectives
8%-10% Average
Annual Growth in
Adjusted EPS1
and Parent Free Cash
Flow1 Through 2020
Investment Grade
Credit Metrics
by 2019
Reducing Carbon
Intensity 25% by
2020 and 50% by
2030

4. 4Contains Forward-Looking Statements 4Contains Forward-Looking Statements
Our Mission, Vision and Strategy
Improving lives by
accelerating a
safer and greener
energy future

5. 5Contains Forward-Looking Statements 5Contains Forward-Looking Statements
Our Values
Safety
Excellence
Integrity
Fun
Agility

6. 6Contains Forward-Looking Statements 6Contains Forward-Looking Statements
5
3 2 3
1 1 1
3
7
4
3
3
5
3
1
1
1
2
1
2 1
1
4
1
1
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD
2018
AES People Operational Contractors Construction Contractors
AES’ Safety Program Has Reduced Fatalities

7. 7Contains Forward-Looking Statements
2017: A Year of
Transformation

8. 8Contains Forward-Looking Statements 8Contains Forward-Looking Statements
2017: A Year of Transformation
De-Risking Our Portfolio
Reducing Carbon Exposure
Improving Efficiency
Reducing Our Footprint

9. 9Contains Forward-Looking Statements 9Contains Forward-Looking Statements
Reducing Our Footprint Through Asset Sales
28Countries in 2011
15Countries in 2018

10. 10Contains Forward-Looking Statements 10Contains Forward-Looking Statements
Replacing Coal Capacity with Renewables and Natural Gas
Balanced Approach to De-Risking Our Portfolio
41% 33% 29%
32%
37%
37%
23% 26% 31%
Year-End 2015 Year-End 2017 Year-End 2020
Coal Gas Renewables Oil, Pet Coke & Diesel
In 2017, Announced Exit of 4.3 GW, or 30%, of Coal-Fired Capacity

11. 11Contains Forward-Looking Statements 11Contains Forward-Looking Statements
Levered After-Tax IRRs
1. Mexico, Central America and the Caribbean.
Earning Attractive Risk-Adjusted Returns on 2017
Renewable Growth Investments
10%
17%
16%
US Brazil MCAC
1

12. 12Contains Forward-Looking Statements 12Contains Forward-Looking Statements
Acquired sPower in the US – 1.3 GW of Solar and Wind in
Operation; 10 GW Renewable Development Pipeline
Delivering Attractive Returns to Shareholders and
Reducing Carbon Exposure

13. 13Contains Forward-Looking Statements 13Contains Forward-Looking Statements
Delivering Attractive Returns to Shareholders and
Reducing Carbon Exposure
Acquired 686 MW of Wind and Solar in Brazil

14. 14Contains Forward-Looking Statements 14Contains Forward-Looking Statements
Acquired 306 MW of Wind in Mexico
Delivering Attractive Returns to Shareholders and
Reducing Carbon Exposure

15. 15Contains Forward-Looking Statements 15Contains Forward-Looking Statements
Offering New Innovative Energy Solutions
Fluence Energy Storage Joint Venture with Siemens

16. 16Contains Forward-Looking Statements 16Contains Forward-Looking Statements
Kauai 28 MW Solar + 100 MWh Energy Storage
Offering New Innovative Energy Solutions

17. 17Contains Forward-Looking Statements 17Contains Forward-Looking Statements
Carbon Intensity (Tons of CO2/MWh of Generation)
Carbon Intensity Reduction Targets
0.69 0.67
0.60 0.55 0.51
0.31
2016 Actual 2017 Actual 2018 2019 2020 2030
2016-2020: 25% Reduction in Carbon Intensity
2016-2030: 50% Reduction in Carbon Intensity
2016-2020: Reduction of 20 Million Tons of CO2 Emissions

18. 18Contains Forward-Looking Statements 18Contains Forward-Looking Statements
Expect to Achieve $500 Million in Cost Savings by 2020
$ in Millions
Improving Efficiency
$300
$500$200
2012-2017 Actual 2018-2020 Estimate Total

19. 19Contains Forward-Looking Statements
2018: A Year of
Growth

20. 20Contains Forward-Looking Statements 20Contains Forward-Looking Statements
2018: A Year of Growth
Leveraging Our Platforms:
Adding 2.4 GW of New Projects
Developing Eastern Gas Pipeline in the
Dominican Republic
sPower Signing Long-Term Contracts for
Solar and Wind
On Track to Achieve Investment Grade
Credit Metrics by 2019
Investing in Digital Business Platforms

21. 21Contains Forward-Looking Statements 21Contains Forward-Looking Statements
2,438 MW Under Construction Expected On-Line in 2018
Leveraging Our Platforms: Adding 2.4 GW of New
Projects in 2018
708
2,4381,730
1H 2018 2H 2018 FY 2018

22. 22Contains Forward-Looking Statements 22Contains Forward-Looking Statements
671 MW CCGT, COD1: 1H 2018
1. Commercial Operations Date.
Leveraging Our Platforms: Eagle Valley in Indiana

23. 23Contains Forward-Looking Statements 23Contains Forward-Looking Statements
380 MW CCGT & 180,000 m3 LNG Tank and Regasification Facility
COD1: 2H 2018 (CCGT) and 2019 (LNG)
1. Commercial Operations Date.
Leveraging Our Platforms: Colón in Panama

24. 24Contains Forward-Looking Statements 24Contains Forward-Looking Statements
1,320 MW Coal, COD1: 2H 2018
Leveraging Our Platforms: OPGC 2 in India
1. Commercial Operations Date.

25. 25Contains Forward-Looking Statements 25Contains Forward-Looking Statements
50 TBTU Natural Gas Pipeline from AES Andres
Development Project: Eastern Gas Pipeline in the
Dominican Republic

26. 26Contains Forward-Looking Statements 26Contains Forward-Looking Statements
Offtakers Include Microsoft
sPower Signed Long-Term Contracts for 515 MW of
Solar and Wind

27. 27Contains Forward-Looking Statements 27Contains Forward-Looking Statements
Improving Customer Experience and Actions
Investing in Digital Business Platforms

28. 28Contains Forward-Looking Statements 28Contains Forward-Looking Statements
Since 2011, Paid Down $2.7 Billion in Parent Debt
$ in Millions
Reducing Financial Risk
$6,515
$4,670
$3,843
($827)
Parent Debt as of
December 31, 2011
Parent Debt as of
December 31, 2017
2018
Pay Down
Parent Debt as of
April 19, 2018
1. Excludes redemption costs of $156 million.
2. Excludes subsequent drawings under the revolver of $177 million.
21

29. 29Contains Forward-Looking Statements 29Contains Forward-Looking Statements
Reducing Financial Risk
2016 2017 2018
April
Upgraded Our
Credit Rating
from BB- to BB
May
Upgraded Our
Credit Rating
from Ba3 to Ba2
March
Upgraded Our
Credit Rating
from BB to BB+
March
Revised Our
Outlook from
Stable to Positive
December
Upgraded Our
Rating from BB-
to BB; Revised
Our Outlook from
Stable to Positive

30. 30Contains Forward-Looking Statements 30Contains Forward-Looking Statements
Financial Results &
Guidance

31. 31Contains Forward-Looking Statements 31Contains Forward-Looking Statements
$0.94
$1.08
$1.15-$1.25
8%-10%
Average
Annual
Growth
2016 Actual 2017 Actual 2018 Guidance 2020 Expectation
$ Per Share
1. A non-GAAP financial measure.
Adjusted EPS1

32. 32Contains Forward-Looking Statements 32Contains Forward-Looking Statements
$579
$637
$600-$675
8%-10%
Average
Annual
Growth
2016 Actual 2017 Actual 2018 Expectation 2020 Expectation
$ in Millions
1. A non-GAAP financial measure.
Parent Free Cash Flow1

33. 33Contains Forward-Looking Statements 33Contains Forward-Looking Statements
12/31/16 3/31/17 6/30/17 9/30/17 12/31/17
2017 Total Return
Total Return
-2.7%AES
12.1%
S&P
Utilities

34. 34Contains Forward-Looking Statements 34Contains Forward-Looking Statements
12/31/17 1/31/18 2/28/18 3/31/18
YTD 2018 Total Return
Total Return
9.6%AES
-2.4%
S&P
Utilities

35. 35Contains Forward-Looking Statements 35Contains Forward-Looking Statements
1. A non-GAAP financial measure.
Continuing to Transform and Simplify, While
Achieving Our Financial Objectives
8%-10% Average
Annual Growth in
Adjusted EPS1
and Parent Free Cash
Flow1 Through 2020
Investment Grade
Credit Metrics
by 2019
Reducing Carbon
Intensity 25% by
2020 and 50% by
2030

36. 36Contains Forward-Looking Statements
Thank You!