January 2017

PLATTS CARIBBEAN ENERGY CONFERENCE SANTO DOMINGO, DR

AES Corporation: A Global Leading Power Company

Safe Harbor Disclosure 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. For additional assumptions see Slide 41 and the Appendix to this presentation. 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’ 2014 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.

AES Corporation: A Global Leading Power Company

US$39 bn in assets located across 18 countries

Total installed power generation capacity of 35,800 MW Distribution networks with capacity to serve over 10 mm customers 6 GW of assets under construction

The AES Corporation (NYSE: AES) is a Fortune 200 global power company

AES DOMINICANA

PLAY VIDEO: https://www.youtube.com/watch?v=QuiXAp8Lmnw#t=10

RECENT DEVELOPMENTS IN THE DR

$260M DPP Combined Cycle Conversion Project nearing completion providing additional 114MW of electricity

Completed $10M terminal reconfiguration to allow re-loading of LNG into small vessels. Installed pumps to allow for loading of LNG at a rate of 500cm/hour Upgraded jetty to allow for berthing of vessels of 10km3 and up

2 Distributed Energy Projects completed at Andres and Itabo in 2016 increases capacity by ~25MW.

Solar generation

Battery Installation

Mini Hydro

AES COSTA NORTE LNG RECEIVING TERMINAL

PPAs: 350 MW with Distributors Total investment: US $ 1,150 million Investors: AES (50.1%) Inv.Bahia (49.9%) COD: Mid 2018 Tank Completion: Mid 2019

Telfers Island, Colón, Panama Installed capacity: 381MW net Technology: Combined cycle (3 + 1) Terminal: Input / output terminal Tank: 180,000 m3

AES COSTA NORTE LNG RECEIVING TERMINAL

PANAMA CANAL Atlántico

PANAMA PORTS

Terreno (20 Héctareas)

AES Power Block y GNL Infraestructura (Terminal + Tanque)

Jamaica Curacao Aruba Guadeloupe Martinique St Lucia Barbados Caymans

Dominican Republic

440 370 373 521 562 587 677 688

AES REGIONAL LNG DISTRIBUTION HUBS

Costa Rica Nicaragua Honduras El Salvador Guatemala

Panama 192 695 747 869 928

*distances in miles

LNG AVAILABILITY & PRICES TIED TO US GAS MARKET Sabine Pass Cameron Freeport Corpus Christi Cove Point

~800 LNG cargos per year will flow from the US by end 2019

AES Dominicana is the closest large scale receiving terminal*

* Not including Altamira, Mexico, which is not expected to import material quantities of LNG due to increased pipe importation from the US

4,900 miles to the UK

1,650 miles to the DR

3,700 mile to Pecem, Brazil 14,000 miles to Japan via Suez

9,000 miles to Japan via Panama

~8 BCF/D or ~60MTA per year

~2 BCF/d or ~14 MTA

1,650 miles to Panama

DELIVERING SMALL SCALE LNG TO THE REGION

AES Small-Scale LNG Distribution

Infrastructure is Ready

ISO Containers – TODAY

Small Bulk Vessels – TODAY

LNG DELIVERY VIA ISO CONTAINERS

AES Andres currently configured to load LNG in ISO Containers

2 loading bays and a loading capacity of 68 m3/hour

Approximately 5,000 truck loadings per year serves a customer base of 65 manufacturers and 15,000 vehicles

34,851 trucks equivalent filled in past 7 years or approximately 25.7 TBTU (8.6 ships standard vessels), without any safety incident

AES Andres LNG ISO Containers Distribution

Proximity to an international ports. AES will truck the ISO Containers one mile to the port of Caucedo or 50 miles to Rio Haina

ISO containers can be easily transported on standard container vessels and offloaded at any container port

LNG ISO CONTAINER VALUE CHAIN

$9M infrastructure reconfiguration: AES Andres has completed the jetty modifications and added additional pumps to be capable of loading small vessels ranging in size from 10,000m3 and up.

ANDRES LNG TERMINAL RECONFIGURATION

* Estimated demand from plants of that size assuming a number of factors

AES Andres reconfiguration to load small vessels COMPLETED

Small vessel fleet growing with existing carriers available Yard availability and historically low prices for new-builds

takes 2-3 years for construction

ANDRES LNG TERMINAL RECONFIGURATION

* Estimated demand from plants of that size assuming a number of factors

PARTNERSHIP WITH ENGIE

ENGIE (formerly GDF Suez) and AES working together to develop downstream markets in the region.

ENGIE brings to the partnership availability of long term LNG supply and needed flexibility to manage downstream customer demand and pricing needs.

ENGIE has secured long term liquefaction capacity for 4MTPA from the Cameron LNG project in Louisiana, which is scheduled to begin operations in 2018.

AES LNG DISTRIBUTION BUSINESS MODEL

AES will deliver LNG to the customer

ENGIE

Large Volume received

Storage for large deliveries

Credit / Balance sheet

Term structure and flexibility

LNG Buyer

LNG Buyer

LNG Buyer

Smaller volume delivered

Smaller storage requirements

Flexible pricing structure and term

Infrastructure development

AES

SUMMARY

AES is ready to deliver LNG to the Caribbean

LNG delivery via small bulk carriers or ISO containers

Large-scale LNG procurement and relatively short distance to markets reduces cost and makes conversion to gas feasible for the Caribbean

AES will delivery the entire value chain in multiple forms:

1. LNG delivered to a port

2. Gas delivered to the burner tip

Flexible pricing and terms to match customer’s needs