wolfe power & gas final (1)

The AES Corporation
Wolfe Research Power &
Gas Leaders Conference
Tom O’Flynn, EVP & CFO
September 18, 2014

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 38 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’ 2013 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.
Contains Forward-Looking Statements 2

Executive Summary
l Diversified portfolio of largely contracted generation and utilities
l Executing on a strategy to:
„ Reduce risk
„ Drive growth
„ Enhance returns
Goal: Deliver Higher Risk-Adjusted Returns

Who We Are: A Diversified Power Generation and Distribution
Company
FY 2013 Adjusted PTC1: $1.8 Billion Before Corporate Charges of $0.6 Billion
Asia
8% US
24%
MCAC2 Americas
Brazil
12%
EMEA3
19%
18%
Rest of World
27%
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
2. Mexico, Central America and Caribbean.
3. Europe, Middle East and Africa.
Andes
19%
73%

Who We Are: 80% of Portfolio Businesses are Contracted or
Utilities
2014 Adjusted PTC1 by Contract Type
(< 2 Years) Utilities
17%
Short-Term Sales
(2-5 Years) 37%
Long-Term
27%
19%
Medium-Term
Contract Sales
Contract Sales
(5-25 Years)
Average Remaining Contract Term is 7 Years2
2. Average of medium- and long-term contracts. PPA MW-weighted average is adjusted for AES’ ownership stake.

Our Strategic Pillars Leverage Our Platforms to Drive Growth;
Partnerships Reduce Risk and Enhance Returns
Expanding
Access to
Capital
l Building strategic
partnerships
l Sourcing low cost
sources of capital
Performance
Excellence
l Be the low-cost
manager
Reducing
Complexity
l Exiting businesses
with no competitive
advantage
Leveraging Our
Platforms
l Expanding existing
businesses
l Building on strong
presence in key
markets

Reducing Complexity: Exited 8 Countries
$ in Millions
$900
$2,256
$234
$871
$251
2011-2012 2013 Through Q2 2014
Earnings Call
(August 7, 2014)
Since Q2 2014
Earnings Call
(August 7, 2014)
Total
Expect to Raise an Additional $250 Million by December 2015

Performance Excellence: Improving Efficiencies Across Our
Portfolio
$ in Millions
On Track to Achieve Reduction of $200 in Global Overhead1
$90
$200
$53
$40
$17
2012 Actual 2013 Actual 2014 Estimate 2015 Estimate Total
1. Cost reductions will be reflected in General and Administrative Expense (G&A), as well as Cost of Sales. Some of the previously reported 2012
and 2013 G&A Expense related to administrative costs at our SBUs has been reclassified to Cost of Sales.

Performance Excellence: Increasing Adjusted EPS1 and
Proportional Free Cash Flow1
Adjusted EPS1 Proportional Free Cash Flow1
($ in Millions)
8% Average Annual Growth
$1.11
$1.21
$1.29
2011 2012 2013
1. A non-GAAP financial measure. See Appendix for definition.
13% Average Annual Growth
$997
$1,250 $1,271
2011 2012 2013

Performance Excellence: Allocating Capital to Increase Per
Share Value on Risk Adjusted Basis
Since September 2011, $ in Billions
Reduced Parent Debt
by 20%
Returning Cash to Shareholders;
Reduced Share Count 8%
$331 $440 ≥ $300
2012 2013 2014 E
Dividend Buyback
$6.5
$5.2
($1.3)
2011 Proforma 2014
Balanced Approach to Capital Allocation – De-Risk Balance Sheet,
Return Cash to Shareholders & Provide Future Earnings Growth

Leveraging Our Platforms
Platform
Expansions
Adjacencies &
Enhancements
Targeted
M&A
l 6,947 MW under construction
l Energy storage
l Desalinization
l Fogging
l Complementary to existing position in key markets
Growth Projects Benchmarked Against Share Repurchases

Leveraging Our Platforms: Construction Program Contributes
to Long-Term Growth
MW Additions by Year
4,547 MW, Plus 2,400 MW of MATS
Upgrades Under Construction
AES Equity Investments of
$1.5 Billion
20
2,400
1,433 572
671
1,851
2014 2015 2016 2017 2018
New Capacity Under Construction IPL MATS
33%
36%
31%
US
Chile1
Asia
1. AES Gener, listed in Santiago.
Note: These are some of our construction projects. Other projects not currently on this slide, whether developed through acquisitions or otherwise,
may be brought on-line before these projects. In addition, some of these examples may not close or be completed as anticipated, or they may be
delayed, due to uncertainty inherent in the development process.

Leveraging Our Platforms: Increasing Per Share Value on a
Risk-Adjusted Basis
Construction Program & IPL MATS
Non-Recourse Debt/Partner
$450
To Be Invested
Funding
$1,050
15% ROE1 and 7x P/E
$ in Millions
$7,100
$1,500 AES Equity
Already Funded/
In-Country Cash
70% of AES’ Equity Commitments Already Funded
1. Based on 2018 contributions from all projects under construction and IPL MATS upgrades. Assumes a full year contribution from Alto Maipo,
which is expected to come on-line in 2H 2018.Weighted Average Return on Equity is net income divided by AES equity contribution. See Slide 36
for details.

Expanding Access to Capital: Bringing in Partners
$ in Millions
$609
$1,259 $1,868
● Cochrane (Chile)
● Alto Maipo (Chile)
● Silver Ridge
Power (Solar JV)
● Guacolda (Chile)
● Masinloc
(Philippines)
● Dominican
Republic
2013 2014 Total
Objectives: Reduce Risk, Improve Returns and Free-Up Capital

Development Pipeline: Well-Positioned to Benefit from Strong
Competitive Advantages
Development Pipeline 18,000 MW
l Expansion of existing facilities
l Rate base growth
l Repowering opportunities
l Privatization of new projects in existing markets
l Adjacencies and enhancements
„ Energy storage
„ Water desalinization
„ Fogging
Expect Returns that Exceed Return on Share Repurchases

2014 Parent Capital Allocation Plan
$ in Millions
Discretionary Cash – Sources
($1,678-$1,778)
Discretionary Cash – Uses
($1,678-$1,778)
$132
$450-$550 $63
$1,033
$1,678-
$1,778
Cash
Balance as of
December
31, 2013
Asset Sales
Proceeds
2
Parent FCF Return of
Capital &
Other
Total
Discretionary
Cash
$100
Target Closing
Cash Balance
$271-
$471
$331
Shareholder
Dividend
$106 $145
$625-
$725
1
To be Allocated
Completed Share
Buyback Through
9/15/14
Debt
Prepayment and
Refinancing3 Investments in
Subsidiaries
Unallocated Cash Available to Invest in Share Buybacks,
Platform Expansions and Debt Paydown
1. Includes announced or closed asset sale proceeds net of transaction costs of: $435 million (Masinloc in the Philippines), $175 million (solar), $155 million (Sonel,
Kribi and Dibamba in Cameroon), $155 million (UK Wind), $78 million (Dominican Republic), $25 million (3 US wind facilities) and $8 million (India wind).
2. A non-GAAP financial metric. See Appendix for definition and reconciliation.
3. Includes $460 million recourse debt prepayment, associated premiums and $12 million net use of cash related to first half 2014 refinancings. Also includes
approximately $125 million, or 50% of additional asset sale proceeds received since our Q2 earnings call on August 7, 2014, to maintain credit neutrality.

Adjusted EPS1 Growth: 4%-6% Through 2015, Expecting
Faster Growth in 2017-20182
See Slides 31-34 for Assumptions and Sensitivities
$1.29
$1.30-$1.38
4%-6%
6%-8%
Average
Annual
Growth
+ Completion of
Mong Duong 23
+ Full year of
operations in
Jordan4
+ Capital allocation
2016: Expect flat
to modest growth,
despite $0.11
headwind at
Tietê and DPL
+ Completion of
724 MW of
construction5
+ Rate base growth
at IPL (US)
+ Full year of
operations in
Vietnam
– Tietê contract
step-down
– DPL PJM
capacity prices
+ Performance
improvement
+ 2018: Completion
of 1,851 MW of
construction
projects6
Expect low end of
range (impact from
adverse hydrology)
2013 2014 2015 2016 2017-2018
2. 2014 guidance reaffirmed on August 7, 2014 and 2015-2018 growth rates provided on February 26, 2014.
3. 1,240 MW Mong Duong 2 project in Vietnam.
4. 247 MW IPP4 project in Jordan.
5. 152 MW Guacolda V and 572 MW Cochrane projects in Chile.
6. 531 MW Alto Maipo project in Chile and 1,320 MW OPGC II project in India.
6%-8%

Growth in Proportional Free Cash Flow (Prop FCF)1
$ in Millions
$1,271 $1,000-$1,300
2014-2018
10%-15%
Average Annual
Mid-point of $1,150 Growth
Represents 11% Yield
on Current Market Cap
Drivers for Higher Prop
FCF1 versus Adjusted
EPS1
+ Maintenance capex lower
than depreciation from
new businesses2
+ Mong Duong (Vietnam)
accounting treatment
+ Completion of
environmental capex in
Chile
$100 Million Headwinds:
– ($40) million – Higher
environmental capex
in Andes
– ($60) million – Cameroon
asset sale announced in
November 2013
2013 2014 2015-2018
Strong and Growing Proportional Free Cash Flow1 – Increasing Capital
Available for Debt Repayment, Growth & Distributions to Parent
1. A non-GAAP financial measure. See Appendix for definition and reconciliation. 2014 guidance reaffirmed on August 7, 2014 and 2015-2018 growth rates provided
on February 26, 2014.
2. Consistent with existing operations. 2013 actual proportional depreciation was $975 million versus proportional maintenance capex of $610 million.

Conclusion
l Diversified portfolio of largely contract generation and utilities
l Well-positioned to benefit from growth opportunities
l Executing on a strategy to deliver higher risk-adjusted returns
l Attractive and growing total return at a compelling valuation
„ Proportional Free Cash Flow1 yield of 12%; expecting growth of 10%-15%
annually (2014-2018)2
„ Total return3 potential increases to 8%-10% annually from current level of
6%-8%2
2. 2014 guidance reaffirmed on August 7, 2014 and 2015-2018 growth rates provided on February 26, 2014.
3. Current total return is based on 4%-6% Adjusted EPS growth and a 1%-2% dividend. Future total return based on 2017-2018 Adjusted EPS
growth outlook of 6%-8% and a 1%-2% dividend.

Appendix
l Hydrology Slide 21
l In Brazil, Improvement in Forward Curves Provides Upside Potential Slide 22
l Business Developments Slides 23-25
l Dividend Policy Slide 26
l Parent Only Cash Flow Slide 27
l DPL Modeling Tools Slide 28
l DPL Debt Schedule Slide 29
l Asset Sales Slide 30
l Key Assumptions for 2014-2018 Outlook Slide 31
l Year-to-Go 2014 Guidance Estimated Sensitivities Slide 32
l Currency and Commodity Sensitivities Slides 33-34
l AES Modeling Disclosures Slide 35
l Construction Program Slide 36
l Reconciliation Slide 37
l Assumptions & Definitions Slides 38-40

Continue to Expect FY 2014 Adjusted EPS1 Impact from Poor
Hydrology of $0.07-$0.10 Per Share, Including $0.04 YTD 2014
Chile, Colombia &
Argentina Panama
l In-line with prior
expectations
l Inflows have improved
since May
l Rainy season: May-
November; forecast for
the remainder of the year
is 20%-30% below
average
l Proactive steps mitigate
potential impact in 2014
by $0.04 per share
Reduced 2014 Impact Through Proactive Steps Despite
Drier Hydrology than 2013
1. A non-GAAP financial measure. See Slide 37 for reconciliation and “definitions”.
Brazil
l Expect inflows to be in-line
with historical
average through
November and thermal
dispatch to remain high,
to preserve reservoir
levels
l Reservoir levels should
be sufficient to avoid
rationing in 2014
l Impact of dry conditions
for 2015 dependent on
rainfall during next rainy
season (December-April)

In Brazil, Improvement in Forward Curves Provides Upside
Potential
Tietê’s Contracted Position
26% 36% 63%
Uncontracted Uncontracted Uncontracted
74% 64% 37%
Contracted at
an average of
R$128/MWh
Contracted at
an average of
R$125/MWh
Contracted at
an average of
R$125/MWh
2016 2017 2018
Energy Available for Sale (MWh)
Energy Sold (MWh)
Forward Power Prices
l 2016 current forward power prices
for uncontracted energy: R$180-R
$210/MWh
„ $0.01-$0.02 upside in Adjusted EPS1
in 2016
l Beyond 2016 forward power prices
for uncontracted energy: R$140-R
$150/MWh
„ On an unhedged basis, every R$10/
MWh improvement in power prices,
relative to our long-term expectation2
of R$120-R$130, translates to $0.01
upside in Adjusted EPS1
1. A non-GAAP financial measure. See Slide 37 for reconciliation and “definitions”.
2. Expectations provided on February 26, 2014.

Maritza Update
690 MW Coal-Fired Plant in Bulgaria
l Contributes $140 million or 7% of Adjusted PTC1
l Long-term Power Purchase Agreement (PPA) with NEK, the state-owned utility, through 2026
l Announcements by State Energy and Water Regulatory Commission (SEWRC) in June 2014:
„ Requested European Commission to scrutinize PPA under European state aid rules
„ Instructed NEK to initiate negotiations on the terms of the PPA, in order to lower payments
l As of September 12, 2014: $211 million in receivables, of which $49 million is not yet due and $82
million is overdue for more than 90 days
l Maritza is in discussions with NEK and the Government of Bulgaria
l Interim government is in place; election expected October 5, 2014
Objective is to Preserve the Value of the Business Through a
Negotiated Agreement or by Seeking to Enforce Rights
1. Based on 2014 expectations. A non-GAAP financial measure. See “definitions”.

Other Business Developments
Argentina Puerto Rico
l Contributes $60 million or 3% of
Adjusted PTC1
l Currently no impact from
government’s selective default
l Competitive generation fleet of
2,930 MW
l Devaluation factored into our
forecast; extreme devaluation could
have a negative impact
l Contributes $40 million 2% of
Adjusted PTC1
l In July, government debt
downgraded, again
l PREPA, the government-owned
utility, is the offtaker for AES’ 524
MW coal-fired power plant; also
owns oil-fired generation fleet
serving 70% of Puerto Rico’s energy
needs
l AES Puerto Rico sells electricity at
9.5 cents/kWh vs. >20 cents/kWh of
PREPA-owned capacity – saving
PREPA ~$250 million annually
1. Based on 2014 expectations. A non-GAAP financial measure. See “definitions”.

DPL
Regulatory Developments Business Update
l ESP case
„ Public Utilities Commission of Ohio
(PUCO) has ruled on all pending
matters
„ Generation separation deadline
extended to January 1, 2017
l Generation separation case
„ Close to a consensus with PUCO Staff
„ Expect PUCO decision in the third
quarter of 2014
l Retaining DPL generation assets
„ Selling at less than long-term value
would have left remaining business
with significant debt
„ Additional value creation potential:
w Movements in power prices create a
more positive outlook
w PJM capacity market
w Operational and commercial optimization
l Planning to prepay debt by using
DPL’s excess free cash flow
„ Reducing consolidated debt by $200-
$300 million by 2016

Dividend Policy: Payout Ratio Target of 30%-40% of
Sustainable Parent Free Cash Flow (Parent FCF)1
$ in Millions
l Dividend level to be tied to Parent
FCF1
„ Expecting Parent FCF1 to grow in-line
with Proportional FCF1 growth of
10%-15% annually
l Current payout ratio of 29% is at the
low-end of the target range
l Will be reviewed annually in the
fourth quarter
23% 23%
29%2
~$1203 ~$120 ~$145
$ in Millions 2012 2013 2014
Parent FCF1 $521 $516 $450-$550
1. A non-GAAP financial measure.
2. Based on mid-point of $450-$550 million range.
3. Annualized; initiated dividend in fourth quarter 2012 for $30 million.

Parent Sources & Uses of Liquidity
$ in Millions
SOURCES
Total Subsidiary Distributions1 $210 $308 $441 $510
Proceeds from Asset Sales, Net $155 $154 $189 $209
Financing Proceeds, Net $765 $746 $1,508 $746
Increased/(Decreased) Credit Facility Commitments - - - -
Issuance of Common Stock, Net - $1 $1 $3
Total Returns of Capital Distributions & Project Financing
Proceeds $26 $1 $36 $163
Beginning Parent Company Liquidity2 $825 $1,222 $931 $1,106
Total Sources $1,981 $2,432 $3,106 $2,737
USES
Repayments of Debt ($797) ($1,204) ($1,662) ($1,206)
Shareholder Dividend ($36) ($30) ($72) ($60)
Repurchase of Equity ($32) ($18) ($32) ($18)
Investments in Subsidiaries, Net ($228) ($12) ($258) ($87)
Cash for Development, Selling, General & Administrative
and Taxes ($52) ($87) ($164) ($193)
Cash Payments for Interest ($114) ($163) ($195) ($241)
Changes in Letters of Credit and Other, Net ($28) ($10) ($29) ($24)
Ending Parent Company Liquidity2 ($694) ($908) ($694) ($908)
Total Uses ($1,981) ($2,432) ($3,106) ($2,737)
1. See “definitions”.
2. A non-GAAP financial measure. See “definitions”.
Q2 YTD
2014 2013 2014 2013

DPL Inc. Modeling Disclosures
Based on Market Conditions and Hedged Position as of June 30, 2014
Full Year 2014 Full Year 2015 Full Year 2016
Volume Production (TWh) 16 13 14
% Volume Hedged >90% ~75% ~20%
EBITDA Generation Business1 ($ in Millions) $80 to $100 per year
EBITDA DPL Inc. including Generation and T&D
($ in Millions) ~ $350 per year
Reference Prices
Henry Hub Natural Gas ($/mmbtu) 4.6 4.2 4.2
AEP-Dayton Hub ATC Prices ($/MWh) 47 38 39
EBITDA Sensitivities (with Existing Hedges)2 ($ in Millions)
+/-10% Henry Hub Natural Gas <$5 $10 $30
1. Includes DPL’s competitive retail segment.
2. Gas price sensitivities are based on an calculated gas-power relationship. There is some degree of asymmetry considering dispatch capabilities
of units.

Non-Recourse Debt at DP&L and DPL Inc.
$ in Millions
Series Interest Rate Maturity Amount Outstanding as of
June 30, 2014 Remarks
2013 First Mortgage Bonds 1.875% September 2016 $445.0 ● Callable at make-whole T
+20
2006 OH Air Quality Pollution
Control 4.8% September 2036 $100.0 ● Non-callable; callable at par
in September 2016
2005 Boone County, KY
Pollution Control 4.7% January 2028 $35.3 ● Non-callable; callable at par
in July 2015
Control 4.8% January 2034 $137.8 ● Non-callable; callable at par
in July 2015
2005 OH Water Quality
Pollution Control 4.8% January 2034 $41.3 ● Non-callable; callable at par
in July 2015
Control VDRNs Variable November 2040 $100.0 ● Callable at par
Total Pollution Control Various Various $414.4
Wright-Patterson AFB Note 4.2% February 2061 $18.7 ● No contractual
prepayment option
DP&L Preferred 4.7% N/A $22.9 ● Redeemable at pre-established
premium
Total DP&L $900.9
2018 Term Loan Variable May 2018 $190.0 ● No prepayment penalty
2011 Senior Unsecured 6.50% October 2016 $430.0 ● Callable at make-whole T
+50
2011 Senior Unsecured 7.25% October 2021 $780.0 ● Callable at make-whole T
+50
Total Senior Unsecured Various Various $1,210
2001 Cap Trust II Securities 8.125% September 2031 $20.6 ● Non-callable
Total DPL Inc. $1,420.6
TOTAL $2,321.5

Narrowing Our Geographic Focus: Since September 2011
Exited 8 Countries
$ in Millions
Business Country
AES Share of Proceeds
September 2011- Remarks
December 2012 2013 2014 Total
Atimus (Telecom) Brazil $284 $284
Non-core asset; Paid down $197
million1 in debt at Brasiliana
subsidiary
Bohemia Czech Republic $12 $12 Limited growth
Edes and Edelap Argentina $4 $4 Underperforming businesses
Cartagena Spain $229 $24 $253 No expansion potential
Red Oak and Ironwood U.S. $228 $228 No expansion potential
French Wind France $42 $42 Limited growth/
no competitive advantage
Hydro, Coal and Wind China $87 $46 $133 Limited growth/
Tisza II Hungary $14 $14 Limited growth/
Two Distribution Companies Ukraine $108 $108 Limited growth/
Trinidad Trinidad $30 $30 Limited growth/
Wind Turbines U.S. $26 $26 No suitable project
Sonel, Dibamba and Kribi Cameroon $2022 $202
Wind Project & Pipeline India & Poland $16 $16
3 Wind Projects U.S. $22 $22 Limited growth
Silver Ridge Power (Solar) Various $178 $178
Masinloc Partnership Philippines $453 $453
4 Wind Projects United Kingdom $155 $155
Dominicana Partnership Dominican
Republic $96 $96
TOTAL $900 $234 $1,122 $2,256
1. AES owns 46% of its Brasiliana subsidiary. Proceeds and debt reflect AES’ ownership percentage.
2. $40 million to be received in 2016.

Key Assumptions for 2014-2018 Outlook
l 2014
„ Foreign currency and commodity forward curves as of June 30, 2014
„ Adjusted EPS1 impact of $0.07-$0.10 per share from more severe
hydrological conditions
l 2014-2018
„ Adjusted effective tax rate in low- to mid-30% range, which includes
anticipated extension of CFC look-thru rule2
„ Continued progress to achieve operating efficiencies
„ Uses of Parent discretionary cash:
w Quarterly dividend ($145 million in 2014)
w $450 million remaining equity investment in on-going construction projects (~$200
million in 2014 and remaining in 2015-2016)
w Capital allocation
2. Beyond the one-time 2014 impact, other effects of the potential Chilean tax law change have not been considered.

Year-to-Go 2014 Guidance Estimated Sensitivities
Interest Rates1
Currencies
Commodity
Sensitivity
l 100 bps move in interest rates over YTG 2014 is equal to a change in EPS of approximately $0.01
l 10% appreciation in USD against the following key currencies is equal to the following negative EPS impacts:
YTG 2014
Average Rate Sensitivity
Argentine Peso (ARS) 9.05 $0.005
Brazilian Real (BRL) 2.28 $0.005
Euro 1.37 Less than $0.005
Great British Pound (GBP) 1.71 $0.005
Kazakhstan Tenge (KZT) 186.6 $0.005
10% increase in commodity prices is
forecasted to have the following EPS
impacts:
YTG 2014
Average Rate Sensitivity
NYMEX Coal $62/ton Less than $0.005,
Rotterdam Coal (API 2) $75/ton negative correlation
NYMEX WTI Crude Oil $104/bbl
$0.005, positive correlation
IPE Brent Crude Oil $112/bbl
NYMEX Henry Hub Natural Gas $4.5/mmbtu
$0.005, positive correlation
UK National Balancing Point Natural Gas £0.47/therm
Note: Guidance provided on August 7, 2014. Sensitivities are provided on a standalone basis, assuming no change in the other factors, to illustrate
the magnitude and direction of changing market factors on AES’ results. Estimates show the impact on YTG (July-December) 2014 adjusted EPS.
Actual results may differ from the sensitivities provided due to execution of risk management strategies, local market dynamics and operational
factors. 2014 guidance is based on currency and commodity forward curves and forecasts as of June 30, 2014. There are inherent uncertainties in
the forecasting process and actual results may differ from projections. The Company undertakes no obligation to update the guidance presented
today. Please see Item 3 of the Form 10-Q for a more complete discussion of this topic. AES has exposure to multiple coal, oil, and natural gas
indices; forward curves are provided for representative liquid markets. Sensitivities are rounded to the nearest ½ cent per share.
1. The move is applied to the floating interest rate portfolio balances as of June 30, 2014.

Foreign Exchange (FX) Risk Mitigated Through Structuring of
Our Businesses and Active Hedging
2014 Full Year FX Sensitivity2,3
by SBU (Cents Per Share)
2014 Adjusted PTC1: $2 Billion
FX Risk by Currency
Other FX
2%
USD-Equivalent
EUR
8%
COP
7%
GBP
5%
ARS
3%
BRL 63%
12%
0.5
1.0
1.0
0.5 3.5
1.5
2.0
0.5
2.5
US Andes Brazil MCAC EMEA Asia CorTotal
FX Risk After Hedges Impact of FX Hedges
l Balance of 2014 correlated FX risk after hedges is $0.01 for 10% USD appreciation
l 63% of 2014 earnings effectively USD
„ USD-based economies (i.e. U.S., Panama)
„ Structuring of our PPAs
l FX risk mitigated on 12-month rolling basis by shorter-term active FX hedging programs
1. Before Corporate Charges. A non-GAAP financial measure. See Appendix for definition and reconciliation.
2. Sensitivity represents full year 2014 exposure to a 10% appreciation of USD relative to foreign currency as of December 31, 2013.
3. Andes includes Argentina and Colombia businesses only, due to limited translational impact of USD appreciation to Chilean businesses.

Commodity Exposure is Largely Hedged Through 2015, Long
on Natural Gas in Medium- to Long-Term
Full Year 2016 Adjusted EPS1 Commodity Sensitivity2
for 10% Change in Commodity Prices
8.0
6.0
4.0
2.0
0.0
(2.0)
(4.0)
(6.0)
Coal Gas Oil Correlated Total
Cents Per Share
l Primarily hedged in 2014 – correlated sensitivity in 2014 as of December 31, 2013 was
$0.025, balance of year as of June 30, 2014 is $0.010
l Coal fleet at DP&L is the primary driver of increase in sensitivity to coal and gas
2. Domestic and International sensitivities are combined and assumes each fuel category moves 10%. Adjusted EPS is negatively correlated to coal
price movement, and positively correlated to gas and oil price movements.

AES Modeling Disclosures
$ in Millions 2014 Assumptions
Income Statement Assumptions
Adjusted PTC1 $1,250-$1,490
Tax Rate 30%-32%
Diluted Share Count 730
Parent Company Cash Flow Assumptions
Subsidiary Distributions (a) $1,150-$1,250
Cash Interest (b) $400
Cash for Development, General & Administrative and Tax (c) $300
Parent Free Cash Flow (a – b – c) $450-$550
l Commodity and foreign currency exchange rates forward curves as of December 31,
2013
1. A non-GAAP financial measure. See reconciliation on Slide 37 and “definitions”.

Attractive Returns from 2014-2018 Construction Pipeline
$ in Millions, Unless Otherwise Stated
Project Country AES
Ownership Fuel Gross
MW
Expected
COD Total Capex
Total
AES
Equity
ROE Comments
Construction Projects Coming On-Line 2014-2018
Tunjita Colombia 71% Hydro 20 2H 2014 $67 $21 Lease capital structure at
Chivor
Warrior Run ES US-MD 100% Energy Storage 20 1H 2015 $8 $8
Guacolda V Chile 36% Coal 152 2H 2015 $454 $48
Mong Duong 2 Vietnam 51% Coal 1,240 2H 2015 $1,948 $249 Lease accounting
Andes Solar Chile 71% Solar 21 2H 2015 $44 $22
IPL MATS US-IN 100% Coal 1H 2016 $511 $230 Environmental (MATS)
upgrades of 2,400 MW
Cochrane Chile 42% Coal
Energy Storage
532
40 1H 2016 $1,350 $130
Eagle Valley CCGT US-IN 100% Gas 671 1H 2017 $585 $263
OPGC II India 49% Coal 1,320 1H 2018 $1,600 $225
Alto Maipo Chile 42% Hydro 531 2H 2018 $2,050 $335
ROE2 IN 2018 ~15%
Weighted average; net
income divided by AES
equity contribution
CASH YIELD2 IN 2018 ~16%
Weighted average;
subsidiary distributions
divided by AES equity
contribution
1. AES equity contribution equal to 71% of AES Gener’s equity contribution to the project.
2. Based on projections. See our 2013 Form 10-K for further discussion of development and construction risks.

Reconciliation of 2014 Guidance
$ in Millions, Except Per Share Amounts
2014 Guidance
Adjusted EPS1 $1.30-$1.38
Proportional Free Cash Flow1 $1,000-$1,300
Consolidated Net Cash Provided by Operating
Activities $2,200-$2,800
Reconciliation Consolidated Adjustment Factor Proportional
Consolidated Net Cash
Provided by Operating
Activities (a)
$2,200-$2,800 $550-$850 $1,650-$1,950
Maintenance &
Environmental Capital
Expenditures (b)
$700-$1,000 $200 $500-$800
Free Cash Flow1 (a - b) $1,350-$1,950 $350-$650 $1,000-$1,300
l Commodity and foreign currency exchange rates forward curves as of June 30, 2014

Assumptions
Forecasted financial information is based on certain material assumptions. Such assumptions include, but are not limited
to: (a) no unforeseen external events such as wars, depressions, or economic or political disruptions occur; (b) businesses
continue to operate in a manner consistent with or better than prior operating performance, including achievement of
planned productivity improvements including benefits of global sourcing, and in accordance with the provisions of their
relevant contracts or concessions; (c) new business opportunities are available to AES in sufficient quantity to achieve its
growth objectives; (d) no material disruptions or discontinuities occur in the Gross Domestic Product (GDP), foreign
exchange rates, inflation or interest rates during the forecast period; and (e) material business-specific risks as described in
the Company’s SEC filings do not occur individually or cumulatively. In addition, benefits from global sourcing include
avoided costs, reduction in capital project costs versus budgetary estimates, and projected savings based on assumed
spend volume which may or may not actually be achieved. Also, improvement in certain KPIs such as equivalent forced
outage rate and commercial availability may not improve financial performance at all facilities based on commercial terms
and conditions. These benefits will not be fully reflected in the Company’s consolidated financial results.
The cash held at qualified holding companies (“QHCs”) represents cash sent to subsidiaries of the Company domiciled
outside of the U.S. Such subsidiaries had no contractual restrictions on their ability to send cash to AES, the Parent
Company, however, cash held at qualified holding companies does not reflect the impact of any tax liabilities that may
result from any such cash being repatriated to the Parent Company in the U.S. Cash at those subsidiaries was used for
investment and related activities outside of the U.S. These investments included equity investments and loans to other
foreign subsidiaries as well as development and general costs and expenses incurred outside the U.S. Since the cash
held by these QHCs is available to the Parent, AES uses the combined measure of subsidiary distributions to Parent and
QHCs as a useful measure of cash available to the Parent to meet its international liquidity needs. AES believes that
unconsolidated parent company liquidity is important to the liquidity position of AES as a parent company because of the
non-recourse nature of most of AES’ indebtedness.

Definitions
l Adjusted Earnings Per Share (a non-GAAP financial measure) is defined as diluted earnings per share from continuing operations excluding gains or losses of both consolidated
entities and entities accounted for under the equity method due to (a) unrealized gains or losses related to derivative transactions, (b) unrealized foreign currency gains or losses,
(c) gains or losses due to dispositions and acquisitions of business interests, (d) losses due to impairments, and (e) costs due to the early retirement of debt, adjusted for the
same gains or losses excluded from consolidated entities. The GAAP measure most comparable to Adjusted EPS is diluted earnings per share from continuing operations. AES
believes that Adjusted EPS better reflects the underlying business performance of the Company and is considered in the Company’s internal evaluation of financial performance.
Factors in this determination include the variability due to unrealized gains or losses related to derivative transactions, unrealized foreign currency gains or losses, losses due to
impairments and strategic decisions to dispose or acquire business interests or retire debt, which affect results in a given period or periods. Adjusted EPS should not be construed
as an alternative to diluted earnings per share from continuing operations, which is determined in accordance with GAAP.
l Adjusted Pre-Tax Contribution (a non-GAAP financial measure) represents pre-tax income from continuing operations attributable to AES excluding gains or losses of both
consolidated entities and entities accounted for under the equity method due to (a) unrealized gains or losses related to derivative transactions, (b) unrealized foreign currency
gains or losses, (c) gains or losses due to dispositions and acquisitions of business interests, (d) losses due to impairments, and (e) costs due to the early retirement of debt,
adjusted for the same gains or losses excluded from consolidated entities. It includes net equity in earnings of affiliates, on an after-tax basis. The GAAP measure most
comparable to Adjusted PTC is income from continuing operations attributable to AES. AES believes that Adjusted PTC better reflects the underlying business performance of the
Company and is considered in the Company’s internal evaluation of financial performance. Factors in this determination include the variability due to unrealized gains or losses
related to derivative transactions, unrealized foreign currency gains or losses, losses due to impairments and strategic decisions to dispose or acquire business interests or retire
debt, which affect results in a given period or periods. Earnings before tax represents the business performance of the Company before the application of statutory income tax
rates and tax adjustments, including the affects of tax planning, corresponding to the various jurisdictions in which the Company operates. Adjusted PTC should not be construed
as an alternative to income from continuing operations attributable to AES, which is determined in accordance with GAAP.
l Free Cash Flow (a non-GAAP financial measure) is defined as net cash from operating activities less maintenance capital expenditures (including non-recoverable environmental
capital expenditures), net of reinsurance proceeds from third parties. AES believes that free cash flow is a useful measure for evaluating our financial condition because it
represents the amount of cash provided by operations less maintenance capital expenditures as defined by our businesses, that may be available for investing or for repaying
debt. Free cash flow should not be construed as an alternative to net cash from operating activities, which is determined in accordance with GAAP.
l Net Debt (a non-GAAP financial measure) is defined as current and non-current recourse and non-recourse debt less cash and cash equivalents, restricted cash, short term
investments, debt service reserves and other deposits. AES believes that net debt is a useful measure for evaluating our financial condition because it is a standard industry
measure that provides an alternate view of a company’s indebtedness by considering the capacity of cash. It is also a required component of valuation techniques used by
management and the investment community.
l Parent Company Liquidity (a non-GAAP financial measure) is defined as cash at the Parent Company plus availability under corporate credit facilities plus cash at qualified
holding companies (“QHCs”). AES believes that unconsolidated Parent Company liquidity is important to the liquidity position of AES as a Parent Company because of the non-recourse
nature of most of AES’ indebtedness.
l Parent Free Cash Flow (a non-GAAP financial measure) should not be construed as an alternative to Net Cash Provided by Operating Activities which is determined in
accordance with GAAP. Parent Free Cash Flow is equal to Subsidiary Distributions less cash used for interest costs, development, general and administrative activities, and tax
payments by the Parent Company. Parent Free Cash Flow is used for dividends, share repurchases, growth investments, recourse debt repayments, and other uses by the
Parent Company.

Definitions (Continued)
l Proportional Metrics – The Company is a holding company that derives its income and cash flows from the activities of its subsidiaries, some of which are not wholly-owned by
the Company. Accordingly, the Company has presented certain financial metrics which are defined as Proportional (a non-GAAP financial measure) to account for the Company’s
ownership interest.
Proportional metrics present the Company’s estimate of its share in the economics of the underlying metric. The Company believes that the Proportional metrics are useful to
investors because they exclude the economic share in the metric presented that is held by non-AES shareholders. For example, Operating Cash Flow is a GAAP metric which
presents the Company’s cash flow from operations on a consolidated basis, including operating cash flow allocable to noncontrolling interests. Proportional Operating Cash Flow
removes the share of operating cash flow allocable to noncontrolling interests and therefore may act as an aid in the valuation the Company.
Proportional metrics are reconciled to the nearest GAAP measure. Certain assumptions have been made to estimate our proportional financial measures. These assumptions
include: (i) the Company’s economic interest has been calculated based on a blended rate for each consolidated business when such business represents multiple legal entities;
(ii) the Company’s economic interest may differ from the percentage implied by the recorded net income or loss attributable to noncontrolling interests or dividends paid during a
given period; (iii) the Company’s economic interest for entities accounted for using the hypothetical liquidation at book value method is 100%; (iv) individual operating
performance of the Company’s equity method investments is not reflected and (v) inter-segment transactions are included as applicable for the metric presented.
The proportional adjustment factor, proportional maintenance capital expenditures (net of reinsurance proceeds), and proportional non-recoverable environmental capital
expenditures are calculated by multiplying the percentage owned by non-controlling interests for each entity by its corresponding consolidated cash flow metric and adding up the
resulting figures. For example, the Company owns approximately 70% of AES Gener, its subsidiary in Chile. Assuming a consolidated net cash flow from operating activities of
$100 from AES Gener, the proportional adjustment factor for AES Gener would equal approximately $30 (or $100 x 30%). The Company calculates the proportional adjustment
factor for each consolidated business in this manner and then adds these amounts together to determine the total proportional adjustment factor used in the reconciliation. The
proportional adjustment factor may differ from the proportion of income attributable to non-controlling interests as a result of (a) non-cash items which impact income but not cash
and (b) AES’ ownership interest in the subsidiary where such items occur.
l Subsidiary Liquidity (a non-GAAP financial measure) is defined as cash and cash equivalents and bank lines of credit at various subsidiaries.
l Subsidiary Distributions should not be construed as an alternative to Net Cash Provided by Operating Activities which is determined in accordance with GAAP. Subsidiary
Distributions are important to the Parent Company because the Parent Company is a holding company that does not derive any significant direct revenues from its own activities
but instead relies on its subsidiaries’ business activities and the resultant distributions to fund the debt service, investment and other cash needs of the holding company. The
reconciliation of the difference between the Subsidiary Distributions and Net Cash Provided by Operating Activities consists of cash generated from operating activities that is
retained at the subsidiaries for a variety of reasons which are both discretionary and non-discretionary in nature. These factors include, but are not limited to, retention of cash to
fund capital expenditures at the subsidiary, cash retention associated with non-recourse debt covenant restrictions and related debt service requirements at the subsidiaries,
retention of cash related to sufficiency of local GAAP statutory retained earnings at the subsidiaries, retention of cash for working capital needs at the subsidiaries, and other
similar timing differences between when the cash is generated at the subsidiaries and when it reaches the Parent Company and related holding companies.

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