october 15, 2009 - new york city

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Brazilian-American Chamber of Commerce - Brazil Energy Conference

Presentation by Andrew M. VeseyExecutive Vice President AESPresident Latin America & AfricaOctober 15, 2009 - New York City

Contains Forward Looking Statements

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Safe Harbor Disclosure

Certain statements in the following presentation regarding AES’s 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’s 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 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’s filings with the Securities and Exchange Commission including but not limited to the risks discussed under Item 1A “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, as well as our other SEC filings. AES undertakes no obligation to update or revise any forward-looking statements, whether as a resultof new information, future events or otherwise.


At AES, We…

Operate in 29 countries on five continents

Are 28,000 people strong

Generate and distribute power with the capacity to serve 100 million people

Produce our power through gas, coal, oil, methane, water, wind and the sun

Bring over 25 years of development, construction and operations experience and a talented worldwide team to each business we run and each new project we undertake

Believe our values are central to how we do business


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Global Operations, Under Construction & Development

Brazil

Chile

Colombia

Dominican Republic

PanamaEl Salvador

Mexico

France

Argentina

Spain

Bulgaria

TurkeyNetherlands

Hungary

Czech RepublicUkraine

Kazakhstan

NigeriaCameroon

China

Oman

IndiaPakistan

Qatar

Sri Lanka

Philippines

KEY AES PresenceAES Headquarters

U.S.

U.K.


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Brazil

Chile

Colombia

Dominican Republic

PanamaEl Salvador

Mexico

France

Argentina

Spain

Bulgaria

TurkeyNetherlands

Hungary


Kazakhstan

NigeriaCameroon

China

Oman

IndiaPakistan

QatarJordan

Sri Lanka

Philippines

KEY AES Presence Facilities Under ConstructionAES Headquarters

U.S.

U.K.


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Brazil

Chile

Colombia

Dominican Republic

PanamaEl Salvador

Mexico

France

Argentina

U.K.

Spain

Bulgaria

TurkeyNetherlands

Hungary


Kazakhstan

NigeriaCameroon

China

Oman

IndiaPakistan

QatarJordan

Sri Lanka

Philippines

KEY AES Presence Facilities Under ConstructionAES Headquarters Projects Under Development

U.S.

Vietnam

ItalyGreece

Trinidad & Tobago

Australia


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Diverse Operating Portfolio: Geographic & Line of Business Diversification Reduces Risk

2008 Proportional Gross Margin1

($2.3 Billion)

3%

11%

11%

26%

32%

11%

6%Latin America Generation

Latin America Utilities

North AmericaUtilities

Others

North America Generation

Europe Generation

Asia Generation

1. A non-GAAP financial measure .

65%

35%

Generation ($1.5 Billion)

Utilities ($0.8 Billion)

2008 Proportional Gross Margin1 ($2.3 Billion)


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14 Utilities worldwide, with sales of more than

76,732 GWh

132 Power plants worldwide totaling more

than 38 GW gross generation capacity

Fuel Type

23%

6%35%

36%

Coal

Gas

OtherThermal

Renewables

Installed capacity

31%32%

37%

LatinAmerica &

Africa

North America

Europe,Middle East

& Asia


Countries where AES has presence

AES is Among the Largest Private Global Power Companies in the World


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Majority of Utility Businesses Concentrated in Two Countries

1. A non-GAAP financial measure. See Appendix for definition and reconciliation.

2008 Proportional Gross Margin1

from Utility Segment($0.8 Billion)

9%

28%

32%

31%

IPALCO

Eletropaulo

Others

Three largest utilities represent more than 90% of 2008 Utility segment proportional gross margin Eletropaulo and Sul in

Brazil IPALCO in the U.S.

Sul


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Our Strategy Aligns with Global Trends

SolarWindCore Power

Hydro Climate Solutions


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Growing Demand for Renewables: AES Well Positioned to Capitalize on Regulatory IncentivesAES Wind Generation Established in 2005

23%

12%

11%

54%

Total Development Pipeline6,406 MW

U.S.Europe

China15%

7%

36%

42%

Advanced Development Pipeline1,427 MW

U.S.

BrazilBrazil

Europe

China

338 144483

315 140410 1,828

2005 2006 2007 2008 2009 2010 Total

MW Additions by Year(Including Projects in Operation & Under Construction)

Armenia Mountain, USA-PA101 MW


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Market Need for Carbon Offsets: Maintaining Low-Cost Options

AgCert Project Locations in Brazil

International Development & Production Experience Current annual capacity to

produce over 1.4 million Certified Emission Reductions (CERs)

Project Types Methane Gas Capture (landfill

gas and animal waste) Energy Efficiency Renewable Power Generation

Greenhouse Gas Services (GHGS) Joint Venture with GE to create offset projects in U.S. market

Climate Solutions Business Established in 2006


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AES presence in Latin America

Countries where AES has presence

Entered the region in 1993 with a generation plant in Argentina Operates in 7 countries: Argentina, Brazil, Chile, Colombia, Dominican

Republic, El Salvador, Panamá 11,345 MW generation capacity

47 generation plants Fuels: Biomass, Diesel, Coal, Gas & Hydro

48,146 GWh energy sold

8 electric utilities More than 8,5 million customers

More than 8,000 AES people sharing and transferring knowledge Various operations in the region have over 100 years of experience

(Edelap Argentina 1887, CAESS El Salvador 1890, Eletropaulo Brazil 1899)

New investment projects


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Significant opportunity in Brazil for investments in energy infrastructure

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10th largest power generator worldwide, however, per capita power consumption is still low when compared to other countries

Generation sector expected to follow a strong consolidation trend

260 GW of hydro power potential (less than 30% of this being used today)

143 GW of wind power potential (less than 0.2% of this being used today)


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AES Brazil- 7 million clients

- 3,290 MW hydro and gas- 2 telecommunications businesses

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Critical presence in Brazil operating distribution, hydro, gas and telecom infrastructure businesses


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• Serving 24 municipalities in the São

Paulo Metropolitan area, including

the capital

• Concession area with largest

concentration of GDP per capita in

Brazil

• 4,214 employees serving 5.8 million

customers

Regional West

Regional East

Regional South Regional ABCRegional North

Metropolitan area of São Paulo

Eletropaulo Concession Area

AES Eletropaulo is the largest distribution company in Latin America


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• Entirely located in the state of Sao Paulo (3% market share in Brazil)

• 30 year concession, expires in 2029, renewal for another 30 years

• 10 hydroelectric plants in the State of São Paulo at Tietê, Pardo and Mogi Guaçu rivers

• Robust and predictable cash flow generation as its power generation capacity is fully contracted until 2015

UHE Bariri

UHE Nova Avanhandava

UHE IbitingaUHE Barra Bonita

UHE Promissão

UHE Água Vermelha

PCH Mogi-Guaçu

UHE Euclides da CunhaUHE Caconde

UHE Limoeiro

AES Tiete is a pure power generationcompany with 2,651MW of hydro capacity

AES Tiete Concession Area


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• Serving 1.1 million customers

• Presence in 118 counties in Rio Grande do Sul State

• 867 employees

• Privatized in 1997

• Population in the area: 3.6 MM inhabitants

AES Sul is our Distribution Company in Rio Do Grande do Sul State

AES Sul Concession Area


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EBITDA in R$B

Million Clients

Installed Capacity GW

AES Brazil is one of the largest private groups with 3,290 MWs and 7 million clients


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• 280 benefited children between 1 and 6 years old

• Own investments amounting R$ 1.5 million in 2008

• Units: Santo Amaro and Guarapiranga

• Over 4 thousand children, teenagers,and adults have been benefited

• Own and incentive investments: approximately R$ 12 million in 2008

• Activities of acting, dancing, circus arts, visual arts, music, gymnastics, courses of income generation, and education of safe use of electrical power and the right use of natural resources

“Casa da Cultura e Cidadania” Project

“Centros Educacionais Infantis Luz e Lápis” - Project

AES is Brazil is committed to support the communities we serve


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• Launched in December 2008

• Objective: encourage employees to transform the low income communities and develop non governmental organizations

More than 1,400 AES Brazil employees participate in our volunteers program


Video

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october 15, 2009 - new york city

Documents

forwardlooking statements

aess business operations

operations experience

looking statements56gl

guarantee of future

looking statements2at

following presentation

aess filings