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October 15, 2009 - New York City

Brazilian-American Chamber of Commerce - Brazil Energy Conference Presentation by Andrew M. Vesey Executive Vice President AES President Latin America & Africa. October 15, 2009 - New York City. Safe Harbor Disclosure.

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October 15, 2009 - New York City

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  1. Brazilian-American Chamber of Commerce - Brazil Energy ConferencePresentation by Andrew M. VeseyExecutive Vice President AESPresident Latin America & Africa October 15, 2009 - New York City

  2. 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 result of new information, future events or otherwise.

  3. 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

  4. Global Operations, Under Construction & Development Ukraine Czech Republic Bulgaria Kazakhstan Netherlands Turkey U.K. France Hungary U.S. Spain China Mexico Dominican Republic El Salvador Philippines Panama Nigeria Colombia Cameroon Sri Lanka India Brazil Pakistan Oman Chile Qatar Argentina KEY AES Headquarters AES Presence

  5. Facilities Under Construction Global Operations, Under Construction & Development Ukraine Czech Republic Bulgaria Kazakhstan Netherlands Turkey U.K. France Hungary U.S. Spain China Mexico Dominican Republic El Salvador Philippines Panama Nigeria Colombia Cameroon Sri Lanka India Brazil Pakistan Oman Chile Qatar Jordan Argentina KEY AES Headquarters AES Presence

  6. Facilities Under Construction Projects Under Development Global Operations, Under Construction & Development Ukraine Czech Republic Bulgaria Kazakhstan Netherlands Turkey U.K. France Hungary U.S. Spain Italy China Greece Mexico Dominican Republic El Salvador Philippines Trinidad & Tobago Panama Nigeria Colombia Cameroon Sri Lanka India Brazil Pakistan Oman Chile Qatar Vietnam Jordan Argentina Australia KEY AES Headquarters AES Presence

  7. Diverse Operating Portfolio: Geographic & Line of Business Diversification Reduces Risk 2008 Proportional Gross Margin1($2.3 Billion) Others Asia Generation 2008 Proportional Gross Margin1($2.3 Billion) Latin America Generation Europe Generation Utilities ($0.8 Billion) North AmericaUtilities Generation ($1.5 Billion) Latin America Utilities North America Generation A non-GAAP financial measure .

  8. Fuel Type Renewables Coal OtherThermal Countries where AES has presence Gas AES is Among the Largest Private Global Power Companies in the World Contains Forward Looking Statements Installed capacity LatinAmerica & Africa 132 Power plants worldwide totaling more than 38 GW gross generation capacity Europe,Middle East & Asia North America 14 Utilities worldwide, with sales of more than 76,732 GWh

  9. Majority of Utility Businesses Concentrated in Two Countries • Three largest utilities represent more than 90% of 2008 Utility segment proportional gross margin • Eletropaulo and Sul in Brazil • IPALCO in the U.S. 2008 Proportional Gross Margin1from Utility Segment($0.8 Billion) Others IPALCO Sul Eletropaulo A non-GAAP financial measure. See Appendix for definition and reconciliation.

  10. Core Power Wind Solar Hydro Climate Solutions Our Strategy Aligns with Global Trends

  11. Growing Demand for Renewables: AES Well Positioned to Capitalize on Regulatory Incentives AES Wind Generation Established in 2005 MW Additions by Year(Including Projects in Operation & Under Construction) Armenia Mountain, USA-PA101 MW Total Development Pipeline6,406 MW Advanced Development Pipeline1,427 MW Brazil Brazil China China U.S. U.S. Europe Europe

  12. Market Need for Carbon Offsets: Maintaining Low-Cost Options Climate Solutions Business Established in 2006 • 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 AgCert Project Locations in Brazil

  13. Countries where AES has presence AES presence in Latin America • 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 investmentprojects

  14. Significant opportunity in Brazil for investments in energy infrastructure • 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) 14

  15. Critical presence in Brazil operating distribution, hydro, gas and telecom infrastructure businesses • AES Brazil • 7 million clients • 3,290 MW hydro and gas • 2 telecommunications businesses 15

  16. AES Eletropaulo is the largest distribution company in Latin America • 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 Eletropaulo Concession Area Metropolitan area of São Paulo Regional West Regional North Regional South Regional ABC Regional East 16

  17. AES Tiete is a pure power generation company with 2,651MW of hydro capacity AES Tiete Concession Area • 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 Água Vermelha UHE Caconde UHE Barra Bonita UHE Ibitinga UHE Euclides da Cunha UHE Promissão UHE Limoeiro PCH Mogi-Guaçu UHE Nova Avanhandava 17

  18. AES Sulis our Distribution Company in Rio Do Grande do Sul State AES Sul Concession Area • 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 18

  19. AES Brazil is one of the largest private groups with 3,290 MWs and 7 million clients EBITDA in R$B Million Clients Installed Capacity GW

  20. AES is Brazil is committed to support the communities we serve “Casa da Cultura e Cidadania” Project • 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 “Centros Educacionais Infantis Luz e Lápis” - Project • 280 benefited children between 1 and 6 years old • Own investments amounting R$ 1.5 million in 2008 • Units: Santo Amaro and Guarapiranga 21

  21. More than 1,400 AES Brazil employees participate in our volunteers program • Launched in December 2008 • Objective: encourage employees to transform the low income communities and develop non governmental organizations 22

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