unitedstatesd18rn0p25nwr6d.cloudfront.net/cik-0000874761/d8123d64...proxy materials. the notice also...

UNITEDSTATESSECURITIESANDEXCHANGECOMMISSION

Washington,D.C.20549

SCHEDULE14AProxyStatementPursuanttoSection14(a)ofthe

SecuritiesExchangeActof1934(AmendmentNo.)

FiledbytheRegistrantFiledbyaPartyotherthantheRegistrantChecktheappropriatebox:¨ PreliminaryProxyStatement¨ Confidential,forUseoftheCommissionOnly(aspermittedbyRule14a-6(e)(2))x DefinitiveProxyStatement¨ DefinitiveAdditionalMaterials¨ SolicitingMaterialPursuantto240.14a-12

THEAESCORPORATION

(NameofRegistrantasSpecifiedInItsCharter)

(NameofPerson(s)FilingProxyStatementifotherthantheRegistrant)

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NOTICEOF2019ANNUALMEETINGOFSTOCKHOLDERSOFTHEAESCORPORATIONTOBEHELDONTHURSDAY,APRIL18,2019

March6,2019

TOTHEHOLDERSOFCOMMONSTOCKOFTHEAESCORPORATION:

Noticeisherebygiventhatthe2019AnnualMeetingofStockholdersofTheAESCorporation(the“Company”or“AES”)willbeheldonThursday,April18,2019, at 9:30a.m. EDT,at the AmericanTruckingAssociationConference Center, 950NorthGlebeRoad, Suite 210, Arlington, VA22203for the followingpurposes,asmorefullydescribedintheaccompanyingProxyStatement:

1. ToelecttenmemberstotheCompany’sBoardofDirectors(the“Board”);2. Toapprove,onanadvisorybasis,theCompany’sexecutivecompensation;3. ToratifytheappointmentofErnst&YoungLLP(“EY”orthe“IndependentRegisteredPublicAccountingFirm”)astheindependentauditorsofthe

Companyforfiscalyear2019;and4. TotransactsuchotherbusinessasmayproperlycomebeforetheAnnualMeeting.

Doorstothemeetingwillopenat8:30a.m.EDT.StockholdersofrecordatthecloseofbusinessonFebruary26,2019areentitledtonoticeof,andtovoteat,theAnnualMeeting.IfyouplantoattendtheAnnualMeeting,pleasenotethat,forsecurityreasons,beforebeingadmitted,youmustpresentyouradmissionticketorproofofstockownershipandvalidphotoidentificationatthedoor.Allhand-carrieditemswillbesubjecttoinspectionandanybags,briefcasesorpackagesmustbecheckedattheregistrationdeskpriortoenteringthemeetingroom.

IMPORTANTNOTICEREGARDINGTHEAVAILABILITYOFPROXYMATERIALSFORTHESTOCKHOLDERMEETINGTOBEHELDON

THURSDAY, APRIL 18, 2019: THE PROXY STATEMENT, ANNUAL REPORT ON FORM 10-K AND RELATED PROXY MATERIALS ARE

AVAILABLEFREEOFCHARGEATwww.edocumentview.com/aes .

PaulL.FreedmanSeniorVicePresident,GeneralCounselandCorporateSecretary

TableofContents

NOTICEOF2019ANNUALMEETING 1TABLEOFCONTENTS 2PROXYSTATEMENT ProxyStatementSummary 4

BOARDOFDIRECTORS PROPOSAL1:ELECTIONOFDIRECTORS 7

BOARDANDCOMMITTEEGOVERNANCE DirectorIndependence 13BoardandLeadershipStructure 13BoardCommittees 14DirectorAttendance 17TheBoard’sRoleinRiskManagement 18

ADDITIONALGOVERNANCEMATTERS Environmental,SocialandGovernance 19AESCodeofBusinessConductandCorporateGovernanceGuidelines 21

RelatedPersonPoliciesandProcedures 21SubmissionofFutureStockholderProposalsandNominationsforDirector 21

OtherGovernanceInformation 23DIRECTORCOMPENSATION DirectorCompensationProgram 25DirectorCompensation 26

EXECUTIVECOMPENSATION CompensationDiscussionandAnalysis 28ExecutiveSummary 28OurExecutiveCompensationProcess 29OverviewofAESTotalCompensation 312018CompensationDeterminations 33OtherRelevantCompensationElementsandPolicies 38SummaryCompensationTable 41GrantsofPlan-BasedAwardsTable 44NarrativeDisclosureRelativetotheSummaryCompensationTableandtheGrantsofPlan-BasedAwardsTable 45

OutstandingEquityAwardsatFiscalYear-End 46OptionExercisesandStockVested 48Non-QualifiedDeferredCompensation 49NarrativeDisclosureRelativetotheNon-QualifiedDeferredCompensationTable 50

PotentialPaymentsUponTerminationorChange-in-Control 51AdditionalInformationRelatingtoPotentialPaymentsUponTerminationofEmploymentorChange-in-Control 52

PaymentofLong-TermCompensationAwardsintheEventofTerminationorChange-in-ControlasDeterminedbytheProvisionsSetForthinthe2003Long-TermCompensationPlan 53

CEOPayRatio 55PROPOSAL2:TOAPPROVE,ONANADVISORYBASIS,THECOMPANY’SEXECUTIVECOMPENSATION 56

CompensationCommitteeReport 57RiskAssessment 57

AUDITMATTERS ReportoftheFinancialAuditCommittee 58InformationRegardingtheIndependentRegisteredPublicAccountingFirm 59

PROPOSAL3:RATIFICATIONOFINDEPENDENTAUDITORSFORFISCALYEAR2019 60

STOCKOWNERSHIP SecurityOwnershipofCertainBeneficialOwners,DirectorsandExecutiveOfficers 61

OTHERMATTERS 64QUESTIONSANDANSWERSREGARDINGOURPROXYSTATEMENTAND2019ANNUALMEETING 65DIRECTIONSTOTHE2019ANNUALMEETING 67

TheAESCorporation ProxyStatement2

ProxyStatement

PROXYSTATEMENT

TheAESCorporation4300WilsonBlvd.Arlington,VA22203,USAwww.aes.com

March6,2019

TheBoardofDirectors(the“Board”)ofTheAESCorporation(the“Company”or“AES”)issolicitingproxiestobevotedontheStockholders’behalfatthe2019AnnualMeetingofStockholders(the“AnnualMeeting”).

TheAnnual Meetingwill commenceat 9:30a.m. EDTonThursday,April18,2019. TheAnnual Meetingwill beheldat theAmericanTruckingAssociationConferenceCenter,950NorthGlebeRoad,Suite210,Arlington,VA22203.

ThisProxyStatementprovidesinformationregardingthematterstobevotedonattheAnnualMeeting,aswellasotherinformationthatmaybeusefultoyou.InaccordancewithrulesadoptedbytheUnitedStatesSecuritiesandExchangeCommission(the“SEC”),insteadofmailingaprintedcopyofourproxymaterialstoeach Stockholder of record, we are furnishing proxy materials to our Stockholders on the Internet. If you received a Notice of Internet Availability of ProxyMaterials(the“Notice”)bymail,youwillnotreceiveaprintedcopyoftheproxymaterialsotherthanasdescribedbelow.Instead,theNoticewillinstructyouastohowyoumayaccessandreviewalloftheimportantinformationcontainedintheproxymaterials.TheNoticealsoinstructsyouastohowyoumaysubmityourProxyovertheInternet.IfyoureceivedaNoticebymailandwouldliketoreceiveaprintedcopyofourproxymaterials,youshouldfollowtheinstructionsforrequestingsuchmaterialsincludedintheNotice.

ThisProxyStatementandaccompanyingProxyCard,AnnualReportonForm10-KfortheyearendedDecember31,2018(the“AESForm10-K”)andrelatedproxy materials will first be given and/or made available to Stockholders on or about March 7, 2019 . These materials will be available atwww.envisionreports.com/aesforregisteredholdersofAESstockand,atwww.edocumentview.com/aesforbeneficial holdersofAESstock.InaccordancewithSECrules,thewebsites,www.envisionreports.com/aesandwww.edocumentview.com/aes,providecompleteanonymitywithrespecttoaStockholderaccessingthewebsites.

AtthecloseofbusinessonFebruary26,2019,therewere662,404,101sharesofcommonstockoutstanding.Eachshareofcommonstockisentitledtoonevote.


ProxyStatementSummary

CAUTIONARYNOTEREGARDINGFORWARD-LOOKINGSTATEMENTS

ThisProxyStatementcontainsforward-lookingstatementsasdefinedintheSecuritiesExchangeActof1934,asamended(the“ExchangeAct”)andissubjecttothesafeharborscreatedtherein.Theforward-lookingstatementscontainedhereinaregenerallyidentifiedbythewords“believe,”“project,”“expect,”“anticipate,”“estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similarexpressions. Forward-looking statements are based on the beliefs and assumptions of our management and on currently available information. A detaileddiscussionofrisksanduncertaintiesthatcouldcauseactualresultsandeventstodiffermateriallyfromsuchforward-lookingstatementsisincludedintheAESForm10-K.Weundertakenoresponsibilitytopubliclyupdateorreviseanyforward-lookingstatement.

PROXYSTATEMENTSUMMARY

ThissummaryhighlightsinformationcontainedelsewhereinthisProxyStatement.PleaserefertothecompleteProxyStatementandtheAESForm10-Kbeforeyouvote.

MEETINGINFORMATION

2019AnnualMeetingofStockholders

DateandTime: April18,2019

Location:AmericanTruckingAssociationConferenceCenter

9:30a.m.EDT

950NorthGlebeRoad,Suite210,Arlington,VA22203

RecordDate: February26,2019

*AdmissionTicketrequired,pleaseseepage65ofthisProxyStatementfordetails.

VotingMatters BoardofDirectors’Recommendations1.ElectionofTenDirectorNominees FORallDirectorNominees2.AdvisoryApprovalofExecutiveCompensation FOR3.RatificationofAppointmentofEYastheIndependentAuditorsforFiscalYear2019 FOR

HOWTOVOTEYourvoteisimportant.YoumayvoteinpersonattheAnnualMeetingorsubmitaproxyovertheInternet.Ifyoureceivedapapercopyoftheproxycard(oryourequestedapapercopyofthematerials)youmayvotebytelephoneorbymail.

:Online

+ByMail

www.envisionreports.com/aes

Complete,sign,dateandreturnyourproxycardintheenvelopeprovided

)ByPhone InPerson

Callthephonenumberlocatedonthetopofyourproxycard

AttendourAnnualMeetingandvotebyballot



CORPORATEGOVERNANCEOurCorporateGovernancePoliciesReflectBestPractices

AnnualElectionofAllDirectors 98%AverageAttendanceofIncumbentDirectorsatBoardand

CommitteeMeetings

Non-Executive,IndependentChairoftheBoardSince2003 Audit,CompensationandGovernanceCommitteeMembersAreAll

Independent

NineofTenDirectorNomineesAreIndependent DirectorsAreSubjecttoRigorousStockOwnershipRequirements

AnnualBoardandCommitteeSelf-EvaluationsandReviewofDirectorQualifications DirectorCompensationReviewedAnnually

ExecutiveSessionsofIndependentDirectorsHeldatEachRegularly

ScheduledBoardMeeting,andDirectorsMeetPeriodicallyThroughouttheYearwithIndividualMembersofManagement

FinancialAuditCommitteeMembersAreAllFinanciallyLiterateandFourofFiveAreAuditCommitteeFinancialExperts

DirectorsSubjecttoTermLimits,AverageTenureofOurDirectors

isLessthanSixYears NoIncreaseinDirectorCompensationSince2012

DirectorNomineeFacts.ThefollowingchartsdetailsthequalificationsofourDirectornomineesthatareimportanttoourbusiness.FurtherdiscussiononthequalificationsandexperienceofDirectornomineesisincludedin“2019DirectorNominees”sectionofthisProxyStatement.



2018StockholderEngagementProgram

WeplacegreatvalueonStockholderoutreach,andengageregularlywithourinvestorstogaininsightintothegovernanceissuesaboutwhichtheycaremost.Weseekacollaborativeandmutuallybeneficialapproachtoissuesofimportancetoinvestorsthataffectourbusinessandaimtoensurethatourcorporategovernancepractices are informed by, and generally are in line with, our Stockholders’ expectations. In 2018, we engaged with Stockholders in the fall as part of ourengagementprogramtodiscusstopics,including,butnotlimitedto,BoardCompositionandEvaluations,Environmental,SocialandGovernance(“ESG”)MattersandExecutiveCompensation.

EnvironmentalandSustainabilityMatters

AES’effortsinSustainability,BusinessEthicsandESGpracticeshavebeenrecognizedbythirdpartiesincluding,EthisphereInstuteasoneoftheWorld’sMostEthicalCompanies,TheDowJonesSustainabilityIndexforNorthAmerica,FTSE4GoodIndexandtheCDPClimateChangeandWaterQuestionnaires.In2018,AESwasthefirstpublicly-tradedownerofutilitesandpowercompaniesbasedintheUStoissueaClimateScenarioReport(the“AESClimateScenarioReport”)adoptingtherecommendationsissuedbytheTaskForceonClimate-relatedFinancialDisclosures(TCFD).AcopyoftheAESClimateScenarioReportisavailableunderthe“Sustainability”tabofourwebsite.FurtherinformationonAES’ESGpracticesisincludedin“EnvironmentalSocialandGovernance”sectionofthisProxyStatement.

EXECUTIVECOMPENSATIONSUMMARY

AES’executivecompensationphilosophyemphasizespay-for-performance.Ourphilosophyistoprovideexecutivecompensationopportunitiesthatapproximatethe 50 th percentile of survey data based on our revenue size and industry. Our incentive plans are designed to reward strong performance, with greatercompensationpaidwhenperformanceexceedsexpectationsandlesscompensationpaidwhenperformancefallsbelowexpectations.Thus,theactualcompensationrealizedbyourNamedExecutiveOfficers(“NEOs”)willbecommensuratewiththeCompany’sactualperformance.

AES’CompensationCommitteehasapracticeofreviewingexecutivecompensationprogramcomponents, targetsandpayoutsonanannualbasistoensurethestrengthofourpay-for-performancealignment.Ourperformanceisevaluatedagainstbothshort-termgoals,whichsupportAES’businessstrategy,andlong-termgoals,whichmeasurethecreationofsustainableStockholdervalue.

CompensationandBenefitsBestPractices

TargetTotalCompensationat50thPercentile DirectorandExecutiveOfficerStockOwnershipGuidelines

IndependentConsultantRetainedbytheCompensationCommittee ExecutiveCompensationClawbackPolicy

Double-TriggerChange-in-ControlforLongTerm

CompensationAwards NoChange-in-ControlExciseTaxGrossUps

NoPerquisitesforourExecutiveOfficers,Exceptfor

RelocationBenefits NoBackdatingorOptionRepricing

DirectorsandExecutiveOfficersProhibitedfromHedgingor

PledgingofAESCommonStock AnnualReviewofRiskRelatedtoCompensationPrograms

NoSpecialRetirementBenefitFormulasforExecutive

Officers RelativePay-for-PerformanceAlignment

MixofAES-SpecificandRelativePerformanceGoals CapsonAnnualandLong-TermIncentivePayouts

In2018,AESagainreceivedstrongsupportforitsexecutivecompensationprograms,withapproximately95%ofvotescastapproving,onanadvisorybasis,ourexecutivecompensation.In2018,asinprioryears,theCompensationCommitteeconsideredinputfromourStockholdersandotherstakeholdersaspartofitsannualreviewofAES’executivecompensationprogram.

Pleaseseethe“CompensationDiscussionandAnalysis”sectioninthisProxyStatementforadetaileddescriptionofourexecutivecompensationprograms.


BoardofDirectors

BOARDOFDIRECTORSPROPOSAL1:ELECTIONOFDIRECTORS

The Board has nominated ten Directors (the “Nominees”) for election at the Annual Meeting. The table below summarizes the key qualifications, skills andattributesmostrelevanttothedecisiontonominateeachcandidatetoserviceontheBoard.TheNominees’biographiesdescribeeachcandidate’sbackgroundandrelevantexperienceinmoredetail.TheNomineesareidentifiedanddiscussedintheparagraphsbelowforelectionatthisyear’sAnnualMeetingandtoeachserveaone-yeartermexpiringattheAnnualMeetingin2020.

Davidson Gluski Harrington Khanna Koeppel Miller Monie Morse Naim Ubben

QualificationsandExperienceLeadership ü ü ü ü ü ü ü ü ü ü

Finance ü ü ü ü ü ü ü ü

IndustryKnowledge ü ü ü ü ü ü ü

GlobalBusiness ü ü ü ü ü ü ü ü ü ü

RiskManagementü

üü ü ü ü ü ü ü

Regulatory

üü ü ü ü

CorporateStrategy ü ü ü ü ü ü ü ü ü ü

Operationsü

üü ü ü ü ü

HumanResources&Compensation ü

üü ü ü ü ü ü ü ü

Governance

üü ü ü ü ü ü ü ü

Engineering&Construction ü

üü ü ü

Technologyü

üü ü ü ü ü ü ü

Environmental&Sustainability

üü ü ü ü ü

Cybersecurity ü ü ü IndustryTransformation ü ü ü ü ü ü ü ü ü ü

Entrepreneurial ü ü ü ü ü ü ü ü

PowerDistribution&Storage ü ü ü ü

AlternativeEnergy ü ü ü ü ü

AdditionalInformationOtherPublicBoards 2 1 0 1 3 2 1 1 1 0YearsofService(1) 0 7 5 10 4 5 2 10 6 1

Age 62 61 60 52 60 70 68 72 66 57Gender F M M M F M M M M M

(1)YearsofServiceiscalculatedfromAnnualMeetingtoAnnualMeeting


BoardofDirectors

Janet G. Davidson Age:62DirectorSince:February2019

BoardCommittees:FinancialAuditCommitteeCompensationCommittee

Qualifications and Experience: Ms.DavidsonbringstotheAESBoardadeepknowledgeoftechnology,globalbusinessoperations,customercareandsales,andcorporatestrategy.Ms.Davidsonbeganhercareerin1979asamemberoftheTechnicalStaffofBellLaboratories,LucentTechnologies(asof2006AlcatelLucent),andservedfrom1979throughherretirementin2011inseveralkeypositionsincluding,mostrecentlyasGroupPresidentInternetworkingSystems(2001to2005),ChiefStrategyOfficer(2005to2006),ChiefComplianceOfficer(2006to2008)andExecutiveVicePresident,Quality&CustomerCare(2008to2011).Ms.DavidsonbecameamemberofthesupervisoryboardofSTMicroelectronicsinJune2013wheresheisamemberoftheAuditandStrategicCommittees.Education: Ms.DavidsonhasaB.A.inPhysicsfromLehighUniversityandaM.S.inElectricalEngineeringfromtheGeorgiaInstituteofTechnology.Current and Former Directorships: Ms.DavidsoncurrentlyservesontheBoardofDirectorsofSTMicroelectronics,N.V.(NYSE:STM)(June2013tothepresent)andMillicomInternationalCellularS.A.,(Nasdaq:TIGO)(April2016tothepresent).ShealsoservedasamemberoftheboardofAlcatelLucentFoundation(2011to2014),LehighUniversityBoardofTrustees(2005to2012),RiversideSymphoniaBoardofTrustees(2007),andLibertyScienceCenterBoardofTrustees(2005to2006).

Andrés R. Gluski Age:61DirectorSince:September2011

BoardCommittees:InnovationandTechnologyCommittee

Qualifications and Experience :AstheChiefExecutiveOfficer(“CEO”)ofAES,Mr.GluskiprovidesourBoardwithin-depthknowledgeabouttheCompany’sbusiness, the electric industry andinternational markets. Hehas led major cost savings initiatives, a simplification of the Company’s geographic footprint andglobalexpansionoftheCompany’srenewablesandenergystorageplatforms.Mr.GluskicurrentlyservesontheUS-IndiaCEOForumandpreviouslyservedontheU.S.BrazilCEOForumfrom2012throughJune2017.Mr.GluskialsoservedonthePresident'sExportCouncilfrom2013-2016.In2015,Mr.GluskiwasalsoappointedChairmanoftheCounciloftheAmericas/AmericasSociety.PriortohisappointmentasCEOinSeptember2011,Mr.GluskiservedasExecutiveVicePresidentandChiefOperatingOfficeroftheCompanyfromMarch2007untilthattime,RegionalPresidentforLatinAmericafrom2006to2007,SeniorVicePresident for theCaribbeanandCentral America from2003to 2006, CEOof LaElectricidad deCaracas (“EDC”)from2002to 2003andCEOof AESGener(Chile)in2001.BeforejoiningAES,Mr.GluskiheldseniorpositionsinthetelecommunicationsandbankingindustryandattheInternationalMonetaryFundandtheMinistryofFinanceofVenezuela.Education :Mr.GluskiisamagnacumlaudegraduateofWakeForestUniversityandholdsaM.A.andaPh.D.inEconomicsfromtheUniversityofVirginia.Current and Former Directorships : Mr. Gluski currently serves on the Board of Directors of Waste Management, Inc. (NYSE: WM)(January 2015 to thepresent), TheCouncil of theAmericas/Americas Society(2011tothepresent; Chairmansince2015), TheEdisonElectric Institute (2010tothepresent), AESGener(May2005tothepresent) andEnerAB(2016tothepresent). HealsoservedontheBoardofDirectorsofCliffsNatural Resources(NYSE:CLF)fromJanuary2011toAugust2014andAESBrasiliana(fromMarch2006to2016).


BoardofDirectors

Charles L. Harrington Age:60DirectorSince:December2013

BoardCommittees:FinancialAuditCommittee,ChairGovernanceCommittee

Qualifications and Experience : Mr. Harrington brings to the AESBoard a strong record of driving innovation and sustainable results. Since May2008, Mr.HarringtonhasservedasChairmanandCEOofParsonsCorporation,aleadingprovideroftechnology-drivensolutionsinthedefense,intelligenceandcriticalinfrastructure markets (“Parsons”), andhas spent over 37years with Parsonsin various operations, includingin finance, as Chief Financial Officer, P&L,andbusiness development roles. During his tenure as CEOof Parsons, Mr. Harrington has focused on transforming strategically important new technologies andbusinessmodelsandledParsonstorecordprofitability.Education : Mr. Harrington received a B.S.,magna cum laude , in Engineering from California Polytechnic State University and a M.B.A. in Finance andMarketing from the Anderson School of Management, UCLA. He also attended the Executive Education program at the Fuqua School of Business at DukeUniversity.Current and Former Directorships : Mr. Harrington currently serves on the Board of Directors of the J.G. Boswell Company (privately held) (2015 to thepresent), ParsonsCorporation(2008tothepresent) andCal PolyFoundation(2010tothepresent) andwasformerlya member of theboardsof thefollowingprivately-heldornon-profitcompanies:AndersonSchoolofManagementatUCLA(2008to2014),BlumenthalPerformingArtsCenter(2006to2012),CaliforniaScienceCenter(2008to2018)andBusiness-HigherEducationForum(2011to2018).

Tarun Khanna Age:52DirectorSince:April2009

BoardCommittees:GovernanceCommitteeInnovationandTechnologyCommittee,Chair

Qualifications and Experience : Dr. Khanna is the Jorge Paulo Lemann Professor at the Harvard Business School, joining the faculty in 1993. He bringssubstantialexpertiseregardingglobalbusiness,emergingmarketsandcorporatestrategytotheBoard.Dr.Khanna’sscholarlyworkhasbeenpublishedinarangeofeconomics,managementandforeignpolicyjournals.Hehaswrittenseveralbooksonentrepreneurshipinemergingmarkets,mostrecently,Trust:CreatingtheFoundation for Entrepreneurship in Developing Countries (2018), and is a co-founder of several science-based startups across the developing world. He wasappointedaYoungGlobalLeaderbytheWorldEconomicForumin2007,electedFellowoftheAcademyofInternationalBusinessin2009,appointedDirectorofHarvard University’s Lakshmi Mittal and Family South Asia Institute in 2010, appointed Chairman of the Government of India’s Expert Commission onInnovation&Entrepreneurshipin2015,andhonoredforlifetimescholarlyachievementbytheAcademyofManagementin2015.Education :Dr.KhannareceivedaB.S.E.fromPrincetonUniversityandPh.D.fromHarvardUniversity.Current and Former Directorships :Dr.KhannaisalsoamemberoftheboardsofdirectorsofBharatFinancialInclusionLimited(formerlySKSMicrofinance;February2009tothepresent)andMountainTrailsFoodsPvtLtd.(2018tothepresent). HeisalsoaDirectorofthefollowingprivately-heldcompanies: TVSLogistics(2008tothepresent),andAxilor(2015tothepresent).Inaddition,Dr.KhannaservesasaDirectorofthenon-profit,ParliamentaryResearchServices(2015tothepresent)andisaTrusteeoftheMuseumofFineArts,Boston(2015tothepresent).


BoardofDirectors

Holly K. Koeppel Age:60DirectorSince:April2015

BoardCommittees:GovernanceCommittee,ChairFinancialAuditCommittee

Qualifications and Experience :Ms.Koeppel,asenioroperatingandfinancialexecutive,hasservedforoverthirtyyearsintheenergyindustry.Herknowledgeofglobalenergy-relatedcommoditymarketsandinfrastructureindustriesoffersvaluableinsightstotheBoard.Priortoherretirement,Ms.KoeppelwasManagingDirectorandCo-HeadofCorsairInfrastructureManagement(March2015toJanuary2017).From2010toFebruary2015,Ms.KoeppelwasPartnerandGlobalCo-Head of Citi Infrastructure Investors, a division of Citigroup. Prior to her service at Citi Infrastructure Investors, Ms. Koeppel served as Executive VicePresidentandChiefFinancialOfficerforAmericanElectricPowerCorporation(“AEP”)from2006to2009andinseveraladditionalexecutivepositionsatAEP(from2000to2006).Education : Ms.KoeppelreceivedaB.S.inBusinessAdministrationfromOhioStateUniversityandanM.B.A.fromOhioStateUniversity, whereshewasamemberofPhiBetaKappa.Current and Former Directorships :Ms.KoeppelisamemberoftheboardsofdirectorsofBritishAmericanTobacco(NYSE:BTI)(July2017tothepresent),Vesuviusplc(LSE:VSVS)(April2017tothepresent)andArchCoal,Inc.(NYSE:ARCH)(March2019tothepresent).Ms.KoeppelwasamemberofReynoldsAmericanInc.(NYSE:RAI)(2008toJuly2017)andIntegrysEnergyGroup,Inc.(2012toFebruary2015).

James H. Miller Age:70DirectorSince:June2013

BoardCommittees:CompensationCommittee,ChairFinancialAuditCommittee

Qualifications and Experience :Mr.MillerbringstotheAESBoardhissubstantialexperienceintheenergyindustrybothintheUSandinternationally,includingexperienceinregulatedutilitiesandcompetitivepowermarkets.Withmorethan35yearsofexperienceintheenergyindustry,Mr.MillerservedasChairmanofPPLCorporationfrom2006untilhisretirementinMarch2012.HejoinedPPLasPresidentofitsUSgenerationbusinessesin2001.Previously,hewasExecutiveVicePresidentofUSECInc.andPresidentoftwoABBGroupsubsidiaries:ABBEnvironmentalSystemsandABBResourceRecoverySystems.HebeganhiscareerattheformerDelmarvaPower&LightCo.Education : Mr. Miller holds a bachelor’s degree in electrical engineering from the University of Delaware and served in the US Navy nuclear submarineprogram.Current and Former Directorships :Mr.MillerisamemberoftheboardsofdirectorsofCrownHoldings,Incorporated(NYSE:CCK)(2010tothepresent)andMcDermottInc.(NYSE:MDR)(May2018tothepresent).Inaddition,Mr.MillerhasbeenamemberoftheboardsofdirectorsofRayonier,Inc.(NYSE:RYN)(2011to2014), RayonierAdvancedMaterials (NYSE:RYAM)(2014to2015),LehighGasPartnersLP(2012to2013)andChicagoBridge&IronCompanyN.V.(NYSE:CBI)(2014toMay2018).


BoardofDirectors

Alain Monié

Age:68DirectorSince:July2017

BoardCommittees:GovernanceCommitteeInnovationandTechnologyCommittee

Qualifications and Experience: Mr.MoniéhasservedasthechiefexecutiveofficerofIngramMicroInc.(“IngramMicro”),aleaderindeliveringthefullspectrumofglobaltechnologyandsupplychainsolutionstobusinessesaroundtheworld,sinceJanuary2012.Mr.MoniéjoinedIngramMicroin2003andwasappointedPresidentoftheAsiaPacificregionin2004.From2007to2010,heservedasPresidentandChiefOperatingOfficerofIngramMicro.FollowingoneyearasChiefExecutiveOfficerofSingapore-basedAsiaPacificResourcesInternationalLimited,hereturnedtoIngramMicroasChiefOperatingOfficerinlate2011andbecameChiefExecutiveOfficerinJanuary2012.PriortojoiningIngramMicro,Mr.MoniéheldseniorinternationalleadershippositionswithAlliedSignalInc.(“AlliedSignal”)and,subsequently,HoneywellInternational(“Honeywell”)afterthetwocompaniesmerged.Mr.MoniéplayedakeyroleinAlliedSignal’s1999mergerwithHoneywelland,from2000to2002,heservedasHoneywell’spresidentofLatinAmericaandheadoftheIndustrialandBuildingAutomationgroupforthatregion.BeforejoiningAlliedSignal,Mr.MoniéheldgeneralmanagementpositionswithFrenchaerospacecompanySogitecInc.and,priortothattime,hewasacontrollerwithRenault.HestartedhiscareerasanengineerinMexicowhileinmilitaryservice.Education :Mr.Moniéearnedamaster’sdegreeinbusinessadministrationfromtheInstitutSupérieurdesAffairesinJouy-en-Josas,France(nowpartofGroupeHEC).HegraduatedwithhonorsinautomationengineeringstudiesattheÉcoleNationaleSupérieured’ArtsetMétiers(ENSAM),BordeauxandParis.Current and Former Directorships :HecurrentlyservesontheboardofdirectorsofIngramMicro(November2011tothepresent)andExpeditors(Nasdaq:EXPD)(May2017tothepresent),andservedinthepastontheboardsofAmazon.com,Inc.(Nasdaq:AMZN)(2008to2016)andJonesLangLaSalleIncorporated(NYSE:JLL)(2005to2009).

John B. Morse Jr. Age:72DirectorSince:December2008

BoardCommittees:ChairmanoftheBoardandLeadIndependentDirector

Qualifications and Experience :Mr.MorsebringssubstantialexecutiveexperiencetotheBoard,includingboard,investmentandotherfinanceexpertise.PriortohisappointmentasChairmanoftheBoardandLeadIndependentDirectorinApril2018,Mr.MorseservedastheChairmanoftheFinancialAuditCommitteebeginninginApril2013andwasamemberoftheStrategyandInvestmentCommitteeoftheBoard.BeforehisretirementinDecember2008,Mr.MorseservedastheSeniorVicePresident,FinanceandChiefFinancialOfficerofTheWashingtonPostCompany(the“Post”),nowGrahamHoldingsCo.,adiversifiededucationandmediacompanywhoseprincipal operationsincludeeducational services, newspaperandmagazineprint andonlinepublishing,televisionbroadcastingandcabletelevisionsystemsrecordingover$4.4billioninannualoperatingrevenues.DuringMr.Morse’s19yeartenure,thePost’sleadershipmademorethan100investmentsinbothdomesticandinternationalcompaniesandincludednewendeavorsinemergingmarkets.PriortojoiningthePost,Mr.MorsewasapartneratPriceWaterhouse(nowPricewaterhouseCoopers),whereheworkedwithpublishing/mediacompaniesandmultilaterallendinginstitutionsformorethan17years.Education : Mr. Morse graduated with a B.A. from the University of Virginia and an M.B.A. from the Wharton School of Finance at the University ofPennsylvania.Mr.MorseisaCertifiedPublicAccountant.Current and Former Directorships : Mr.MorseisalsoamemberoftheboardsofdirectorsofHostHotels&ResortsCorporation(NYSE:HST)(2005tothepresent)andHSN,Inc.(Nasdaq:HSNI)(2008to2016).Mr.MorsealsoisFormerTrusteeandPresidentEmeritusoftheCollegeFoundationoftheUniversityofVirginia(2002to2012),andcompletedasix-yeartermasamemberoftheFinancialAccountingStandardsAdvisoryCouncil(2004to2010).


BoardofDirectors

Moisés Naím Age:66DirectorSince:April2013

BoardCommittees:GovernanceCommitteeCompensationCommittee

Qualifications and Experience :Dr.NaímisaDistinguishedFellowattheCarnegieEndowmentforInternationalPeaceandhasservedinthatrolesinceJune2010.Forfourteenyears(1996to2010),Dr.NaímwasEditorinChiefofForeignPolicymagazine(first,atTheCarnegieEndowmentforInternationalPeaceandsubsequently,atTheWashingtonPostCompany).Hehaswrittenextensivelyoninternationaleconomicsandglobalpolitics,economicdevelopmentandtheconsequencesofglobalization,andisthechiefinternationalcolumnistforElPaísandLaRepubblica,whicharehighcirculationdailynewspapersinSpainandItaly, respectively. His columns are syndicated worldwide. Dr. Naím is also the host and producer of Efecto Naím, a Spanish language news andanalysisweeklyprogramthatairsintheUSandLatinAmerica.Dr.NaímbringssubstantialinternationaleconomicsandpoliticalexpertisetoAESthroughhistenureasVenezuela’s Minister ofIndustryandTradeandDirector ofVenezuela’s Central Bankintheearly1990sandasanExecutiveDirector of theWorldBank also in the early 1990s. He is the author of many scholarly articles and more than ten books on economics and politics and has broad experience as aconsultanttocorporations,governmentsandnon-governmentalorganizations.Education :Dr.NaímholdsM.Sc.andPh.D.degreesfromtheMassachusettsInstituteofTechnology.Current and Former Directorships : Dr. Naím is a member of the board of directors of FEMSA(NYSE: FMX) (2011 to the present) and was previously amemberoftheboardofdirectorsofCementosPacasmayo(NYSE:CPAC)(2013to2015).

Jeffrey W. Ubben Age:57DirectorSince:January2018

BoardCommittees:FinancialAuditCommitteeCompensationCommittee

Qualifications and Experience :Mr.UbbenisaFounderandtheChiefExecutiveOfficerofValueActCapitalwhereheisthePortfolioManageroftheValueActSpringFund.Mr.UbbenservedastheChiefInvestmentOfficerofValueActCapitaluntilJuly2017andisamemberoftheManagementCommittee.Withmorethan 20 years of experience in the investment management business, Mr. Ubben has an extensive background in sophisticated financial matters and strategicplanning. Inadditiontohisinvestment expertise, Mr. UbbenbringstotheBoardstrongleadershipskills gainedthroughhis experienceontheBoardsof otherpubliccompanies.Education :HeholdsaB.A.fromDukeUniversityandanM.B.A.fromtheKelloggGraduateSchoolofManagementatNorthwesternUniversity.Current and Former Directorships :Mr.UbbenpreviouslyservedasadirectorofTwenty-FirstCenturyFox(Nasdaq:FOXA)(November2015toApril2018),WillisTowersWatsonplc(Nasdaq:WLTW)(2016to2017),WillisGroupHoldingsplc(2013to2016),ValeantPharmaceuticalsInternational,Inc.(NYSE:VRX)(2014to2015),Misys,plc(2012to2017),SaraLeeCorporation(2008to2012),andistheformerChairmanandDirectorofMarthaStewartLivingOmnimedia,Inc. (2002to2005), CatalinaMarketingCorp, (2006to2007), Gartner Group,Inc., ( from2004to2011)andMentorCorporation(2003to2006). Mr. Ubbenserves on the Board of Trustees of Duke University, on the board of Trustees of Northwestern University and on the Board of Directors of E.O. WilsonBiodiversityFoundation,isacontributingmembertotheWorldEconomicForum,andformerlyservedasChairoftheNationalBoardofDirectorsofthePosseFoundation.

THEBOARDRECOMMENDSAVOTEFORTHEELECTIONOFEACHOFTHETENDIRECTORNOMINEESNAMEDABOVE


BoardandCommitteeGovernance

BOARDANDCOMMITTEEGOVERNANCE

DirectorIndependence

WearerequiredtohaveamajorityofindependentDirectorsservingonourBoardandmayonlyhaveindependentDirectorsservingoneachofour(i)FinancialAuditCommittee(the“AuditCommittee”),(ii)CompensationCommitteeand(iii)GovernanceCommitteepursuanttotherulesoftheNewYorkStockExchange(the“NYSE”)and,withrespecttoourAuditCommittee,therulesandregulationsundertheExchangeAct.

UndertheNYSErules, noDirector qualifies as“independent”unlesstheBoardaffirmatively determinesthat theDirector hasnomaterial relationshipwiththeCompany (directly, or as a partner, Stockholder, or officer of an organization that has a relationship with the Company). The Board makes independencedeterminations based on all relevant facts and circumstances when assessing the materiality of any relationship between the Company and a Director or aDirector’saffiliationwithotherbusinessesorentitiesthathavearelationshipwiththeCompany.

Our Board undertook an annual reviewof Director independence in February 2019. The purpose of this reviewwas to determine whether any relationships ortransactionsinvolvingDirectors(includingtheirfamilymembersandaffiliates)wereinconsistentwithadeterminationthattheDirectorisindependentundertheindependencestandardssetforthintheNYSErulesandourCorporateGovernanceGuidelinesand,withrespecttoAuditCommitteemembers,undertheExchangeAct.

Inmakingthisdetermination,theBoardconsiderednotonlythecriteriaforindependencesetforthinthelistingstandardsoftheNYSEbutalsoanyotherrelevantfactsandcircumstancesthatmayhavecometotheBoard’sattention,afterinquiry,relatingtotransactions,relationshipsorarrangementsbetweenaDirectororanymemberoftheirimmediatefamily(oranyentityofwhichaDirectororanimmediatefamilymemberisanExecutiveOfficer,generalpartnerorsignificantequityholder)ontheonehand,andAESoranyofitssubsidiariesoraffiliates,ontheotherhand,thatmightsignalpotentialconflictsofinterest,orthatmightinfluencetheDirector’srelationshipwithAESoranyofitssubsidiaries.Asdescribedintheprecedingsentence,theBoardconsideredtheindependenceissuenotmerelyfromthestandpointoftheDirector,butalsofromthatofthepersonsororganizationswithwhichtheDirectororDirectornomineeisaffiliated.

Basedonitsreview,ourBoarddeterminedthatMessrs.Harrington,Miller,Monié,Morse,Ubben,Mmes.KoeppelandDavidson,andDrs.Johnson,KhannaandNaímeachqualifyasindependentundertheindependencestandardsexistingundertheNYSErules.OurBoardalsodeterminedthatMessrs.Harrington,Miller,andUbbenandMmes.KoeppelandDavidsonqualifyasindependentundertheindependencestandardsforauditcommitteemembersundertheExchangeAct.

BoardLeadershipStructure

OurCorporateGovernanceGuidelinesrequiretheseparationoftheofficesoftheChairmanoftheBoard(“Chairman”)andCEO.IftheChairmanisindependent,heorshewillalsoserveasLeadIndependentDirector.Since1993,wehaveseparatedtheofficesofChairmanandCEO.Since2003,ourChairmanhasbeenanindependent Director whohas also acted as Lead Independent Director. In December 2018, weamendedour Corporate Governance Guidelines to provide thatwheneverpossibletheChairmanshallbeanindependentDirector.

Webelievethestructure describedaboveprovidesstrongleadershipfor our Board, while positioningourCEOastheleader of theCompanyfor our investors,counterparties, employees and other stakeholders. Our current structure, which includes an independent Chairman serving as Lead Independent Director, helpsensureindependentoversightovertheCompany.OurCorporateGovernanceGuidelinesstatethattheLeadIndependentDirector’sdutiesincludecoordinatingtheactivitiesoftheindependentDirectors,coordinatingtheagendaforandmoderatingsessionsoftheBoard’sindependentDirectors,andfacilitatingcommunicationsamongtheothermembersoftheBoard.ThisstructurealsoallowstheCEOtofocushisenergiesonmanagementoftheCompany.

OurBoardcurrentlyhastenindependentmembers.AnumberofourindependentBoardmembersarecurrentlyservingorhaveservedasDirectorsorasmembersofseniormanagementofotherpubliccompanies.WehavethreeBoardCommitteescomprisedsolelyofindependentDirectors,eachwithadifferentindependentDirectorservingasChairoftheCommittee.WebelievethatthenumberofindependentexperiencedDirectorsthatmakeupourBoard,alongwiththeindependentoversightoftheBoardbythenon-executiveChairman,benefitsourCompanyandourStockholders.

PursuanttoourBy-LawsandourCorporateGovernanceGuidelines,ourBoarddeterminesthebestleadershipstructurefortheCompany.AspartofourannualBoardself-evaluationprocess,theBoardevaluatesissuessuchasindependenceoftheBoard,communicationbetweenDirectorsandManagement,therelationshipbetweentheCEOandChairman,andothermattersthatmayberelevanttoour



leadershipstructure.TheCompanyrecognizesthatintheeventthatcircumstancesfacingtheCompanychange,adifferentleadershipstructuremaybeinthebestinterestsoftheCompanyanditsStockholders.

BoardCommittees

In2018,theBoardmaintainedfourstandingCommittees:

• CompensationCommittee;

• FinancialAuditCommittee;

• GovernanceCommittee;and

• InnovationandTechnologyCommittee.

ThetablebelowshowsthedirectorswhoarecurrentlymembersorchairsofeachoftheStandingBoardCommitteesandthenumberofmeetingseachcommitteeheldin2018.

Director Audit Compensation GovernanceInnovationandTechnology

AndresR.Gluski üJanetDavidson(2) ü ü

CharlesL.Harrington(1)(2) Chair ü

KristinaM.Johnson ü üTarunKhanna ü Chair

HollyKoeppel(1)(2) ü Chair

JamesH.Miller(1)(2) ü Chair

AlainMonié ü üJohnB.MorseJr.(3)

MoisesNaim ü ü

JeffreyW.Ubben(1)(2) ü ü NumberofMeetingsin2018 8 7 5 5

(1)Designatedasan“auditcommitteefinancialexpert”asdefinedbytherulesandregulationsoftheSEC.(2)Designatedas“financiallyliterate”asrequiredbytheNYSErules.(3)ChairmanandLeadIndependentDirector,servesasanex-officiomemberofeachcommittee(withnovotingauthorityastosuchcommittees).

CommitteeCharters.EachofthefourcommitteeshasacharterwhichcanbeobtainedfromtheCompany’swebsite(https://www.aes.com)onthe“BoardofDirectorsandCommittees”pageunderthe“AboutUs”tab,orbysendingarequesttotheOfficeoftheCorporateSecretary,TheAESCorporation4300WilsonBoulevard,Arlington,VA22203.

CompensationCommittee.TheprimaryfunctionsoftheCompensationCommitteeareto:

• reviewandevaluateatleastannuallytheperformanceoftheCEOandotherexecutiveofficersoftheCompany,includingsettinggoalsandobjectives,andtosetexecutivecompensation,includingincentiveawardsandrelatedperformancegoals;

• provideoversightoftheCompany’sexecutivecompensationandbenefitplansandpractices;

• makerecommendationstotheBoardtomodifyAES’executivecompensationandbenefitprogramstoalignwiththeCompany’scompensationgoals;

• review,discussandmakerecommendationstotheBoardonsayonpayandsayonfrequencymattersandStockholderengagement;



• assessthestockownershipguidelinesforexecutiveofficers;and

• reviewManagement’ssuccessionplanning.

TheBoarddeterminedthatallCompensationCommitteemembersareindependentwithinthemeaningofSECrulesandcurrentlistingstandardsoftheNYSE.Inaddition,eachmemberoftheCompensationCommitteeisa“Non-EmployeeDirector”asdefinedinRule16b-3undertheExchangeAct.

Atthecommencementofeachyear,AES’NEOs(otherthantheCEO)discusstheirposition-specificgoalsandobjectivesfortheupcomingyearwiththeCEO.Inthefirstquarterofthefollowingyear,theCEOperformsanassessmentofeachNEO’sperformanceagainsthisorherstatedgoalsand,inthecaseofourCEO,ourCompensationCommitteereviewsandassesseshisperformanceagainsthisstatedgoalsandobjectives.

BasedonourCEO’sperformance,theCompensationCommitteeprovidesanevaluation,approvesandmakesacompensationrecommendationtotheBoardastothe CEO. The Compensation Committee reviews and approves, and the Board approves, compensation recommendations submitted by the CEO on the otherNEOs.TheCompensationCommitteethenreviewstheserecommendationswiththeBoard.

Additionally, the Compensation Committee makes recommendations to the Board to modify AES’ compensation and benefit programs if it believes that suchprogramsarenotconsistentwiththeCompany’sexecutivecompensationgoalsorcouldotherwisebeimproved.UndertheCompensationCommittee’sCharter,itmay formsubcommittees and delegate to such subcommittees, other Board members and Officers, such power and authority, as the Compensation Committeedeems appropriate in accordance with the Charter. The Compensation Committee has also delegated to the CEO, subject to review by the CompensationCommittee and the Board, the power to set compensation for non-Executive Officers. Under the 2003 Long-Term Compensation Plan, the CompensationCommitteeisalsopermittedtodelegateitsauthority,responsibilitiesandpowerstoanypersonselectedbyitandhasexpresslyauthorizedourCEOtomakeequitygrants tonon-Executive Officers in compliancewithlaw. Under suchdelegation, our CEOmaygrant equity awardsto non-Executive Officer employees upto250,000sharesannuallywithatotalcapof1.25millionsharesoverthelifeofthedelegation.

TheCompensationCommitteeretainstheservicesofitsownindependentoutsideconsultanttoassistitinreviewingand/oradvisingtheamountand/orformofexecutive compensation. Meridian Compensation Partners, LLC (“Meridian”) is the firm retained by the Compensation Committee for these purposes and isprecluded from providing other non-Board related services to AES. The Compensation Committee has the sole authority to hire and dismiss its consultant.MeridianprovidedobjectiveinputandanalysistotheCompensationCommitteethroughouttheyearwithreferencetomarketdatatrends,regulatoryinitiatives,governance best practices and emerging governance norms. For further information concerning the independent outside consultant’s role in relation to NEOcompensation,pleaserefertothe“RoleoftheCompensationCommitteeIndependentConsultantandManagement”sectionintheCompensationDiscussionandAnalysis(“CD&A”)ofthisProxyStatement.

ManagementregularlyobtainsmarketsurveydatabasedoncomparablecompaniesfromWillisTowersWatson.MeridianreviewsthemarketsurveydatapriortoitbeingsharedwiththeCompensationCommitteetoensurethedatasourcesareappropriateforpurposesofcomparingourNEOs’compensationtocomparableexecutivesatsimilarly-sizedgeneralindustryandenergyindustrycompanies.

The Compensation Committee has instructed the Senior Vice President and Chief Human Resources Officer (“CHRO”) to provide information to theCompensationCommitteethat is requiredfor developingcompensationprogramsanddeterminingexecutivecompensation. TheCHROworksdirectly withtheCompensation Committee’s independent consultant in the preparation of the background material for the Compensation Committee. For further informationregardingourexecutivecompensationpracticesrefertotheCD&AofthisProxyStatement.

ThecompensationofourDirectorsisestablishedbytheGovernanceCommittee. See“DirectorCompensation”ofthisProxyStatementforadescriptionofourGovernanceCommittee’sprocessesandproceduresfordeterminingDirectorcompensation.

FinancialAuditCommittee.TheprimaryfunctionsoftheAuditCommitteearetoassisttheCompany’sBoardofDirectorsintheoversightof:

• theintegrityofthefinancialstatementsoftheCompanyanditssubsidiaries;

• theeffectivenessoftheCompany’sinternalcontrolsoverfinancialreporting;

• theCompany’scompliancewithlegalandregulatoryrequirements;



• thequalifications,independenceandperformanceoftheCompany’sindependentregisteredpublicaccountingfirm(the“IndependentAuditor”);

• theperformanceoftheCompany’sinternalauditfunction;and

• thepreparationoftheauditcommitteereportincludedintheCompany’sannualProxyStatement.

AllmembersoftheAuditCommitteeareindependentwithinthemeaningoftheSECrulesandunderthelistingstandardsoftheNYSE.TheBoardhasalsodeterminedthateachmemberoftheAuditCommitteeis“financiallyliterate”asrequiredbytheNYSErules,andthateachofMessrs.Harrington,MillerandUbbenandMs.KoeppelareAuditCommitteeFinancialExpertspursuanttoSECrulesbasedon,amongotherthings,theexperienceofsuchmember,asdescribedunderthe“Proposal1:ElectionofDirectors”sectionofthisProxyStatement.

GovernanceCommittee.TheprincipalfunctionsoftheGovernanceCommitteeareto:

• identifyandproviderecommendationsforpotentialDirectornomineesforelectiontotheBoard;

• advisetheBoardwithrespecttoBoardcomposition,proceduresandcommittees;

• developandrecommendtotheBoardcorporategovernanceguidelinesapplicabletotheCompany;

• establishandadministerprogramsforevaluatingtheperformanceofBoardmembers;

• reviewthefeespaidtooutsidedirectorsfortheirservicesontheBoardanditsCommittees;

• considergovernanceandsocialresponsibilityissuesrelatingtotheCompany;

• reviewtheCompany’scontributionstotradeassociations,includinganyamountsrelatedtopoliticalactivitiesandlobbyingexpenses,andreviewofotherpoliticalcontributionsorexpenditures,ifany,bytheCompany;

• provideoversightoftheCompany’senvironmental,safetyandcybersecurityprogramsandrelatedissues;and

• provideoversightoftheCompany’sdisputeresolution,operations,construction,insuranceandregulatoryprogramsandrelatedissues.

TheGovernanceCommitteemayformsubcommitteesanddelegatetothosesubcommitteessuchpowerandauthorityastheCommitteedeemsappropriateandincompliance with applicable law. The Governance Committee operates under the charter of the Governance Committee adopted and approved by the Board.ConsistentwiththerequirementsoftheCharter,theBoarddeterminedthatallGovernanceCommitteemembersareindependentwithinthemeaningofthelistingstandardsoftheNYSE.

DirectorQualifications .Director nomineesareselectedonthebasis of, amongother things, experience, knowledge, skills, expertise, integrity, ability tomakeindependent analytical inquiries, understanding the Company’s global business environment and willingness to devote adequate time and effort to BoardresponsibilitiessoastoenhancetheBoard’sabilitytooverseeanddirecttheaffairsandbusinessoftheCompany.

Diversity.TheCompanydoesnotmaintainaseparatepolicyregardingthediversityoftheBoard.However,thecharteroftheGovernanceCommitteerequiresthattheCommitteereviewthecompositionoftheBoardtoensureithasthe“appropriatebalance”ofattributes,including,butnotlimitedto,knowledge,experienceanddiversity.Inaddition,theCompany’sCorporateGovernanceGuidelinesestablishthatthesizeoftheBoardshallbeninetotwelvemembers,arangewhich“permitsdiversityofexperiencewithouthinderingeffectivediscussionordiminishingindividualaccountability.”Consistentwiththesegoverningdocuments,boththeGovernanceCommitteeandthefullBoardseekDirectornomineeswithdiverseprofessionalbackgrounds,experienceandperspectivessothattheBoardasawhole has the range of skills and viewpoints necessary to fulfill its responsibilities. As part of our annual Board self-evaluation process, the Board evaluateswhetherornottheBoardasawholehastheskills andbackgroundsforthecurrent issuesfacingtheCompany.TheBoardalsoevaluates its effectiveness withregardtospecificareasofexpertise.Seealsothe“Proposal1:ElectionofDirectors”sectionwhichdescribesthequalificationsandskillsofourDirectors.

Director Nomination Process.Pursuant to our Corporate Governance Guidelines, our Governance Committee reviews the qualifications of proposed DirectornomineestoserveonourBoardandrecommendsDirectornomineestoourBoardforelectionattheCompany’sAnnualMeeting.TheBoardproposesaslateofDirectornomineestotheStockholdersforelectiontotheBoard,usinginformationprovidedbytheGovernanceCommittee.

Incertaininstances,athirdpartymaybeengagedandpaidafeetoassistinidentifyingandevaluatingpotentialDirectornominees.TheGovernanceCommitteealso considers potential nominations for Director provided by Stockholders and submits any such suggested nominations, when appropriate, to the Board forapproval.StockholdernomineesforDirectorareevaluatedusingthecriteriadescribed



above.StockholderswishingtorecommendpersonsforconsiderationbytheGovernanceCommitteeasnomineesforelectiontotheBoardcandosobywritingtotheOfficeoftheCorporateSecretary,TheAESCorporation,4300WilsonBoulevard,Arlington,Virginia22203andprovidingtheinformationandfollowingtheadditionalproceduressetforthintheBy-Laws,whicharedescribedin“AdditionalGovernanceMatters”sectionofthisProxyStatement.

InFebruary2019,Ms.DavidsonwaselectedtoourBoard.Ms.DavidsonwasrecommendedthroughathirdpartysearchfirmtheBoardengagedtoassistintherecruitmentofDirectors.AftertheBoardconductedinterviewswithMs.Davidson,consideredherqualificationstoserveontheBoard,andcompletedthoroughconflictsandbackgroundchecks,theGovernanceCommitteerecommendedhernominationforelectiontotheBoardandtheBoardapprovedherelection.

InnovationandTechnologyCommittee.TheInnovationandTechnologyCommitteeisresponsiblefortheoversightandevaluationof:

• theCompany’seffortstofostergrowththroughinnovation;

• theCompany’seffortstoidentifyandassessrisksandopportunitiesinthepowerindustryandadjacentindustriesarisingfromemergingorcompetingtechnologies;and

• theCompany’sapproachtoreplicationofinnovativesolutionsacrossbusinesses.

DirectorAttendance

UnderourCorporateGovernanceGuidelines,DirectorsareexpectedtoattendBoardmeetingsandmeetingsofCommitteesonwhichtheyserveinpersonorbytelephoneconference,andDirectorsareencouragedtoattendtheAnnualMeeting.

In2018,ourBoardconvenedsixtimesandourBoardCommitteesconvenedforthenumberofmeetingsspecifiedinthechartonpage14,andnoDirectorattendedlessthan75%oftheaggregateofallmeetingsoftheBoardandtheCommitteesonwhichtheythenserved.Non-managementDirectorsmetinexecutivesessionaftereachofthesixin-personmeetingsoftheBoardin2018,withMr.CharlesRossottipresidingasChairmanandLeadIndependentDirectorthroughthe2018Annual Meeting of Stockholders andMr. Morse presiding as ChairmanandLeadIndependent Director for the remaining meetings held in 2018. All Directorsservingatthattimeattendedour2018AnnualMeetingofStockholdersonApril19,2018.



Board’sRoleinRiskManagement

ManagementisresponsibleforthemanagementandassessmentofriskattheCompany,includingcommunicationofthemostmaterialriskstotheBoardanditsCommittees. The Board provides oversight over the risk management practices implemented by Management, except for the oversight of risks that have beenspecificallydelegatedtoaCommitteeoftheBoard.EvenwhentheoversightofaspecificareaofriskhasbeendelegatedtoaCommittee,thefullBoardmaintainsoversightoversuchrisksthroughthereceiptofreportsfromtheCommitteeChairstothefullBoardateachregularly-scheduledfullBoardmeeting.Inaddition,ifaparticularriskismaterialorwhereotherwiseappropriate,thefullBoardmayassumeoversightoveraparticularrisk,eveniftheriskwasinitiallyoverseenbyaCommittee.TheBoardandCommitteereviewsoccurprincipallythroughthereceiptofregularreportsfromManagementtotheBoardontheseareasofrisk,anddiscussionswithManagementregardingriskassessmentandriskmanagementasfollows:

RiskManagementOversightStructure

ResponsibleParty AreaofRiskOversight

Board

Overseesalloperational,financial,strategic,brandandreputationalriskwiththeoversightofspecificrisksundertakenwithintheCommitteestructure.

TheCompany’sChiefFinancialOfficerprovidesareportontheCompany’sfinancialperformanceandoutlook,which may include an analysis of key external and internal drivers of performance, the Company’s liquidityposition,prospectivesourcesandusesoffunds,andtheimplicationstotheCompany’sdebtcovenantsandcreditrating,ifany.

ReceivesareportfromtheCompany’sChiefRiskOfficer,whichexplainstheCompany’sprimaryriskexposures,includingcurrency,commodity,hydrology,andinterestraterisk.

InadditiontotheregularreportsfromCommitteeChairs,theBoardreceivesreportsonspecificareasofriskfromtimetotime,suchasregulatory,geopolitical,cyclical,orotherrisks.

AuditCommittee

OverseesriskrelatedtointegrityoftheCompany’sfinancialstatements,internalcontrolsoverfinancialreportinganddisclosurecontrolsandprocedures(includingtheperformanceoftheCompany’sinternalauditfunction).

Overseestheperformanceoftheindependentauditor. OverseestheeffectivenessoftheCompany’sEthicsandComplianceProgram.

GovernanceCommittee

Overseesriskrelatedtoenvironmentalcompliance,safetyandcybersecurityrisks.

Overseesoperationalandconstructionrisksincludingrisksrelatedtotariffs,efficiencyatoursubsidiaries’plants,performanceofoursubsidiaries’distributionbusinesses,progressofconstructionandrisksthatmaycausedelaysorincreasesincostsandrelatedmatters.

OverseesrisksrelatedtodisputeresolutionandreceivesaprivilegeddisputeresolutionreportfromtheGeneralCounsel,whichprovidesinformationregardingthestatusoftheCompany’slitigationandrelatedmatters.

CompensationCommittee Overseesriskrelatedtocompensationpractices,includingpracticesrelatedtohiringandretention,successionplanning,andtrainingofemployees.

InnovationandTechnologyCommittee OverseesriskrelatedtotechnologiesandinnovationsdeployedbytheCompanyforuseinitsbusinesses.


AdditionalGovernanceMatters

ADDITIONALGOVERNANCEMATTERS

Environmental,SocialandGovernance

AESisdedicatedtoimprovinglivesandmakingalastingdifferenceinthecommunitiesinwhichourbusinessesoperate.Wearecommittedtoawiderangeofsocial,economicandenvironmentalinitiativesthatwillimprovethelivesofouremployees,customersandtheircommunities;protecttheenvironmentsinwhichweoperate;empowerourpeopleandbusinesses;andimprovelong-termreturnstoourinvestors.

Wehavereceivednumerousrecognitionsforourenvironmental,socialandgovernancepractices,someofwhicharehighlightedbelow:

• Ethisphere’sWorld’sMostEthicalCompaniesforsixconsecutiveyears;

• Since2014,AEShasbeenincludedintheDowJonesSustainabilityIndexforNorthAmericabasedonRobecoSAM’sanalysisoffinanciallymaterialEnvironmental,SocialandGovernancefactors;

• Since2017,AEShasbeenamemberoftheFTSE4GoodIndexSeries.FTSERussellisaunitofLondonStockExchangeGroup’sinformationServicesDivisionthatmeasurestheperformanceofcompaniesdemonstratingstrongmanagementofESGrisk.

• In2018,AESmaintainedLeadershipcategoryrecognitionintheCDPClimateChangequestionnaireswithascoreof“A-”.

InadditiontotheGovernanceprogramsdiscussedinthisProxyStatement,theCompanyhasanumberofenvironmentalandsocialinitiativesdescribedinfurtherdetailbelow.

Environment

Thecoreofourcorporatesustainabilityeffortscentersonunderstandingtheenvironmentsinwhichweoperateandcommittingtothedevelopmentofenvironmentallyresponsibleenergysolutions.Environmentalstewardshipandleadershipareakeypartofourbusiness.OurEnvironmentalManagementSystem(“EMS”),environmentalmeasurementmetrics,andcertificatesandstandardsdemonstrateourtangiblecommitmenttoenvironmentalsustainability.

Alloursubsidiarylocationsarerequiredtodesign,implementandmanageourEMSandEnvironmentalPolicy.OursubsidiarylocationsareresponsibleforapplyingtheEMSandEnvironmentalPolicyduringtheirrespectivedailyoperations,whenselectingorevaluatingsuppliers;developingnewservicesorprojects;planninglogistics;managingeffluentsandwaste;performingengineeringormaintenanceoperations;andperformingduediligenceformergersandacquisitions.

ThefoundationofourenvironmentalmanagementapproachisembodiedinthefollowingfourprinciplesincludedinourEnvironmentalPolicy:

• Meetorexceedtherequirementsofenvironmentalrulesandregulationsimposedbylocal,regional,andnationalgovernmentsandbyparticipatingfinancialinstitutions.

• MeetorexceedourEnvironmentalStandardssetforthinourprogramsandpolicies.• Planandbudgetforinvestmentsthatachievesustainableenvironmentalresultsbytakingintoaccountthelocal,regionalandglobalenvironmentwhere

theterm"environment"isbroadlydefinedastheexternalsurroundingsorconditionswithinwhichpeoplelive—includingecological,economic,socialandallotherfactorsthatdeterminequalityoflifeandstandardofliving.

• Strivetocontinuallyimprovetheenvironmentalperformanceateverybusiness.

AESiscommittedtoacorporatestrategythataimstolowerourgreenhousegasemissionsandcreateacleanenergyfuturebyshiftingourportfoliotowardslesscarbon-intensivesourcesofgenerationwithanemphasisonzero-carbontechnologieslikewindandsolar.In2018,wepublishedtheAESClimateScenarioReportinwhichweannouncedincreasingour2030carbonintensityreductiontargetfroma50%toa70%reductionofcarbonintensityfrom2016levels.TheAESClimateScenarioReportisintendedtoprovidestakeholderswithanunderstandingofthestrengthandresilienceofourportfolioundervariousclimatechangescenariosapplyingthe



TCFDrecommendations.TheAESClimateScenarioReportalsoincludesadiscussionaboutourstrategyformanagingrisksandopportunitiesrelatedtoclimatechange.AcopyoftheAESClimateScenarioReportisavailableonourwebsiteunderthe“Sustainability”tab.

Social

Safety.SafetycomesbeforeeverythingatAES.Weharnessoneoftheworld’smostpowerfulforces:electricity.Ourpeopleputtheirlivesonthelinewhentheycometoworkeachday.Ensuringsafeoperationsatourfacilitiesaroundtheworld,soeachpersoncanreturnhomesafely,isthecornerstoneofourdailyactivitiesanddecisions.Wealwaysputsafetyfirst,andwemeasureoursuccessesbyhowsafelyweachieveourgoals.

AEShasbuiltaSafetyManagementSystem(“SMS”)basedontheOHSAS18001/ISOS45001OccupationalHealthandSafetyManagementSystemmodel.TheSMSprovidesaconsistentframeworkforallAESoperationalbusinessesandconstructionprojectstosetexpectations,measureperformanceanddriveimprovementsinourmanagementofsafety.AES’SMSincludespecificoperationalandconstructionsafetystandardsthatarebasedonglobalelectricutilitybestpracticesandoftenexceedthelocalregulatoryrequirementsforsomeofthebusinesses.

StakeholderEngagement.Westrivetostrengthenrelationshipsthroughmeaningfulengagementwithourstakeholders.AESbusinesseshaveimplementedvaryinglevelsofengagementwiththeirlocalcommunitiesandfocusonprogramsthatcanmakeacommunitystrongereconomically,sociallyorenvironmentally.Weencourageourbusinessestocustom-tailorcommunityengagementprogramstoensurethemosteffectiveandbeneficiallocalcontribution.Additionally,weencourageAESpeopletogetinvolvedinvolunteeringprogramsandcommunityactivities.AESbusinessesalsoengageinpartnershipswithvariousstakeholderstomaximizethebenefitsoftheprogramsandmakealong-term,positiveimpactfortheircommunities.Partnersincludegovernmentagencies,developmentagencies,municipalities,NGOs,universitiesandtechnicalinstitutions,businesspartnersandsubcontractors.

HumanRights.Asaleaderintheglobalpowerindustry,weoperateunderabroadrangeofeconomic,political,socialandculturalcustoms,andtraditionsaswellasdifferentlocal,regional,andinternationallawsandregulations.Webelieveitisourdutyandresponsibilitytoconductbusinesswiththehighestlevelofintegrity,ethicsandcomplianceinallsituations.AEShasaHumanRightsPolicythatformalizesourlong-standingcommitmenttoupholdandrespecthumanrights.Whileoursubsidiarieshaveteamsthatmanagethedailyoperationsofourbusinesses,webelieveAES’HumanRightsPolicycanfostergreaterawarenessofhumanrightsissuesinthreeareasrelevanttoourbusinesses:People,CommunitiesandSuppliers.

OurPeople

Werecognizethatourpeopleareourenergy.AESpeoplesetthefoundationtoachievetheCompany’slong-termgoals.TheenergyourpeoplebringtotheirworkmakeseverythingpossibleandweknowweneedtohavetherightpeopleintherightplaceattherighttimetomeettheCompany’scommitmentsandsustainoursuccess.Ourcomprehensiveapproachtoattracting,developingandenergizingourtalentedworkforcearoundtheworldhelpsourpeopledeveloptotheirfullestpotential.

EmployeeDevelopment.OurglobaltalentmanagementstrategyenablesustohelppeoplereachtheirpotentialatAES.TheACEAcademyforTalentDevelopment,ourtalentmanagementframework,providesthetoolsandexperiencesneededforouremployeestogrowtheirprofessionalskillset,evolvetheirleadershipcompetenciesandtaketheircareertothenextlevel.Everyyear,AESemployeesreceivetraininganddevelopmentrelatedtocompetenciesessentialtotheCompany’sbusiness,suchasleadership,compliance,safetyandtechnicaltraining.Traininganddevelopmentprogramsareprovidedthroughformalclassroominstruction,onlineresourcesandon-the-jobleaningopportunities.

Diversity.WeareadiverseandinclusiveCompanyandouremployeesareactivelyencouragedandempoweredtosharetheirperspectives.Asaglobalcompany,thediversityofouremployees-inrace,ethnicity,culture,gender,sexualorientation,perspectiveandexperience(amongothers)-isessentialtoourabilitytocontinuetogrowandsucceedinworldwidemarkets.

Wehavealong-standingcommitmenttoouremployeestocreateabusinessworkingenvironmentthatfostersengagementthroughpersonalinnovation,achievement,wellness,advancementandtraining/developmentopportunities,promotinghealthandsafety,andinvestmentsintheircommunities.Theseeffortsculminateincreatingabusinesscultureofachievementandloyaltythatenablesustominimizeturnoverinourglobalworkforceandsucceedincompetitiveandchallengingmarketplaces.



AESCodeofBusinessConductandCorporateGovernanceGuidelines

OurCodeofConductandCorporateGovernanceGuidelineshavebeenadoptedbytheBoard.TheCodeofConductis intendedtogovern, asarequirementofemploymenttheactionsofeveryonewhoworksatAES,includingemployeesofAES’ssubsidiariesandaffiliatesandourDirectors.TheCodeofConductandtheCorporateGovernanceGuidelinescanbelocatedintheirentiretyontheCompany’swebsite(https://www.aes.com).AnypersonmayobtainacopyoftheCodeofConductortheCorporateGovernanceGuidelineswithoutchargebymakingawrittenrequestto:OfficeoftheCorporateSecretary,TheAESCorporation,4300WilsonBoulevard,Arlington,VA22203.Ifanyamendmentsto,orwaiversfrom,theCodeofConductaremade,wewilldisclosesuchamendmentsorwaiversonourwebsite(https://www.aes.com).

RelatedPersonPoliciesandProcedures

Our Governance Committee has adopted a Related Person Transaction Policy, which sets forth the procedures for the review, approval or ratification of anytransactioninvolvinganamountinexcessof$120,000inwhichtheCompanyparticipatesandanyDirectororExecutiveOfficeroftheCompany,anyDirectornominee,anypersonwhoisthebeneficialownerofmorethan5%oftheCompany’scommonstock,oranyimmediatefamilymembersoftheforegoing(each,a“RelatedPerson”),hasamaterialinterestascontemplatedbyItem404(a)ofRegulationS-K(“RelatedPersonTransactions”).Underthispolicy,priortoenteringinto,oramendingapotentialRelatedPersonTransaction,theRelatedPersonorapplicablebusinessunitleadermustnotifytheGeneralCounselwhowillassesswhetherthetransactionisaRelatedPersonTransaction. If theGeneralCounseldeterminesthatatransactionisaRelatedPersonTransaction, thedetails ofthetransactionwillbesubmittedtotheAuditCommitteeforreview.TheAuditCommitteewilleitherapproveorrejectitaftertakingintoaccountfactorsincluding,butnotlimitedto,thefollowing:

• thebenefitstotheCompany;

• thematerialityandcharacteroftheRelatedPerson’sdirectorindirectinterest,andtheactualorapparentconflictofinterestoftheRelatedPerson;

• theimpactonaDirector’sindependenceintheeventtheRelatedPersonisaDirectororaDirectornominee,animmediatefamilymemberofaDirectororaDirectornomineeoranentityinwhichaDirectororaDirectornomineeisanExecutiveOfficer,partner,orprincipal;

• thecommercialreasonablenessoftheRelatedPersonTransactionandtheavailabilityofothersourcesforcomparableproductsorservices;

• thetermsoftheRelatedPersonTransaction;

• thetermsavailabletounrelatedthirdpartiesortoemployeesgenerally;

• anyreputationalrisktheRelatedPersonTransactionmayposetotheCompany;and

• anyotherrelevantinformation.

IntheeventthattheGeneralCounseldeterminesthattheRelatedPersonTransactionshouldbereviewedpriortothenextAuditCommitteemeeting,thedetailsoftheRelatedPersonTransactionmaybesubmittedtoamemberoftheAuditCommitteewhohasbeendesignatedtoactonbehalfoftheAuditCommitteebetweenAuditCommitteemeetingswithrespecttothereviewandapprovalofthesetransactions.Inaddition,RelatedPersonTransactionsthatarenotapprovedpursuanttotheproceduressetforthabovemayberatified,amendedorterminatedbytheAuditCommitteeoritsdesignee.IftheAuditCommitteeoritsdesigneedeterminesthat the Related Person Transaction should not or cannot be ratified, the Audit Committee shall evaluate its options both with regard to the Related PersonTransaction (e.g. termination, amendment, etc.) and the individuals involved in the Related Person Transaction, if necessary. At the Audit Committee’s firstmeetingofeachfiscalyear,theAuditCommitteeshallreviewanypreviouslyapprovedorratifiedRelatedPersonTransactionsthatremainongoing.SubmissionofFutureStockholderProposalsandNominationsforDirector

Stockholder Proposals for 2020

ProxyStatement.SECrulespermitStockholderstosubmitproposalsforinclusionintheCompany’sproxystatementiftheStockholderandproposalmeettherequirementsspecifiedinRule14a-8oftheExchangeAct.

• WheretosendStockholderproposals.AnyStockholderproposalintendedtobeconsideredforinclusionintheCompany’sproxymaterialsforthe2020AnnualMeetingofStockholders(the“2020AnnualMeeting”)mustcomplywiththerequirementsofRule14a-8oftheExchangeActandbesubmittedinwritingbynoticedeliveredtotheOfficeoftheCorporateSecretary,locatedatTheAESCorporation,4300WilsonBoulevard,Arlington,Virginia22203.



• DeadlineforStockholderproposals.StockholderproposalssubmittedpursuanttoRule14a-8mustbereceivedatourprincipalexecutiveofficesatleast120daysbeforetheanniversaryofthemailingoftheprioryear’sproxymaterial(i.e.,byNovember7,2019),unlessthedateofour2020AnnualMeetingischangedbymorethan30daysfromApril18,2020(theone-yearanniversarydateofthe2019AnnualMeeting),inwhichcasetheproposalmustbereceivedareasonabletimebeforewebegintoprintandmailourproxymaterials.

• InformationtoincludeinStockholderproposals.StockholderproposalsmustconformtoandsetforththespecificinformationrequiredbyRule14a-8oftheExchangeAct.

OtherProposals.OurBy-LawsestablishcertainrequirementsforproposalsaStockholderwishestopresentatthe2020AnnualMeetingotherthanpursuanttoRule14a-8.IftheproposalisnotbeingsubmittedpursuanttoRule14a-8,theproposalmustbewrittenanddeliveredtotheOfficeoftheCorporateSecretaryattheaddresssetforthabovebythecloseofbusinessnotlessthan90daysnormorethan120dayspriortothefirstanniversaryoftheprecedingyear’sannualmeeting(nolaterthanJanuary19,2020andnoearlierthanDecember20,2019forthe2020AnnualMeeting);provided,however,thatintheeventthatthedateofthe2020AnnualMeetingismorethan30daysbeforeormorethan60daysaftertheone-yearanniversarydateofthe2019AnnualMeeting,orifnosuchmeetingwasheld,noticebytheStockholder,tobetimely,mustbedeliveredattheaddresssetforthabovenotearlierthanthecloseofbusinessonthe120 thdaypriortothe2020AnnualMeetingandnotlaterthanthecloseofbusinessonthelaterofthe90thdaypriortothe2020AnnualMeeting,orthe10thdayfollowingthedayonwhichpublicannouncement(asdefinedinSection2.15(D)oftheCompany’sBy-Laws)ofthedateofsuchannualmeetingisfirstmadebytheCompany.Innoeventshalladjournment,recessorpostponementofanannualmeetingcommenceanewtimeperiod(orextendanytimeperiod)forthegivingofaStockholder’snoticeasdescribedabove.AsdescribedinSections2.15(B)and2.16ofourBy-Laws,thenoticemustcontaincertaininformation,including,withoutlimitation,abriefdescription of the business desired to be brought before the meeting, the text of the proposal or business (including the text of any resolutions proposed forconsiderationand,intheeventthatsuchbusinessincludesaproposaltoamendtheBy-LawsoftheCompany,thelanguageoftheproposedamendment)andthereasonsforconductingsuchbusinessatthemeeting.

Director Nominations by Stockholders

OurBy-LawssetforththeproceduresforStockholdernominationsofDirectors.

• StockholdernominationofDirectors . AsdescribedinSection9.01ofourBy-Laws,nominationsof personseligible forelectiontotheBoardmaybemadeatanyannualmeetingofStockholdersoratanyspecialmeetingofStockholderscalledforthepurposeofelectingDirectorsbyanyStockholderofrecordatthetimeofgivingofthenoticeandwhoatthetimeofthemeetingisentitledtovoteatsuchmeeting,andwhoprovidestherequirednoticeinaccordancewithSection9.01(C)ofourBy-Laws.

• Timingfornotice(otherthanproxyaccessprocedures).Thewrittennoticerequiredwithrespecttoanynomination(includingthecompletedandsignedquestionnaire,representationandagreementdiscussedbelow)mustbegiven,eitherbypersonaldeliveryorbyUnitedStatesmail,postageprepaid,totheOfficeoftheCorporateSecretaryattheaddresssetforthabove(a)withrespecttoanelectiontobeheldatanannualmeetingofStockholders,generallynotlessthan90daysnormorethan120dayspriortothefirstanniversaryoftheprecedingyear’sannualmeeting(asprovidedabove)and(b)withrespecttoanelectiontobeheldataspecialmeetingofStockholdersfortheelectionofDirectors(otherthanaStockholderRequestedSpecialMeeting,assuchtermisdefinedintheBy-Laws),thecloseofbusiness(asdefinedintheBy-Laws)ontheseventhdayfollowingtheearlierof(i)thedateonwhichnoticeofsuchmeetingisfirst giventoStockholdersand(ii) thedateonwhichapublicannouncement(asdefinedinSection2.15(D)oftheCompany’sBy-Laws)ofsuchmeetingisfirstmade.Innoeventshallanadjournment,recessorpostponementofanannualmeetingorspecialmeetingcommenceanewtimeperiod(orextendanytimeperiod)forthegivingofaStockholder’snotice.

Inclusion of Stockholder Nominee in Company Proxy Statement and Form of Proxy (Proxy Access)

InDecember2015,theCompanyamendeditsBy-Lawstoprovidefor“proxyaccess.”TheCompanywillincludeinitsproxystatementandonitsformofproxythenameofaDirectornomineesubmittedpursuanttoSection9.02oftheBy-Lawsbyan“EligibleStockholder”whoprovidestheinformationandsatisfiestheotherprovisionsoftheCompany’sproxyaccessBy-Laws.Toqualifyasan“EligibleStockholder,”aStockholderoragroupofnomorethan20Stockholdersmusthavecontinuouslyowned,foratleastthreeyearsasofthedateoftheStockholderNotice(asdefinedintheBy-Laws),atleastthreepercent(3%)oftheoutstandingsharesoftheCompanyentitledtovoteintheelectionofdirectorsasofthedateoftheStockholderNotice(the“RequiredShares”)andthereaftercontinuetoowntheRequiredSharesthroughsuchannualmeeting.

• Deadlinefornotice.TheStockholdernoticemustbedeliveredtotheOfficeoftheCorporateSecretarynotlaterthanthecloseofbusinessonthe120thday,norearlierthanthecloseofbusinessonthe150thday,priortothefirstanniversaryoftheprecedingyear’sannualmeeting(noearlierthanNovember20,2019annolaterthanDecember20,2019forthe2020AnnualMeeting).



Intheeventtheannualmeetingismorethan30daysbeforeoraftersuchanniversarydate,orifnoannualmeetingwasheldintheprecedingyear,theStockholderNoticemustbesodeliverednotearlierthanthecloseofbusinessonthe150thdaypriortosuchannualmeetingandnotlaterthanthecloseofbusinessonthelaterofthe120thdaypriortosuchannualmeeting,orthe10thdayfollowingthedayonwhichpublicannouncementofthedateofsuchmeetingis first madebythe Company. In noevent shall anadjournment or recess of anannual meeting, or a postponement of anannual meetingforwhichnoticehasbeengivenorwithrespecttowhichtherehasbeenapublicannouncementofthedateofthemeeting,commenceanewtimeperiod(orextendanytimeperiod)forthegivingoftheStockholdernoticeasdescribedabove.

• Otherconditions.TheabilitytoincludeproxyaccessnomineesintheCompany’sproxymaterialsissubjecttoanumberofrequirements,conditionsandlimitationsthataresetforthintheBy-Laws.

ThechairpersonoftheannualmeetingmayrefusetoacknowledgetheintroductionofanyStockholderproposalorDirectornominationnotmadeincompliancewiththeforegoingprocedures.

OtherGovernanceInformation

Section16(a)BeneficialOwnershipReportingCompliance.BasedsolelyontheCompany’sreviewofreportsfiledunderSection16(a)oftheExchangeActandcertainwrittenrepresentations(asallowedbyItem405(b)(2)(i)ofRegulationS-K),theCompanybelievesthatnopersonsubjecttoSection16(a)oftheExchangeActwithrespecttoAESfailedtofile,onatimelybasis,thereportsrequiredbySection16(a)oftheExchangeActduringthemostrecentfiscalyear.

HouseholdingInformation.TheSEChasadoptedrulesthatpermitcompaniesandintermediariessuchasbrokerstosatisfydeliveryrequirementsforProxyStatementswithrespecttotwoormoreStockholderssharingthesameaddressbydeliveringasingleProxyStatementaddressedtothoseStockholders.Thisprocess,whichiscommonlyreferredtoas“householding,”potentiallyprovidesextraconvenienceforStockholdersandcostsavingsforcompanies.AESandsomebrokershouseholdproxymaterials,deliveringasingleProxyStatementtomultipleStockholderssharinganaddressunlesscontraryinstructionshavebeenreceivedfromtheaffectedStockholders.OnceStockholdershavereceivednoticefromtheirbrokerorusthatmaterialswillbesentinthehouseholdingmannertotheStockholder’saddress,householdingwillcontinueuntilweorthebrokerareotherwisenotifiedoruntiltheStockholderrevokessuchconsent.If,atanytime,suchStockholdersnolongerwishtoparticipateinhouseholdingandwouldprefertoreceiveaseparateProxyStatement,theyshouldnotifytheirbrokerifsharesareheldinabrokerageaccountorusifholdingregisteredsharesasprovidedinthenextparagraph.

Anybeneficial ownerwhohasreceivedasinglecopyofanAnnualReportorProxyStatementatasharedaddresscanrequesttoreceiveaseparatecopyofanannual report or ProxyStatement for this meeting by written or oral request and wewill promptly deliver a separate copyin the format requested. To receiveseparatecopiesofthosematerialsforthisorforfuturemeetings,pleaserequestbytelephone,internetore-mailbyfollowingtheinstructionsfoundontheNoticethatyouhavereceivedwhichalsocontainsyourcontrolnumberorbymakingyourrequestinwritingtoyourbrokerortous,asappropriate.

CharitableContributions.UnderNYSEListingStandard303A.02(b)(v),theCompanyisrequiredtoreportastowhetherornotanycharitablecontributionsweremadebytheCompanytoanycharitableorganizationforwhichanAESDirectorservedasanExecutiveOfficerofthatorganizationinanamountgreaterthan$1millionor2%ofsuchcharitableorganization’sconsolidatedgrossrevenuesfortheyears2018,2017or2016.TheCompanydidnotmakeanysuchcharitablecontributionsin2018,nordiditmakesuchcharitablecontributionsinexcessofthoseamountsin2017or2016.

CommunicationswiththeBoardorItsCommittees.TheBoardoffersseveral e-mail addresses, assetforthbelow,forStockholdersandinterestedpartiestosendcommunications throughthe Office of the Corporate Secretary of the Companyto the non-management Directors and/or the following committees of theBoard:

AESBoardofDirectors:[email protected]

CompensationCommittee:[email protected]

FinancialAuditCommittee:[email protected]

InnovationandTechnologyCommittee:[email protected]

GovernanceCommittee:[email protected]


AmemberoftheCorporateSecretary’sOfficewillforwardtotheDirectorsallcommunicationsthat,inhisorherjudgment,areappropriateforconsiderationbythe Directors. Examples of communications that would not be considered as appropriate for consideration by the Directors include commercial solicitations,requestsforemploymentandmattersnotrelevanttoStockholders,thefunctioningoftheBoardortheaffairsoftheCompany.

Annual Report on Form 10-K.Any Stockholder who desires an additional copy of the AES Form 10-K (including the financial statements and financialschedules)filedonFebruary26,2019withtheSECmayobtainacopy(excludingExhibits)withoutchargebyaddressingawrittenrequesttotheOfficeoftheCorporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to thereproductioncostthereofwillbemade.StockholdersmayalsoobtainacopyoftheAESForm10-KbyvisitingtheCompany’swebsiteathttps://www.aes.com.

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DirectorCompensation

DIRECTORCOMPENSATIONDirectorCompensationProgram

TheGovernanceCommitteeannuallyreviewsthelevelandformofcompensationpaidtoDirectors, includingourDirectorcompensationprogram’sunderlyingprinciples.UndertheCorporateGovernanceGuidelines,aDirectorwhoisalsoanOfficerofAESisnotpermittedtoreceiveadditionalcompensationforserviceasaDirector.InreviewinganddeterminingthecompensationpaidtoDirectors,theGovernanceCommitteeconsidershowsuchcompensationrelatesandcomparestothatofsimilarly-sizedgeneralindustryandenergycompaniesandtheOfficeoftheGeneralCounselassiststheGovernanceCommitteewithitsreviewofourDirectorcompensationprogram.TheOfficeoftheGeneralCounselconductsresearchonothercompanies’Directorcompensationpracticesbyreviewingabroad-basedDirectorcompensationstudyandsurveydatafromWillisTowersWatson’sU.S.GeneralIndustryandU.S.EnergyDatabases,andprovidingtheCommitteewith a benchmarking analysis of such companies’ practices as compared to the Company’s Director compensation program. Neither the Office of the GeneralCounselnortheGovernanceCommitteeretainedanindependentcompensationconsultanttoassistwithrecommendingordeterminingDirectorcompensationin2018. The Governance Committee has retained Meridian Compensation Partners, LLC (“Meridian”) to assist with the Committee’s review of Directorcompensationpracticesfor2019.AnyproposedchangestotheDirectorcompensationprogramarerecommendedbytheGovernanceCommitteetotheBoardforconsiderationandapproval.

DirectorCompensationfor2018

TheBoardreviewstheBoardcompensationstructure onanannual basis. In2018, onits owninitiative, theBoarddeterminedthat it wouldnot increase Boardcompensationforthe2018-2019BoardYear.TheBoardhasnotincreaseditscompensationsince2012.

Boardcompensationisintendedtomeetthefollowinggoals:

• promotetherecruitmentoftalentedandexperiencedDirectorstotheAESBoard;

• compensateoutsideDirectorsfortheincreasedworkloadinherentinapublicboardDirectorposition;and

• retainastrongfinancialincentiveforDirectorstomaintainandpromotethelong-termhealthandviabilityoftheCompany.

The Governance Committee of the Board consulted various materials regarding current trends and best practices for determining compensation for boards ofdirectors,asdescribedabove.

AnnualRetainer.For2018,DirectorselectedattheannualmeetingofStockholdersreceivedan$80,000annualretainerwitharequirementthatatleast34%ofsuchretainerbedeferredintheformofstockunits.Directorsmayelect(butarenotrequired)todefermorethanthemandatory34%deferral.AnyportionoftheannualretainerthatisdeferredabovethemandatorydeferralwascreditedtotheDirectorinstockunitsequivalentto1.3timestheelecteddeferralamount.TheBoardalsodeterminedthattheChairmanwouldreceivecompensationatanamountequalto1.9timesthe2018annualretainerofotherAESBoardmembers,andthatsuchamountwouldbeinclusiveofallBoardresponsibilities.

CommitteeCompensation.CommitteechairpersonsandmembersreceivedcompensationfortheirCommitteeserviceisoutlinedbelow.

AuditCommitteeChair $ 30,000CompensationCommitteeChair $ 25,000GovernanceCommitteeChair $ 22,250InnovationandTechnologyCommitteeChair $ 15,000AuditCommitteeMember $ 15,000CompensationCommitteeMember $ 15,000GovernanceCommitteeMember $ 15,000InnovationandTechnologyCommitteeMember $ 10,000



DeferredCompensationGrant.DirectorsreceivedanannualDeferredIncentiveCompensationGrantvaluedat$150,000.TheBoardalsodeterminedthattheChairmanwouldreceivesuchagrantinanamountequalto1.9timestheDeferredIncentiveCompensationGrantofotherAESBoardmembers.

NewDirectors.Newlyelecteddirectorsreceiveaninitialgrantconsistingofdeferredstockunitsand/orstockoptionsvaluedat$40,000andanAnnualRetainer,CommitteeFees,andDeferredCompensationGrantpro-ratedfortheserviceprovideduntilthenextannualmeetingofStockholders.

Our2018Boardcompensationstructureremainedconsistentwithpastpractice.

Non-EmployeeDirectorStockOwnershipGuidelines.TheBoardadoptedstockownershipguidelinesforDirectorsthatprovidefornon-employeeDirectorstoaccumulate and maintain equity ownership in AEShaving a value of no less than five times the annual retainer within five years of the date of the Director’sappointment to the Board. All stock and equity interests of a Director are taken into consideration for purposes of considering compliance with the policy,includingDirectorstockunits.

CompensationofDirectors(2018)*Thefollowingtablecontainsinformationconcerningthecompensationofournon-ManagementDirectorsduring2018.

FeesEarnedorPaidinCash(2)

StockAwards(3)

OptionAwards(4)

AllOtherCompensation

Total

Name(1)

CharlesL.Harrington $97,800 $193,040 $0 $0 $290,840

Chair—FinancialAuditCommittee

KristinaM.Johnson $77,800 $193,040 $0 $0 $270,840

TarunKhanna $82,800 $163,040 $30,000 $0 $275,840

Chair—InnovationandTechnologyCommittee

HollyK.Koeppel $90,050 $177,200 $0 $0 $267,250

Chair—GovernanceCommittee

JamesH.Miller $92,800 $177,200 $0 $0 $270,000

Chair—CompensationCommittee

AlainMonié $77,800 $118,040 $75,000 $0 $270,840

JohnB.Morse,Jr. $100,320 $366,776 $0 $0 $467,096

Chairman,LeadIndependentDirector

MoisésNaím $82,800 $177,200 $0 $0 $260,000

CharlesO.Rossotti(5) $0 $0 $0 $27,000 $27,000

JeffreyW.Ubben(6) $103,500 $261,500 $0 $0 $365,000

* Table excludes the Non-Equity Incentive Plan Compensation, Change in Pension Value and Nonqualified Deferred Compensation Earnings, and All Other Compensationcolumns,whicharenotapplicable.NOTES:

(1) Mr.Gluski,ourPresidentandCEO,isalsoamemberofourBoard.HiscompensationisreportedintheSummaryCompensationTableandtheothertablessetforthinthisProxyStatement.InaccordancewithourCorporateGovernanceGuidelines,ManagementDirectorsdonotreceiveanyadditionalcompensationinconnectionwithserviceontheBoard.Ms.DavidsonwaselectedtotheBoardonFebruary22,2019andaccordinglywasnotpaidanycompensationin2018.



(2) Directorselectedatthe2018AnnualMeetingofStockholdersreceivedan$80,000AnnualRetainerwitharequirementthatatleast34%ofsuchretainerbedeferredintheformofstockunits,witheachDirectorhavingtherighttoelecttodeferadditionalamountsasfurtherdescribedabove.DirectorsmayalsoelecttodeferCommitteefeesintheformofstockunits.

ThemandatorydeferralportionoftheAnnualRetainerisincludedinthe“StockAwards”columnabove,whilethe“FeesEarnedorPaidinCash”columnincludesamountsfromtheAnnualRetainerandCommitteefeesthatDirectorselectedtodefer(abovethemandatorydeferral)intostockunitsexceptthattheadditionalincrementalvalueresultingfromthe1.3multiplierappliedtoelectivedeferralsoftheAnnualRetainerisincludedinthe“StockAwards”column,asnotedinfootnote3.Theelectivedeferralamountswereasfollows:

AnnualElectiveRetainerDeferred

CommitteeRetainerDeferred

CharlesL.Harrington $52,800 $45,000

KristinaM.Johnson $52,800 $0

TarunKhanna $52,800 $0

JohnB.Morse,Jr. $100,320 $0

AlainMonié $52,800 $25,000

(3) This columnincludes the aggregate grant date fair value of Director stock unit awards granted in 2018pursuant to (i) the 34%mandatory annual retainerdeferral into stock units, and (ii) as further described in “Director Compensation for Year 2018” above, the additional incremental value resulting fromDirectorselectingtodefermorethan34%oftheirannualretainerandbeingcreditedwith1.3or1.9times,asapplicable,oftheelectivedeferralamount.TheaggregategrantdatefairvalueswerecomputedinaccordancewithFASBASCTopic718.Adiscussionoftherelevantassumptionsmadeinthesevaluationsmaybefoundinfootnote16tothefinancialstatementscontainedintheAESForm10-K.AsofDecember31,2018,Directorshadthefollowingtotalnumberofstockunitscreditedtotheiraccountsunderthe2003LongTermCompensationPlan:CharlesL.Harrington-124,223;KristinaM.Johnson-151,151;TarunKhanna-200,032;HollyK.Koeppel-88,428;JamesH.Miller-100,453;AlainMonié-34,957;JohnB.Morse,Jr.-227,312;MoisésNaím-110,454;andJeffreyUbben-22,945.

(4)ThiscolumnreflectsaggregategrantdatefairvalueofeachDirectorStockOptiongrantedin2018.Adiscussionofrelevantassumptionsmadeinthisvaluationmaybefoundinfootnote16tothefinancialstatementscontainedintheAESForm10-K.

NoDirectorsheldOptionsoutstandingasofDecember31,2018,withtheexceptionofTarunKhanna-20,000;JamesH.Miller-19,280;andAlainMonié-80,441.

(5) Mr.Rossotti’stermendedApril18,2018.Mr.RossottienteredintoaConsultingAgreementwiththecompanytoprovideconsultingservicestotheincomingChairmanandLeadIndependentDirectorfromApril19,2018toDecember31,2018,whichamountsareincludedinthe“AllOtherCompensation”column.

(6)Mr.UbbenwaselectedtotheBoardonJanuary17,2018andaccordinglywaspaidaninitialgrantofdeferredstockunitsandanAnnualRetainer,CommitteeFees,andDeferredCompensationGrantpro-ratedfortheserviceprovideduntiltheApril19,2018AnnualMeetingofStockholders.


ExecutiveCompensation

EXECUTIVECOMPENSATIONCompensationDiscussionandAnalysis(“CD&A”)

ExecutiveSummary

ThefollowingpointshighlightthealignmentofAES’compensationplansandpracticesforourNEOswithperformanceandStockholdervaluecreation.AnyNon-GAAPmeasuresdiscussedinthisCD&AarereconciledtothenearestGAAPfinancialmeasureordescribedhowsuchmeasureiscalculatedfromthefinancialstatementsinthesectiontitled“Non-GAAPmeasures”.

2018wasagoodyearforAES,demonstratedbystrongfinancialresultsandsignificantprogresstowardachievingstrategicgoals.TheCompanydeliveredonallofits commitments, including financial guidance, and hit key milestones on its strategy, positioning AES for long-term, sustainable growth. As a result of theseefforts,theoverallperformanceoftheCompanyexceededexpectationsanddelivereda40%returntoitsStockholders.TheCompany’scompensationphilosophyremainsunchangedandthecompensationearnedbyourNEOsdemonstratesalignmentbetweenourexecutivecompensationprogramdesignandvaluecreationtoStockholders.Insummary:

• AES’philosophyistotargettotalcompensationopportunitiesatapproximatelythe50thpercentileofcompaniessimilarinindustryandsize.

• WithoverhalfofNEOcompensationinvariableincentives,actualcompensationonlyexceedsthe50thpercentilewhenAESexceedsperformancegoalsandcreatescommensurateStockholdervalue.

• Annualincentiveplanpayoutswereabovethetargetopportunitybasedonactualperformance, drivenprimarilybyFinancial andGrowthgoals, whichwereabovethemidpointofourexpectationsfor2018.

• 2018long-termincentivepayoutsreflectstrongperformanceandTotalShareholderReturnof70%overathree-yearperformanceperiod(2016-2018).

• TheCompensationCommitteecontinuestoalignpaypracticeswithStockholderinterests.

WhatAESDoes WhatAESDoesn’tDoPay-for-PerformanceAlignment-AnnualreviewofAESTotalStockholderReturnperformanceanditsimpactonrealizablepaytoensureactualresultsarealignedtoperformancepayouts

No“Single-Trigger”VestingofEquityAwardswithaChangeinControl-Allunvested,outstandingandfutureawardscontaina“double-trigger”provision

TargetTotalCompensationat50thPercentile-Basedonsimilarly-sizedcompanies’targettotalcompensationatthesize-adjusted50thpercentile

NoSpecialRetirementBenefitFormulasforNEOs-Ournon-qualifiedretirementplanrestoresbenefitscappedunderourbroad-basedplanduetostatutorylimits

HeavyWeightonPerformanceCompensation-Majorityofcompensationispaidthroughannualincentiveandlong-termcompensationplans

NoHedgingorPledging-MaintainapolicythatprohibitsNEOsandDirectorsofAESfromengaginginhedgingactivitiesorpledgingAESstock

StockOwnershipGuidelines-Maintainmarket-competitiveguidelinestoalignNEOandStockholderinterests

NoChange-In-ControlExciseTaxGross-Ups-Completelydiscontinuedthisprovision



Change-In-ControlSeverance-Ourplaniscompetitivewithmarketpracticeandallbenefitsareconditionedupon“double-trigger”

NoPerquisites-NoperquisitesareprovidedtoanyNEOs,exceptforrelocationbenefitsinconnectionwithoverseasassignments

“Clawback”Policy-Policyprovidesforrecoveryofcertainpreviously-paidincentiveawardsundercertaincircumstances

NoBackdatingorOptionRepricings

IndependentConsultantRetainedbytheCompensationCommittee-ProvidesnootherservicestoAES

NoPaymentofDividendsorDividendEquivalentsonEquityAwardsUnlessEarnedand/orVested

• TheCompensationCommitteeannuallyreviewsAES’performanceandCEOcompensationrelativetopowergenerationandutilitycompaniesfromtheS&P500UtilitiesIndextowhichinvestorsmaycompareAES.TheCEOsrealizablecompensationandAES’TotalStockholderReturnarealignedwithvaluecreationtoAESStockholdersasdemonstratedbelowforthe2015-2017period.

• At the 2018Annual Meeting, AESreceived over 95%support for its NEOcompensation based on the shares voted in favor of the 2018Say on Payproposal.

OurExecutiveCompensationProcess

TheCD&AincludescompensationdetailsforourNEOs:

Name Title

Mr.AndrésGluski President&ChiefExecutiveOfficer(“CEO”)

Mr.ThomasO’Flynn* FormerEVP&ChiefFinancialOfficer(“CFO”)

Mr.BernerdDaSantos EVP&ChiefOperatingOfficer(“COO”)

Mr.JulianNebreda SVP&President,SouthAmericaStrategicBusinessUnit

Mr.ManuelPérezDubuc SVP&President,NewEnergySolutions

*EffectiveJanuary1,2019,Mr.O’FlynntransitionedtoanewleadershiprolewithAES.

Our Executive Compensation Philosophy

Ourphilosophyistoprovidecompensationopportunitiesthatapproximatethe50thpercentileofsurveydataspecifictoourrevenuesizeandindustry.Wethendesign our incentive plans to pay for performance with more compensation paid when performance exceeds expectations and less compensation paid whenperformancedoesnotmeetexpectations.Thus,theactualcompensationrealizedbyanNEOwilldependonouractualperformance.

Inapplyingthisphilosophy,surveydataisusedtoassesstheimpactofanychangesonthecompetitivenessoftargettotalcompensationopportunitiesrelativetothe50thpercentile.Ouruseofsurveydataisdescribedfurtherinthesectiontitled“HowWeUseSurveyDatainourExecutiveCompensationProcess.”



The Compensation Committee considers additional factors in making its decisions on each NEO’s target total compensation opportunity. The specific factorsinclude:

• Individualperformanceagainstpre-setgoalsandobjectivesfortheyear,andCompanyperformance;

• Anindividual’sexperienceandexpertise;

• Positionandscopeofresponsibilities;

• Anindividual’sfutureprospectswiththeCompany;and

• Thenewtotalcompensationthatwouldresultfromanychangeandhowthenewtotalcompensationcomparestosurveydata.

Inmakingitsdecisions,theCompensationCommitteedoesnotapplyformulaicweightingtoanyoftheabovefactors.

Role of the Compensation Committee, Independent Compensation Consultant, and Management

CompensationCommittee

IndependentCompensationConsultant

Management(CEO&CHRO)

ProvideoveralloversightoftheCompany’scompensationandbenefitplans,includingplansinwhichtheNEOsparticipate ü AnnuallyreviewNEOcompensationand,ifappropriate,proposechangestotargettotalcompensationforBoardofDirectors’approval ü Approveperformancegoalsforannualandlong-termincentiveplanswithinthefirstthreemonthsoftheperformanceperiod ü Basedonanassessmentofperformanceagainstpre-setgoals,approvepayoutstoNEOsunderincentiveplansandproposeforBoardofDirectors’approval ü

ParticipateinallCompensationCommitteemeetings ü ü üParticipateinexecutivesessionsoftheCompensationCommittee ü Asrequested PrepareandsummarizedetailedinformationontheCompany’sperformanceand,asapplicable,performanceofindividualexecutives üPrepareandprovide(inadvancewheneverpossible)additionalmaterialsregardingourexecutivecompensationplansforreviewanddiscussionbytheCompensationCommitteeinitsmeetings üBasedonbusinessstrategy,proposeanychangestoincentiveplandesigns üWiththeCompensationCommittee’sknowledge,providebackgroundinformationtotheindependentconsultantrequiredfortheconsultanttocarryoutitsduties üUpdatetheCompensationCommitteeonmarkettrends,regulatorymattersandgovernancebestpracticesrelatedtoexecutivecompensation ü ReviewandprovidetheCompensationCommitteewithfeedbackonmarketcompetitivenessofanychangestotargettotalcompensationproposedbymanagement ü ReviewandprovidetheCompensationCommitteewithfeedbackonincentiveplanchangesproposedbymanagement ü

In2018,theCompensationCommitteeretainedMeridiantoserveasitsIndependentCompensationConsultant.TheCompensationCommitteehasreviewedtheindependenceofMeridianasrequiredbytheNYSErulesthatrelatetotheengagementofitsadvisors.TheCompensationCommittee,aftertakingintoconsiderationallrelevantfactors,determinedMeridiantobeindependent,consistentwithNYSErequirements.OtherthanservicesprovidedtotheCompensationCommittee,MeridiandidnotprovideanyotherservicestoAESin2018.

How We Use Survey Data in our Executive Compensation Process

Atthetimeitdecidestargettotalcompensationopportunities,theCompensationCommitteereviewssurveydatafromWillisTowersWatson.ThedataenablestheCompensationCommitteetocomparecompensationforourNEOstocompensationprovidedbysimilarly-



sized companies for executives in comparable positions to U.S.-based and internationally based NEOs. Specifically, in 2018 the Compensation Committeereviewedthefollowingsurveydata:

• TheU.S.GeneralIndustryDatabase,whichconsistedofothercompanieswithinternationaloperationswithatotalof507companies;

• TheU.S.EnergyIndustryDatabase,whichconsistedprimarilyofpowergenerationanddistributioncompanies,withatotalof124companies;and

• Country-specificcompensationdatabasesforinternationaldatawhichconsistedofcompaniessimilartoAES’business,withatotalof320companiesinChile.

FromthesurveydataregressionanalysisisthenusedtopredictthecompensationpaidbythosecompaniesmostsimilartoAESinsize.Atthetimeoftheanalysis,weusedourthen-currentrevenueestimateof$10.5B.

Thesurveydatalagtheyearforwhichthecompensationdecisionappliesandthereforeareagedatanannualizedrateof3%peryearfortheUnitedStates,andcountry-specificagingfactorsforinternationaldata,asprovidedbyWillisTowersWatson.IndeterminingcompaniescomparabletoAESinsize,weuserevenuebecauseexecutivetargettotalcompensationmorecloselycorrelateswithrevenuethananyothersizeindicator,inbothgeneralindustryandthepowerindustry.

ForallU.S.-basedNEOs,ablendofgeneralindustryandpowerindustrydataisappropriatebasedontheoperationalknowledgerequiredoftheirpositionsandtheinternationalscopeoftheirroles.Fornon-U.S.-basedNEOstherearelimitationsinthesurveysamplesandthereforemarketdatainthesecountriesonlyreflectageneralindustrysample.

NEOGeneralIndustry

WeightingPowerIndustryWeighting

Mr.Gluski 50% 50%Mr.O’Flynn 50% 50%Mr.DaSantos 50% 50%Mr.Nebreda 100% -Mr.PérezDubuc 100% -

InthecaseofMessrs.GluskiandDaSantostheirtargettotalcompensationwasslightlybelowthemarket50thpercentile,butabovethe25thpercentile.InthecaseofMessrs.NebredaandPérezDubuc,theirtargettotalcompensationwasbetweenthe50thpercentileandthe75thpercentile,andMr.O’Flynnwasapproximatedat the 75th percentile. As previously described, NEOs will not realize the target level of compensation if AES does not meet performance goals and createStockholdervalue,oriftheyterminateemploymentwithAESpriortothevestingorpaymentdatesofincentiveawards.

TheCompensationCommitteeviewstheWillisTowersWatsonsurveydataasanappropriatebenchmarkofcompensationpracticesandlevelsofsimilarly-sizedcompanies,includingcompanieswithinternationaloperationsagainstwhomwecompetefortalent.

OverviewofAESTotalCompensation

Elements of Compensation

Thefollowingtablepresentseachelementofcompensationandexplains(i)theobjectiveofeachelement,(ii)whattheelementisdesignedtoreward,and(iii)whywechoosetopayeachelement.

Objective WhatItRewards WhyWePayBaseSalary

Providefixedcashcompensationthatreflectstheindividual’sexperience,responsibilityandexpertise

Accomplishmentofday-to-dayjobresponsibilities,takingintoaccountindividualperformanceandretentionconsiderations

Marketcompetitiveness;attractandretainourNEOs



Objective WhatItRewards WhyWePayPerformanceIncentivePlan(ourannualincentiveplan)

Provideperformance-based,short-termcashcompensationrelativetotheachievementofpre-setobjectives,andperformance,basedonapayoutrangeof0-200%

Achievementofspecificpre-setperformancethresholdsrelatedtosafety,financial,operationalandstrategicobjectives

DirectincentivetoachievetheCompany'ssafety,financial,operationalandstrategicobjectivesfortheyear

Long-TermCompensation(LTC)

ProvideawardsthataligntheinterestsofourexecutiveswiththoseofourStockholdersoverthelongterm

Sharepricegrowth,dividendperformanceandattainmentoflong-termfinancialgoals

DirectlylinksNEOs’interestswiththoseofStockholdersandAES’long-termfinancialperformance

RetirementandHealthandWelfareBenefits

Provideretirementandhealthandwelfarebenefitsthataregenerallycomparabletothoseprovidedtoourbroad-basedU.S.employeepopulation

Promotehealthinessandfinancialreadinessforretirement

Marketcompetitiveness

CEO Compensation Relative to other NEOs

OurCEO’scompensationishigherthanthecompensationpaidtoourotherNEOslargelyduetothescopeofhispositionandhisoverallresponsibilityfortheCompany’sstrategyanddirection,aswellashisoverallinfluenceonAES’near-andlong-termperformance.WhencomparedtoourotherNEOs,ourCEO’stotalcompensationismoreheavilyweightedtowardsincentivecompensationandhisstockownershipguidelineishigher.Thehighercompensationandhigherpercentageofcompensationintheformofperformance-basedincentivesforourCEOareconsistentwiththesurveydata.

Mix of Cash and Equity Compensation

The Company does not target a specific allocation of cash versus equity compensation, nor does it target a specific allocation between short- and long-termcompensation.Thechartsbelowindicatethemixofcashandequitycompensation,aswellasshort-termandlong-termcompensationforourCEOandallotherNEOs.

Inmakingcompensationdecisions,theCompensationCommitteedoesnotexplicitlyconsiderprioryears’awardsorcurrentequityholdings.TheCompensationCommitteedoes,however,onanongoingbasisensureithasadetailedunderstandingofhowitsdecisions



onindividualcompensationelementsaffectothercompensationelementsandtotalcompensation.TheCommitteereviewsdetailedinformationon:

• Year-over-yearchangesintotalcompensation;

• Thevalueofoutstandinglong-termcompensationawardsundervarioussharepriceandfinancialperformancescenarios;

• Payoutsandrealizedgainsfrompastlong-termcompensationawards;and

• Thevalueofbenefitspayableuponterminationandchange-in-control.

AdiscussionofhowtheCompensationCommitteedeterminedeachelementofcompensationfor2018isprovidedinthenextsectionofthisCD&A.

2018CompensationDeterminations

Base Salary

Asexplained in the section titled “Our Executive Compensation Process,” the Compensation Committee reviews the target total compensation, including basesalaries,ofourNEOsannually.Inaddition,theCompensationCommitteewillreviewthebasesalaryofanExecutiveOfficerifthereisapromotionorinthecaseofanewly-hiredExecutiveOfficer.

Thefollowingtableshowsthe2018basesalaryandthepercentageincreasefrom2017foreachNEO.AttherecommendationoftheCEO,the2018basesalarieswereheldflatforallofourNEOs.Mr.PérezDubuconlyreceivedabasesalaryincreaseuponassuminghisnewrole.Furtherdetailsonthe2018basesalariespaidtoourNEOscanbefoundintheSummaryCompensationTableofthisProxyStatement.

NEO 2018BaseSalaryPercentage

Increasefrom2017

RationaleforIncrease

Mr.Gluski $1,188,000 0% Nochangesfrom2017Mr.O’Flynn $690,000 0% Nochangesfrom2017Mr.DaSantos $510,000 0% Nochangesfrom2017Mr.Nebreda $396,550 0% Nochangesfrom2017Mr.PérezDubuc $450,000 14% Adjustmentfornewrole

2018 Performance Incentive Plan Payouts

2018CompanyPerformanceScoreTargets : OurNEOsareeligible forannual incentiveawardsunderthePerformanceIncentivePlan, aStockholder-approvedplan. As detailed more fully below, in early 2018, the Compensation Committee established measures in three performance categories: Safety, Financial, andStrategic&OperationalObjectives.Insettingtheseperformancemeasures,theCompensationCommitteeconsideredinformationprovidedbymanagementabouttheCompany’sfinancial budgetfortheyearaswellasstrategicandoperational objectives. TheCompensationCommitteeapprovedperformancemeasuresandobjectivesacrossallthreecategoriesthatitconsideredtobechallenging.

In early 2019, the Compensation Committee approved, and recommended to the Board of Directors to approve, the annual incentive pay-outs for 2018. TheCommittee’sdecisionwasbasedonAES’2018corporateperformancescore,whichreflectedactualresultsagainstpre-establishedperformancemeasuresshownbelow.



Thebelowtablereflectsthemeasures,weights,andtargetsapprovedbytheCommittee,aswellasthe2018results.

Measure Weight TargetGoal ActualResultsActual%ofTarget

2018Score

Safety

SeriousSafetyIncidents

10%

Noserioussafetyincidents Oneormoreserioussafetyincidentsoccurred n/a

60%NearMissReporting Reportsfiledtimely,accurately,andmitigationplansexecuted Favorabletotarget n/a

ProactiveSafetyMeasures Achieve2018goals Exceededsafetywalkandmeetinggoals n/aFinancial1

AdjustedEPS 35% $1.20 $1.24 103%153%

ParentFreeCashFlow($M) 25% $638 $689 108%Strategic&OperationalObjectives

GrowthProjects 20%2,000MWofRenewableGrowth

12tBtuofLNGGrowthStrategicCapitalRaisingInitiatives

1,967MWofRenewableGrowth25tBtuofLNGGrowth

StrategicCapitalRaisingOngoing133% 133%

ConstructionProgram/OperationalKPIs(IndexScore)2 10%

Advanceconstructionprogramontime/onbudget100%ofIndex

Ontimeperformance–97%Onbudgetperformance–99%

103%ofIndex100% 100%

2018AESCorporatePerformanceScore-134%1Assumingthethresholdfinancialrequirementforeachmeasureismet,thescorerangesfrom50%to200%:50%scorecorrespondstoactualresultsat90%ofthetargetgoal,anda200%scorecorrespondstoactualresultsat110%ofthetargetgoal.

2KeyPerformanceIndicatorsandweightsforGenerationbusinessesareasfollows:CommercialAvailability32.6%,EquivalentForcedOutageFactor25%,EquivalentAvailabilityFactor23.5%,HeatRate15.4%,andDaysSalesOutstanding3.5%.KeyPerformanceIndicatorsandweightsforDistributionbusinessesareasfollows:SystemAverageInterruptionDurationIndex45.8%,SystemAverageInterruptionFrequencyIndex30%,CustomerSatisfactionIndex10.9%,DaysSalesOutstanding10.8%,andNon-TechnicalLosses2.5%.

BothMessrs.NebredaandPerezDubucservedasPresidentsoftheSouthAmericaStrategicBusinessUnitatdifferentpointsin2018.Asleadersofthebusinessunittheirscoreswerebased50%onAESperformance,shownabove,and50%basedontheperformanceoftheSouthAmericanStrategicBusinessUnit.Thecategoriesarenotdissimilarfromtheabovescorecard,andthefollowingrepresentstheweights,targets,andperformance;Safety(10%)sametargetsasreflectedaboveallwereexceededresultinginascoreof100%,AdjustedPre-TaxContribution(22.5%)of$560.8M(targetof$585M),SubsidiaryDistributions(22.5%)of$303.3M(targetof$291.1M),MWGrowth(40%)of470MWs(targetof670MWs),andTalentDevelopment(5%).Basedontheaforementionedmetrics,theoverallSouthAmericaStrategicBusinessUnitscorewas90%.

Final 2018 Annual Incentive Payouts : The following table shows the final award for each of our NEOs under the 2018 Performance Incentive Plan. TheCompensationCommitteeandtheBoardapprovedtheannualincentivepayoutasapercentofthetargetforeachoftheNEOsbelowbasedontheAESCorporatePerformanceScores.

NEO2018BaseSalary

2018TargetAnnualIncentive(%ofbasesalary)

Actual2018AnnualIncentiveAward

DollarValue

%ofTargetAnnual

Incentive*Mr.Gluski $1,188,000 150% $2,388,000 134%Mr.O’Flynn $690,000 100% $925,000 134%Mr.DaSantos $510,000 100% $683,000 134%Mr.Nebreda1 $396,500 85% $378,000 112%Mr.PérezDubuc1 $450,000 85% $428,000 112%

*Actualpercentageresultsaboveareroundedtothenearestwholenumber



1AspreviouslydescribedbothMessrs.NebredaandPerezDubuc’sannualincentiveplanpayoutisbasedon50%oftheAESoveralland50%oftheSouthAmericaBusinessUnit.BasedonanAESoverallscoreof134%andaSouthAmericaBusinessUnitscoreof90%,thisresultsinablendedpayoutof112%.

Long-Term Compensation

2018Long-termCompensationMix:In2018,weutilizedthesameoveralllong-termcompensationvehiclesasinprioryears.Themixwasbasedonthefollowing:

• CompensationphilosophywhichemphasizesalignmentbetweenexecutivecompensationandStockholdervaluecreation;• Long-termstrategicandfinancialobjectives;• GoalofretainingourNEOs;and• Reviewofrelevantmarketpractices.

Messrs.Gluski,O’Flynn,andDaSantosreceivedthemixnotedaboveas“ExecutiveOfficerasofGrant”,giventhattheywereExecutiveOfficersasofthe2018grantdate.Messrs.NebredaandPérezDubucreceivedadifferentallocationoflong-termcompensationvehiclesastheywerenotExecutiveOfficersasofthedateofthe2018grant.

Performance StockUnits BasedonProportional Free CashFlow : Performance stockunits represent the right to receive a single share of AEScommonstocksubject to performance- andservice-based vesting conditions. Performance stockunits grantedin 2018are eligible to vest subject to our three-year cumulativeProportionalFreeCashFlowperformance.ProportionalFreeCashFlowisameasureoflong-termcashgenerationdrivenbyincreasingrevenue,reducingcosts,improvingproductivityandefficientlyutilizingcapital.

The Proportional Free Cash Flowtarget is set for the three-year performance period and is subject to pre-defined, objective adjustments during the three-yearperformanceperiodbasedonchangestotheCompany’sportfolio,suchasanassetdivestitureorsaleofaportionofequityinasubsidiary.

ThefinalvalueoftheperformancestockunitawarddependsuponthelevelofProportionalFreeCashFlowachievedoverthethree-yearmeasurementperiodaswellasoursharepriceperformanceovertheperiodsincetheawardisstock-settled.IfathresholdlevelofProportionalFreeCashFlowisachieved,unitsvestandaresettledinthecalendaryearthatimmediatelyfollowstheendoftheperformanceperiod.



ThefollowingtableillustratesthevestingpercentageateachProportionalFreeCashFlowlevelfortargetssetforthe2018-2020performanceperiod:

PerformanceLevel VestingPercentage75%ofPerformanceTargetorBelow 0%Equalto87.5%ofPerformanceTarget 50%Equalto100%ofPerformanceTarget 100%EqualtoorGreaterThan125%ofPerformanceTarget 200%

BetweentheProportionalFreeCashFlowlevelslistedintheabovetable,straight-lineinterpolationisusedtodeterminethevestingpercentagefortheaward.TheabilitytoearnperformancestockunitsisalsogenerallysubjecttothecontinuedemploymentoftheNEO.TheCompensationCommitteeapprovedaProportionalFreeCashFlowtargetforthe2018performancestockunitthatwillrequireimprovementoverpriorperformance,andisbelievedbytheCompensationCommitteetobechallenging.

Performance Cash Units Based on AES Total Stockholder Return : Performance cash units represent the right to receive a cash-based payment subject toperformance- andservice-basedvestingconditions. Performancecashunits grantedin 2018are eligible to vest subject to AES’Total Stockholder ReturnfromJanuary1,2018throughDecember31,2020relativetocompaniesinthreedifferentindices.Theindicesandtheirweightingsareasfollows:

• S&P500UtilitiesIndex-50%• S&P500Index-25%• MSCIEmergingMarketsIndex-25%

WeuseTotalStockholderReturnasaperformancemeasuretoalignourNEOs’compensationwithourStockholders’interestssincetheabilitytoearntheawardislinkeddirectlytostockpriceanddividendperformanceoveraperiodoftime.

TotalStockholderReturnisdefinedastheappreciationinstockpriceanddividendspaidovertheperformanceperiodasapercentageofthebeginningstockprice.Todeterminesharepriceappreciation,weusea90-dayaveragestockpriceforAES,theS&P500UtilitiesIndexcompanies,theS&P500Indexcompanies,andthe MSCI Emerging Markets Index companies at the beginning and end of the three-year performance period. This avoids short-term volatility impacting thecalculation.

The value of each performance cash unit is equal to $1.00, and the number of performance cash units that vest depend upon AES’ percentile rank against thecompaniesintheindices.IfAES’TotalStockholderReturnisabovethethresholdpercentilerankestablishedfortheperformanceperiod,apercentageoftheunitsvestandaresettledincashinthecalendaryearthatimmediatelyfollowstheendoftheperformanceperiod.Thefollowingtableillustratesthevestingpercentageateachpercentilerankforthe2018-2020performanceperiod:

AES3-YearTotalStockholderReturnPercentileRank VestingPercentage

Below30thpercentile 0%Equalto30thpercentile 50%Equalto50thpercentile 100%Equalto70thpercentile 150%EqualtoorGreaterThan90thpercentile 200%

Betweenthepercentilerankslistedintheabovetable,straight-lineinterpolationisusedtodeterminethevestingpercentagefortheaward.TheabilitytoearntheseperformancecashunitsisalsogenerallysubjecttothecontinuedemploymentoftheNEO.

RestrictedStockUnits:RestrictedstockunitsrepresenttherighttoreceiveasingleshareofAEScommonstocksubjecttoservice-basedvestingconditions.TheCompanygrantsrestrictedstockunitstoassistinretainingourNEOsandalsotoincreasetheirownershipofAEScommonstock,whichfurtheralignsourNEOs’interests withthoseofStockholders. Restrictedstockunits vest basedoncontinuedservicewiththeCompanyinthreeequal installments beginningonthefirstanniversaryofthegrant.



2018Long-TermCompensationGrants:InFebruary2018,consistentwithourpracticeinprioryears,theCompanygrantedlong-termcompensationtotheNEOs.ThetargetgrantvaluesbelowarebaseduponthegrantdateclosingstockpricepershareofAEScommonstockforperformancestockunitsandrestrictedstockunits,andaperunitvalueof$1.00forperformancecashunits.

NEO

February2018Long-TermCompensationTargetValue

As%ofBaseSalary DollarAmountMr.Gluski 535% $6,355,800Mr.O’Flynn 325% $2,242,500Mr.DaSantos 225% $1,147,500Mr.Nebreda 115% $456,033Mr.PérezDubuc 115% $456,690

Thevalues in the table abovediffer fromthe StockAwardcolumnin the SummaryCompensation Table because the performance cashunits contain a marketconditionwhichresultsinafairmarketvalue,forfinancialaccountingpurposes,thatdiffersfromthe$1perunitvaluetheCompanyusestodeterminethegrant.

PriorYearPerformanceStockUnitsVestingin2018:AlloftheNEOsreceivedagrantofperformancestockunitsinFebruary2016fortheperformanceperiodJanuary 1, 2016 through December 31, 2018. Performance was based on the Company’s Proportional Free Cash Flow performance during the three-yearperformanceperiod.

Theperformancestockunitawardpaidoutat97.6%ofthetargetnumberofsharesbasedonouractualProportionalFreeCashFlowresultsof$4,053M,whichwas99.4%ofthetargetProportionalFreeCashFlow,andisbasedonthesameperformancescaleasthe2018performancestockunits.Theperformancepayoutlevelisderivedusingstraight-lineinterpolation:foreveryonepercentagepointperformanceisbelowthetargetgoal,thepayoutisreducedbyapproximatelyfourpercentagepoints.

NEOTargetNumber

ofUnits

%ofTargetVestedBasedonProportional

FreeCashFlowFinalShares

VestedMr.Gluski 264,942 97.6% 258,583Mr.O’Flynn 94,357 97.6% 92,092Mr.DaSantos 38,767 97.6% 37,837Mr.Nebreda 18,821 97.6% 18,369Mr.PérezDubuc 17,814 97.6% 17,386

PriorYearPerformanceCashUnitsVestingin2018:AlloftheNEOsreceivedagrantofperformancecashunitsinFebruary2016fortheperformanceperiodJanuary1,2016throughDecember31,2018.PerformancewasbasedontheCompany’sTotalStockholderReturnrelativetoS&P500UtilityIndexcompanies(50%weight)S&P500Index(25%weight)andMSCIEmergingMarketsIndex(25%weight),andwiththesameperformancescalesforeachindexasthe2018performancecashunits.

TotalStockholderReturnfortheCompanyoverthe2016-2018performanceperiodwas70%,whichresultedintheCompanyexceedingthe80thpercentiletargetofTotalStockholderReturnforeachindex.Theoverallpayoutforthe2016to2018PerformanceCashUnitswas183%oftarget.Actualresultsforeachindexandassociatedpayoutsarereflectedbelow:

• S&P500UtilitiesIndex-84.0percentileofperformance,resultingpayoutof185%• S&P500Index-81.4percentileofperformance,resultingpayoutof178.5%• MSCIEmergingMarketsIndex-83.5percentileofperformance,resultingpayoutof183.8%



NEO

TargetNumberof

Units

%ofTargetVestedBasedon

TSRResultingCash

PayoutMr.Gluski 2,493,100 183% $4,562,373Mr.O’Flynn 887,900 183% $1,624,857Mr.DaSantos 364,800 183% $667,584Mr.Nebreda 177,101 183% $324,095Mr.PérezDubuc 167,633 183% $306,768

Furtherdetailsonthe2016-2018performancestockunitandperformancecashunitpayoutstoourNEOscanbefoundintheOptionExercisesandStockVestedTableofthisProxyStatement.

OtherRelevantCompensationElementsandPolicies

Perquisites

WedonotprovideperquisitestoanyofourExecutiveOfficers,withtheexceptionofrelocationrelatedexpensesforinternationalassignments.

Retirement Benefits

WecoverourNEOsundertheRestorationSupplementalRetirementPlan(“RSRP”)torestorebenefitsthatarelimitedunderourbroad-basedretirementplansduetostatutorylimitsimposedbytheCode.TheRSRP’sobjectivesareconsistentwithourphilosophytoprovidecompetitivelevelsofretirementbenefitsandtoretaintalentedexecutives.Additionallycertaininternationally-basedemployeesareeligibletoparticipateintheInternationalRetirementPlan(“IRP”).NeithertheRSRPnortheIRPcontainanyenhancedorspecialbenefitformulasforourNEOs.ContributionstotheRSRPandtheIRPmadein2018areincludedintheAllOtherCompensation column of the Summary Compensation Table of this Proxy Statement. Additional information regarding the RSRPand IRP is contained in the“NarrativeDisclosureRelatingtotheNon-QualifiedDeferredCompensationTable”ofthisProxyStatement.

Stock Ownership Guidelines

Our Board of Directors, based upon our management’s and the Compensation Committee’s recommendations, adopted stock ownership guidelines in January2011.TheseguidelinespromoteourobjectiveofincreasingStockholdervaluebyencouragingourNEOstoacquireandmaintainameaningfulequitystakeintheCompany.

TheguidelinesweredesignedtomaintainstockownershipatlevelshighenoughtoassureourStockholdersofourNEOs’commitmenttovaluecreation.Undertheseguidelines, ourNEOsareexpected,overtime,toacquireandholdsharesofAEScommonstockequalinvaluetoamultipleoftheirannualsalaries. TheCompensationCommitteesetstheownershipmultiplesbasedonmarketpracticeforeachNEO’sposition.ThecurrentownershipmultipleforeachNEO,whowasservingasoffiscalyearend2018,isasfollows:

NEO OwnershipMultipleofBaseSalary

Mr.Gluski 5xMr.O’Flynn 3xMr.DaSantos 3xMr.Nebreda 2xMr.PérezDubuc 2x

Sharesowneddirectlyandsharesbeneficiallyacquiredunderourretirementplansallcounttowardsatisfyingtheguidelines.Unexercisedstockoptions,unvestedperformancestockunitsandunvestedrestrictedstockunitawardsdonotcounttowardssatisfactionoftheguidelines.



TheCompanyrequiresthatallnetshares(netofoptionexercisepriceand/orwithholdingtax)acquiredaftertheguidelineeffectivedatewillberetainedandcannotbeliquidateduntiltheguidelinehasbeenmet.

Severance and Change-in-Control Arrangements

TheCompanymaintainscertainseveranceandchange-in-control arrangements, includingtheExecutiveSeverancePlanandchange-in-control provisionsinthelong-termcompensationawardagreements.

ExecutiveSeverancePlan:TheCompensationCommitteehasincludedalloftheCompany’sExecutiveOfficersinasingleExecutiveSeverancePlan,thedesignofwhichisconsistentwithcurrentmarketpractices.Newlyhiredorpromotedexecutivesareincludedinthisplanbeginningonthefirstdateoftheirexecutiveappointment.TheExecutiveSeverancePlandoesnotcontainanyexcisetaxgross-upsand,thus,noneofourNEOsareeligibleforanexcisetaxgross-up.

TheCompanyprovidesseverancebenefitsforqualifyingterminationbothrelatedandunrelatedtoachange-in-controltoenabletheattractionandretentionofkeyexecutivetalent.Also,inthecaseofseverancebenefitsuponaqualifyingterminationrelatedtoachange-in-control,theCompanybelievesthesebenefitswillhelpto align the NEOs’ interests with those of Stockholders bymitigating anyuncertainties the NEOsmayhaveabout their ongoingemployment if the change-in-control is pursued. The Company provides severance benefits after a change-in-control only if there is a qualifying termination of employment following thechange-in-control(i.e.,“double-triggerbenefits”).

FurtherdetailsontheExecutiveSeverancePlanandqualifyingterminationeventscanbefoundinthesectiontitled“AdditionalInformationRelatingtoPotentialPaymentsuponTerminationofEmploymentorChange-in-Control”ofthisProxyStatement.

VestingofLong-termCompensationAwardsuponChange-in-Control: Uponachange-in-control, theunvestedportionofall outstandingawardswill vestonlyupon a double-trigger (at target performance levels for performance awards). The double-trigger only allows for vesting if a qualifying termination occurs inconnectionwiththechange-in-control.Allunvested,outstandingawardsincludeadouble-trigger.

Clawback Policy

TheCompanyhasadopteda“clawbackpolicy”thatprovidestheCompensationCommitteewiththediscretiontoseekthereimbursementofanyannualincentivepaymentorlong-termcompensationaward,asdefinedunderthepolicy,fromkeyexecutivesoftheCompany,includingourNEOs,when:

• The initial payment was calculated based upon achieving certain financial results that were subsequently the subject of a material restatement of theCompany’sfinancialstatements;

• TheCompensationCommittee,initsdiscretion,determinesthattheexecutiveengagedinfraudorwillfulmisconductthatcaused,orsubstantiallycaused,theneedfortherestatement;and

• Alowerpaymentwouldhavebeenmadetotheexecutivebasedupontherestatedfinancialresults.

Ineachsuchinstance,theCompensationCommitteehasthediscretiontodeterminewhetheritwillseekrecoveryfromtheindividualexecutiveandhasdiscretiontodeterminetheamount.Thepolicyappliestoannualincentivepaymentsmadeinorafter2013underthePerformanceIncentivePlanandperformancecashunitandperformancestockunitawardsgrantedinorafter2012.

Prohibition Against Hedging and Pledging

TheBoardhasadoptedapolicythatprohibitsDirectorsandOfficersrequiredtofilereportswiththeSECunderSection16oftheExchangeActof1934,whichincludesourNEOs,fromhedgingtheireconomicinterestinAEScommonstockorusingAEScommonstockascollateralinafinancialtransaction.



Non-GAAP Measures

InthisCD&A,wereferencecertainNon-GAAPmeasures,includingAdjustedEPS,whichisreconciledtothenearestGAAPmeasureinthetablebelow.

ReconciliationofAdjustedEPS

YearEndedDec.31,2018

Dilutedearningspersharefromcontinuingoperations $ 1.48Unrealizedderivativeandequitysecuritylosses $ 0.05Unrealizedforeigncurrencylosses $ 0.09Disposition/acquisition(gains) $ (1.41)Impairmentexpense $ 0.46Lossonextinguishmentofdebt $ 0.27U.S.Taxlawreformimpact $ 0.18Less:Netincometaxexpense $ 0.12

AdjustedEPS $ 1.24

AdditionallyinthisCD&A,wereferencecertainProportionalFreeCashFlow,ParentFreeCashFlow,AdjustedPTC,andSubsidiaryDistributions.

Proportional Free Cash Flow is defined as Net Cash from Operating Activities less Maintenance and Environmental Capital Expenditures, adjusted for AESownershippercentage.

ParentFreeCashFlowisSubsidiaryDistributionslesscashusedforinterestcosts,development,generalandadministrativeactivities,andtaxpaymentsbytheparentcompany.SubsidiaryDistributionsshouldnotbeconstruedasanalternativetoNetCashProvidedbyOperatingActivitieswhichisdeterminedinaccordancewithGAAP.SubsidiaryDistributionsareimportanttotheparentcompanybecausetheparentcompanyisaholdingcompanythatdoesnotderiveanysignificantdirectrevenuesfromitsownactivitiesbutinsteadreliesonitssubsidiaries’businessactivitiesandtheresultantdistributionstofundthedebtservice,investmentandothercashneedsoftheholdingcompany.ThereconciliationofthedifferencebetweentheSubsidiaryDistributionsandtheNetCashProvidedbyOperatingActivitiesconsistsofcashgeneratedfromoperatingactivitiesthatisretainedatthesubsidiariesforavarietyofreasonswhicharebothdiscretionaryandnon-discretionaryinnature.Thesefactorsinclude,butarenotlimitedto,retentionofcashtofundcapitalexpendituresatthesubsidiary,cashretentionassociatedwithnon-recoursedebtcovenantrestrictionsandrelateddebtservicerequirementsatthesubsidiaries,retentionofcashrelatedtosufficiencyoflocalGAAPstatutoryretainedearningsatthesubsidiaries,retentionofcashforworkingcapitalneedsatthesubsidiaries,andothersimilartimingdifferencesbetweenwhenthecashisgeneratedatthesubsidiariesandwhenitreachestheparentcompanyandrelatedholdingcompanies.

SubsidiaryDistributionsarethesumofthefollowingamounts(a)dividendspaidtotheBorrowerbyitsSubsidiariesduringsuchperiod;(b)consultingandmanagementfeespaidtotheBorrowerforsuchperiod;(c)taxsharingpaymentsmadetotheBorrowerduringsuchperiod;(d)interestandotherdistributionspaidtotheBorrowerduringsuchperiodwithrespecttocashandotherTemporaryCashInvestmentsoftheBorrower(otherthanwithrespecttoamountsondepositintheRevolvingL/CCashCollateralAccount);(e)cashpaymentsmadetotheBorrowerinrespectofforeignexchangeHedgeAgreementsorotherforeignexchangeactivitiesenteredintobytheBorroweronbehalfofanyofitsSubsidiaries;and(f)othercashpaymentsmadetotheBorrowerbyitsSubsidiariesotherthan(i)returnsofinvestedcapital;(ii)paymentsoftheprincipalofDebtofanysuchSubsidiarytotheBorrowerand(iii)paymentsinanamountequaltotheaggregateamountreleasedfromdebtservicereserveaccountsupontheissuanceoflettersofcreditfortheaccountoftheBorrowerandthebenefitofthebeneficiariesofsuchaccounts.

AdjustedPTCisdefinedaspre-taxincomefromcontinuingoperationsattributabletoTheAESCorporationexcludinggainsorlossesoftheconsolidatedentitydueto(a)unrealizedgainsorlossesrelatedtoderivativetransactionsandequitysecurities;(b)unrealizedforeigncurrencygainsorlosses;(c)gains,losses,benefitsandcostsassociatedwithdispositionsandacquisitionsofbusinessinterests,includingearlyplantclosures;(d)lossesduetoimpairments;(e)gains,lossesandcostsduetotheearlyretirementofdebt;and(f)costsdirectlyassociatedwithamajorrestructuringprogram,including,butnotlimitedto,workforcereductionefforts,relocations, andoffice consolidation. AdjustedPTCalso includes net equity in earnings of affiliates onanafter-tax basis adjusted for the samegains or lossesexcludedfromconsolidatedentities.



Executive Compensation Program Alignment with Stockholders Interests

ActualcompensationearnedbyourNEOsreflectsthealignmentbetweenourexecutivecompensationprogramdesignandvaluecreationforStockholders

• Basedonactualperformancethevalueofequityawardsatvestingmaydecline,includingbothourAESrelativeTotalStockholderReturncashunitsandAESProportionalFreeCashFlowperformancestockunits.

• Forthe2016-2018performancecashunitsAEShadaTotalStockholderReturnof70%whichexceededthe80thpercentileagainstallthreeindicestowhichitcomparesitself

◦ FortheprevioussixperformanceperiodswhereAEScomparedit’sTotalStockholderReturntooneormoreindices,allpayoutsrelatingtoTotalStockholderReturnwereforfeitedintheirentiretyasAESdidnotmeetthethresholdperformance

• Asadirectresultoftheperformance-basednatureofAES’executivecompensationprogramactualcompensationearnedbyourNEOshassignificantlyvariedfromSummaryCompensationTablereportedvaluesforthelastthreeyears.

◦ Approximately 60% of amounts included in the Summary Compensation Table Total column have been realized by our NEOs over thepreceding3yearperiod.

SummaryCompensationTable(2018,2017and2016)1

Year Salary($)(2)

Bonus($)(3)

StockAwards($)(4)

Non-EquityIncentivePlanCompensation

($)(5)

AllOtherCompensation

($)(6)Total($)

AndrésGluskiPresident&ChiefExecutiveOfficer

2018 $1,188,000 $0 $5,900,311 $2,388,000 $283,500 $9,759,8112017 $1,188,000 $0 $5,818,612 $2,148,000 $200,071 $9,354,6832016 $1,165,000 $0 $5,734,136 $1,957,200 $127,750 $8,984,086

ThomasO’FlynnFormer,EVP&ChiefFinancialOfficer

2018 $690,000 $0 $2,081,793 $925,000 $131,400 $3,828,1932017 $690,000 $0 $2,052,965 $862,000 $107,701 $3,712,6662016 $683,000 $0 $2,042,173 $764,960 $60,800 $3,550,933

BernerdDaSantosEVP&ChiefOperatingOfficer

2018 $510,000 $69,000 $1,065,259 $683,000 $90,000 $2,417,2592017 $510,000 $0 $1,050,505 $632,000 $69,266 $2,261,7712016 $456,000 $0 $839,040 $485,184 $30,100 $1,810,324

JulianNebreda(7)

SVP&President,SouthAmericaStrategicBusinessUnit2018 $396,550 $113,000 $432,267 $378,000 $803,914 $2,123,731

ManuelPérezDubuc(8)

SVP&President,GlobalNewEnergySolutions2018 $436,781 $0 $432,882 $428,000 $822,284 $2,119,947

* TableexcludestheOptionsandChangeinPensionValueandNon-QualifiedDeferredCompensationEarningscolumns,whicharenotapplicable.

NOTES:(1) Basedonactualperformancethevalueofequityawardsmaydeclinefromreportedvalues,includingourrelativeTotalStockholderReturnperformancestock

units and proportional free cash flow performance cash units. The belowtable reflects the aggregate value reported in the Summary Compensation Tableduringfiscalyears2018,2017and2016,aswellasincomeactuallyearned(W-2income),duringthatsameperiod.



YearSummary

CompensationTable($)

ActualCompensation

Earned%Variance

AndrésGluski 2018 $9,759,811 $6,416,674 (-34%)2017 $9,354,683 $5,358,702 (-43%)2016 $8,984,086 $4,600,122 (-49%)

ThomasO’Flynn

2018 $3,828,193 $2,798,219 (-27%)2017 $3,712,666 $2,681,220 (-28%)2016 $3,550,933 $1,853,198 (-48%)

BernerdDaSantos

2018 $2,417,259 $1,573,023 (-35%)2017 $2,261,771 $1,380,263 (-39%)2016 $1,810,324 $812,163 (-55%)

*Messrs.NebredaandPérezDubucareexcludedastheywerenotNEOspriorto2018.

(2) ThebasesalaryearnedbyeachNEOduringfiscalyears2018,2017and2016,asapplicable.(3) Inrecognitionoftheir individual performanceachievements in2018, theCompensationCommitteeapprovedtheadditional bonusamountsforMessrs. Da

SantosandNebredapaidunderthePerformanceIncentivePlan.(4) Aggregate grant date fair value of performance stock units, performance cash units, and restricted stock units granted in the year which are computed in

accordance with Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) Topic 718, “Compensation-StockCompensation”(“FASBASCTopic718”)disregardinganyestimatesofforfeituresrelatedtoservice-basedvestingconditions.Adiscussionoftherelevantassumptions made in the valuation may be found in our financial statements, footnotes to the financial statements (footnote 16), or Management’sDiscussion&Analysis,asappropriate,containedintheAESForm10-Kwhichalsoincludesinformationfor2016and2017.Assumingthemaximummarketandfinancial performanceconditionsareachieved,andinthecaseofperformancestockunitsthesharepriceat grant, themaximumvalueofperformancestockunitsandperformancecashunitsgrantedinfiscalyear2018,andpayableuponcompletionofthe2018-2020performanceperiod,isshownbelow.

MaximumValueofPerformanceStockUnitsandPerformanceCashUnitsGrantedinFY18(payableaftercompletionof2018-2020performanceperiod)

NamePerformanceStock

Units($)PerformanceCash

Units($) Total($)

AndresGluski $3,813,472 $6,991,380 $10,804,852

ThomasO'Flynn $1,345,510 $2,466,750 $3,812,260

BernerdDaSantos $688,501 $1,262,250 $1,950,751

JulianNebreda $364,821 $364,826 $729,647

ManuelPérezDubuc $365,346 $365,352 $730,698

(5) Thevalueofnon-equityincentiveplanawardsearnedduringthe2018fiscalyearandpaidin2019underourPerformanceIncentivePlan(ourannualincentiveplan).

(6) AllOtherCompensationincludesCompanycontributionstobothqualifiedandnon-qualifieddefinedcontributionretirementplans.InthecaseofMr.NebredaandMr.PérezDubuc, All OtherCompensationalsoincludesoverseasrelocationandassignment relatedbenefits. Mr. Nebredareceivesassignment relatedbenefitsasaresultofhisroleasSVP&President,SouthAmericaStrategicBusinessUnit.Mr.PérezDubucwasonassignmentasPresident,SouthAmericaStrategic Business Unit prior to his current role of SVP, Global NewEnergy Solutions. Upon relocating to the United States Mr. Pérez Dubuc no longerreceivesanyongoingassignmentallowances.



NameAESContributionstoQualifiedDefinedContributionPlans

AESContributionstoNonQualifiedDefinedContributionPlans

RelocationandAssignmentBenefits

HostLocationTaxPayments

TotalOtherCompensation

AndresGluski $24,750 $258,750 $0 $0 $283,500

ThomasO'Flynn $24,750 $106,650 $0 $0 $131,400

BernerdDaSantos $24,750 $65,250 $0 $0 $90,000

JulianNebreda(a) $24,750 $107,453 $315,172 $356,539 $803,914

ManuelPérezDubuc(a) $22,705 $0 $702,591 $96,987 $822,283

(a)TheCompanyprovidesvariousformsofcompensationrelatedtoexpatriateassignmentsthatdifferaccordingtolocationandtermofassignment,including:hosthousingallowances,costoflivingdifferentials,assignmenttaxequalization,homeleaveandtravel,relocationexpense,andtaxreturnandvisapreparation.Amongamounts included above, Mr. Nebreda received $300,542 in combined housing and cost of living allowance, and Mr. Pérez Dubuc received $655,045 in combinedhousingandcostoflivingallowance.

(7)Mr.NebredawasnotanNEOpriorto2018.Therefore,nocompensationinformationappearsfor2016or2017,inaccordancewithapplicableSECrules.

(8)Mr.PérezDubucwasnotanNEOpriorto2018.Therefore,nocompensationinformationappearsfor2016or2017,inaccordancewithapplicableSECrules.




GrantsofPlan-BasedAwards(2018)*

NameGrantDate

EstimatedFuturePayoutsUnderNon-Equity

IncentivePlanAwards(1)

EstimatedFuturePayoutsUnderEquity

IncentivePlanAwards(2)

AllOtherStockAwards:Numberof

SharesofStockorUnits(#)(3)

GrantDateFairValueofStockandOptionAwards($)(4)

Threshold($)

Target($)

Maximum($)

Threshold(#)

Target(#)

Maximum(#)

AndresGluski

$0 $1,782,000 $3,564,000 23-Feb-18 0 181,767 363,534 $1,906,736

23-Feb-18 1,747,845 3,495,690 6,991,380 $3,040,202

23-Feb-18 90,884 $953,373

ThomasO'Flynn

$0 $690,000 $1,380,000 23-Feb-18 0 64,133 128,266 $672,755

23-Feb-18 616,688 1,233,375 2,466,750 $1,072,666

23-Feb-18 32,066 $336,372

BernerdDaSantos

$0 $510,000 $1,020,000 23-Feb-18 0 32,817 65,634 $344,250

23-Feb-18 315,563 631,125 1,262,250 $548,889

23-Feb-18 16,408 $172,120

JulianNebreda

$0 $337,068 $674,135 23-Feb-18 0 17,389 34,778 $182,411

23-Feb-18 91,207 182,413 364,826 $158,645

23-Feb-18 8,695 $91,211

ManuelPérezDubuc

$0 $371,263 $742,527 23-Feb-18 0 17,414 34,828 $182,673

23-Feb-18 91,338 182,676 365,352 $158,873

23-Feb-18 8,707 $91,336

* TableexcludestheAllOtherOptionAwardsandExerciseorBasePriceofOptionAwards,asnoStockOptionsweregrantedin2018.

NOTES:(1) Each NEO received an award under the Performance Incentive Plan (our annual incentive plan) in 2018. The first row of data for each NEO shows the

threshold, target and maximumaward under the Performance Incentive Plan. For the Performance Incentive Plan, the threshold award is 0%of the targetaward,andthemaximumawardis200%ofthetargetaward.Theextenttowhichawards



arepayabledependsuponAES’performanceagainstgoalsestablishedinthefirstquarterofthefiscalyear.Thisawardispayableinthefirstquarterof2019.(2) EachNEOreceivedperformancestockunits onFebruary23, 2018awardedunderthe2003Long-TermCompensationPlan. Theseunits vest basedonthe

financialperformanceconditionofProportionalFreeCashFlowforthethreeyearperiodendingDecember31,2020(asmorefullydisclosedinthe“Long-TermCompensation”sectionofthisProxyStatement).ThesecondrowofdataforeachNEOshowsthetotalnumberofAESsharesatthreshold,target,andmaximum.Atthreshold, thevestingpercentageis 0%.Atmaximumperformance, thevestingpercentageis 200%.Straight lineinterpolationis appliedforperformancebetweenthethresholdandtargetandbetweenthetargetandmaximum.

EachNEOalsoreceivedperformancecashunitsonFebruary23,2018awardedunderthe2003Long-TermCompensationPlan.TheseunitsvestbasedonAES’Total Stockholder Return as compared to the Total Stockholder Return of the S&P 500 Utility companies, the S&P 500 Index, and the MSCI EmergingMarketsIndexforthethree-yearperiodendingDecember31,2020(asmorefullydescribedintheCD&AofthisProxyStatement).ThethirdrowofdataforeachNEOshowsthenumberofunitsatthreshold,target,andmaximum,where$1.00istheperunitvalue.Atthresholdagainsteachofthethreeindices,thevesting percentage is 50%. At maximumperformance, the vesting percentage is 200%. Straight line interpolation is applied for performance between thethresholdandtargetandbetweenthetargetandmaximum.

(3) EachNEOreceivedrestrictedstockunitsonFebruary23,2018awardedunderthe2003Long-TermCompensationPlan.Theseunitsvestonaservice-basedconditioninwhichone-thirdoftherestrictedstockunitsvestoneachofthefirstthreeanniversariesofthegrant.

(4) Aggregate grant date fair value of performance stock units, performance cash units, and restricted stock units granted in the year which are computed inaccordance with FASBASCTopic 718, disregarding any estimates of forfeitures related to service-based vesting conditions. A discussion of the relevantassumptions made in the valuation may be found in our financial statements, footnotes to the financial statements (footnote 16), or Management’sDiscussion&Analysis,asappropriate,containedintheAESForm10-K.Assumingthemaximummarketandfinancialperformanceconditionsareachieved,andinthecaseofperformancestockunitsthesharepriceatgrant,themaximumvalueofperformancestockunitsandperformancecashunitsgrantedinfiscalyear2018,andpayableuponcompletionofthe2018-2020performanceperiod,isshowninfootnote4totheSummaryCompensationTable.

NarrativeDisclosureRelatingtotheSummaryCompensationTableandtheGrantsofPlan-BasedAwardsTable

IncentiveCompensationPlansApplicableforAllNEOs

Performance Incentive Plan

In early 2019, we expect to make cash payments to Messrs. Gluski, O’Flynn, Da Santos, Nebreda and Pérez Dubuc under the Performance Incentive Plan forperformanceduring2018. Theamount paidtoeachNEOis includedintheamounts reportedin the“Non-EquityIncentive PlanCompensation”columnof theSummaryCompensationTableforeachNEO.AdescriptionofthePerformanceIncentivePlanandawardsmadethereunderissetforthintheCD&AofthisProxyStatement.

2003 Long Term Compensation Plan

TheSummary Compensation Table and Grants of Plan-Based Awards Table include amounts relating to performance cash units, performance stock units, andrestrictedstockunitsgrantedunderthe2003Long-TermCompensationPlan.

Theamountreportedinthe“StockAwards”columnoftheSummaryCompensationTableforeachNEOisbasedupontheaggregategrantdatefairvalueofrestrictedstockunits,performancestockunits,andperformancecashunitsgrantedintheapplicableyear,whicharecomputedinaccordancewithFASBASCTopic718disregardinganyestimatesofforfeituresrelatedtoservice-basedvestingconditions.Foradescriptionofthetermsofrestrictedstockunit,performancestockunitawards,andperformancecashunitawards,seetheCD&AofthisProxyStatement.

Effect of Termination of Employment or Change-in-Control

Thevestingofperformancestockunits,restrictedstockunits,andperformancecashunitsandtheabilityoftheNEOstoexerciseorreceivepaymentsunderthoseawardsareaffectedbytheterminationoftheiremployment,includingcertainqualifyingterminationsinconnectionwithachange-in-control.Theseeventsandtherelatedpaymentsandbenefitsaredescribedin“PotentialPaymentsUponTerminationorChange-in-Control”ofthisProxyStatement.



OutstandingEquityAwardsatFiscalYear-End(2018)*

ThefollowingtablecontainsinformationconcerningexercisableandunexercisablestockoptionsandunvestedstockawardsgrantedtotheNEOswhichwereoutstandingonDecember31,2018.

OptionAwards StockAwards**

Name

NumberofSecuritiesUnderlyingUnexercisedOptions

(#)Exercisable

NumberofSecuritiesUnderlyingUnexercisedOptions(#)

Unexercisable

OptionExercisePrice($)

OptionExpiration

Date(day/mo/year)

NumberofSharesorUnitsThatHaveNot

Vested(#)

MarketValueofSharesorUnitsThatHaveNotVested($)

EquityIncentivePlanAwards:Numberof

UnearnedShares,UnitsorOther

RightsThatHaveNotVested

(#)

EquityIncentivePlanAwards:

MarketorPayoutValueofUnearnedShares,UnitsorOtherRightsThatHaveNotVested

($)AndrésGluski 88,158 $12.1800 19-Feb-20 107,807 $12.8800 18-Feb-21 99,734 $9.7600 30-Sep-21 245,665 $13.7000 17-Feb-22 524,511 $11.1700 15-Feb-23 446,053 $14.6300 21-Feb-24 748,625 $11.8900 20-Feb-25 206,076 (2) $2,979,859 789,740 (3) $11,419,640 (1) 12,076,020 (4) $12,076,020 ThomasO’Flynn 162,338 $11.2900 4-Sep-22 158,795 $11.1700 15-Feb-23 122,180 $14.6300 21-Feb-24 250,000 $11.8900 20-Feb-25 72,856 (2) $1,053,498 278,644 (3) $4,029,192 (1) 4,260,750 (4) $4,260,750

BernerdDaSantos 21,211 $11.1700 15-Feb-23 30,730 $14.6300 21-Feb-24 66,250 $11.8900 20-Feb-25 35,695 (2) $ 516,150 142,582 (3) $2,061,736 (1) 2,180,250 (4) $2,180,250 JulianNebreda 12,864 $12.1800 19-Feb-20 16,800 $12.8800 18-Feb-21 19,134 $13.7000 17-Feb-22 33,317 $11.1700 15-Feb-23 26,917 $14.6300 21-Feb-24 46,092 $11.8900 20-Feb-25 16,780 (2) $242,639 64,468 (3) $932,207 (1) 719,026 (4) $719,026 ManuelPérezDubuc 34,837 $11.1700 15-Feb-23 26,805 $14.6300 21-Feb-24 46,791 $11.8900 20-Feb-25 16,632 (2) $ 240,499 64,560 (3) $933,538 (1) 720,062 (4) $720,062

*Tableexcludesthefollowingcolumnwhichisnotapplicablebasedonawardtypescurrentlyoutstanding:EquityIncentivePlanAwards:NumberofSecuritiesUnderlyingUnexercisedUnearnedOptions.Valuedusingclosingpricepershareonthelastbusinessdayofthefiscalyear(December31,2018)of$14.46.

NOTES:(1) StockoptionswerelastgrantedtoNEOsin2015,andareallfullyvested.(2) Includedinthisitemare:

a. ArestrictedstockunitgrantmadetoallNEOsonFebruary19,2016thatvestsinonefinalinstallmentonFebruary19,2019.



b. ArestrictedstockunitgrantmadetoallNEOsonFebruary24,2017thatvestsintwoinstallmentsonFebruary24,2019andFebruary24,2020.c. A restricted stock unit grant made to all NEOs on February 23, 2018 that vests in three installments on February 23, 2019, February 23, 2020 and

February23,2021.

(3) Includedinthisitemare:a. PerformancestockunitsgrantedtoallNEOsonFebruary24,2017andFebruary23,2018,whichvestbasedonthefinancialperformanceconditionof

AES’ three-year cumulative Proportional Free Cash Flow, and three-year service conditions (but only when and to the extent financial performanceconditionsaremet).Based on AES’ performance through the end of fiscal year 2018 relative to the performance criteria, our current period to-date results for ongoingperformanceperiodsarebetweentargetandmaximumandthusthemaximumnumberofperformancestockunitsgrantedin2017and2018isincludedabove.

(4)Includedinthisitemare:PerformancecashunitsgrantedtoallNEOsonFebruary24,2017andFebruary23,2018whichvestbasedonmarketperformanceconditions(AESthree-yearcumulativeTotalStockholderReturnrelativetoS&P500Utilitycompanies,S&P500companies,andMSCIEmergingMarketsindexcompanies)andthree-yearserviceconditions(butonlywhenandtotheextentthemarketperformanceconditionsaremet).BasedonAES’performancethroughtheendoffiscalyear2018relativetotheperformancecriteria,ourcurrentperiodto-dateresultsforthe2017-2019and2018-2020performanceperiodarebetweentargetandmaximumandthusthemaximumnumberofperformancecashunitsgrantedin2017and2018areincludedabove.




OptionExercisesandStockVested(2018)

ThefollowingtablecontainsinformationconcerningtheexerciseofstockoptionsandthevestingofperformancestockunitandrestrictedstockunitawardsbytheNEOsduring2018.

OptionAwards StockAwards(1,2)

Name

NumberofSharesAcquiredonExercise(#)

ValueRealizedonExercise($)

NumberofSharesAcquiredonVesting(#)

ValueRealizedonVesting($)

AndrésGluski 191,030 $1,187,556 371,837 $4,922,356

ThomasO’Flynn — $— 176,642 $2,278,700

BernerdDaSantos — $— 68,709 $891,031

JulianNebreda — $— 26,048 $345,857ManuelPérezDubuc — $— 24,931 $330,242

NOTES:

(1) The Total Stockholder Return performance cash units also vested on December 31, 2018 with each unit having a value of $1.00. In connection with thevestingofsuchunits,theNEOsreceivedthefollowingdollaramounts:Mr.Gluski($4,562,373),Mr.O’Flynn($1,624,857),Mr.DaSantos($667,584),Mr.Nebreda($324,095),andMr.PerezDubuc($306,768).

(2) Vestingofstockawardsin2018consistedofseparategrantsshowninthefollowingtable.

NumberofSharesAcquiredonVesting(#)

Name 2/19/2016PSUs(a)

2/20/2015RSUs(b)

4/23/2015RSUs(c)

2/19/2016RSUs(d)

2/24/2017RSUs(e) Total

AndresGluski 258,583 33,580 - 44,157 35,517 371,837

ThomasO'Flynn 92,092 11,214 45,079 15,726 12,531 176,642

BernerdDaSantos 37,837 2,972 15,027 6,461 6,412 68,709

JulianNebreda 18,369 2,068 - 3,137 2,474 26,048

ManuelPérezDubuc 17,386 2,099 - 2,969 2,477 24,931

ValueBasedonVesting($)

Name 2/19/2016PSUs(a)

2/20/2015RSUs(b)

4/23/2015RSUs(c)

2/19/2016RSUs(d)

2/24/2017RSUs(e) Total

AndresGluski $3,739,110 $349,232 - $461,441 $372,573 $4,922,356

ThomasO'Flynn $1,331,650 $116,626 $534,637 $164,337 $131,450 $2,278,700

BernerdDaSantos $547,123 $30,909 $178,220 $67,517 $67,262 $891,031

JulianNebreda $265,616 $21,507 - $32,782 $25,952 $345,857

ManuelPérezDubuc $251,402 $21,830 - $31,026 $25,984 $330,242

(a) The February 19, 2016 performance stock unit grant vested based on the Company’s Proportional Free Cash Flowresults for the three-year period endedDecember31,2018withperformanceof99.4%oftarget,whichresultedinapayoutof97.6%oftarget.Finalcertificationofresultsanddistributionofsharesoccurredinthefirstquarterof2019.ForpurposesofthisProxyStatement,theperformancestockunitsvestedatthatperformancelevelasofDecember31,2018attheclosingstockpricepershareof$14.46.

(b) TheFebruary20,2015restrictedstockunitgrantvestsinthreeequalinstallmentsontheanniversaryofthegrantdate.ThethirdvestingoccurredonFebruary20,2018atavestingpriceof$10.40.


(c)TheApril23,2015restrictedstockunitsgrantedtoMessrsO’FlynnandDaSantosvestsintwoequalinstallmentsonthesecondandthirdanniversariesofthegrantdate.ThesecondvestingoccurredonApril23,2018atavestingpriceof$11.86.

(d)TheFebruary19,2016restrictedstockunitgrantvestsinthreeequalinstallmentsontheanniversaryofthegrantdate.ThesecondvestingoccurredonFebruary19,2018atavestingpriceof$10.45.

(e) TheFebruary24,2017restrictedstockunitgrantvestsinthreeequalinstallmentsontheanniversaryofthegrantdate.ThefirstvestingoccurredonFebruary24,2018atavestingpriceof$10.49.

Non-QualifiedDeferredCompensation(2018)

ThefollowingtablecontainsinformationfortheNEOsforeachofourplansthatprovidesforthedeferralofcompensationthatisnottax-qualified.

Name

ExecutiveContributionsinLastFY($)(1)

RegistrantContributionsinLastFY($)(2)

AggregateEarningsinLast

FY($)(3)

AggregateWithdrawals/

Distributions($)(4)

AggregateBalance

atLastFYE($)(5)

AndrésGluski-RSRP $178,200 $258,750 $156,907 $243,624 $3,843,946ThomasO’Flynn-RSRP $98,300 $106,650 $17,905 $55,512 $811,734BernerdDaSantos-RSRP $73,400 $65,250 $27,276 $197,844 $592,604JulianNebreda-RSRP $39,655 $60,398 $91,713 $0 $490,797JulianNebreda-IRP $0 $47,055 $322,798 $0 $1,259,337ManuelPérezDubuc-RSRP $0 $0 $6,722 $0 $24,805

NOTES:(1) Amounts in this columnrepresent elective contributions to the Restoration Supplemental Retirement Plan (“RSRP”) and the International Retirement Plan

(“IRP”)in2018.(2) Amounts in this columnrepresent the Company’s contributions to the RSRPand IRP. The amount reported in this columnand the Company’s additional

contributionstothe401(k)Planareincludedintheamountsreportedinthe2018rowofthe“AllOtherCompensation”columnoftheSummaryCompensationTable.

The table belowprovides Company contributions under the RSRPand IRP that were included in the “All Other Compensation” column of the SummaryCompensationTable.

Name Includedin2016AllOtherCompensation

Includedin2017AllOtherCompensation

Includedin2018AllOther

CompensationAndrésGluski $114,500 $162,521 $258,750ThomasO’Flynn $47,550 $70,151 $106,650BernerdDaSantos $16,850 $31,716 $65,250JulianNebreda - - $107,453ManuelPérezDubuc - - -

(3) AmountsinthiscolumnrepresentinvestmentearningsundertheRSRPandIRP.

(4) AmountsinthiscolumnrepresentdistributionsfromtheRSRP.(5) AmountsinthiscolumnrepresentthebalanceofamountsintheRSRPandtheIRPattheendof2018andareincludedintheSummaryCompensationTable

asdescribedinfootnote2herein.



NarrativeDisclosureRelatingtotheNon-QualifiedDeferredCompensationTable

TheAESCorporationRestorationSupplementalRetirementPlan(RSRP)andtheAESCorporationInternationalRetirementPlan(IRP)

TheCodeplacesstatutorylimitsontheamountthatparticipants,suchasourNEOs,cancontributetoTheAESCorporationRetirementSavingsPlan(the“401(k)Plan”).Asaresultoftheseregulations,matchingcontributionstothe401(k)PlanaccountsofourNEOsinfiscalyear2018werelimited.Toaddressthefactthatparticipant and Company contributions are restricted by the statutory limits imposed by the Code, our NEOs and other highly compensated employees canparticipateintheRSRPandIRP,whicharedesignedprimarilytorestorebenefitslimitedunderourbroad-basedretirementplansduetostatutorylimitsimposedbytheCode.

Underthe401(k)Plan,eligibleemployees,includingourNEOs,canelecttodeferaportionoftheircompensationintothe401(k)Plan,subjecttocertainstatutorylimitationsimposedbytheCodesuchasthelimitationsimposedbySections402(g)and401(a)(17)oftheCode.TheCompanymatches,dollar-for-dollar,thefirstfivepercentofcompensationthatanindividualcontributestothe401(k)Plan.Inaddition,individualswhoparticipateintheRSRPandtheIRPmaydeferupto80% of their compensation (excluding bonuses) and up to 100% of their annual bonus under the RSRP and the IRP. The Company provides a matchingcontributiontotheRSRPandtheIRPforindividualswhoactivelydeferandwhoarealsosubjecttothestatutorylimitsasdescribedabove.

TheCompanymaymaintainuptofourseparatedeferralaccountsforparticipantsintheRSRP,eachofwhichmayhaveadifferentdistributiondateandadifferentdistributionoption.AparticipantintheRSRPmayelecttohavedistributionsmadeinalumpsumpaymentorannuallyoveraperiodoftwotofifteenyears.AllRSRPdistributionsaremadeincash.

TheCompanymayalsomaintainmultipleseparatedeferralaccountswithrespecttoeachparticipantintheIRP.DistributionsundertheIRParemadeinasinglelumpsumpaymentonthedateofaparticipant’sterminationofemployment.

UndertheRSRPandtheIRPindividualshavetheabilitytoselectfromalistofhypotheticalinvestments.Theinvestmentoptionsarefunctionallyequivalenttotheinvestmentsmadeavailabletoallparticipantsinthe401(k)Plan.IndividualsmaychangetheirhypotheticalinvestmentswithinthetimeperiodsthatarepermittedbytheCompensationCommittee,providedthattheyareentitledtochangesuchdesignationsatleastquarterly.

Earningsorlossesarecreditedtothedeferralaccountsbytheamountthatwouldhavebeenearnedorlostiftheamountswereactuallyinvested.

IndividualRSRPandIRPaccountbalancesarealways100%vested.




PotentialPaymentsUponTerminationorChange-in-Control

ThefollowingtablecontainsestimatedpaymentsandbenefitstoeachoftheNEOsinconnectionwithaterminationofemploymentorachange-in-control. Theamounts assumethat a termination or change-in-control event occurredonDecember 31, 2018, and, where applicable, uses theclosingprice per share of AEScommonstockof$14.46(asreportedontheNYSEonDecember31,2018).

Termination

Name VoluntaryorForCause

WithoutCause

InConnectionwithChangeinControl

Death Disability

ChangeinControlOnly(No

Termination)

AndrésGluski

CashSeverance1 $0 $5,940,000 $8,910,000 $0 $0 $0

AcceleratedVestingofLTC2 $0 $0 $14,727,689 $14,727,689 $14,727,689 $0

BenefitsContinuation3 $0 $38,428 $57,642 $0 $0 $0

OutplacementAssistance4 $0 $25,000 $25,000 $0 $0 $0

Total $0 $6,003,428 $23,720,331 $14,727,689 $14,727,689 $0 ThomasO’Flynn

CashSeverance1 $0 $1,380,000 $2,760,000 $0 $0 $0




Total $0 $1,424,207 $8,012,280 $5,198,469 $5,198,469 $0 BernerdDaSantos

CashSeverance1 $0 $1,020,000 $2,040,000 $0 $0 $0




Total $0 $1,062,152 $4,727,871 $2,637,143 $2,637,143 $0 JulianNebreda

CashSeverance1 $0 $733,618 $1,467,235 $0 $0 $0




Total $0 $775,318 $2,585,541 $1,068,256 $1,068,256 $0 ManuelPérezDubuc

CashSeverance1 $0 $832,500 $1,665,000 $0 $0 $0




Total $0 $877,445 $2,787,216 $1,067,299 $1,067,299 $0

NOTES:(1) Upon termination without cause, or a qualifying termination following a change-in-control, and in the case of Mr. Gluski, termination due to death or

disability,orGoodReason(outsideofchange-in-control),apro-ratabonustotheextentearnedwouldbepayable.



Pro-ratabonusamountsarenotincludedintheabovetablebecauseasofDecember31,2018,theserviceandperformanceconditionsunderAES’2018annualincentiveplanwouldhavebeensatisfied.

(2) AcceleratedVestingofLong-TermCompensation(“LTC”)includes:• ThevalueofoutstandingperformancestockunitsgrantedinFebruary2017and2018atthetargetpayoutlevel;• ThevalueofoutstandingperformancecashunitsgrantedinFebruary2017and2018atthetargetpayoutlevel;• ThevalueofoutstandingrestrictedstockunitsgrantedinFebruary2016,2017and2018;and

ThefollowingtableprovidesfurtherdetailonAcceleratedVestingofLTCbyawardtype.

StockOptions Performance

StockUnitsRestrictedStockUnits

PerformanceCashUnits

TotalAcceleratedLTI

VestingGluski $0 $5,709,820 $2,979,859 $6,038,010 $ 14,727,689

O’Flynn $0 $2,014,596 $1,053,498 $2,130,375 $ 5,198,469

DaSantos $0 $1,030,868 $516,150 $1,090,125 $ 2,637,143

Nebreda $0 $466,104 $242,639 $359,513 $ 1,068,256

PérezDubuc $0 $466,769 $240,499 $360,031 $ 1,067,299

(3) Upon termination without cause and a qualifying termination following a change-in-control, the NEO may receive continued medical, dental and visionbenefits.ThevalueofbenefitscontinuationisbasedontheshareofpremiumspaidbytheCompanyoneachNEO’sbehalfin2018,basedonthecoverageinplaceattheendofDecember2018.Fortheperiodthatbenefitsarecontinued,eachNEOisresponsibleforpayingtheportionofpremiumspreviouslypaidasanemployee.

(4) Upon termination without cause, or in the case of Mr. Gluski, for Good Reason, or a qualifying termination following a change-in-control, the NEOsareeligibleforoutplacementbenefits.Theestimatedvalueofthisbenefitis$25,000.

AdditionalInformationRelatingtoPotentialPaymentsuponTerminationofEmploymentorChange-in-Control

ThefollowingnarrativeoutlinesourcompensatoryarrangementswithourNEOs,andisinadditiontoothersummariesoftheirtermsfoundintheCD&AofthisProxy Statement, “Narrative Disclosure Relating to the Summary Compensation Table and Grants of Plan-Based Awards Table” of this Proxy Statement, and“NarrativeDisclosureRelatingtotheNon-QualifiedDeferredCompensationTable”ofthisProxyStatement.

PotentialPaymentsuponTerminationundertheExecutiveSeverancePlan

Executive Officers are eligible to receive payments and benefits upon termination, including termination in connection with a change-in-control, under ourExecutive Severance Plan. This plan was adopted during 2011and does not include a Section 280Gexcise tax gross-up consistent with our policy prohibitingchange-in-controltaxgross-ups.PaymentsandbenefitsprovidedtotheExecutiveOfficersuponeachterminationcircumstancearedetailedbelow.

Intheeventofterminationduetodisability,theExecutiveOfficerisentitledtoreceivethefollowingpayments:

• Disabilitybenefitsunderourlong-termdisabilityprogramineffectatthetime;

• Basesalarythroughtheterminationdateor,ifearlier,theendofthemonthprecedingthemonthinwhichdisabilitybenefitscommence;and

• InthecaseofMr.Gluski,apro-rataportionofhisannualbonustotheextentearned,baseduponthenumberofdayshewasemployedduringtheyear(“Pro-RataBonus”).

Intheeventofterminationduetodeath,theExecutiveOfficer’slegalrepresentativeisentitledtohisorherbasesalarythroughtheterminationdateand,inthecaseofMr.Gluski,thePro-RataBonus.

In the event the Executive Officer’s employment is terminated for cause or the Executive Officer voluntarily resigns, the Executive Officer is only entitled toreceivehisorherbasesalarythroughtheterminationdate.



IfweterminatetheExecutiveOfficer’semploymentwithoutcause,orinthecaseorMr.Gluski,heterminatesfor“GoodReason,”theExecutiveOfficerisentitledtoreceive:

• Base salary through the termination date, the Pro-Rata Bonus, and a lump sum severance payment equal to one times ( two times in the case ofMr.Gluski)thesumoftheExecutiveOfficer’sbasesalaryandtargetbonusfortheyearinwhichtheterminationofemploymentoccurs;

• Continued participation for 12 months (24 months in the case of Mr. Gluski) in all medical, dental, and vision benefit programs that the ExecutiveOfficerwasparticipatinginatthetimeoftermination;and

• Outplacement assistance from the time of termination until December 31 st of the second calendar year following the calendar year in which theterminationoccurred.

Ifwithintwoyearsfollowinga“change-in-control,”theExecutiveOfficerterminatesemploymentfor“GoodReason”orifweterminatetheExecutiveOfficer’semployment,otherthanforcauseordisability,theExecutiveOfficerisentitledtoreceive:

• Base salary through the termination date, the Pro-Rata Bonus, and a lump sum severance payment equal to twotimes ( threetimes in the case ofMr.Gluski)thesumoftheExecutiveOfficer’sbasesalaryandtargetbonusfortheyearinwhichtheterminationofemploymentoccurs;

• Continued participation for 18 months (36 months in the case of Mr. Gluski) in all medical, dental, and vision benefit programs that the ExecutiveOfficerwasparticipatinginatthetimeoftermination;and

• Outplacement assistance from the time of termination until December 31 st of the second calendar year following the calendar year in which theterminationoccurred.

Inaddition,theExecutiveOfficersaresubjecttocertainnon-competition,non-solicitation,non-disparagement,andconfidentialityobligationsthatareoutlinedintheExecutiveSeverancePlan,andtheexecutionofageneralreleaseofclaimsagainsttheCompany.Thenon-competitionandnon-solicitationobligationsmustbecompliedwithfor12monthsafterterminationofemploymentwithus.

PaymentofLong-TermCompensationAwardsintheeventofTerminationorChange-in-Controlasdeterminedbytheprovisionssetforthinthe2003LongTermCompensationPlan(forallNEOs)

Thevestingofperformancestockunits,performancecashunits,andrestrictedstockunitsandtheabilityofourNEOstoexerciseorreceivepaymentsunderthoseawardschangesinthecaseof(1)terminationoftheiremploymentor(2)asaresultofachange-in-control.Thevestingconditionsaredefinedbytheprovisionssetforthinthe2003LongTermCompensationPlanasoutlinedbelow:

PerformanceStockUnits,PerformanceCashUnits,andRestrictedStockUnitsIftheNEO’semploymentisterminatedbyreasonofdeathordisabilitypriortothethirdanniversaryofthegrantdateofaperformancestockunit,performancecashunit,orarestrictedstockunit,theperformancestockunits(attarget),theperformancecashunits(attarget)and/orrestrictedstockunitswillimmediatelyvestandbedelivered.

Withperformancestockunitsandperformancecashunits,voluntaryterminationorterminationforcausepriortotheendofthethree-yearperformanceperiodwillresultintheforfeitureofalloutstandingperformancestockunitsandperformancecashunits.Involuntaryterminationoraqualifiedretirement,whichrequirestheNEOtoreach60yearsofageand7yearsofservicewiththeCompanyoranaffiliate,allowproratedtime-vestinginincrementsofone-thirdortwo-thirdsvestingiftheNEOhascompletedoneortwoyearsofservicefromthegrantdate,respectively.InthecaseofMr.Gluski,hehasreachedboththeageandyearsofservicecriteria to be eligible for a qualified retirement. If he had retired on December 31, 2018, the aggregate value of his performance stock units (assuming targetperformance),andperformancecashunits(assumingtargetperformance)wouldhavebeen$5,790,530.

Ifachange-in-controloccurspriortotheendofthethreeyearperformanceperiod,performancestockunitsandperformancecashunits(attarget),andrestrictedstockunitswillonlybecomefullyvestedshouldadouble-triggeroccur.Thedouble-triggeronlyallowsforvestingifaqualifyingterminationoccursinconnectionwiththechange-in-control(otherthanforaqualifyingretirement).

TheAESCorporationRestorationSupplementalRetirementPlan(RSRP)IntheeventofaterminationoftheNEO’semployment(otherthanbyreasonofdeath)priortoreachingretirementeligibility,orintheeventofachange-in-control(definedinthesamemannerastheterm“change-in-control”intheRSRPdescribedbelow),thebalances



ofalloftheNEO’sdeferralaccountsundertheRSRPwillbepaidinalumpsum.IntheeventofanNEO’sdeathorretirement,thebalancesintheNEO’sdeferralaccountswillbepaidaccordingtohiselectionsiftheNEOwas591/2ormoreyearsoldatthetimeofsuchperson’sdeathorretirement.IntheeventoftheNEO’sdeathorretirementbeforeage591/2,thevalueofthedeferralaccountwillbeinalumpsum.

TheAESCorporationInternationalRetirementPlan(IRP)IntheeventofaterminationoftheNEO’semployment(includingthanbyreasonofdeath)thebalancesofalloftheNEO’sdeferralaccountsundertheIRPwillbepaidinalumpsum.

Definition of Terms

ThefollowingdefinitionsareprovidedintheExecutiveSeverancePlanandrelatedBenefitsSchedulefortheCEOforcertainofthetermsusedinthisdescription:“Cause”means(A)thewillfulandcontinuedfailurebytheCEOtosubstantiallyperformhisdutieswiththeCompany(otherthananysuch

failureresultingfromtheCEO’sincapabilityduetophysicalormentalillnessoranysuchactualoranticipatedfailureaftertheissuanceofanoticeofterminationbytheCEOforGoodReason),afterwedeliverademandforsubstantialperformance,or(B)thewillfulengagingbytheCEOinmisconductwhichisdemonstrablyandmateriallyinjurioustotheCompany,monetarilyorotherwise.

“Change-in-Control”meanstheoccurrenceofanyoneofthefollowingevents: (A)atransfer of all or substantially all of ourassets, (B)aperson(otherthansomeoneinourManagement)becomesthebeneficialownerofmorethan35%ofAESoutstandingcommonstock,or(C)duringanyone-yearperiodDirectorsatthebeginningoftheperiod(andanynewDirectorswhoseelectionornominationwasapprovedbyamajorityofDirectorswhowereeitherinofficeatthebeginningoftheperiodorweresoapproved,excludinganyonewhobecameaDirectorasaresultofathreatenedoractualproxycontestorsolicitation)ceasetoconstituteamajorityoftheBoard.

“Good Reason”means (A) the failure of the Company to have any successor expressly assume the Executive Severance Plan; (B) after achange-in-control,therelocationoftheCEO’sprincipalplaceofemployment;(C)afterachange-in-control,anymaterialadversechangeintheCEO’soverall responsibilities, dutiesandauthorities; and(D)afterachange-in-control, thefailurebytheCompanytocontinuetheCEO’sparticipationinalong-termcashorequityawardorequity-basedgrantprogram(orinacomparablesubstituteprogram)onabasisnotmateriallylessfavorablethanthatprovidedtotheCEOimmediatelypriortosuchchange-in-control.

ThedefinitionsforotherExecutiveOfficers(asidefromtheCEO)participatingintheExecutiveSeverancePlanaresubstantiallysimilartothoseshownabove,exceptinitem(D)of“GoodReason.”TheotherExecutiveOfficersareeligibletoterminatetheiremploymentfor“GoodReason”afterachange-in-controlifthereisamaterialreductiontotheirbasesalaryorannualincentiveopportunity.

ThefollowingdefinitionisprovidedintheRSRPofthetermsusedinthisdescription:

“Change-in-Control”means the occurrence of one or more of the following events: (i) any sale, lease, exchange or other transfer (in onetransactionoraseriesofrelatedtransactions)ofall, orsubstantiallyall, oftheassetsoftheCompanytoanypersonorgroup(asthattermisusedinSection13(d)(3)oftheExchangeAct)ofpersons;(ii)apersonorgroup(assodefined)ofpersons(otherthanManagementoftheCompanyonthedateoftheadoptionofthePlanortheiraffiliates)shallhavebecomethebeneficialownerofmorethan35%oftheoutstandingvotingstockoftheCompany;or(iii)duringanyone-yearperiod,individualswhoatthebeginningofsuchperiodconstitutetheBoard(togetherwithanynewDirectorwhoseelectionor nomination was approved by a majority of the Directors then in office who were either Directors at the beginning of such period or who werepreviouslysoapproved,butexcludingunderallcircumstancesanysuchnewDirectorwhoseinitialassumptionofofficeoccursasaresultofanactualorthreatenedelectioncontestorotheractualorthreatenedsolicitationofproxiesorconsentsbyoronbehalfofanyindividual,corporation,partnershiporother entity or group) cease to constitute a majority of the Board of Directors. Notwithstanding the foregoing or any provision of the Plan to thecontrary, the foregoing definition of change-in-control shall be interpreted, administered and construed in manner necessary to ensure that theoccurrence of any such event shall result in a change-in-control only if such event qualifies as a change in the ownership or effective control of acorporation, or a change in the ownership of a substantial portion of the assets of a corporation, as applicable, within the meaning of Treas.Reg.§1.409A-3(i)(5).

Thefollowingdefinitionisprovidedinthe2003LongTermCompensationPlanofthetermsusedinthisdescription:



“Change-in-Control”means the occurrence of one or more of the following events: (i) any sale, lease, exchange or other transfer (in onetransactionoraseriesofrelatedtransactions)ofall, orsubstantiallyall,oftheassetsoftheCompanytoanyPersonorgroup(asthattermisusedinSection13(d)(3)oftheExchangeAct)ofpersons,(ii)apersonorgroup(assodefined)ofpersons(otherthanManagementoftheCompanyonthedateoftheadoptionofthePlanortheirAffiliates)shallhavebecomethebeneficialownerofmorethan35%oftheoutstandingvotingstockoftheCompany,or(iii)duringanyone-yearperiod,individualswhoatthebeginningofsuchperiodconstitutetheBoard(togetherwithanynewDirectorwhoseelectionor nomination was approved by a majority of the Directors then in office who were either Directors at the beginning of such period or who werepreviouslysoapproved,butexcludingunderallcircumstancesanysuchnewDirectorwhoseinitialassumptionofofficeoccursasaresultofanactualorthreatenedelectioncontestorotheractualorthreatenedsolicitationofproxiesorconsentsbyoronbehalfofanyindividual,corporation,partnershiporotherentityorgroup)ceasetoconstituteamajorityoftheBoard.NotwithstandingtheforegoingoranyprovisionofthisPlantothecontrary,ifanawardissubjecttoSection409A(andnotexceptedtherefrom)andachange-in-controlisadistributioneventforpurposesofanaward,theforegoingdefinitionofchange-in-controlshallbeinterpreted,administeredandconstruedinmannernecessarytoensurethattheoccurrenceofanysucheventshallresultinachange-in-control onlyif sucheventqualifiesasachangeintheownershiporeffectivecontrolofacorporation, orachangeintheownershipofasubstantialportionoftheassetsofacorporation,asapplicable,withinthemeaningofTreas.Reg.§1.409A-3(i)(5).

CEOPayRatio

AsrequiredbySECrules,wearedisclosingthemedianannualtotalcompensationofallemployeesofAES(excludingtheCEO),theannualtotalcompensationoftheCEO,andtheratioofthemedianannualtotalcompensationofallemployeestotheannualtotalcompensationoftheCEO.

ConsistentwithSECrules,wemayidentifyourmedianemployeeforpurposesofprovidingpayratiodisclosureonceeverythreeyearsandcalculateanddisclosetotalcompensationforthatemployeeeachyear;providedthat,duringthelastcompletedfiscalyear,therehasbeennochangeintheemployeepopulationoremployeecompensationarrangementsthatwereasonablybelievewouldresultinasignificantchangetothe2017payratiodisclosure.Wehavereviewedthechangesinouremployeepopulationandemployeecompensatoryarrangementsand,basedonthatreview,determinedthattherehasbeennochangeinouremployeepopulationoremployeecompensatoryarrangementsthatwouldsignificantlyimpactthepayratiodisclosure.

Althoughthisisthecase,wealsoperformedthepayratioanalysisofouremployeepopulationfor2018.Aswithlastyear,wechoseDecember1stasthedeterminationdatetoidentifyourmedianemployee,whichdatewaswithinthelastthreemonthsofourmostrecentlycompletedfiscalyear.AsofDecember1,2018,weemployed8,754individuals,with33%oftheseindividualslocatedintheUnitedStates.Weusedthesamemethodologyaslastyeartoidentifyourmedianemployee.Ourmedianemployeewasselectedusingdataforthefollowingelementsofcompensation:salary,equitygrants,andnon-equityincentivecompensation,overatrailing12-monthperiod,whichbeganonDecember1,2018,andwhosecompensationwassubstantiallysimilartothecompensationofourmedianemployeeusedforthe2017payratiocalculation.Theprincipaldifferencebetweenthecompensationofour2018and2017medianemployeesresultedfromfluctuationsinovertimepayyear-over-yearreceivedbyour2017medianemployee(suchemployee’sovertimewasapproximatelydoubleforthe2018measurementperiod).Our2018assessmentresultedinanemployeelocatedinChilebeingidentifiedasourmedianemployee.

ForpurposesofreportingannualtotalcompensationandtheratioofannualtotalcompensationoftheCEOtothemedianemployee,boththeCEOandmedianemployee’sannualtotalcompensationarecalculatedconsistentwiththedisclosurerequirementsofexecutivecompensationunderItem402(c)(2)(x)ofRegulationS-K.

Forfiscal2018,themedianemployee’sannualtotalcompensationwas$67,771,andthetotalannualcompensationofourCEOwas$9,759,811.Basedonthisinformation,theratioofthetotalannualcompensationofourCEOtothetotalannualcompensationofourmedianemployeeforfiscal2018is144:1.Forpurposesofconvertingourmedianemployee’scompensationtoUnitedStatesdollars,weusedtheprevailingforeignexchangerateasoftheendof2018.

TheCompanyhasnotmadeanyoftheadjustmentspermissiblebytheSEC,norhaveanymaterialassumptionsorestimatesbeenmadetoidentifythemedianemployeeortodeterminetotalannualcompensation.

Supplemental Disclosure - CEO Pay Ratio

TheCompanyhasasignificantglobalfootprintwithapproximately67%ofitsworkforcelocatedoutsideoftheUnitedStates.



For2018,themedianoftheannualtotalcompensationofourUnitedStatesandCorporateStrategicBusinessUnitemployees(otherthanourCEO)was$109,297.Thesamemethodologywasusedasdescribedabove,exceptforlimitingthisreviewtotheseemployeesonly.TheratioofthetotalannualcompensationofourCEOtothemedianofthetotalannualcompensationofourUnitedStatesandCorporateStrategicBusinessUnitemployeesforfiscal2018is89:1.

Global USOnlyAES2018CEOPayRatio 144:1 89:1

PROPOSAL2:TOAPPROVE,ONANADVISORYBASIS,THECOMPANY’SEXECUTIVECOMPENSATION

PursuanttoSECrules,theCompanyseeksyouradvisoryvoteonourexecutivecompensationprogramsasdescribedinthisProxyStatement,andhasdeterminedtosubmitanannualadvisoryvoteonourexecutivecompensationprogramtoourStockholdersateachannualmeetinguntiltheCompanyseeksanotheradvisoryvoteonthefrequencyoftheadvisoryvoteonexecutivecompensationin2023.TheCompanyasksthatyousupportthecompensationofourNEOsasdisclosedinthe CD&Asection andthe accompanying tables andnarratives contained in this ProxyStatement. Because your vote is advisory, it will not be bindingontheBoardor the Company. However, the Boardwill reviewthevotingresults andtake theminto consideration whenmakingfuture decisions regardingexecutivecompensation.

TheCD&AsectionofthisProxyStatementdiscusseshowourexecutivecompensationpoliciesandprogramsimplementourexecutivecompensationphilosophy,including our emphasis on pay for performance. The Compensation Committee and the Board believe that these policies and procedures are effective inimplementingourexecutivecompensationphilosophyandinachievingitsgoals.

Highlightsofourcompensationprogramsthatsupport theexecutivecompensationphilosophyareincludedintheExecutiveSummaryoftheCD&A,andthesepracticesarediscussedinfurtherdetailthroughouttheCD&A.

Accordingly, the Board recommends that our Stockholders vote “FOR,” on an advisory basis, the compensation paid to our NEOs, as disclosed in this ProxyStatementpursuanttothecompensationdisclosurerulesoftheSECandadoptthefollowingresolutionattheAnnualMeeting:

“RESOLVED,thatthecompensationpaidtotheCompany’sNEOs,asdisclosedpursuanttoItem402ofRegulationS-K,includingtheCompensationDiscussionandAnalysis,compensationtablesandnarrativediscussionisherebyAPPROVED.”

Asanadvisoryvote,yourvotewillnotbebindingontheCompanyortheBoard.However,ourBoardandourCompensationCommittee,whichisresponsiblefordesigningandadministeringtheCompany’sexecutivecompensationprogram,valuetheopinionsofourStockholdersandtotheextentthereisanysignificantvoteagainstthecompensationpaidtoourNEOs,wewillconsiderourStockholders’concernsandtheCompensationCommitteewillevaluatewhetheranyactionsarenecessarytoaddressthoseconcerns.

THEBOARDRECOMMENDSAVOTEFORTHEAPPROVALOFTHECOMPANY’SEXECUTIVECOMPENSATION



ReportoftheCompensationCommittee

TheCompensation Committee has reviewed anddiscussed the CD&Awith AES’ Management and, based on this reviewand discussion, recommended to theBoardthatitbeincludedinAES’ProxyStatementandincorporatedbyreferenceintotheAESForm10-KfortheyearendedDecember31,2018.

TheCompensationCommitteeoftheBoardofDirectors,

JamesH.Miller,ChairKristinaM.JohnsonMoisesNaimJeffreyW.Ubben

(Ms. Davidsonjoined the Board andbecamea member of the Compensation Committee only as of February 22, 2019, andtherefore did not participate in thepreparationorapprovalofthisReport)

RiskAssessment

We believe that the general design of our compensation program reflects an appropriate mix of compensation elements and balances current and long-termperformanceobjectives,cashandequitycompensation,andrisksandrewardsassociatedwithourexecutives’roles.Thefollowingfeaturesoftheprogramillustratethispoint:

• Ourprogramreflectsabalancedmixofcompensationawardstoavoidexcessiveweightonanyoneperformancemeasureandisdesignedtopromotestabilityandgrowth(1)intheshort-termthroughthepaymentofanannualincentiveawardbasedentirelyonquantifiablegoalsand(2)inthelong-term,throughthepaymentofawards,thevalueofwhicharetieddirectlytoAESsharepriceperformance;

• Ourannualincentiveplan,performancestockunits,andperformancecashunitsprovideadefinedrangeofpayoutopportunitiesrangingfrom0-200%oftarget;

• Total compensationlevelsareheavilyweightedonlong-termincentiveawardstiedtosharepriceperformancewiththree-year service-basedvestingschedulesand,inthecaseofperformancestockunits,cumulativelong-termperformancegoals;

• WehavestockownershipguidelinessothatourNEOs’andotherseniorexecutives’personalwealthistiedtothelong-termsuccessoftheCompany;and

• TheCompensationCommitteeretainsdiscretiontoadjustormodifycompensationbasedontheCompany’sandexecutives’performance.

In 2018, with the assistance of its independent advisor, the Compensation Committee analyzed all of the Company’s compensation programs from a riskperspective.Inthatreview,Meridianidentifiedseveralriskmitigatorsincluding:

• Goodbalanceoffixedandvariablepayopportunities;

• Cappedincentiveplans;

• Multipleincentivemeasures;

• Performancemeasuredatthelargebusinessunitorcorporatelevel;

• Mixofmeasurementtimeperiods;

• Long-termstockownershiprequirementsandholdingrequirements;

• Allowable Compensation Committee discretion, especially in the annual incentive plan and performance stock unit and performance cash unitagreements;

• Oversightprovidedbynon-participantsintheplans,includingplanresultsandCompensationCommitteeapprovalofgoals;

• Moderateseveranceprogram;and

• Clawbackpolicy.

Becauseofthepresenceoftheriskmitigatorsidentifiedaboveandthedesignofourcompensationprogram,webelievethattherisksarisingfromouremployeecompensationprogramarenotreasonablylikelytohaveamaterialadverseeffectuponAES.


AuditMatters

REPORTOFTHEFINANCIALAUDITCOMMITTEE

TheAuditCommitteemaintainsinitialoversightoverrisksrelatedtotheintegrityoftheCompany’sfinancialstatements;internalcontrolsoverfinancialreportinganddisclosurecontrolsandprocedures;theperformanceoftheCompany’sinternalauditfunctionandtheindependentauditor;theeffectivenessoftheCompany’sEthics andComplianceProgram;andsuchother matters as are describedin theCommittee’s Charter. In additionto discussionswith theCEO,CFOandothermembersofManagementregardingthepreparationoftheCompany’sfinancialstatementsandoperatingresults,theAuditCommittee,pursuanttotheCommittee’soversightoftheCompany’sinternalauditfunctionandEthicsandComplianceprogram,receivedperiodicreportsfromtheCompany’sInternalAudit,Complianceand Legal departments. Such reports addressed, among other matters, ongoing projects, control assessments and audits being conducted by the Internal Auditdepartment, reports to the Company’s compliance hotline and/or issues involving the Company’s Code of Conduct, material litigation and significant legaldevelopments involvingtheCompanyand/or its subsidiaries, andproposedorganizational changes. TheAudit Committee alsoreceivedperiodicroutinereportsregardingtheCompany’seffortstocomplywithSection404oftheSarbanes-OxleyActandeffortsrelatedtothecompletionandperiodicfilingsoftheCompany’sfinancialstatementswiththeSEC.InadditiontothescheduledmeetingsoftheAuditCommittee,themembersoftheAuditCommitteeheldperiodictelephonicdiscussionsand/orin-personmeetingswithManagementregardingvarioussubjects.SuchinformalperiodicmeetingsanddiscussionspermittheAuditCommitteetoprovideadviceandassistancetoManagementonamorefrequentbasisthantheregularlyscheduledmeetingsoftheAuditCommittee.

TheAuditCommitteeincludesfivemembersoftheBoard.TheBoardhasdeterminedthateachmemberoftheAuditCommitteequalifiesasindependentundertheindependencestandardsexistingundertheNYSErulesandundertheindependencestandardsforauditcommitteemembersundertheExchangeAct.TheBoardalsodeterminedthateachmemberoftheAuditCommitteeis“financiallyliterate”asrequiredbytheNYSErules,andthateachofMessrs.Harrington,MillerandUbbenandMs.KoeppelareAuditCommitteeFinancialExpertspursuanttoSECrulesbasedon,amongotherthings,theexperienceofsuchmember.

Themeetingsof theAudit Committee alsoweredesignedtofacilitate andencouragecommunicationamongtheCommittee, theCompany, andtheCompany’sindependent registered public accounting firm, EY. EY has served as the Company’s independent registered public accounting firm since 2008. The AuditCommittee discussed with EYthe overall scope and plans for the integrated audit of the Company’s financial statements, and met with EYwith and withoutManagementpresent,todiscusstheresultsoftheirauditsandevaluationsoftheCompany’sinternalcontrolsandtodiscusstheeffortsexpendedbytheCompanyinconnectionwiththepreparationandfilingofthefinancialstatements.

Management has primary responsibility for establishing and maintaining adequate internal financial controls for preparing the financial statements and for thepublicreportingprocess.NeithertheAuditCommitteenorEYareresponsibleforthepreparationoftheCompany’sconsolidatedfinancialstatements,itsoperatingresultsorfortheappropriatesafekeepingoftheCompany’sassets.EY’sresponsibilityistoattesttotheCompany’sfairpresentationoftheconsolidatedfinancialstatementsandattesttotheeffectivenessofinternalcontrolsoverfinancialreporting.TheindependentregisteredpublicaccountingfirmisaccountabletotheAuditCommittee,andtheAuditCommitteehastheultimateauthorityandresponsibilitytoselect, evaluateand,whereappropriate, replacetheindependentregisteredpublic accounting firm. The Audit Committee engages in an annual evaluation of the independent public accounting firm’s qualifications, assessing the firm’squality of service, the firm’s sufficiency of resources, the quality of the communication and interaction with the firm, and the firm’s independence. The AuditCommitteemakesitsselectionbasedonthebestinterestsoftheCompanyanditsStockholders.TheAuditCommitteeparticipatesintheselectionoftheleadAuditPartner(the“LeadPartner”)oftheindependentregisteredpublicaccountingfirmthroughitsreviewoftheLeadPartner’sprofessionalqualifications,experience,andprior performanceontheCompany’saudit (if any); throughin-personmeetingswiththeLeadPartner; andthroughdiscussionbetweentheCommitteeandManagementregardingtheselectionoftheLeadPartner.TheroleoftheAuditCommitteeistobesatisfiedthatboththeCompanyandtheindependentregisteredpublicaccountingfirmdischargetheirrespectiveresponsibilitieseffectively.

TheAuditCommitteehasreviewedanddiscussedtheauditedconsolidatedfinancialstatementsforthefiscalyearendedDecember31,2018withManagementandEY.Inaddition, theAudit CommitteehasdiscussedwithEYthematters requiredtobediscussedbyAuditingStandardNo.1301,CommunicationswithAuditCommittees , asadoptedbythePublicCompanyAccountingOversightBoard(“PCAOB”),including, amongotherthings, mattersrelatedtotheconductoftheauditoftheCompany’sconsolidatedfinancialstatements.

EYhasprovidedtotheAuditCommitteethewrittendisclosuresandtheletterrequiredbytheapplicablerequirementsofthePCAOBregardingtheindependentregisteredpublic accountingfirm’s communications withtheAudit Committee concerningindependence, andtheAudit Committee has discussedwithEYthatfirm’s independence from the Company. The Audit Committee has concluded that EY’s provision of audit services to the Company is compatible with EY’sindependence.TheAuditCommitteealsodiscussedEY’sproposedfeeswithManagement, includingthescopeofservices, feespaidtocomparablecompanies,feespaidbytheCompanyinprioryears,andotherfactorsrelevanttotheappropriatenessoffees.Basedonthisreview,theAuditCommitteeapprovedtheamountoffeestobe


AuditMatters

paid to EY for audit and non-audit services. For further information regarding these fees, please see the fees chart located in “ Information Regarding theIndependentRegisteredPublicAccountingFirm”ofthisProxyStatement.

Basedonitsreviewandthemeetings,discussionsandreportsdescribedabove,andsubjecttothelimitationsonitsroleandresponsibilitiesreferredtoaboveandintheAuditCommitteeCharter, theAuditCommitteerecommendedtotheBoardthattheCompany’sauditedconsolidatedfinancial statementsforthefiscalyearendedDecember31,2018beincludedintheAESForm10-K.

TheFinancialAuditCommittee,

CharlesL.Harrington,ChairmanHollyK.KoeppelJamesH.MillerJeffreyW.Ubben

(Ms.DavidsonjoinedtheBoardandbecameamemberoftheAuditCommitteeonlyasofFebruary22,2019,andthereforedidnotparticipateinthepreparationorapprovalofthisReport)

InformationRegardingtheIndependentRegisteredPublicAccountingFirm

The following table outlines the aggregate fees billed to the Company for the fiscal years ended December 31, 2018 and 2017 by the Company’s principalaccountingfirm,EY.

$inmillions

2018 2017

AuditFees $ 13.9 $ 16.7

AuditRelatedFees 0.6 0.6

TaxFees 0.0 0.0

AllOtherFees 0.3 0.0

TotalFees $ 14.8 $ 17.3

AuditFees.TheamountsnotedaboveforAuditFeesincludetheaggregatefeesbilledforeachofthelasttwofiscalyearsforprofessionalservicesrenderedbytheprincipalaccountantfortheauditsoftheCompany’sconsolidatedannualfinancialstatementsandlocalsubsidiaries’annualfinancialstatements,reviewsoftheCompany’squarterlyfinancialstatements,attestationofinternalcontroloverfinancialreporting,asrequiredbytheSarbanes-OxleyAct,Section404andcomfortletters,consentsandotherservicesrelatedtoSECmatters.

AuditRelatedFees.TheamountsnotedaboveforAuditRelatedFeesincludetheaggregatefeesbilledforeachofthelasttwofiscalyearsforauditsofemployeebenefitplansandaccountingconsultations.

TaxFees.EYdidnotprovideanyservicestoAESrelatedtotaxcompliance,taxadviceortaxplanningforthefiscalyearsendedDecember31,2018and2017.

AllOtherFees.TheamountsnotedaboveforAllOtherFeesincludefeesbilledforthefiscalyearendedDecember31,2018,forITadvisoryservices.

Pre-Approval Policies and Procedures.The Company desired to maintain an independent relationship between itself and EY, and to ensure that level ofindependenceduring2018,theAuditCommitteemaintaineditspolicyestablishedin2002withwhichtojudgeifEYmaybeeligibletoprovidecertainservicesoutside of its main role as outside auditor. The pre-approval policy permits EYto provide certain designated services set forth in the policy to the Company,outsideofitsmainroleasoutsideauditor,afterfirstobtainingtheapprovalofatleastonedesignatedmemberoftheAuditCommitteeandthereafterreportingsuchapprovaltothefullCommitteeconsistentwiththeterms,exceptionsandlimitationssetforthintheSarbanes-OxleyAct.Serviceswithintheestablishedframeworkincludeauditandrelatedservicesandcertaintaxservices.ServicesoutsideoftheframeworkrequireAuditCommitteeapprovalpriortotheperformanceoftheservice. This framework is consistent with the provisions of the Sarbanes-Oxley Act, which address auditor independence. All audit and non-audit servicesprovidedtotheCompanybyEYduring2018werepre-approvedbytheAuditCommitteeinaccordancewithCompanypolicyandtheSarbanes-OxleyAct.


AuditMatters

PROPOSAL3:RATIFICATIONOFINDEPENDENTAUDITORSFORFISCALYEAR2018

The Audit Committee has appointed EY, an independent registered public accounting firm, as the auditors to examine and report to Stockholders on theconsolidated financial statements for the Company and its subsidiaries for the calendar year ended December 31, 2019. The appointment of EY is subject toratificationbytheCompany’sStockholdersattheAnnualMeeting.RepresentativesofEYwillbepresentattheAnnualMeetingandwillbegivenanopportunitytomakeastatement.Suchrepresentativeswillalsobeavailabletorespondtoappropriatequestions.

TheBoardrecommendsthattheStockholdersratifytheappointmentofEYandadoptthefollowingresolutionattheAnnualMeeting:

“RESOLVED,thattheappointmentofEYasindependentauditorsofthisCompanyforthefiscalyear2019isherebyAPPROVED,RATIFIEDANDCONFIRMED.”

IntheeventtheStockholdersdonotratifytheappointmentofEY,theAuditCommitteewillconsiderwhetheritshouldappointanalternativefirm.

THEBOARDRECOMMENDSAVOTEFORTHERATIFICATIONOFTHEAPPOINTMENTOFEYASINDEPENDENTAUDITORSOFTHECOMPANY


StockOwnership

SECURITYOWNERSHIPOFCERTAINBENEFICIALOWNERS,DIRECTORS,AND

EXECUTIVEOFFICERS

The following table sets forth information regarding the beneficial ownership of our Common Stock as of February 18, 2019, based on 662,298,096 sharesoutstandingasofsuchdate,by(a)eachcurrentDirector,NomineeandeachNEOsetforthintheSummaryCompensationTableinthisProxyStatement,(b)allDirectorsandExecutiveOfficersasagroupand(c)allpersonswhoareknownbyustobethebeneficialownerofmorethanfivepercent(5%)ofourcommonstock(basedontheirpublicfilingswiththeSECasofFebruary18,2019orasotherwiseknowntous).UnderSECRule13d-3oftheExchangeAct,“beneficialownership”includessharesforwhichtheindividual,directlyorindirectly,hasorsharesvotingpower(whichincludesthepowertovoteordirectthevotingoftheshares)orinvestmentpower(whichincludesthepowertodisposeordirectthedispositionoftheshares),whetherornotthesharesareheldforindividualbenefit.Under these rules, more thanonepersonmaybe deemedthe beneficial owner of the samesecurities anda personmaybedeemedto bea beneficial owner ofsecuritiesastowhichsuchpersonhasnoeconomicinterest.Exceptasotherwiseindicatedinthefootnotesbelow,eachofthebeneficialownershas,tothebestofourknowledge,solevotingandinvestmentpowerwithrespecttotheindicatedsharesofourCommonStock.

Exceptasotherwiseindicated,theaddressforeachpersonbelowisc/oTheAESCorporation,4300WilsonBoulevard,Arlington,Virginia22203.

SharesBeneficiallyOwnedbyDirectorsandExecutiveOfficers

Name/Address

PositionHeldwiththeCompany

SharesofCommonStockBeneficiallyOwned(1)(2)

%ofClass(1)(2)

JanetG.Davidson Director 0 *

AndrésR.Gluski President,CEOandDirector 3,421,602 *

CharlesL.Harrington Director 124,223 *

KristinaM.Johnson Director 151,151 *

TarunKhanna Director 206,698 *

HollyK.Koeppel Director 88,428 *

JamesH.Miller Director 119,733 *

AlainMonié Director 63,095 *

JohnB.Morse,Jr.(3) DirectorandChairmanoftheBoard 228,312 *

MoisésNaím Director 110,454 *

JeffreyW.Ubben(4) Director 1,587,445 *

ThomasM.O’Flynn Former,EVPandCFO 1,011,400 *

BernerdDaSantos EVPandCOO 248,206 *

ManuelPérezDubuc SVP&President,NewEnergySolutions 141,858 *

JulianNebreda SVP&President,SouthAmericaBusinessUnit 196,748 *

AllDirectorsandExecutiveOfficersasaGroup(19)persons

7,034,336 1.06%

TheVanguardGroup(5)100VanguardBoulevardMalvern,PA19355

85,050,700 12.84%

BlackRockInc.(6)55East52ndStreetNewYork,NY10055

63,316,409 9.56%

CapitalInternationalInvestors(7)11100SantaMonicaBoulevard16thFloorLosAngeles,CA90025

37,929,405 5.73%

StockOwnership

Name/Address

PositionHeldwiththeCompany

SharesofCommonStockBeneficiallyOwned(1)(2)

%ofClass(1)(2)

CapitalWorldInvestors(8)333SouthHopeStreetLosAngeles,CA90071

35,402,000 5.35%

StateStreetCorporation(9)StateStreetFinancialCenterOneLincolnStreetBoston,MA02111

33,942,396 5.12%

* Sharesheldrepresentlessthan1%ofthetotalnumberofoutstandingsharesofcommonstockoftheCompany.(1) Theshares of our CommonStockbeneficially ownedare reportedonthebasis of SECregulations governingthedetermination of beneficial ownershipof

securities.UnderSECrules,sharesofourCommonStock,whicharesubjecttoOptions,unitsorothersecuritiesthatareexercisableorconvertibleintosharesofourCommonStockwithin60daysofFebruary16,2018,aredeemedtobeoutstandingandbeneficiallyownedbythepersonholdingsuchOptions,unitsorothersecurities.SuchunderlyingsharesofCommonStockaredeemedtobeoutstandingforthepurposeofcomputingsuchperson’sownershippercentage,butnotdeemedtobeoutstandingforthepurposeofcomputingthepercentageownershipofanyotherperson.

(2) Includes(a)thefollowingsharesissuableuponexerciseofOptionsoutstandingasofFebruary18,2019thatareabletobeexercisedonorbeforeApril19,2019:Ms.Davidson-0shares;Mr.Harrington–0shares;Dr.Johnson–0shares;Dr.Khanna–6,666shares;Ms.Koeppel-0shares;Mr.Miller–19,280shares;Mr.Monié–26,813shares;Mr.Morse–0shares;Dr.Naím–0shares;Mr.Gluski–2,260,553shares;Mr.O’Flynn–693,313shares;Mr.DaSantos–118,191shares;Mr.PérezDubuc-108,433;Mr.Nebreda-155,124allDirectorsandExecutiveOfficersasagroup–3,530,753shares;(b)thefollowingunitsissuableunderTheAES2003LongTermCompensationPlan,includingTheAESCorporationDeferredCompensationPlanforDirectors:Ms.Davidson-0units;Mr.Harrington–124,223units;Dr.Johnson–151,151units;Dr.Khanna–200,032units;Ms.Koeppel–88,428units;Mr.Miller–100,453units;Mr.Monié–34,957units;Mr.Morse–227,312units;Dr.Naím–110,454units;Mr.Rossotti–344,175units;Mr.Ubben–22,945units;allDirectorsasagroup1,404,130units;(c)thefollowingsharesheldinTheAESRetirementSavingsPlan:Mr.Gluski–27,285shares;Mr.O’Flynn–9,242shares;Mr.DaSantos–25,961shares;Mr.PérezDubuc6,051,andMr.Nebreda24,844andallExecutiveOfficersasagroup–120,871shares.

(3) Includes1,000sharesheldbyMr.Morse’swife.(4) Includes22,945stockunitsMr.UbbenholdsunderagreementforthebenefitofthelimitedpartnersofValueActSpringMasterFund,L.P.andindirectlyfor

(i)VAPartnersI,LLCasGeneralPartnerofValueActSpringMasterFund,L.P.,(ii)ValueActCapitalManagement,L.P.asthemanagerofValueActSpringMasterFund,L.P.,(iii)ValueActCapitalManagement,LLCasGeneralPartnerofValueActCapitalManagement,L.P.,(iv)ValueActHoldings,L.P.asthemajorityownerofthemembershipinterestsofVAPartnersI,LLC,(v)ValueActHoldingsII,L.P.asthesoleownerofthemembershipinterestsofValueActCapitalManagement,LLCandasthemajorityownerofthelimitedpartnershipinterestsofValueActCapitalManagement,L.P.,and(vi)ValueActHoldingsGP, LLCas General Partner of ValueAct Holdings, L.P. andValueAct Holdings II, L.P. Also, includes 1,564,500shares held byValueAct Spring MasterFund,L.P.andmaybedeemedtobeindirectlybeneficiallyownedby(i)VAPartnersI,LLCasGeneralPartnerofValueActSpringMasterFund,L.P.,(ii)ValueActCapitalManagement,L.P.asthemanagerofValueActSpringMasterFund,L.P.,(iii)ValueActCapitalManagement,LLCasGeneralPartnerofValueActCapitalManagement,L.P.,(iv)ValueActHoldings,L.P.asthemajorityownerofthemembershipinterestsofVAPartnersI,LLC,(v)ValueActHoldingsII,L.P.asthesoleownerofthemembershipinterestsofValueActCapitalManagement,LLCandasthemajorityownerofthelimitedpartnershipinterestsofValueActCapitalManagement,L.P.,and(vi)ValueActHoldingsGP,LLCasGeneralPartnerofValueActHoldings,L.P.andValueActHoldingsII,L.P.JeffreyW.UbbenisamemberofthemanagementboardofValueActHoldingsGP,LLC.

(5) Based solely on information furnished in the Schedule 13G/Afiled by The Vanguard Group (“Vanguard”) with the SECon February 11, 2019, in whichVanguardreportedthatithad(a)solepowertovoteortodirectthevoteon773,422shares,(b)sharedpowertovoteortodirectthevoteon142,250shares,(c)solepowertodisposeortodirectthedispositionof84,179,135shares,and(d)sharedpowertodisposeortodirectthedispositionof871,565shares,withanaggregateamountbeneficiallyownedbythereportingpersonof85,050,700shares.

(6) BasedsolelyoninformationfurnishedintheSchedule13G/AfiledbyBlackRockInc.andcertainofitsaffiliates(“BlackRock”)withtheSEConFebruary4,2019,inwhichBlackRockreportedthatithad(a)solepowertovoteortodirectthevoteof57,627,960shares,(b)sharedpowertovoteortodirectthevoteon0shares,(c)solepowertodisposeortodirectthedispositionof63,316,409shares,and(d)sharedpowertodisposeortodirectthedispositionof0shares,withanaggregateamountbeneficiallyownedbythereportingpersonof63,316,409shares.


StockOwnership

(7) BasedsolelyoninformationfurnishedintheSchedule13G/AfiledbyCapitalInternationalInvestorswiththeSEConFebruary14,2019,inwhichCapitalInternationalInvestorsreportedthatithad(a)solepowertovoteortodirectthevoteon36,065,287shares,(b)sharedpowertovoteortodirectthevoteon0shares,(c)solepowertodisposeortodirectthedispositionof37,929,405shares,and(d)sharedpowertodisposeortodirectthedispositionof0shares,withanaggregateamountbeneficiallyownedbythereportingperson37,929,405shares.

(8) Basedsolely oninformation furnishedin the Schedule 13Gfiled byCapital World Investors with the SEConFebruary 14, 2019, in whichCapital WorldInvestors reported that it had(a) sole powerto vote or to direct the vote on35,402,000shares, (b) sharedpower to vote or to direct the vote on0 shares,(c)solepowertodisposeortodirectthedispositionof35,402,000shares, and(d)sharedpowertodisposeortodirectthedispositionof0shares, withanaggregateamountbeneficiallyownedbythereportingperson35,402,000shares.

(9) Based solely on information furnished in the Schedule 13G filed by State Street Corporation with the SEC on February 14, 2019, in which State StreetCorporationreportedthatithad(a)solepowertovoteortodirectthevoteon0shares,(b)sharedpowertovoteortodirectthevoteon29,339,716shares,(c)solepowertodisposeortodirectthedispositionof0shares, and(d)sharedpowertodisposeortodirectthedispositionof33,935,278shares, withanaggregateamountbeneficiallyownedbythereportingperson33,942,396shares.



OtherMatters

OTHERMATTERS

AneligibleStockholder,owning200sharesofAEScommonstock,hasseparatelynotifiedusofhisintenttoproposearesolutionattheAnnualMeetingthatrequeststheCompanyto“beginningin2019…annuallypublishareportofactuallyincurredcorporatecostsandassociatedactualandsignificantbenefitsaccruingtoshareholdersandtheclimatefromAES’globalclimate-relatedactivitiesthatarevoluntaryandexceedgovernmentregulatoryrequirements”(the“FloorProposal”).ThesupportingstatementoftheFloorProposalfurtherstatesthat“[c]orporatemanagementssometimesengagein“greenwashing”-i.e.,spendingshareholdermoneyonschemesostensiblyenvironment-related,butreallyundertakenmerelyforthepurposeofimprovingthepublicimageofmanagement.Suchinsincere“green”posturingandassociatedtoutingofalleged,butactuallyimaginarybenefitstopublichealthandtheenvironmentmayharmshareholdersbydistractingmanagement,wastingcorporateassets,rippingoffratepayersanddeceivingshareholdersandthepublic.”

AES’managementandBoardhaveundertakenlong-termstrategiestodivestorshutdowncertainofAES’coalplantsinshiftingourportfoliotowardslesscarbonintensivesourcesofgeneration,suchassolarandwind,onlyaftersignificantconsiderationandbusinessplanning,takingnoteof,andrespondingto,marketandregulatorydevelopmentsandtheexpressinterestsandconcernscommunicatedtousbyourStockholders.OurbusinessstrategiesareformulatedwiththeexpressintentandpurposeofachievingStockholdervaluecreation.

TheCompanyknowsofnoothermatterstobesubmittedtotheStockholdersattheAnnualMeeting,otherthantheproposalsreferredtointhisProxyStatementandthepossiblesubmissionoftheFloorProposal.

TheFloorProposalwasnotsubmittedunderRule14a-8undertheExchangeActandtheStockholderdidnotseektohavetheFloorProposalincludedinthisProxyStatement.Accordingly,theFloorProposalmaybepresentedatthemeetingbutisnotincludedinthisProxyStatement.IfproperlypresentedattheAnnualMeeting,approvaloftheFloorProposalwouldrequiretheaffirmativevoteofamajorityofsharesofcommonstockpresentinpersonorrepresentedbyProxyatthemeetingandentitledtovote.IftheFloorProposalispresentedattheAnnualMeeting,thentotheextentpermittedbyapplicablerules,thepersonsnamedontheProxy(Messrs.AndresR.GluskiandPaulL.Freedman)(the“proxyholders”)willhave,andintendtoexercise,discretionaryvotingauthorityunderRule14a-4(c)undertheExchangeActtovote“AGAINST”theFloorProposal.IfanyothermattersproperlycomebeforetheStockholdersattheAnnualMeeting,itistheintentionofthepersonsnamedontheproxytovotethesharesrepresentedtherebyonsuchmattersinaccordancewiththeirbestjudgment.



FrequentlyAskedQuestions

QUESTIONSANDANSWERSREGARDINGTHEPROXYSTATEMENTANDANNUALMEETING

DoIneedanadmissiontickettoattendtheAnnualMeeting?Yes.Youmustpresentboth(i)anadmissionticketorproofofstockownershipand(ii)validphotoidentificationtoattendtheAnnualMeeting.

• If you received these materials by mail, your admission ticket is attached to your Proxy Card. Please detach the ticket and bring it with you to theAnnualMeeting.

• IfyouvoteelectronicallyviatheInternet,youcanprintanadmissionticketfromtheonlinesite.• Ifyouholdsharesthroughanaccountwithabankorbroker,contactyourbankorbrokertorequestalegallyvalidProxyfromtheownerofrecordto

voteyoursharesinperson.Thiswillserveasyouradmissionticket.• ArecentbrokeragestatementorletterfromyourbrokershowingthatyouownedAEScommonstockinyouraccountasofFebruary26,2019,servesas

proofofstockownershipandmaybepresentedinlieuofanadmissionticket.Ifyoudonothaveanadmissionticketorproofofownershipandvalidphotoidentification,youwillnotbeadmittedintotheAnnualMeeting.PleasealsonotethatifyouattendtheAnnualMeeting,theuseofcellphones,smartphones,pagers,recordingandphotographicequipmentand/orcomputersandsimilardevicesisstrictlyprohibitedattheAnnualMeeting.

Whatistherecorddate?TherecorddatefortheAnnualMeetingisFebruary26,2019.TherecorddatehasbeenestablishedbytheBoardaspermittedbyDelawarelaw.OwnersofrecordofourcommonstockatthecloseofbusinessontherecorddateareentitledtoreceivenoticeoftheAnnualMeeting.SuchownersofrecordarealsoentitledtovoteattheAnnualMeetingandanyadjournmentsoftheAnnualMeeting.Eachshareofcommonstockisentitledtoonevote.

HowdoesaStockholdersubmitavoteonaproposal?AStockholdermayvotebytelephone,viatheInternet,orinpersonbyattendingtheAnnualMeeting.AStockholdermayalsovotebymarking,signing,datingandreturningtheProxyCardtotheOfficeoftheCorporateSecretaryat4300WilsonBoulevard,Arlington,Virginia22203.Instructionsonhowtovotebyphoneorvia the Internet are set forth in the Notice of Internet Availability of Proxy Materials or Proxy Card. If a Stockholder owns shares through a broker or otherintermediary,votinginstructionswillbesetforthinthevotinginstructioncardprovidedbyyourbrokerorotherintermediary.

Whataretheapprovalrequirements?If a Proxy is properly executed, the shares it represents will be voted at the Annual Meeting in accordance with the instructions noted on the Proxy. If noinstructions are specified in the Proxy with respect to the matters to be acted upon, the shares represented by the Proxy will be voted in accordance with therecommendations of the Board. The recommendations of the Board regarding the matters to be acted upon at the Annual Meeting are set forth in this ProxyStatement.Eachshareofcommonstockisentitledtoonevoteoneachproposalcontainedherein.Generally,exceptasotherwiseprovidedbylaw,rule,AES’SixthRestated Certificate of Incorporation (the “Charter”) or our By-Laws, the affirmative vote of a majority of the shares of common stock present in person orrepresentedbyProxyatthemeetingandentitledtovoteonthematterisrequiredforapprovalofeachProposal.EachProposalonwhichStockholderswillvoteattheAnnualMeeting,includingfortheelectionofDirectors(inaccordancewithSection216andsubjecttoSection141(b)oftheDelawareGeneralCorporationLaw)andtheFloorProposal,mustbeapprovedbyamajorityofthesharesofcommonstockpresentinpersonorrepresentedbyProxyatthemeetingandentitledtovoteontheProposal.Intabulatingthevotingresultsforanyparticular proposal, abstentionshavethesameeffect asvotesagainst thematter. If youholdsharesbeneficiallyinstreetnameanddonotprovideyourbrokerwithvotinginstructions,yoursharesmaybetreatedas“brokernon-votes.”Generally,brokernon-votesoccurwhenabrokerisnotpermittedtovoteonaparticularmatterwithoutinstructionsfromthebeneficialownerandinstructionshavenotbeengiven.Brokersthathavenotreceivedvotinginstructionsfromtheirclientscannotvoteontheirclients’behalfon“non-routine”proposals,suchastheelectionofDirectors,theadvisoryapprovaloftheCompany’sexecutivecompensation,andtheFloorProposal.However,brokersmayvotetheirclients’shareson“routine”proposalssuchastheproposalseekingratificationofEYastheindependentregisteredpublicaccountingfirmforfiscalyear2019.Intabulatingthevotingresultforanyparticularproposal,sharesthatconstitutebrokernon-votesarenotconsideredentitledtovoteonthatproposal.


FrequentlyAskedQuestions

Whatconstitutesaquorum?ForbusinesstobeconductedattheAnnualMeeting,aquorummustbepresentorrepresentedbyProxy.UnderourBy-Laws,thepresence,inpersonorrepresentedbyProxy, of a majority of the issuedandoutstandingshares of our CommonStockentitled to vote at the Annual Meeting will constitute a quorum,except asotherwiseprovidedbystatuteorbytheCharter.ThenumberofoutstandingsharesofcommonstockentitledtovoteattheAnnualMeetingisdeterminedasoftherecorddate. Abstentions andbroker non-votes will be countedin determining whether a quorumis present for the Annual Meeting. Acopyof the By-Lawsisavailableonourwebsite(https://www.aes.com).

MayaStockholderchangeavote?Stockholdersareentitledtorevoketheir Proxiesat anytimebeforetheir sharesarevotedat theAnnualMeeting. TorevokeaProxy,aStockholdermustfileawrittennoticeofrevocationwiththeCompany,deliveradulyexecutedProxybearingalater datethantheoriginal submittedProxy,submitvotinginstructionsagainbytelephoneorviatheInternet,orattendtheAnnualMeetingandvoteinperson.AttendanceattheAnnualMeetingwillnot,byitself,revokeyourProxy.Ifyouholdsharesinstreetname,youmustcontactyourbroker,bankorothernomineetochangeyourvoteorobtainaProxytovoteyoursharesifyouwishtocastyourvoteinpersonatthemeeting.

Arevotingrecordsconfidential?WerequirevotetabulatorsandtheInspectoroftheElectiontoexecuteagreementstomaintaintheconfidentialityofvotingrecords.Votingrecordswillremainconfidential,exceptasnecessarytomeetlegalrequirementsandinotherlimitedcircumstancessuchasproxycontests.

HowdoestheCompanysolicitproxies?TheCompanywill solicit Proxiesbymail, telephone,orothermeansofcommunication. Wewill bearthecostofthesolicitationofProxies. TheCompanyhasretained Computershare Trust Co., N.A. and Georgeson Inc. to assist in soliciting Proxies fromStockholders and wewill pay a fee estimated at $35,000, plusexpenses, for such services. In addition, solicitation maybe made by our Directors, Officers, and other employees. Wereimburse brokerage firms, custodians,nominees, and fiduciaries in accordance with the rules of the Financial Industry Regulatory Authority for reasonable expenses incurred by themin forwardingmaterialstothebeneficialownersofourCommonStock.


DirectionstotheAnnualMeeting

DIRECTIONSTOTHEANNUALMEETING

AmericanTruckingAssociationConferenceCenter(950NorthGlebeRoad,Suite210,Arlington,VA22203)

FromPoints North—I-270SPURStoward I-495 S/Northern Virginia; merge onto Capital Beltway/I-495 S; merge onto VA-267Evia Exit 45BontheLEFTtoward I-66 E/Washington; VA-267 E becomes I-66E; take the Fairfax Drive exit (Exit 71); stay in the right hand lane after the first traffic light at N.WakeieldSt.;turnRIGHTatthesecondlightontoN.GlebeRd.(Rte.120)towardWilsonBlvd.,whichisthenextlightbeyondFairfaxAve.;turnRIGHTintothe950NorthGlebeRoadDriveway.;turnRIGHTintobuildingparkinggarage.

FromPointsSouth—I-95NtoI-395NtowardWashington;mergeontoSGlebeRoad/VA-120NviaExit7BtowardMarymountUniversity;turnLEFTontoWilsonBlvd.;turnrightonN.WakefieldSt.;turnLEFTintobuildingparkinggarage.

FromPointsEast—I-66WtotheN.GlebeRoadexit(Exit71);atthelightatthetopoftheramp,turnLEFTontoN.GlebeRd.;turnRIGHTintothe950NorthGlebeRoadDriveway.;turnRIGHTintobuildingparkinggarage.

FromPointsWest—I-66EtowardWashington,DC;stayintherighthandlaneafterthefirsttrafficlightatN.WakeieldSt.;turnRIGHTatthesecondlightonto N. Glebe Rd. (Rte. 120) toward Wilson Blvd., which is the next light beyondFairfax Ave.; turn RIGHTinto the 950 North Glebe RoadDriveway.; turnRIGHTintobuildingparkinggarage.

Parking-UndergroundparkingmanagedbyAtlanticParkingisconvenientlylocatedintheAmericanTruckingAssociationConferenceCenterbuilding.Thecurrentdailyratesare$8forthefirsthour,$15for2hours(dailymaximumis$17).BallstonCommonsMallPublicParkingGarageislocatedthreeblocksfromtheAmericanTruckingAssociationConferenceCenter.Dailyratesare$1forthefirstthreehoursMonday–Friday(dailymaximumis$8).Allgarageratesaresubjecttochange.


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