AES

SEC source: 0001127602-20-007812 · form4.xml · nonDerivative · entry 6

Gluski Andres · CIK 0001348876 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,526,429

F6 · shares: Reflects tax withholding in connection with the settlement of PSUs granted on February 24, 2017.

SEC source: 0001127602-20-007812 · form4.xml · nonDerivative · entry 5

Gluski Andres · CIK 0001348876 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,633,681

F5 · shares: This Performance Stock Unit ("PSU") was granted on February 24, 2017 pursuant to The AES Corporation 2003 Long Term Compensation Plan. After the prescribed three year vesting period, the AES Board of Directors approved the performance value for the grant on February 21, 2020. Each earned PSU entitles the holder to one share of AES Common Stock.

F5 · price: This Performance Stock Unit ("PSU") was granted on February 24, 2017 pursuant to The AES Corporation 2003 Long Term Compensation Plan. After the prescribed three year vesting period, the AES Board of Directors approved the performance value for the grant on February 21, 2020. Each earned PSU entitles the holder to one share of AES Common Stock.

SEC source: 0001127602-20-007812 · form4.xml · nonDerivative · entry 4

Gluski Andres · CIK 0001348876 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,411,628

F4 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 24, 2017.

SEC source: 0001127602-20-007834 · form4.xml · nonDerivative · entry 3

Nebreda Julian · CIK 0001754406 · SVP, Andes SBU President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 39,308

F3 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 23, 2018.

SEC source: 0001127602-20-007833 · form4.xml · nonDerivative · entry 3

Dubuc Manuel Perez · CIK 0001754412 · SVP, New Energy Solutions

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 49,318

F3 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 23, 2018.

SEC source: 0001127602-20-007831 · form4.xml · nonDerivative · entry 3

Pimenta Gustavo · CIK 0001764320 · EVP and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 51,959

F3 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 23, 2018.

SEC source: 0001127602-20-007830 · form4.xml · nonDerivative · entry 3

Moreno Leonardo · CIK 0001754413 · SVP, Corporate Strategy

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,832

F3 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 23, 2018.

SEC source: 0001127602-20-007827 · form4.xml · nonDerivative · entry 3

Kohan Sherry · CIK 0001801230 · Vice President & Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 41,422

F3 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 23, 2018.

SEC source: 0001127602-20-007826 · form4.xml · nonDerivative · entry 3

Da Santos Bernerd · CIK 0001626763 · EVP and COO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 155,955

F3 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 23, 2018.

SEC source: 0001127602-20-007822 · form4.xml · nonDerivative · entry 3

Mendoza Tish · CIK 0001628839 · Sr. VP & Chief HR Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 93,869

F3 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 23, 2018.

SEC source: 0001127602-20-007816 · form4.xml · nonDerivative · entry 3

Freedman Paul L · CIK 0001732841 · SVP and General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,194

F3 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 23, 2018.

SEC source: 0001127602-20-007812 · form4.xml · nonDerivative · entry 3

Gluski Andres · CIK 0001348876 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,428,784

F3 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 23, 2018.

SEC source: 0001127602-20-007834 · form4.xml · nonDerivative · entry 2

Nebreda Julian · CIK 0001754406 · SVP, Andes SBU President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 40,236

F2 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 22, 2019.

SEC source: 0001127602-20-007833 · form4.xml · nonDerivative · entry 2

Dubuc Manuel Perez · CIK 0001754412 · SVP, New Energy Solutions

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,183

F2 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 22, 2019.

SEC source: 0001127602-20-007831 · form4.xml · nonDerivative · entry 2

Pimenta Gustavo · CIK 0001764320 · EVP and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 53,241

F2 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 22, 2019.

SEC source: 0001127602-20-007830 · form4.xml · nonDerivative · entry 2

Moreno Leonardo · CIK 0001754413 · SVP, Corporate Strategy

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,380

F2 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 22, 2019.

SEC source: 0001127602-20-007827 · form4.xml · nonDerivative · entry 2

Kohan Sherry · CIK 0001801230 · Vice President & Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,348

F2 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 22, 2019.

SEC source: 0001127602-20-007829 · form4.xml · nonDerivative · entry 2

Krueger Lisa · CIK 0001754410 · SVP, US SBU President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,078

F2 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 22, 2019.

SEC source: 0001127602-20-007826 · form4.xml · nonDerivative · entry 2

Da Santos Bernerd · CIK 0001626763 · EVP and COO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 157,602

F2 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 22, 2019.

SEC source: 0001127602-20-007822 · form4.xml · nonDerivative · entry 2

Mendoza Tish · CIK 0001628839 · Sr. VP & Chief HR Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 94,783

F2 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 22, 2019.

SEC source: 0001127602-20-007816 · form4.xml · nonDerivative · entry 2

Freedman Paul L · CIK 0001732841 · SVP and General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,148

F2 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 22, 2019.

SEC source: 0001127602-20-007812 · form4.xml · nonDerivative · entry 2

Gluski Andres · CIK 0001348876 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,440,674

F2 · shares: Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 22, 2019.

SEC source: 0001127602-20-007834 · form4.xml · nonDerivative · entry 1

Nebreda Julian · CIK 0001754406 · SVP, Andes SBU President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 41,227

F1 · shares: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

F1 · price: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

SEC source: 0001127602-20-007833 · form4.xml · nonDerivative · entry 1

Dubuc Manuel Perez · CIK 0001754412 · SVP, New Energy Solutions

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 51,092

F1 · shares: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

F1 · price: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

SEC source: 0001127602-20-007832 · form4.xml · nonDerivative · entry 1

Rubiolo Juan Ignacio · CIK 0001754411 · SVP, MCAC SBU President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,418

F1 · shares: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

F1 · price: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

SEC source: 0001127602-20-007831 · form4.xml · nonDerivative · entry 1

Pimenta Gustavo · CIK 0001764320 · EVP and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 54,636

F1 · shares: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

F1 · price: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

SEC source: 0001127602-20-007830 · form4.xml · nonDerivative · entry 1

Moreno Leonardo · CIK 0001754413 · SVP, Corporate Strategy

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,254

F1 · shares: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

F1 · price: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

SEC source: 0001127602-20-007827 · form4.xml · nonDerivative · entry 1

Kohan Sherry · CIK 0001801230 · Vice President & Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,902

F1 · shares: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

F1 · price: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

SEC source: 0001127602-20-007829 · form4.xml · nonDerivative · entry 1

Krueger Lisa · CIK 0001754410 · SVP, US SBU President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,823

F1 · shares: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

F1 · price: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

SEC source: 0001127602-20-007826 · form4.xml · nonDerivative · entry 1

Da Santos Bernerd · CIK 0001626763 · EVP and COO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 160,058

F1 · shares: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

F1 · price: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

SEC source: 0001127602-20-007822 · form4.xml · nonDerivative · entry 1

Mendoza Tish · CIK 0001628839 · Sr. VP & Chief HR Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 95,904

F1 · shares: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

F1 · price: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

SEC source: 0001127602-20-007816 · form4.xml · nonDerivative · entry 1

Freedman Paul L · CIK 0001732841 · SVP and General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,022

F1 · shares: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

F1 · price: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

SEC source: 0001127602-20-007812 · form4.xml · nonDerivative · entry 1

Gluski Andres · CIK 0001348876 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,449,860

F1 · shares: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

F1 · price: This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 21, 2021, if certain continuing employment and performance conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock.

SEC source: 0001127602-20-002756 · form4.xml · derivative · entry 4

Gluski Andres · CIK 0001348876 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 23,158 shares

Expires 2020-02-19

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_date: This stock option award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan. This award vested in three equal annual installments such that one third vested on each of February 19, 2011, February 19, 2012, and February 19, 2013.

SEC source: 0001127602-20-002756 · form4.xml · nonDerivative · entry 2

Gluski Andres · CIK 0001348876 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,375,846

F1 · shares: Reflects tax and exercise price withholding. There was no transaction in the market.

SEC source: 0001127602-20-002756 · form4.xml · nonDerivative · entry 1

Gluski Andres · CIK 0001348876 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,392,997

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001127602-19-027853 · form4.xml · derivative · entry 5

Nebreda Julian · CIK 0001754406 · SVP, Andes SBU President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 12,864 shares

Expires 2020-02-19

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: This stock option was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and vested in three equal annual installments. The first installment vested on February 19, 2011, the second installment vested on February 19, 2012 and the final installment vested on February 19, 2013.

SEC source: 0001127602-19-027853 · form4.xml · nonDerivative · entry 3

Nebreda Julian · CIK 0001754406 · SVP, Andes SBU President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,314

SEC source: 0001127602-19-027853 · form4.xml · nonDerivative · entry 2

Nebreda Julian · CIK 0001754406 · SVP, Andes SBU President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 48,178

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001127602-19-027853 · form4.xml · nonDerivative · entry 1

Nebreda Julian · CIK 0001754406 · SVP, Andes SBU President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,314

SEC source: 0001418812-19-000057 · primary_doc.xml · nonDerivative · entry 1

UBBEN JEFFREY W · CIK 0001159187 · Director · See Remarks

ValueAct Holdings, L.P. · CIK 0001418814 · Director · See Remarks

ValueAct Spring Master Fund, L.P. · CIK 0001728461 · Director · See Remarks

VA Partners I, LLC · CIK 0001418812 · Director · See Remarks

ValueAct Capital Management, L.P. · CIK 0001351069 · Director · See Remarks

ValueAct Capital Management, LLC · CIK 0001351073 · Director · See Remarks

ValueAct Holdings II, L.P. · CIK 0001763309 · Director · See Remarks

ValueAct Holdings GP, LLC · CIK 0001418813 · Director · See Remarks

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 4,346,500

F1 · ownership.nature: Each reporting person listed herein disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F2 · ownership.nature: The securities reported herein are directly beneficially owned by ValueAct Spring Master Fund, L.P. and may be deemed to be indirectly beneficially owned by (i) VA Partners I, LLC as General Partner of ValueAct Spring Master Fund, L.P., (ii) ValueAct Capital Management, L.P. as the manager of ValueAct Spring Master Fund, L.P., (iii) ValueAct Capital Management, LLC as General Partner of ValueAct Capital Management, L.P., (iv) ValueAct Holdings, L.P. as the majority owner of the membership interests of VA Partners I, LLC, (v) ValueAct Holdings II, L.P. as the sole owner of the membership interests of ValueAct Capital Management, LLC and as the majority owner of the limited partnership interests of ValueAct Capital Management, L.P., and (vi) ValueAct Holdings GP, LLC as General Partner of ValueAct Holdings, L.P. and ValueAct Holdings II, L.P.

SEC source: 0001418812-19-000028 · primary_doc.xml · nonDerivative · entry 2

UBBEN JEFFREY W · CIK 0001159187 · Director · See Remarks

ValueAct Holdings, L.P. · CIK 0001418814 · Director · See Remarks

ValueAct Spring Master Fund, L.P. · CIK 0001728461 · Director · See Remarks

VA Partners I, LLC · CIK 0001418812 · Director · See Remarks

ValueAct Capital Management, L.P. · CIK 0001351069 · Director · See Remarks

ValueAct Capital Management, LLC · CIK 0001351073 · Director · See Remarks

ValueAct Holdings II, L.P. · CIK 0001763309 · Director · See Remarks

ValueAct Holdings GP, LLC · CIK 0001418813 · Director · See Remarks

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 4,146,500

F4 · price: Weighted-average price at which shares were purchased on the listed date between the range of $15.94 and $15.98 per share. The reporting persons undertake to provide upon request to the SEC Staff, the Issuer, or a security holder of the Issuer information regarding the number of shares purchased at each price.

F2 · ownership.nature: Each reporting person listed herein disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F3 · ownership.nature: The securities reported herein are directly beneficially owned by ValueAct Spring Master Fund, L.P. and may be deemed to be indirectly beneficially owned by (i) VA Partners I, LLC as General Partner of ValueAct Spring Master Fund, L.P., (ii) ValueAct Capital Management, L.P. as the manager of ValueAct Spring Master Fund, L.P., (iii) ValueAct Capital Management, LLC as General Partner of ValueAct Capital Management, L.P., (iv) ValueAct Holdings, L.P. as the majority owner of the membership interests of VA Partners I, LLC, (v) ValueAct Holdings II, L.P. as the sole owner of the membership interests of ValueAct Capital Management, LLC and as the majority owner of the limited partnership interests of ValueAct Capital Management, L.P., and (vi) ValueAct Holdings GP, LLC as General Partner of ValueAct Holdings, L.P. and ValueAct Holdings II, L.P.

SEC source: 0001127602-19-018305 · form4.xml · derivative · entry 3

Gluski Andres · CIK 0001348876 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,158

Underlying: Common Stock · 65,000 shares

Expires 2020-02-19

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: This stock option award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan. This award vested in three equal annual installments such that one third vested on each of 2/19/2011, 2/19/2012, and 2/19/2013.

SEC source: 0001127602-19-018305 · form4.xml · nonDerivative · entry 1

Gluski Andres · CIK 0001348876 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,369,839

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001418812-19-000028 · primary_doc.xml · nonDerivative · entry 1

UBBEN JEFFREY W · CIK 0001159187 · Director · See Remarks

ValueAct Holdings, L.P. · CIK 0001418814 · Director · See Remarks

ValueAct Spring Master Fund, L.P. · CIK 0001728461 · Director · See Remarks

VA Partners I, LLC · CIK 0001418812 · Director · See Remarks

ValueAct Capital Management, L.P. · CIK 0001351069 · Director · See Remarks

ValueAct Capital Management, LLC · CIK 0001351073 · Director · See Remarks

ValueAct Holdings II, L.P. · CIK 0001763309 · Director · See Remarks

ValueAct Holdings GP, LLC · CIK 0001418813 · Director · See Remarks

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 4,046,500

F1 · price: Weighted-average price at which shares were purchased on the listed date between the range of $16.05 and $16.18 per share. The reporting persons undertake to provide upon request to the SEC Staff, the Issuer, or a security holder of the Issuer information regarding the number of shares purchased at each price.

F2 · ownership.nature: Each reporting person listed herein disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F3 · ownership.nature: The securities reported herein are directly beneficially owned by ValueAct Spring Master Fund, L.P. and may be deemed to be indirectly beneficially owned by (i) VA Partners I, LLC as General Partner of ValueAct Spring Master Fund, L.P., (ii) ValueAct Capital Management, L.P. as the manager of ValueAct Spring Master Fund, L.P., (iii) ValueAct Capital Management, LLC as General Partner of ValueAct Capital Management, L.P., (iv) ValueAct Holdings, L.P. as the majority owner of the membership interests of VA Partners I, LLC, (v) ValueAct Holdings II, L.P. as the sole owner of the membership interests of ValueAct Capital Management, LLC and as the majority owner of the limited partnership interests of ValueAct Capital Management, L.P., and (vi) ValueAct Holdings GP, LLC as General Partner of ValueAct Holdings, L.P. and ValueAct Holdings II, L.P.

SEC source: 0001127602-19-015998 · form4.xml · derivative · entry 1

KOEPPEL HOLLY K · CIK 0001210399 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 102,302

Underlying: Common Stock · 13,874 shares

Expires not disclosed

F1 · derivative.exercise_price: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015.

F1 · price: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015.

F1 · derivative.exercise_date: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015.

F1 · derivative.expiration_date: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015.

SEC source: 0001418812-19-000020 · primary_doc.xml · derivative · entry 2

UBBEN JEFFREY W · CIK 0001159187 · Director · See Remarks

ValueAct Holdings, L.P. · CIK 0001418814 · Director · See Remarks

ValueAct Spring Master Fund, L.P. · CIK 0001728461 · Director · See Remarks

VA Partners I, LLC · CIK 0001418812 · Director · See Remarks

ValueAct Capital Management, L.P. · CIK 0001351069 · Director · See Remarks

ValueAct Capital Management, LLC · CIK 0001351073 · Director · See Remarks

ValueAct Holdings II, L.P. · CIK 0001763309 · Director · See Remarks

ValueAct Holdings GP, LLC · CIK 0001418813 · Director · See Remarks

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,945

Underlying: Common Stock · 10,000 shares

Expires not disclosed

F3 · derivative.exercise_price: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015 (the "Plan").

F3 · price: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015 (the "Plan").

F3 · derivative.exercise_date: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015 (the "Plan").

F3 · derivative.expiration_date: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015 (the "Plan").

F4 · ownership.direct: The ValueAct entities referred to in footnote 2 are collectively referred to herein as "ValueAct Capital." Under an agreement with ValueAct Capital, Jeffrey W. Ubben is deemed to hold the common stock for the benefit of the limited partners of ValueAct Spring Master Fund, L.P. and indirectly for (i) VA Partners I, LLC as General Partner of ValueAct Spring Master Fund, L.P., (ii) ValueAct Capital Management, L.P. as the manager of ValueAct Spring Master Fund, L.P., (iii) ValueAct Capital Management, LLC as General Partner of ValueAct Capital Management, L.P., (iv) ValueAct Holdings, L.P. as the majority owner of the membership interests of VA Partners I, LLC, (v) ValueAct Holdings II, L.P. as the sole owner of the membership interests of ValueAct Capital Management, LLC and as the majority owner of the limited partnership interests of ValueAct Capital Management, L.P., and (vi) ValueAct Holdings GP, LLC as General Partner of ValueAct Holdings, L.P. and ValueAct Holdings II, L.P.

SEC source: 0001127602-19-016005 · form4.xml · derivative · entry 1

DAVIDSON JANET · CIK 0001230523 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,029

Underlying: Common Stock · 11,937 shares

Expires not disclosed

F1 · derivative.exercise_price: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015.

F1 · price: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015.

F1 · derivative.exercise_date: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015.

F1 · derivative.expiration_date: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015.

SEC source: 0001127602-19-016004 · form4.xml · derivative · entry 2

MONIE ALAIN · CIK 0001230564 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,610

Underlying: Common Stock · 18,610 shares

Expires 2029-04-18

F2 · derivative.exercise_date: This stock option award was granted pursuant to the Plan. This award will vest in three equal annual installments such that one third will vest on April 18, 2020, one third will vest on April 18, 2021 and the remaining third will vest on April 18, 2022.

SEC source: 0001127602-19-016004 · form4.xml · derivative · entry 1

MONIE ALAIN · CIK 0001230564 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 46,291

Underlying: Common Stock · 11,334 shares

Expires not disclosed

F1 · derivative.exercise_price: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015 (the "Plan").

F1 · price: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015 (the "Plan").

F1 · derivative.exercise_date: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015 (the "Plan").

F1 · derivative.expiration_date: Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2003 Long Term Compensation Plan, as amended on April 23, 2015 (the "Plan").