X0306 4 2020-02-21 1 0000874761 AES CORP AES 0001754412 Dubuc Manuel Perez 4300 WILSON BLVD. ARLINGTON VA 22203 1 SVP, New Energy Solutions Common Stock 2020-02-21 4 A 0 6506 A 51092 D Common Stock 2020-02-22 4 F 0 909 20.75 D 50183 D Common Stock 2020-02-23 4 F 0 865 20.75 D 49318 D Common Stock 2020-02-24 4 F 0 746 20.25 D 48572 D Common Stock 2020-02-24 4 A 0 15490 A 64062 D Common Stock 2020-02-24 4 F 0 4663 20.25 D 59399 D Common Stock 6246 I by 401(k) 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. Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 22, 2019. Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 23, 2018. Reflects tax withholding in connection with the vesting and settlement of one-third of the RSUs granted February 24, 2017. 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. Reflects tax withholding in connection with the settlement of PSUs granted on February 24, 2017. Since the last Form 4 filing on February 26, 2019, the reporting person acquired 196 additional shares of AES Common Stock pursuant to The AES Corporation Retirement Savings Plan. This information is based on a plan statement dated February 24, 2020. /s/ Manuel Perez Dubuc 2020-02-25