Jeffrey Ubben Joins AES Board of Directors

ARLINGTON, Va.–(BUSINESS WIRE)–The
AES Corporation (NYSE: AES) announced today that Mr. Jeffrey Ubben,
Founder and Chief Executive Officer of ValueAct Capital, has been
appointed to AES’ Board of Directors, effective immediately. This
appointment is a continuation of the Company’s efforts to create
shareholder value.

“We are delighted to welcome Jeff to AES’ Board. Jeff’s exceptional
investment management track record and extensive public market
experience will further enhance our expertise and strength,” said Charles
Rossotti, AES Chairman. “We remain committed to enhancing
shareholder returns and we believe that Jeff will make a significant
contribution to that end in an increasingly dynamic global energy market
that is demanding innovative solutions.”

“In recent years AES began a transition to become a more sustainable
company by selling coal assets and investing in wind, solar and energy
storage,” said Jeff Ubben, AES Director. “AES is well positioned to play
a leading role in bringing new energy solutions to the domestic and
international markets it serves.”

Mr. Ubben will serve on the Compensation Committee and the Financial
Audit Committee.

Mr. Ubben is a Founder and the Chief Executive Officer of ValueAct
Capital, an investment firm based in San Francisco, California with over
$15 billion in assets under management. Mr. Ubben is a Director of
Twenty-First Century Fox Inc., and is a former Director of Gartner
Group, Inc., Misys plc, Sara Lee Corp., Valeant Pharmaceuticals
International and Willis Towers Watson plc, as well as other public and
private companies. Mr. Ubben serves on the boards of Duke University,
Northwestern University and the E.O. Wilson Biodiversity Foundation, and
formerly served as Chair of the national board of the Posse Foundation.

About AES

The AES Corporation (NYSE: AES) is a Fortune 200 global power company.
We provide affordable, sustainable energy to 16 countries through our
diverse portfolio of distribution businesses as well as thermal and
renewable generation facilities. Our workforce of 18,000 people is
committed to operational excellence and meeting the world’s changing
power needs. Our 2016 revenues were $14 billion and we own and manage
$36 billion in total assets. To learn more, please visit www.aes.com.
Follow AES on Twitter @TheAESCorp.

AES Safe Harbor Disclosure

This news release contains forward-looking statements within the meaning
of the Securities Act of 1933 and of the Securities Exchange Act of
1934. Such forward-looking statements include, but are not limited to,
those related to future earnings, growth and financial and operating
performance. Forward-looking statements are not intended to be a
guarantee of future results, but instead constitute AES’ current
expectations based on reasonable assumptions. Forecasted financial
information is based on certain material assumptions. These assumptions
include, but are not limited to, our accurate projections of future
interest rates, commodity price and foreign currency pricing, continued
normal levels of operating performance and electricity volume at our
distribution companies and operational performance at our generation
businesses consistent with historical levels, as well as achievements of
planned productivity improvements and incremental growth investments at
normalized investment levels and rates of return consistent with prior
experience.

Actual results could differ materially from those projected in our
forward-looking statements due to risks, uncertainties and other
factors. Important factors that could affect actual results are
discussed in AES’ filings with the Securities and Exchange Commission
(the “SEC”), including, but not limited to, the risks discussed under
Item 1A “Risk Factors” and Item 7: Management’s Discussion & Analysis in
AES’ 2016 Annual Report on Form 10-K and in subsequent reports filed
with the SEC. Readers are encouraged to read AES’ filings to learn more
about the risk factors associated with AES’ business. AES undertakes no
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.

Any Stockholder who desires a copy of the Company’s 2016 Annual Report
on Form 10-K dated on or about February 27, 2017 with the SEC may obtain
a copy (excluding Exhibits) without charge by addressing a request to
the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson
Boulevard, Arlington, Virginia 22203. Exhibits also may be requested,
but a charge equal to the reproduction cost thereof will be made. A copy
of the Form 10-K may be obtained by visiting the Company’s website at www.aes.com.

Contacts

The AES Corporation
Investor Contact:
Ahmed Pasha, 703-682-6451
or
Media
Contact:
Amy Ackerman, 703-682-6399