Investor Presentaiton

Ownership Structure AES Holdings Brasil BNDESPar C 50.00% +1 share C 50.00% 1 share P 0.00% P 100.00% C 61.57% C 14.38% P 0.04% P 37.40% C 50.52% C 22.56% P 0.00% P 16.82% T 46.15% T 53.85% T 24.28% T 28.33% T 16.84% T 18.73% Brasiliana Participações C 100.00% C 100.00% T 100.00% T 100.00% AES Ergos AES Eletropaulo AES Uruguaiana C 99.42% T 99.42% AES Elpa AES Tietê Energia AES Eletropaulo AES 16.8% BNDES Others¹ Market Cap² C = Common Share 18.7% 64.5% US$ 0.7 bi P = Preferred Share T = Total 1 - Includes 14.9% of the Federal Government and GWI shares in AES Eletropaulo; AES Eletropaulo 2 Base Date: 09/25/2017 (FX rate 3.1285 BRL/1 USD) 2

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