Company Confidential

Greetings!    

Earlier today, AES reported Proportional Free Cash Flow for the third quarter of 2015 of $621 million, an increase of $194 million from third quarter 2014, primarily driven by the timing of the collection of receivables in the Dominican Republic. Since our last call, the global macroeconomic environment has continued to weaken, and we have seen a further drop in foreign exchange rates, commodity prices and economic growth in some of our markets. These conditions are reducing our earnings outlook, but despite these challenges, we are taking measures to reduce their impact and will continue to generate strong and growing free cash flow.
 
To learn more, read the full press release here or watch the full, archived webcast here.
 
AES Communications
LEADERSHIP MATTERS
Monthly Safety Leadership Message
   
At AES, we put safety first for our people, our contractors and the communities we serve. Safety comes before everything else we do which is why we believe we can create an incident-free workplace. Our goal is to reach that level of safety at each AES location and we are making great progress. We just achieved two and a half years without a fatality involving AES people earlier this month as we discussed on our recent Safety Pauses. We did not experience a Lost Time Incident (LTI) in October, marking the first month in the last 10 years that not a single AES person or contractor has had to miss a day of work because of a work-related injury.
BEHIND THE MW
US SBU develops two new projects
 
The US SBU added two new solar projects to its diverse portfolio. The first project, located near Savannah, GA, is a 21.2 MW ground-mounted, single-axis tracking solar system that will generate 37.5 million kWh annually. That's enough to provide electricity to around 3,400 homes. It will be fully operational by June 2016 and the power will be sold to Georgia Power Company under a 20-year power purchase agreement. The second project, located in Beverly, MA, is a 1.1 MW roof-mounted solar system. The project was developed under a 20-year agreement with WinnCompanies, one of the largest managers of affordable housing in the US.
AES signs MOU for energy storage project in Jordan

Last month, AES and the National Electric Power Company (NEPCO) of Jordan signed a Memorandum of Understanding (MOU) for the development and implementation of a 20 MW battery energy storage system in Jordan. Once in operation, this project will help reduce the cost of integrating renewable energy into the grid, affording Jordan a more efficient use of its solar and wind resources. The system will be located in Al Manakhar in the Amman East region and will provide 20 MW of energy storage, equivalent to 40 MW of flexible resource. The project will take one year to commence operation from its final approval. The MOU was signed by Julian Nebreda, Europe SBU President, and Meftaur Rahman, Market Business Leader for Jordan. Eng. Abdul Fattah Al Dardadkah, NEPCO CEO, Dr. Ibrahim Saif, Jordan's Energy Minister, and Alice Wells, US Ambassador to Jordan, also attended the signing ceremony.
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AES Eletropaulo receives quality award
 
AES Eletropaulo, part of the Brazil SBU, was recognized at the 24th National Quality Awards for excellence in management of companies located in Brazil. This achievement reflects our Value of Strive for Excellence and places Eletropaulo among companies which have a management standard deemed as world class. PNQ (National Quality Awards) acknowledges companies achieving excellence in corporate management in Brazil. Since 2006, AES Brazil has maintained a Management Quality program promoting the use of MEG - Management Excellence Model (MEG) by leveraging continuous improvement methodology and organizational learning processes.
ENERGIZED BY OUR VALUES
AES Arlington celebrates AES Values Day 2015
 
Last week, AES Arlington celebrated our Values through a series of events that reflected each Value. For Put Safety First, AES people participated in a shelter in place safety drill. For Act with Integrity, AES people listened to a guest speaker's account of one of the largest accounting fraud schemes in American history with a follow-up panel by the Executive Leadership Team. AES Arlington also hosted its first ever APEX competition which represented our Value of Strive for Excellence. For Honor Commitments, the Global Stakeholder Management team presented examples of how our businesses around the world give back to their community through corporate social responsibility. Finally, Have Fun through Work was reflected in an AES history trivia competition.
Europe SBU celebrates AES Values Day 2015

Last week, AES Europe businesses celebrated our Values by participating in a variety of corporate social responsibility projects. Europe SBU team members in Amsterdam celebrated Values Day by giving back to the community and removing plastic from the Amsterdam canals. The event was coordinated by the Plastic Whale Organization. In Bulgaria, AES people planted 60 trees in the cities of Sofia, Galabovo and Kavarna. Other AES Europe businesses such as UK & Ireland will celebrate Values Day later this month with a series of corporate social responsibility activities and presentations focused on our Values. 
ALWAYS ON FOR SAFETY
Jake Martin is Always On for Safety 

Jake Martin is the EHS leader for the Eagle Valley CCGT construction project in Martinsville, Indiana. He has been with AES more than four years. He worked in operations at Harding Street Station and the Eagle Valley coal plant, both Indianapolis Power & Light facilities, before joining the construction project in the middle of 2014. Jake engages people and provides common sense solutions that help people to work safely. His efforts have helped build the safety culture onsite and keep our people safe.
Company confidential. Do not distribute outside AES. © Copyright AES Corporation 2015