AES CORP — Director's Dealing 2011

Feb 22, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AES CORP (AES)
CIK: 0000874761
Period of Report: 2011-02-18

Reporting Person: Vesey Andrew (EVP & Regional Pres L.A.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-18	Common Stock	A	22360	—	Acquired	31602	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-18	Stock Option (Right to Buy)	$12.88	A	75130	Acquired	2021-02-18	Common Stock (75130)	Direct
2011-02-18	Units	$	A	4282	Acquired		Common Stock (4282)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	15930	Indirect

Footnotes

F1: This restricted stock unit award ("RSU") was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments beginning on February 18, 2012, if certain continuing employment conditions are satisfied. If such conditions are satisfied, each RSU entitles the holder to one share of AES Common Stock for each RSU granted.

F2: Includes all time-based restricted stock units.

F3: This includes an 8% (of base salary) discretionary retirement savings award granted pursuant to The AES Retirement Savings Plan (the "Plan") as determined by The AES Corporation Board of Directors on February 18, 2011 subject to applicable IRS contribution limits. The closing stock price on February 18, 2011 was used to determine the number of shares awarded. Between January 4, 2011 and February 18, 2011, the reporting person also acquired 147 shares of AES Common stock under the Plan, which are included in this amount.

F4: This stock option award was granted pursuant to The AES Corporation 2003 Long Term Compensation Plan and will vest in three equal annual installments if certain continuing employment conditions are satisfied. If such conditions are satisfied, the first installment becomes exercisable on February 18, 2012, and the next two installments become exercisable on February 18, 2013 and February 18, 2014, respectively.

F5: These units are awarded pursuant to the Restoration Supplemental Retirement Plan ("Restoration Plan"). Generally, units under this plan shall be paid out following termination of employment or later as per the terms of the plan document. Each unit represents a hypothetical AES investment equal to one share of AES Common stock and units under the Restoration Plan are 100% vested upon award.