AES : Historical Subsidiary Distributions, 2015-2019

Historical Subsidiary Distributions1

$ in Millions

				Subsidiary Distributions1by Strategic Business Unit (SBU)
	2015		2016		2017	2018		2019		5-Year Average
US & Utilities	444	42%	313	28%	388	32%	440	37%	300	25%	33%
South America	176	17%	180	16%	361	30%	266	22%	331	28%	20%
MCAC2	262	25%	268	24%	110	9%	180	15%	305	26%	23%
Eurasia	114	11%	308	28%	302	25%	267	23%	229	19%	21%
Corp & Other3	63	6%	42	4%	41	3%	33	3%	28	2%	4%
Total	1,057	100%	1,112	100%	1,203	100%	1,186	100%	1,191	100%	100%
						Top Ten Subsidiary Distributions1by Business
	2015			2016			2017			2018			2019
US Holdco	303	29%	Maritza East	153	14%	AES Argentina	165	14%	US Holdco	234	20%	AES Gener	182	15%
(US & Utilities)	(Eurasia)	(South America)	(US & Utilities)	(South America)
AES Gener	155	15%	Andres	146	13%	AES Gener	161	13%	IPALCO	119	10%	AES Argentina	131	11%
(South America)	(MCAC)	(South America)	(US & Utilities)	(South America)
Andres	145	14%	IPALCO	116	10%	US Holdco	144	12%	AES Gener	117	10%	IPALCO	125	11%
(MCAC)	(US & Utilities)	(US & Utilities)	(South America)	(US & Utilities)
Global Insurance	63	6%	US Holdco	99	9%	IPALCO	139	12%	Maritza East	83	7%	Andres	117	10%
(Corp & Other)	(US & Utilities)	(US & Utilities)	(Eurasia)	(MCAC)
IPALCO	54	5%	Brasiliana	75	7%	Maritza East	138	12%	Brasiliana	78	7%	US Holdco	100	8%
(US & Utilities)	(South America)	(Eurasia)	(South America)	(US & Utilities)
TEG TEP	35	3%	Mountain View IV	60	5%	sPower	73	6%	AES Argentina	71	6%	Maritza East	81	7%
(MCAC)	(US & Utilities	(US & Utilities)	(South America)	(Eurasia)
Itabo	31	3%	AES Gener	57	5%	Mong Duong	51	4%	Andres	63	5%	Mong Duong	76	6%
(MCAC)	(South America)	(Eurasia)	(MCAC)	(Eurasia)
Masinloc	28	3%	Mong Duong	46	4%	Global Insurance	41	3%	Masinloc	53	4%	Los Mina	75	6%
(Eurasia)	(Eurasia)	(US & Utilities)	(Eurasia)	(MCAC)
Amman East II	24	2%	Global Insurance	41	4%	Panama	37	3%	Panama	51	4%	TEG TEP	59	5%
(Eurasia)	(Corp & Other)	(MCAC)	(MCAC)	(MCAC)
Brasiliana	21	2%	Altai	40	4%	Brasiliana	35	3%	Mong Duong	45	4%	Kilroot	33	3%
(South America)	(Eurasia)	(South America)	(Eurasia)	(Eurasia)
Total	859	81%		833	75%		983	82%		914	77%		979	82%

• Subsidiary Distributions should not be construed as an alternative to Net Cash Provided by Operating Activities which is determined in accordance with GAAP. Subsidiary Distributions are important to the Parent Company because the Parent Company is a holding company that does not derive any significant direct revenues from its own activities but instead relies on its subsidiaries' business activities and the resultant distributions to fund the debt service, investment and other cash needs of the holding company. The reconciliation of the difference between the Subsidiary Distributions and Net Cash Provided by Operating Activities consists of cash generated from operating activities that is retained at the subsidiaries for a variety of reasons which are both discretionary andnon-discretionary in nature. These factors include, but are not limited to, retention of cash to fund capital expenditures at the subsidiary, cash retention associated with non-recourse debt covenant restrictions and related debt service requirements at the subsidiaries, retention of cash related to sufficiency of local GAAP statutory retained earnings at the subsidiaries, retention of cash for working capital needs at the subsidiaries, and other similar timing differences between when the cash is generated at the subsidiaries and when it reaches the Parent Company and related holding companies.
  2Mexico, Central America and the Caribbean.
  3Includes Global Insurance.