AES 2Q07 Review

AES Corporation
Second Quarter 2007 Financial Review
August 10, 2007


AES Corporation 1

Safe Harbor Disclosure

Certain statements in the following presentation regarding AES’s business operations may
constitute “forward looking statements.” 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’s current expectations based on reasonable
assumptions. Forecasted financial information is based on certain material assumptions.
These assumptions include, but are not limited to, continued normal or better levels of
operating performance and electricity demand 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 from
investments at investment levels and rates of return consistent with prior experience. For
additional assumptions see the Appendix to this presentation. 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’s
filings with the Securities and Exchange Commission including but not limited to the risks
discussed under Item 1A “Risk Factors” in the Company’s Annual Report on Form 10-K/A
for the year ended December 31, 2006, as well as our other SEC filings. AES undertakes
no obligation to update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.


AES Corporation 2

Second Quarter 2007 Highlights

Delivered Strong Q2 2007 Results
–Revenues increased by 17% to $3.3 billion
–Operating cash flow increased by $84 million to $526 million
–Diluted earnings per share from continuing operations and adjusted earnings per share of
$0.41
Includes $0.15 positive impact from the acquisition of lessor interests at AES Eastern Energy in New
York and tax recoveries in Latin America

Acquired 827 MW Existing and Greenfield Pipeline in 3 Countries
– 100% interest in two U.S. fully operating wind farms totaling 186 MW
– 51% interest in JV with 26 MW in operations and 390 MW greenfield hydro pipeline in
Turkey
– 49% interest in JV with 225 MW greenfield wind pipeline in China

Commenced construction of 370 MW Amman East CCGT in Jordan

Completed construction of 233 MW Buffalo Gap II wind farm in Texas

(1) A non-GAAP financial measure. See Appendix.

AES Corporation 3

Second Quarter 2007 Highlights
($ Millions Except Earnings Per Share and Percent)

Second Second
% Change
Consolidated Highlights
Quarter 2007 Quarter 2006

In comparison to Q2 2006, gross margin increased by $21
million to $888 million reflecting higher prices in New York
Revenues $3,344 $2,862 17%
and Latin America, favorable foreign currency trends and
contributions from new businesses(2). These gains were
partially offset by a cumulative charge of $48 million relating
Gross Margin $888 $867 2% to transmission fees accumulated from 2004 through 2007
at Tiete in Brazil, increased purchased energy and fuel costs
at Uruguaiana in Brazil and lower emission sales of $24
Income Before Taxes and million.
$788 $450 75%
Minority Interest (IBT & MI)
In comparison to Q2 2006, IBT&MI increased by $338
million to $788 million, primarily due to:
Diluted EPS from Continuing - A non-cash gain of $137 million recorded in other
$0.41 $0.29 41%
Operations income related to a previously disclosed acquisition of
lessor interests, which is accounted for as a contract
settlement in New York .
Adjusted EPS (1) $0.41 $0.28 46%
- A gain of $93 million recorded in other income due to a
gross receipts tax recoveries of $93 million at two of its
Latin American subsidiaries.
Net Cash from Operating
$526 $442 19% Operating cash flow increased by $84 million to $526 million
Activities
This increase was primarily due to decreases in net working
capital and the contributions from new businesses.
Free cash flow (1) decreased by $43 million due to increased
Free Cash Flow (1) $220 $263 (16%)
maintenance capital expenditures, including environmental
projects at IPL in Indiana and Kilroot in Northern Ireland.

A non-GAAP financial measure. See Appendix.
(1)
New businesses include the acquisition of TEG and TEP in Mexico and the consolidation of Itabo in the Dominican Republic.
(2)
Note: All prior period results in this presentation reflect businesses placed in discontinued operations effective March 31, 2007.


AES Corporation 4

Reconciliation of Adjusted Earnings Per Share
($ Per Share)
Second Quarter
2007 2006

Diluted Earnings Per Share From $0.41 $0.29
Continuing Operations

FAS 133 Mark to Market (Gains)/Losses -- (0.01)

Currency Transaction (Gains)/Losses (0.01) --

Net Asset (Gains)/Losses and Impairments 0.01 --

Debt Retirement (Gains)/Losses -- --

Adjusted Earnings Per Share (1) $0.41 $0.28

Adjusted earnings per share (a non-GAAP financial measure) is defined as diluted earnings per share from continuing operations excluding gains or
(1)
losses associated with (a) mark to market amounts related to FAS 133 derivative transactions, (b) foreign currency transaction impacts on the net
monetary position related to Brazil and Argentina, (c) significant asset gains or losses due to disposition transactions and impairments, and (d) costs
related to early retirement of recourse debt. AES believes that adjusted earnings per share better reflects the underlying business performance of the
Company, and is considered in the Company’s internal evaluation of financial performance. Factors in this determination include the variability
associated with mark-to-market gains or losses related to certain derivative transactions, currency transaction gains or losses, periodic strategic
decisions to dispose of certain assets which may influence results in a given period, and the early retirement of corporate debt.


AES Corporation 5

Second Quarter 2007 Bridge
($ Per Share)

$0.15
$0.11
Excess
Emission
Sales
($0.04)
$0.03
$0.03
$0.41 $0.41
($0.12)
$0.29
$0.26

2Q06 Eastern Energy 2Q07 Diluted
Higher Higher 2Q07
Gross Margin Lower
Diluted and EPS from
Development Income Taxes Adjusted
Improvements Net
EPS (3)
EPS from Tax Recoveries Continuing
and and
(1) Interest
Continuing Non-Operational Operations
G&A Expense (1) Minority
Income (2)
Expense (1)
Operations Interest

Gross margin increase reflects higher prices in New York and Latin America, favorable foreign currency trends and
contributions from new businesses, partially offset by a $48 cumulative charge related to transmission costs in Brazil
and lower emission sales of $24 million compared to 2Q 2006.
Higher Taxes reflect appreciation of the Brazilian real at certain of the Company’s Brazilian subsidiaries which
increased the 2007 effective tax rate and the release of a valuation allowance at Eletropaulo in Brazil in the second
quarter of 2006 which reduced the 2006 effective tax rate.
Higher minority interest due to lower ownership of Eletropaulo in Brazil.
Shown on a pre-tax and pre-ownership adjusted basis.
(1)
Calculated as $102 million divided by 692 million shares
(2)
(3)


AES Corporation 6

Second Quarter 2007 Cash Flow Highlights
($ Millions)

Second Quarter
2007 2006

Subsidiary Only
Subsidiary Net Cash from Operating Activities (1) $357 $604

Consolidated
Net Cash from Operating Activities $526 $442

Net Asset (Gains)/Losses and Impairments $11 $17

(1)
Free Cash Flow $220 $263

Parent Only
Subsidiary Distributions (1) $259 $177

Return of Capital from Subsidiaries (1) $34 $29

Recourse Debt Repayment -- --

(1)


AES Corporation 7

Second Quarter 2007 Subsidiary Distributions
($ Millions)
Second Quarter 2007 Subsidiary Distributions (1)
North Latin Europe &
Other (2)
Asia
America America Africa Total
Utilities $74 $118 $0 $0 $192
Generation $32 $11 $13 $8 $64
Other $3 $3
Total $106 $129 $13 $8 $3 $259

Top 10 Second Quarter 2007 Subsidiary Distributions (1)
Business Amount Segment Business Amount Segment

EDC (3) $97 Shady Point $9
LA Utilities NA Generation
E&A Generation
IPALCO $74 Elsta $7
NA Utilities
$20 $6
Brasiliana Warrior Run
LA Utilities NA Generation

Andres Kilroot
LA Generation
$11 $6 E&A Generation
NA Generation
$11 $6 Asia Generation
Hawaii Lal Pir

(1)
Other includes wind and other alternative energy projects
(2)
AES sold its interest in EDC in second quarter 2007
(3)


AES Corporation 8

Second Quarter Segment Highlights
Latin America Generation
($ Millions except as noted)
Second Quarter %
2007 2006 Change Segment Highlights
Revenues $620 33%
$823 Latin America Generation revenue increased by
$203 million to $823 million, primarily due to
Gross Margin $255 (22%)
$200 higher contract and spot prices at Gener in Chile,
higher intercompany sales at Tiete in Brazil and
IBT&MI $203 44%
$293 the consolidation of Itabo in the Dominican
Republic
Gross margin remained flat at Gener, primarily
due to higher fuel costs. Total gross margin
decreased by $55 million to $200 million, primarily
Revenue Comparison (QOQ) % Change due to a cumulative charge of $48 million at Tiete
in Brazil and increased purchased electricity and
Volume/Price/Mix 27% fuel costs at Uruguaiana in Brazil.
New Businesses/Projects (1) 4%
Currency (Net) 2% IBT&MI increased by $90 million primarily due to a
recovery of $93 million relating to gross receipts
Total 33% tax recoveries and the reduction of interest
expense offset by the decrease in gross margin.

Includes the consolidation of Itabo in the Dominican Republic
(1)


AES Corporation 9

Latin America Utilities
Second Quarter %
Latin America Utility revenue increased by $151
Revenues $1,156 13%
$1,307
million to $1.3 billion, primarily due to the positive
Gross Margin $267 8%
$289 impact of foreign currency translation in Brazil and
higher volumes at Eletropaulo.
IBT&MI $165 39%
$230
Gross margin increased by $22 million to $289
million, primarily due to favorable foreign currency
translation.
IBT&MI increased $65 million primarily due to
foreign currency transaction gains and lower
Revenue Comparison (QOQ) % Change
interest expense.
Volume/Price/Mix 4%
New Businesses/Projects 0%
Currency (Net) 9%
Total 13%


AES Corporation 10

North America Generation
Second Quarter %
North America Generation revenue increased by
Revenues $459 19%
$546
$87 million to $546 million, primarily due to the
$181 acquisition of TEG and TEP in Mexico and higher
spot prices at Eastern Energy in New York.
$65 314%
$269
IBT&MI
million, primarily due to the higher spot prices at
Eastern Energy and the acquisition of TEG and
TEP. These gains were partially offset by lower
emission sales in New York.
IBT&MI increased by $204 million primarily due to
the acquisition of TEG and TEP and a $137
Volume/Price/Mix 8%
million gain related to the acquisition of lessor
New Businesses/Projects (1) 11% interests at one of our subsidiaries in New York.
Currency (Net) 0%
Total 19%

Includes TEG and TEP in Mexico
(1)


AES Corporation 11

North America Utilities
Second Quarter %
North America Utility revenue increased by $8
Revenues $251 3%
$259
million to $259 million, primarily due to higher
$78 volumes at IPL in Indiana.
IBT&MI $29 79%
$52
million primarily due to higher volume and lower
maintenance costs associated with generation unit
overhauls in second quarter of 2006 at IPL.
IBT&MI increased $23 million primarily due to an
increase in gross margin and lower interest
expense.
Volume/Price/Mix 3%
Currency (Net) 0%
Total 3%


AES Corporation 12

Europe & Africa Generation (1)
Second Quarter %
Europe & Africa Generation revenue increased by
Revenues $186 15%
$214
$28 million to $214 million, primarily due to higher
$43 volume at Tisza II in Hungary and in Kazakhstan
and favorable foreign currency translation. These
$54 (26%)
$40
IBT&MI gains were partially offset by lower emission sales
in Hungary and the Czech Republic.
Gross margin decreased by $12 million to $43
million, primarily due to lower emission sales and
a planned outage at Kilroot in Northern Ireland.
IBT&MI decreased by $14 million primarily due to
the decrease in gross margin as well as an
Volume/Price/Mix 7%
increase in interest expense and foreign currency
New Businesses/Projects 1% losses.
Currency (Net) 7%
Total 15%

Includes CIS countries
(1)


AES Corporation 13

Europe & Africa Utilities (1)
Second Quarter %
Europe & Africa Utility revenue increased by $23
Revenues $136 17%
$159
million to $159 million, primarily due to higher
$24 volume and tariff rates in Ukraine and foreign
currency translation gains.
$26 (15%)
$22
IBT&MI
Gross margin decreased by $5 million to $24
million primarily due to reduced rainfall in
Cameroon which led to increased fuel costs at
SONEL and higher fixed costs related to
increased staffing and higher depreciation also at
Revenue Comparison (QOQ) % Change SONEL in Cameroon.
IBT&MI decreased by $4 million due to the
Volume/Price/Mix 13%
decrease in gross margin.
Currency (Net) 4%
Total 17%

Includes CIS countries
(1)


AES Corporation 14

Asia Generation (1)
Second Quarter %
Asia Generation revenue increased by $11 million
Revenues $240 5%
$251
to $251 million, primarily due to higher volume in
Gross Margin $56 7%
$60 Pakistan and Sri Lanka, partially offset by lower
volumes at Barka in Oman.
IBT&MI $42 12%
$47
million, primarily due to higher volumes in
Pakistan.
IBT&MI increased $5 million due to a higher
gross margin and Interest income.
Volume/Price/Mix 5%
Currency (Net) 0%
Total 5%

Includes the Middle East
(1)


AES Corporation 15

Appendix


AES Corporation 16

Parent Sources and Uses of Cash
($ Millions)
Second Quarter
Sources 2007
Total Subsidiary Distributions (1) $259
Proceeds from Asset Sales, Net 734
Refinancing Proceeds, Net --
Increased Credit Facility Commitments --
Issuance of Common Stock, Net 14

Total Returns of Capital Distributions and Project Financing Proceeds 34
Beginning Liquidity (1) 878
Total Sources $1,919
Uses
Repayments of Debt $--
Investments in Subsidiaries, Net (362)
Cash for Development, Selling, General and Administrative and Taxes (67)
Cash Payments for Interest (133)
Changes in Letters of Credit and Other, Net 21
Ending Liquidity (1) (1,378)
Total Uses ($1,919)
A non-GAAP financial measure
(1)


AES Corporation 17

Six Months Ended June 2007 Reconciliation of
Changes to Debt Balances
($ Millions)
Debt Reconciliation
(1)
Parent Debt (Including Letters of Credit) at 12/31/06 $5,251

Scheduled Debt Maturities: --

Discretionary Debt Repayments:
Prepayment of Debt --

Other (2) (79)

Parent Debt (Including Letters of Credit) at 6/30/07 $5,172

(377)
Less: Letters of Credit Outstanding at 6/30/07

Parent Debt (Excluding Letters of Credit) at 6/30/07 $4,795

Amount reflects recourse debt of $4,790 million and $461 million letters of credit under the parent revolver. Revolver availability at 12/31/06 was $889
(1)
million.
Other includes a decrease in letters of credit of approximately $84 million, a decrease in unamortized discount of approximately $1 million, and a $4
(2)
million increase due to foreign currency changes.

AES Corporation 18

Second Quarter 2007 Consolidated Cash Flow
($ Millions) AES Corp (1)
Subsidiaries Eliminations Consolidated
$62 $107 $526
Net Cash Provided by Operating Activities(2) $357
(19) -- (714)
Capital Expenditures (695)
-- -- (82)
Acquisitions, Net of Cash Acquired (82)
734 -- 781
Proceeds from the Sale of Business 47
-- -- 3
Proceeds from the Sales of Assets 3
-- -- (269)
Purchase/Sale of Short–Term Investments, Net (269)
-- -- (165)
(Increase)/Decrease in Restricted Cash (165)
-- -- 1
Proceeds from the Sale of Emission Allowances 1
-- -- (1)
Purchase of Emission Allowances (1)
-- -- (8)
Decrease in Debt Service Reserves and Other Assets (8)
-- -- (15)
Purchase of Long Term Available for Sale Securities (15)
-- -- (1)
Other Investing (1)
(365) -- --
Investment in Subsidiaries 365
34 10 --
Returns of Capital from Subsidiaries (44)
(384) 10 (470)
Net Cash (Used in) Provided by Investing Activities (864)
(148) -- (369)
(Repayments) Borrowings under the Revolving Credit Facilities, Net (221)
-- -- --
Issuance of Recourse Debt --
-- -- 428
Issuance of Non-Recourse Debt 428
-- -- --
Repayments of Recourse Debt --
-- -- (227)
Repayments for Non-Recourse Debt (227)
-- -- (17)
Payments of Deferred Financing Costs (17)
-- -- (212)
Distributions to Minority Interests (212)
-- -- 327
Contributions from Minority Interests 327
16 -- 15
Issuance of Common Stock (1)
-- -- (4)
Financed Capital Expenditures (4)
-- -- --
Other Financing --
-- (294) --
Equity Contributions by Parent 294
16 (138) --
Distributions to Parent 122
(116) (432) (59)
Net Cash (Used in) Provided by Financing Activities 489
330 (315) (3)
Total (Decrease) Increase in Cash & Cash Equivalents (18)
-- -- 33
Effect of Exchange Rate Changes on Cash 33
75 314 1,448
Cash & Cash Equivalents, Beginning 1,059
$405 $(1) $1,478
Cash & Cash Equivalents, Ending $1,074

Includes activity at qualified holding companies
(1)
Consolidated depreciation and amortization was $230 million for 2Q07 and $224 million for 2Q06. Depreciation and amortization from continuing
(2)
operations was $220 million for 2Q07 and $187 million for 2Q06.
Note: Certain amounts have been netted, condensed and rounded for presentation purposes.

AES Corporation 19

Six Months Ended June 2007 Consolidated Cash Flow
AES Corp (1)
($ Millions) Subsidiaries Eliminations Consolidated
$18 $-- $1,107
Net Cash Provided by Operating Activities $1,089
(2)

(28) -- (1190)
Capital Expenditures (1,162)
-- -- (256)
Acquisitions, Net of Cash Acquired (256)
734 -- 781
Proceeds from the Sale of Business 47
-- -- 5
Proceeds from the Sales of Assets 5
-- -- (413)
Purchase/Sale of Short–Term Investments, Net (413)
(2) -- (179)
(Increase)/Decrease in Restricted Cash (177)
-- -- 10
Proceeds from the Sale of Emission Allowances 10
-- -- (2)
Purchase of Emission Allowances (2)
-- -- 109
Decrease in Debt Service Reserves and Other Assets 109
(3) -- (23)
Purchase of Long Term Available for Sale Securities (20)
(0) -- 11
Other Investing 11
(669) 683 --
Investment in Subsidiaries (14)
49 (54) --
Returns of Capital from Subsidiaries 5
81 629 (1,147)
Net Cash (Used in) Provided by Investing Activities (1,857)
-- -- (183)
(Repayments) Borrowings under the Revolving Credit Facilities, Net (183)
-- -- --
Issuance of Recourse Debt --
-- -- 798
Issuance of Non-Recourse Debt 798
-- -- --
Repayments of Recourse Debt --
-- -- (597)
Repayments for Non-Recourse Debt (597)
(0) -- (21)
Payments of Deferred Financing Costs (21)
-- -- (266)
Distributions to Minority Interests (266)
-- -- 336
Contributions from Minority Interests 336
28 -- 29
Issuance of Common Stock 1
-- -- (8)
Financed Capital Expenditures (8)
-- -- 1
Other Financing 1
-- (559) --
Equity Contributions by Parent 559
16 (70) --
Distributions to Parent 54
44 (629) 89
Net Cash Provided by (Used in) Financing Activities 674
143 0 49
Total (Decrease) Increase in Cash & Cash Equivalents (94)
-- -- 50
Effect of Exchange Rate Changes on Cash 50
262 -- 1,379
Cash & Cash Equivalents, Beginning 1,117
$405 $0 $1,478
Cash & Cash Equivalents, Ending $1,073

Includes activity at qualified holding companies
(1)
Consolidated depreciation and amortization was $459 for 2Q07 and $458 for 2Q06. Depreciation and amortization from continuing operations was $449
(2)
for 2Q07 and $393 for 2Q06.
Note: Certain amounts have been netted, condensed and rounded for presentation purposes.

AES Corporation 20

Reconciliation of Subsidiary
Distributions and Parent Liquidity
($ Millions)
Quarter Ended

Jun. 30, Mar. 31, Dec. 31, Sept 30, Jun. 30,
2007 2007 2006 2006 2006

$259 $137 $311 $352 $177
Total subsidiary distributions

34 15 9 34 29
Total returns of capital distributions
Total subsidiary distributions &
$293 $152 $320 $386 $206
returns of capital to Parent

Balance as of

Sept 30, Jun. 30,
Dec 31,
Jun. 30, Mar. 31,
Liquidity (2) 2006 2006
2006
2007 2007

Cash at Parent $172 $71
$237
$395 $54
764 567
Availability under revolver 889
973 804
10
Cash at QHCs (1) (2) 37 7
20 20
Ending liquidity $1,378 $878 $973 $645
$1,146

Qualified Holding Company. See “Assumptions”
(1)
A non-GAAP financial measure
(2)


AES Corporation 21

Assumptions
Forecasted financial information is based on certain material assumptions. Such assumptions include, but
are not limited to: (a) no unforeseen external events such as wars, depressions, or economic or political
disruptions occur; (b) businesses continue to operate in a manner consistent with or better than prior
operating performance, including achievement of planned productivity improvements including benefits of
global sourcing, and in accordance with the provisions of their relevant contracts or concessions; (c) new
business opportunities are available to AES in sufficient quantity to achieve its growth objectives; (d) no
material disruptions or discontinuities occur in GDP, foreign exchange rates, inflation or interest rates during
the forecast period; and (e) material business-specific risks as described in the Company’s SEC filings do not
occur individually or cumulatively. In addition, benefits from global sourcing include avoided costs, reduction
in capital project costs versus budgetary estimates, and projected savings based on assumed spend volume
which may or may not actually be achieved. Also, improvement in certain KPIs such as equivalent forced
outage rate and commercial availability may not improve financial performance at all facilities based on
commercial terms and conditions. These benefits will not be fully reflected in the Company’s consolidated
financial results.

The cash held at qualifying holding companies (QHCs) represents cash sent to subsidiaries of the Company
domiciled outside of the U.S. Such subsidiaries had no contractual restrictions on their ability to send cash to
AES, the Parent Company. Cash at those subsidiaries was used for investment and related activities outside
of the U.S. These investments included equity investments and loans to other foreign subsidiaries as well as
development and general costs and expenses incurred outside the U.S. Since the cash held by these QHCs
is available to the Parent, AES uses the combined measure of subsidiary distributions to Parent and QHCs as
a useful measure of cash available to the Parent to meet its international liquidity needs. AES believes that
unconsolidated parent company liquidity is important to the liquidity position of AES as a parent company
because of the non-recourse nature of most of AES’s indebtedness.


AES Corporation 22

Definitions of Non-GAAP Financial Measures
Adjusted earnings per share – Defined as diluted earnings per share from continuing operations excluding gains or
losses associated with (a) mark-to-market amounts related to FAS 133 derivative transactions, (b) foreign currency
transaction impacts on the net monetary position related to Brazil and Argentina, (c) significant asset gains or
losses due to disposition transactions and impairments, and (d) early retirement of recourse debt. AES believes
that adjusted earnings per share better reflects the underlying business performance of the Company, and is
considered in the Company’s internal evaluation of financial performance. Factors in this determination include the
variability associated with mark-to-market gains or losses related to certain derivative transactions, currency gains
and losses, periodic strategic decisions to dispose of certain assets which may influence results in a given period,
and the early retirement of corporate debt.
Free cash flow – Defined as net cash flow from operating activities less maintenance capital expenditures.
Maintenance capital expenditures reflect property additions less growth capital expenditures. AES believes that free
cash flow is a useful measure for evaluating our financial condition because it represents the amount of cash
provided by operations less maintenance capital expenditures as defined by our businesses, that may be available
for investing or for repaying debt.
Liquidity – Defined as cash at the parent company plus availability under corporate revolver plus cash at qualifying
holding companies (QHCs). AES believes that unconsolidated parent company liquidity is important to the liquidity
position of AES as a parent company because of the non-recourse nature of most of AES’s indebtedness.
Subsidiary distributions – Defined as cash distributions (primarily dividends and interest income) from subsidiary
companies to the parent company and qualified holding companies. AES believes subsidiary distributions are an
important measure, as these cash flows are the source of cash flow to the parent to meet corporate interest,
overhead, cash taxes, and discretionary uses such as recourse debt reductions and corporate investments.


AES Corporation 23

Reconciliation of Cash Flow Items
($ Millions)
AES Corp &
Net Cash from Operating Activities QHCs (1)
Subsidiaries Eliminations Consolidated

Second Quarter 2007 $357 $62 $107 $526

Six Months Ended
Second Quarter June 30,
Capital Expenditures
2007
2007 2006 2006
Maintenance Capital Expenditures
$510
$306 $179 $379
Growth Capital Expenditures
688
412 148 190
Capital Expenditures
$1,198
$718 $327 $569

Six Months Ended
Second Quarter June 30,
Reconciliation of Free Cash Flow 2007 2006 2007 2006

Net Cash from Operating Activities $526 $1,107
$442 $951
Less: Maintenance Capital Expenditures 306 510
179 379
Free Cash Flow $220 $597
$263 $572

Includes activity at qualified holding companies.
(1)


AES 2Q07 Review

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