Consortium Led by Global Infrastructure Partners and EQT Agrees to Acquire AES

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• Over the course of our 45-year history of powering industries and shaping the future of energy, AES has built a diverse portfolio to meet the evolving power needs of our customers and communities

  80% confidence

• Following a rigorous review of strategic options, the AES Board determined that this transaction with the Consortium maximizes value for stockholders and provides compelling cash value

  80% confidence

• Acquisition to address AES' significant need for capital to support its growth beyond 2027; absent this transaction, funding for future growth investments would likely require a reduction or elimination of the dividend and/or significant new equity issuances

  80% confidence

• We are pleased to participate in this landmark investment in AES. The Company's strong market position and exposure to long-term demand trends make it a natural fit within our Infrastructure portfolio

  80% confidence

• QIA is committed to making energy transition a reality by providing long-term capital to companies with proven capabilities in delivering operational excellence to the communities they serve

  80% confidence

• AES is the largest supplier of clean energy to corporations globally, including 11.8 GW of signed agreements to date to supply power to major technology firms

  80% confidence

• As one of the largest energy infrastructure investors globally, we are seeing first-hand the increasing need for a secure energy supply amid expanding power demand worldwide

  80% confidence

• We believe this transaction maximizes value for existing stockholders and positions the Company for long-term success as we continue delivering on our commitments to customers, communities and people

  80% confidence

• After extensive work and deliberation, we concluded that this transaction is in the best interest of AES stockholders

  80% confidence

• EQT's acquisition of AES will support the growth and modernization of essential energy infrastructure that underpins energy security, electrification, digitalization and resilient power systems across key markets

  80% confidence

• Dividends payable to AES stockholders are expected to continue in the ordinary course until the closing, subject to approval by AES' Board of Directors

  80% confidence

• We are excited to announce our acquisition of AES, a market leader in the power generation and supply business with a long and storied history. At a time in which there is a need for significant investments in new capacity in electricity generation, transmission and distribution, especially in the United States of America

  80% confidence

• The Consortium will fund 100% of the purchase price to acquire the Company with equity

  80% confidence

• The transaction is expected to close in late 2026 or early 2027

  80% confidence

• This acquisition is not expected to impact customer rates in AES' regulated utilities

  80% confidence

• AES has a significant need for capital to support growth beyond 2027, particularly given the significant new investments in both US generation and utilities businesses. In the absence of a transaction with the Consortium, the Company would likely require a plan that includes reduction or elimination of the dividend and/or substantial new equity issuances

  80% confidence

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