Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

(a)Security Ownership of Certain Beneficial Owners and Management.

See the information contained under the heading Security Ownership of Certain Beneficial Owners, Directors, and Executive Officers of the 2021 Proxy Statement, which information is incorporated herein by reference.

(b)Securities Authorized for Issuance under Equity Compensation Plans.

The following table provides information about shares of AES common stock that may be issued under AES' equity compensation plans, as of December 31, 2020:

Securities Authorized for Issuance under Equity Compensation Plans (As of December 31, 2020)

(1)The following equity compensation plans have been approved by The AES Corporation's Stockholders:

(a)The AES Corporation 2003 Long Term Compensation Plan was adopted in 2003 and provided for 17,000,000 shares authorized for issuance thereunder. In 2008, an amendment to the Plan to provide an additional 12,000,000 shares was approved by AES' stockholders, bringing the total authorized shares to 29,000,000. In 2010, an additional amendment to the Plan to provide an additional 9,000,000 shares was approved by AES' stockholders, bringing the total authorized shares to 38,000,000. In 2015, an additional amendment to the Plan to provide an additional 7,750,000 shares was approved by AES' stockholders, bringing the total authorized shares to 45,750,000. The weighted average exercise price of Options outstanding under this plan included in Column (b) is $12.56 (excluding performance stock units, restricted stock units and director stock units), with 12,652,436 shares available for future issuance.

(b)The AES Corporation Second Amended and Restated Deferred Compensation Plan for directors provided for 2,000,000 shares authorized for issuance. Column (b) excludes the Director stock units granted thereunder. In conjunction with the 2010 amendment to the 2003 Long Term Compensation Plan, ongoing award issuance from this plan was discontinued in 2010 as Director stock units will be issued from the 2003 Long Term Compensation Plan. Any remaining shares under this plan, which are not reserved for

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issuance under outstanding awards, are not available for future issuance and thus the amount of 161,688 shares is not included in Column (c) above.

(2)Includes 3,039,035 (of which 839,278 are vested and 2,199,757 are unvested) shares underlying PSU and RSU awards (assuming 2018 and 2020 PSUs median performance and 2019 PSU maximum performance), 1,599,308 shares underlying Director stock unit awards, and 2,665,579 shares issuable upon the exercise of Stock Option grants, for an aggregate number of 7,303,922 shares.