EDC COMPANY PRESENTATION JUNE 2014 DISCLAIMER This presentation - PowerPoint PPT Presentation

EDC COMPANY PRESENTATION JUNE 2014

DISCLAIMER This presentation contains certain “forward looking statements. ” These forward looking statements include words or phrases such as EDC or its management “believes”, “expects”, “anticipates”, “intends”, “plans”, “foresees”, or other words or phrases of similar import. Similarly, statements that describe EDC’s objectives, plans or goals also are forward-looking statements. All such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Such forward looking statements are made based on management’s current expectations or beliefs as well as assumptions made by, and information currently available to, management. EDC does not make expressed or implied representations or warranties as to the accuracy and completeness of the information contained herein and shall not accept any responsibility or liability (including any third party liability) for any loss or damage, whether or not arising from any error or omission in compiling such information or as a result of any party’s reliance or use of such information. The information and opinions in this presentation are subject to change without notice. This presentation does not constitute a prospectus or other offering memorandum in whole or in part. Information contained in this presentation is a summary only and is prepared for discussion purposes and is not a complete record of the discussions. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any security. There shall be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under securities laws of such state or jurisdiction. By receiving this presentation, each investor is deemed to represent that it is a sophisticated investor and possesses sufficient investment expertise to understand the risks involved. Prospective investors should undertake their own assessment with regard to their investment and they should obtain independent advice on any such investment’s suitability, inherent risks and merits and any tax, legal and accounting implications which it may have for them. 2

TABLE OF CONTENTS Page 1 Key Investment Highlights 4 – 21 2 Review of FY 2013 Financial Results 22 – 27 3 Growth Projects 28 – 40 4 Return to Service of Leyte Power Plants 41 – 46 5 Summary 47 – 48 APPENDICES Page i Review of Financial Highlights by Asset 51 – 56 ii Stages of Geothermal Development 57 – 61 iii WESM 62 – 64 3

KEY INVESTMENT HIGHLIGHTS 4

1 Key Investment Highlights I II III IV V Favorable Strong Credit & Domaine Contract-based Track Record Industry Investment Expertise Cash Flows of Growth Dynamics Profile 2 nd largest vertically Energy sales largely 88% increase in Geothermal is a Financial risks integrated geothermal derived from long term generating capacity competitive, strategic and deliberately managed company in the world revenue contracts achieved in 2009 – 2010 reliable energy source --- --- --- --- --- Fully integrated operations Cash flows generated at Power Plant acquisitions Grid marked by robust Superior financial and in all geothermal both Parent and Project driving revenue growth demand and tightening operating results to concession areas Company level reserves margin stakeholders --- --- --- --- --- Diversifying into wind Geothermal concession 13 concessions RE Act of 2008 provides Robust credit and energy agreements start expiring successfully acquired in regulatory support to the investment profile in 2031 Chile (6) and Peru (7) sector maintained 5

2 ND LARGEST VERTICALLY INTEGRATED GEOTHERMAL I Domaine Expertise COMPANY GLOBALLY STEAM PLANT COMPANY COUNTRY CAPACITY CAPACITY (in MW) (in MW) 1 Calpine USA 1,310 1,310 2 EDC Philippines 1,130 1,130 3 Comision Federal de Electricidad Mexico 958 958 4 Enel Green Power Italy 915 915 5 Chevron USA 1,329 887* 6 Ormat Israel 689 749 7 Mighty River Power New Zealand 385 385 8 Terra Gen USA 337 337 9 Contact Energy New Zealand 335 335 10 Orkuveita Reykjavikur Iceland 333 333 11 CalEnergy Generation USA 329 329 12 Star Energy Ltd. Indonesia 227 227 13 Northern California Power Agency USA 220 220 Note: * Not included is the 442 MW operated by the Indonesian Government through PLN Source: Bertani, Ruggero, 2010: Geothermal Power Generation in the World 2005-2010 Update Report 6

I TECHNOLOGY & GEOGRAPHICALLY DIVERSE Domaine Expertise 1,208 MW 1 150.0MW Burgos 1 1,129MW Geothermal (Under development) 79MW Hydro Power 1 120.0MW Pantabangan 1 12.0MW Masiway % share 110.0MW Bacman I 1 7% of Installed Capacity 20.0MW Bacman II 1 10% of Electricity Produced 2 112.5MW Tongonan 125.0MW Upper Mahiao 150 MW 1 232.5MW Malitbog 2 112.5MW Palinpinon I 1 180.0MW Mahanagdong 3 80.0MW Palinpinon II Wind Energy 50.9MW Optimization 25.0MW Nasulo (under development) (Under development) 3 52.0MW Mindanao I 2 54.0MW Mindanao II 2 1Q 2014 Revenues LEGEND NPC DUs WESM NGCP TOTAL % 694.4MW Geothermal steam 150MW Wind field and power plant (under development) LUZON - 193 730 379 1,302 11 (Integrated) VISAYAS 2,637 2,441 169 - 5,247 82 MINDANAO 589 - - - 589 7 435MW Geothermal steam 132MW Hydro power plant TOTAL 3,226 2,634 899 379 7,138 100 field and power plant (EDC subsidiary) (EDC/EDC subsidiary) % 100 45 37 13 5 7

II GENERATES CASHFLOWS AT BOTH PARENT AND Contract-based Cash Flows SUBSIDIARY LEVELS Revenues (2) as of Mar. 2014 FGHPC 848 12% IFC GIC Public Lopez Group EDC Parent (3) E: 1.69 % V: 1.12 % E: 4.99 % V: 3.33 % E: 43.32 % V: 61.88 % 7,138 E: 50.00 % V: 50.47% 3,226 EGC 45% 3,064 43% • 694.4 MW Power Plants  588.4 MW Unified Leyte Power Project EBITDA (2) as of Mar. 2014  106 MW Mindanao Power Project FGHPC Note: 49 MW No. Negros was put 728 on preservation mode starting July 16% 2011 EDC Parent (3) 4,477 1,911 100% 100% 43% EGC 1,838 (1) 41% Wind Energy Projects EDC Geothermal Corporation (EGC) Net Income (2) as of Mar. 2014 150.0 MW Burgos ( Under Development) 100% 100% 60% EGC FGHPC 100% 1,061 556 Green Core Geothermal Bac-Man Geothermal First Gen Hydro Power 42% 22% Inc. (GCGI) Inc. (BGI) Corporation (FGHPC) International 2,524 Expansion 192.5 MW Palinpinon 110.0 MW Bac-Man I 120.0 MW Pantabangan EDC 112.5 MW Tongonan 20.0 MW Bac-Man II 12.0 MW Masiway • Chile Parent (3) • Peru 907 • Indonesia 36% (1) Formerly First Luzon Geothermal Energy Corporation (FLGEC) (2) All figures in PHP millions as of Mar. 31, 2014 (3) EDC Parent figures include the Company’s other subsidiaries 8

POSSESSES STABLE AND PREDICTABLE CASH FLOWS II Contract-based Cash Flows Percentage of Consolidated USD Revenues (2) Linkage 45% Electricity 73% National Cashflow Power Electricity Corporation Sovereign off-take Power Purchase Agreements Cashflow or Cashflow Bac-Man (1) Dividends Steam Geothermal Electricity Steam Sales Agreements (SSA) 55% Electricity 0% Cashflow or Electric Cooperatives/ Green Core Cashflow Dividends Third party customers Geothermal Steam Electricity Commercial off-take Geothermal Resources Sales Contracts (GRSC) Cashflow FG Hydro Dividends Electricity (1) Bacman Unit 2 Undergoing rehabilitation Power Supply Agreements (PSA) (2) As of Mar. 31, 2014 Transition Supply Contracts (TSC) Subsidiaries of EDC 9

II LIMITED EXPOSURE TO VOLATILE SPOT MARKET Contract-based Cash Flows TERM STRUCTURE OF CONTRACTS (1) LONG-TERM CONTRACTUAL AGREEMENTS CONCESSION 2031 In PHP Millions Geothermal Renewable Energy Service Contract 2031 year concession agreements WESM start expiring 899 13% NPC 3,226 NGCP 45% 7,138 379 5% 13% 2024 ELECTRICITY Power Purchase Agreements (sovereign) DU 2,634 revenue from 37% volatile spot market 2022 Power Supply Agreements (commercial) SPOT 1-2 YRS 3-5 YRS >6 YRS WESM 13% - - - 18% NGCP - 5% - - NPC - - - 45% DU - 13% 6% 18% revenue from REVENUE IN PHP MILLIONS REVENUE IN GWH contract tenors of >6 yrs WESM WESM 899 136 13% Distribution 8% Utilities/Industrial Distribution 37% 554 Utilities/Industrial 30% 2,634 National Power 37% National Grid National Power Corporation National Grid expanded revenue base from Corporation of the Corporation 3,226 Corporation of the non-institutional clients Philippines 1,042 45% Philippines (Ancillary Services) 57% (Ancillary Services) 90 379 5% 5% (1) Consolidated revenues as of Mar. 31, 2014 10