COMPANY PRESENTATION 6th Annual dbaccess Asia Conference Marina Bay Sands, Singapore; May 18-20, 2015

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1 COMPANY PRESENTATION 6th Annual dbaccess Asia Conference Marina Bay Sands, Singapore; May 18-20, 2015

2 2

3 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.

5 TABLE OF CONTENTS Introduction Review of 1Q 2015 Financial Results Company Updates

7 INTRODUCTION

TOP REASONS FOR INVESTING IN EDC -- A GLOBAL DIVERSIFIED RENEWABLE POWER COMPANY 1 of 11 light bulbs EDC accounts for 9% of the

long-term contract agreements 5 Concessions acquired in Chile & Peru Geothermal is 11% of Installed capacity 1Q 15 Highlights

4 billion 10 Wind concessions acquired with ~543 MW capacity Domaine Expertise Contract-based Cash Flows Track Record of Growth

globally 65% Revenue derived from contract tenors of greater than 6 years YEAR 2031 Concession agreements start expiring 100%

7-year ITH Feed-in-Tariff (FIT) Geothermal provides 13% of electricity production in the Philippines Managing Financial Risks

8 TOP REASONS FOR INVESTING IN EDC -- A GLOBAL DIVERSIFIED RENEWABLE POWER COMPANY 1 of 11 light bulbs EDC accounts for 9% of the Philippine s electricity production Into geothermal, hydro & wind and now diversifying into solar energy 84% Revenue derived from long-term contract agreements 5 Concessions acquired in Chile & Peru Geothermal is 11% of Installed capacity 1Q 15 Highlights Revenues Php8.5 billon RNI Php2.7 billion EBITDA Php5.4 billion 10 Wind concessions acquired with ~543 MW capacity Domaine Expertise Contract-based Cash Flows Track Record of Growth Favorable Industry Dynamics Strong Credit & Investment Profile Robust Growth Largest vertically integrated geothermal company globally 65% Revenue derived from contract tenors of greater than 6 years YEAR 2031 Concession agreements start expiring 100% Successfully acquired power plants inside its geothermal concessions RE Act of 2008 Provides regulatory support 10% Income Tax 7-year ITH Feed-in-Tariff (FIT) Geothermal provides 13% of electricity production in the Philippines Managing Financial Risks Interest rate on 81% of loans are fixed 30% of revenues are US$ indexed 5.1 yrs. loan life 5.7% Interest cost Domestic Expansion Install ~180MW of geothermal capacity Overseas Expansion Drill wells in Mariposa, Chile by Introduction

EDC IS THE LARGEST VERTICALLY INTEGRATED GEOTHERMAL COMPANY GLOBALLY TOP 5 GEOTHERMAL COMPANIES Plant Type Manufacturer 1 150.0MW Burgos Wind Vestas 1 4.

0MW Bacman I 1 1 EDC 2 1,169 1,169 Comision Federal de Electricidad 958 958 3 Enel Green Power 915 915 2 112.5MW Tongonan Geothermal Mitsubishi 3 112.

0MW Mahanagdong Geothermal Toshiba 50.9MW Optimization Geothermal Various 2 49.4MW Nasulo Geothermal Fuji 3 52.0MW Mindanao I Geothermal Mitsubishi 54.

16MW Solar 1,329 689 887 * 749 1 Source: Bertani, Ruggero, 2010: Geothermal Power Generation in the World 2005-2010 Update Report Note: * Not included is the 442 MW operated

9 EDC IS THE LARGEST VERTICALLY INTEGRATED GEOTHERMAL COMPANY GLOBALLY TOP 5 GEOTHERMAL COMPANIES Plant Type Manufacturer MW Burgos Wind Vestas MW Burgos Solar Juwi Hydro Andritz Hydro Toshiba MW Pantabangan 12.0MW Masiway MW Bacman I 1 1 EDC 2 1,169 1,169 Comision Federal de Electricidad Enel Green Power MW Tongonan Geothermal Mitsubishi MW Palinpinon I Geothermal Fuji 4 Chevron 5 Ormat 1 Geothermal Fuji 125.0MW Upper Mahiao Geothermal GE/Ormat/Kato 232.5MW Malitbog Geothermal Fuji 180.0MW Mahanagdong Geothermal Toshiba 50.9MW Optimization Geothermal Various MW Nasulo Geothermal Fuji MW Mindanao I Geothermal Mitsubishi 54.0MW Mindanao II Geothermal Mitsubishi 2 3 EDC AT A GLANCE Introduction 1,455 MW 1,169MW Geothermal 150MW Wind 132MW Hydro 4.16MW Solar 1, * Source: Bertani, Ruggero, 2010: Geothermal Power Generation in the World Update Report Note: * Not included is the 442 MW operated by the Indonesian Government through PLN 2 3 Wind Geothermal (EDC Subsidiary) Hydro Geothermal (Integrated) Solar Note: *20 MW Nasuji Power Plant placed on preservation 9 CAPACITY (in MW) STEAM PLANT Geothermal Toshiba/Alstom Geothermal Mitsubishi 1 1 COMPANY 20.0MW Bacman II 60.0MW Palinpinon II* 1 % share 7% of InstalledCapacity 9% of ElectricityProduced Offices Philippines Chile Indonesia Peru

EDC GENERATES STRONG AND ROBUST CASHFLOWS AT BOTH PARENT AND SUBSIDIARY LEVELS Lopez

59% 100% EDC Geothermal Corporation (EGC) (1) E: 1.69 % V: 1.12 % E: 4.99 % V: 3.

4 MW Unified Leyte Power Project 106.0 MW Mindanao Power Project 49.

16 MW Burgos Solar Project 60% First Gen Hydro Power Corporation (FGHPC) 100% EDC Wind

2015 EGC 3,916 46% EGC 2,544 47% FGHPC 1,044 12% 8,498 FGHPC 914 17% EDC Parent 3,285

2015 5,428 EBWPC 253 3% EBWPC 164 3% EDC Parent (3) 1,807 39% 100% Green Core

2015 FGHPC 602 22% EDC Parent (3) 439 41% 2,734 172.5 MW Palinpinon (2) 112.

10 EDC GENERATES STRONG AND ROBUST CASHFLOWS AT BOTH PARENT AND SUBSIDIARY LEVELS Lopez Group IFC GIC Public E: % V: 50.59% 100% EDC Geothermal Corporation (EGC) (1) E: 1.69 % V: 1.12 % E: 4.99 % V: 3.33 % E: % V: % MW Power Plants MW Unified Leyte Power Project MW Mindanao Power Project 49.4 MW Nasulo Power Project 4.16 MW Burgos Solar Project 60% First Gen Hydro Power Corporation (FGHPC) 100% EDC Wind Energy Holdings Inc. 100% EDC Hong Kong Limited Revenues (2) as of Mar EGC 3,916 46% EGC 2,544 47% FGHPC 1,044 12% 8,498 FGHPC % EDC Parent 3,285 (3) 39% EBITDA (2) as of Mar ,428 EBWPC 253 3% EBWPC 164 3% EDC Parent (3) 1,807 39% 100% Green Core Geothermal Inc. (GCGI) MW Pantabangan 12.0 MW Masiway 100% Bac-Man Geothermal Inc. (BGI) EDC Burgos Wind Power Corp. (EBWPC) 100% 95/100% International Expansion Net Income (2) as of Mar FGHPC % EDC Parent (3) % 2, MW Palinpinon (2) MW Tongonan MW Bac-Man I 20.0 MW Bac-Man II MW Burgos Chile Peru Indonesia EGC 1,693 62% (1) Formerly First Luzon Geothermal Energy Corporation (FLGEC) (2) 20 MW Nasuji Power Plant to be placed in preservation (2) All figures in PHP millions as of Mar. 31, EBWPC s Net Income Loss (Php175MN) included as part of EDC Parent (3) EDC Parent figures include the Company s other subsidiaries 10 Introduction

POSSESSES STABLE AND PREDICTABLE CASH FLOWS Percentage of Consolidated Revenues (1) USD Linkage Cashflow Geothermal Electricity Power

Dividends Steam Bac-Man Geothermal Cashflow Electricity Cashflow or Dividends Steam Dividends Steam Sales Agreements (SSA) Green Core

11 POSSESSES STABLE AND PREDICTABLE CASH FLOWS Percentage of Consolidated Revenues (1) USD Linkage Cashflow Geothermal Electricity Power Purchase Agreements National Power Corporation Power Purchase Agreements (PPAs) 34% Electricity 73% Sovereign off-take Cashflow or Dividends Steam Bac-Man Geothermal Cashflow Electricity Cashflow or Dividends Steam Dividends Steam Sales Agreements (SSA) Green Core Geothermal Geothermal Resources Sales Contracts (GRSC) FG Hydro Power Supply Agreements Cashflow Electricity Cashflow Electricity & Ancillary Svcs. Electric Cooperatives/ Third party customers 63% Electricity 0% Commercial off-take Power Supply Agreements (PSAs) Dividends Burgos Wind Cashflow Electricity 3% Electricity 60% Cashflow Solar Electricity Transco Feed-in-Tariff (1) As of March 31, 2015 Subsidiaries of EDC 11 Introduction

ELECTRICITY CONCESSION LIMITED EXPOSURE TO VOLATILE SPOT MARKET TERM STRUCTURE OF CONTRACTS (1) LONG-TERM CONTRACTUAL AGREEMENTS In PHP Millions Geothermal Renewable Energy Service

3,610 (1) Consolidated revenues as of Mar.

12 ELECTRICITY CONCESSION LIMITED EXPOSURE TO VOLATILE SPOT MARKET TERM STRUCTURE OF CONTRACTS (1) LONG-TERM CONTRACTUAL AGREEMENTS In PHP Millions Geothermal Renewable Energy Service Contract 2031 Transco, 253 >6 YRS 65% NPC, 2,926 WESM, 1,326 SPOT 16% Power Purchase Agreements (sovereign) 2022/24 8,498 NGCP, 382 Power Supply Agreements (commercial) 2040 DU, 3,610 (1) Consolidated revenues as of Mar. 31, YRS 3% 1-2 YRS 16% SPOT 1-2 YRS 3-5 YRS >6 YRS WESM 16% NGCP - 4% - - DU - 12% 3% 28% TRANSCO 3% NPC % 2031 year concession agreements start expiring 84% revenue from long-term contracts 65% revenue from contract tenors of >6 yrs 43% expanded revenue base from non-npc clients 12 Introduction

16 MW Solar Geography Philippines Indonesia Chile Peru 638 770 1,181 1,331 1,262 1,262 1,262 1,446 1,455 513 132 411 150 (69) 0 0 184 9 + 49.4 MW N.Negros + 463.

13 SIGNIFICANT PORTFOLIO EXPANSION SINCE PRIVATIZATION EDC TODAY (AS OF 1Q 2015) Customer Base 2.9 Bn NPC 3.6 Bn DUs 1.3 Bn WESM 0.4 Bn NGCP 0.3 Bn TransCo Technology 1,169 MW Geothermal 150 MW Wind 132 MW Hydro 4.16 MW Solar Geography Philippines Indonesia Chile Peru ,181 1,331 1,262 1,262 1,262 1,446 1, (69) MW N.Negros MW Mahanagdong, Malitbog & Optimization Cumulative MW 19,007 10, MW Pantabangan- Masiway 20,527 20,678 11,859 6,243 5,690 Current MW (CAGR) Revenues 7.2% EBITDA 8.2% RNIA 5.7% MW Mindanao I & II MW Palinpinon & Tongonan 10, MW BacMan I & II 7,276 6, MW N. Negros MW Botong 24,153 24,540 13,748 13,238 4,459 Acquired geothermal concessions overseas 28,369 17,330 8,522 25,656 15,641 6, MW Nasulo MW Bacman MW Nasuji Unit MW MW Burgos Burgos Solar MW Bacman Unit 2 REVENUES 30,867 EBITDA 17,922 RNIA 9, Introduction

GEOTHERMAL ENERGY IS A STRATEGIC ENERGY RESOURCE FOR THE PHILIPPINES 2013 POWER STATISTICS OF THE PHILIPPINES LUZON DISPATCH AT FULL COST (1) WITH VAT Ave.

14Php/kWh 2013 Required Reserve: 10,105 MW Natural Gas 25% Hydro 13% New Re 0% 8,000 6,000 1.87 Php/kWh (2) 5.16 Php/kWh 2013 Peak Demand: 8,283 MW Coal 43% 4,000 Source: DOE 2,000 4.

60 P/kWh Fuel Type Installed Capacity (MW) Coal 5,568 Hydro 3,521 Oil-based 3,353 Geothermal 1,868 Natural Gas 2,862 New RE 153 Total 17,325 11% Geothermal as a % of Installed Capacity

14 GEOTHERMAL ENERGY IS A STRATEGIC ENERGY RESOURCE FOR THE PHILIPPINES 2013 POWER STATISTICS OF THE PHILIPPINES LUZON DISPATCH AT FULL COST (1) WITH VAT Ave. dependable capacity (MW) Conventional 74% Oil Based 6% Geothermal 13% Renewable 26% 12,000 10, Php/kWh 2013 Required Reserve: 10,105 MW Natural Gas 25% Hydro 13% New Re 0% 8,000 6, Php/kWh (2) 5.16 Php/kWh 2013 Peak Demand: 8,283 MW Coal 43% 4,000 Source: DOE 2, P/kWh P/kWh Fuel Type Installed Capacity (MW) Coal 5,568 Hydro 3,521 Oil-based 3,353 Geothermal 1,868 Natural Gas 2,862 New RE 153 Total 17,325 11% Geothermal as a % of Installed Capacity 13% Geothermal as a % of Electricity Production - Geothermal Coal Natural Gas Hydro Oil Based/Gas Turbine 3.68 P/kWh P/kWh NOTES: 1) Quoted production costs were derived from estimated weekly cost of Luzon grid power plants at 83% capacity factor as of August , VAT inclusive 2) Despite P 1.87/kWh production cost, hydro capacity is still used for peaking because these are not runof-river types used for base load. Only Casecnan is run-of-river 14 Introduction

15 DELIBERATELY MANAGING FINANCIAL RISKS DEBT MATURITY PROFILE 1 Sculpted to support EDC s growth trajectory USD Debt PHP Debt LOANS BY STRUCTURE Predominantly fixed debt matches nature of energy projects Floating % USD1, yrs Average Loan Life (Years) 5.7% Average Interest Cost Fixed 1,183 81% LOANS Type Currency Outstanding (MM) Repayment Interest Tenor (Years) Maturity 175MM Club 2 USD Amortizing LIBOR+1.75% MM Club USD 77.0 Amortizing LIBOR+1.80% Reg S Bonds USD Bullet 6.50% PF ECA USD Amortizing LIBOR+0.90% PF USD Com USD 36.0 Amortizing LIBOR+0.90% IFC Loan 1 PHP 2,903.0 Amortizing 6.07% IFC Loan 2 PHP 2,760.0 Amortizing 6.66% PHP FXCN PHP 6,825.0 Amortizing 6.62% PHP Bonds PHP 12,000.0 Bullet 8.64%, 9.33% 5.5, , 2016 PHP Bonds PHP 7,000.0 Bullet 4.16%, 4.73% 7.0, , 2023 PF - PHP Com PHP 4,050.0 Amortizing PDST R1 +Margin (1) In USD Millions as of March 31, 2015 (4) Margin: 200 bps + (PDST-F minus RDST-R1). Re-pricing on the 10 th year (2) USD65 MM converted to PHP via Cross Currency Swap (3) Subject to re-pricing PHP Revenues % LOANS BY CURRENCY US$ indexed revenues provide natural hedge PHP % USD1,469 USD % USD Revenues % 15 Introduction

DIVIDEND POLICY IS TO DECLARE 30% OF PRIOR YEAR S RNI PHP Million 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 30% 1,485 Dividends on Common Shares 65% 58% 45% 33% 31% 2,175 750 3,000 2,250

16 DIVIDEND POLICY IS TO DECLARE 30% OF PRIOR YEAR S RNI PHP Million 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, % 1,485 Dividends on Common Shares 65% 58% 45% 33% 31% 2, ,000 2,250 1,875 1,863 1,875 36% 1,500 1,500 Payout Ratio 70% 58% 60% 50% 40% 1,875 30% 20% 20% 1,875 1,875 10% Special Regular 0% PHP/share Yield 1.7% 4.4% 3.3% 2.4% 2.7% 2.4% 2.6% 3.1% 1.1% * Based on closing price as of March 6, 2015 Dividend Policy Statement At or about 30% of previous year s Recurring Net Income subject to i) debt service requirements and loan covenants, and ii) the implementation of business plans, operating expenses, budgets, funding for new investments and acquisitions, appropriate reserves and working capital. 16 Introduction

17 REVIEW OF 1Q 2015 FINANCIAL RESULTS

18 SIGNIFICANT EVENTS THAT AFFECTED YTD 1Q 2015 FINANCIAL RESULTS Bacman Higher revenue contribution mainly from Unit 2 s operation (P499M) Nasulo Reported revenue from commercial operation (P374M) Burgos Wind Reported net loss mainly due to depreciation & interest on loan (P175M) 18 Review of 1Q 2015 Financial Results

19 COMMERCIAL OPERATIONS OF BACMAN AND NASULO DROVE 1Q 2015 S HIGHER PERFORMANCE In PhP millions 1Q 15 1Q 14 Y/Y Revenue 8,498 7,138 19% EBITDA 5,428 4,477 21% EBITDA Margin 64% 63% 1% Net Income 2,744 2,524 8% Attributable Net Income 2,493 2,376 5% Recurring Net Income 2,705 2,368 14% Attributable Recurring Net Income 2,464 2,220 11% 19 Review of 1Q 2015 Financial Results

RNI INCREASED BY 14% MAINLY DUE TO HIGHER REVENUES In PHP Billions +14.0% 2.89 0.52 3.14 3.19 0.25 0.05 (0.18) 3.01 (0.20) 2.81 (0.11) 2.70 2.71 0.01 (0.25) 2.37 2.71 2.46 RNI, Mar.

20 RNI INCREASED BY 14% MAINLY DUE TO HIGHER REVENUES In PHP Billions +14.0% (0.18) 3.01 (0.20) 2.81 (0.11) (0.25) RNI, Mar *Includes UL strips of energy BGI Nasulo FG Hydro Burgos Wind Pal-Tong Unified Leyte* Others RNI, Mar NCI RNI Attributable to EDC 20 Review of 1Q 2015 Financial Results 20

INCREASE IN CASH BALANCE WAS MAINLY FROM PROCEEDS OF GCGI LOAN INTENDED FOR THE SETTLEMENT OF THE PHP8.5 B BOND IN JUNE 2015 In Php Billions 71.4% CASH BALANCE 28.4 (3.7) (0.6) 8.4 (0.1) 20.0 24.7 24.

21 INCREASE IN CASH BALANCE WAS MAINLY FROM PROCEEDS OF GCGI LOAN INTENDED FOR THE SETTLEMENT OF THE PHP8.5 B BOND IN JUNE 2015 In Php Billions 71.4% CASH BALANCE 28.4 (3.7) (0.6) 8.4 (0.1) Cash Balance, Dec Cash from operations Long-term debt proceeds PPE acquisitions, investment & others Debt Servicing Cash Dividend Cash Balance, Mar Review of 1Q 2015 Financial Results

91 Decreased because of higher current liabilities due to the reclass of the P8.5B Peso Bonds which will mature on June 2015.

22 NET DEBT-TO-EBITDA IMPROVED WHILE BOTH CURRENT RATIO AND NET DEBT-TO-EQUITY WEAKENED Current Ratio Debt-to-Equity Net Debt-to-EBITDA* 1Q Q Q Q Q Q Decreased because of higher current liabilities due to the reclass of the P8.5B Peso Bonds which will mature on June Increased mainly due to higher debt from EBWPC and GCGI loans availed in October 2014 and March 2015, respectively. Improved because of higher annualized EBITDA. *Trailing 12 months 22 Review of 1Q 2015 Financial Results

23 COMPANY UPDATES

24 EDC IS GEARING UP TO AWARD THE NOTICE TO PROCEED FOR THE 30MW BACMAN 3 PROJECT Project Capacity COD Bacman 3 30 MW 2017 Bacman 4 17 MW* 2018 Bacman 5 40 MW* 2019 *Capacities are indicative and subject to confirmation BACMAN MW BACMAN 5 BACMAN 2 20 MW BACMAN 4 BACMAN 3 24 Company Updates

25 STUDIES FOR A THIRD PLANT IN THE MT. APO CONCESSION AREA ARE ON-GOING; CONSTRUCTION IS EXPECTED TO START IN 2016 Project Capacity COD M3 40MW* 2018 *indicative capacity and subject to confirmation EDC is applying for permits and checking the resource in other concession areas: Site Location 1. NNGP Negros Island 2. Dauin Negros Island 3. Mandalagan Negros Island 4. Ampiro Mindanao 5. Balingasag Mindanao 6. Lakewood Mindanao 7. Zion Mindanao M2 49MW M3 M1 48MW 25 Company Updates

WE COMPLETED INSTALLATION OF SURFACE CASING TO GAIN TIME AND REDUCE RISKS FOR THE DEEP WELL DRILLING CAMPAIGN LATIN AMERICA Company Granted Sites* Applications (Entry into LatAm) Peru Chile Peru

Chile: Laguna del Maule and Pellado (both comprise the Mariposa project from Alterra JVA) Prospect Temp (deg C) Resource Probability Area (km 2 ) MWe Achumani Project 250-320 P90 7 70 (Peru) P50 26

26 WE COMPLETED INSTALLATION OF SURFACE CASING TO GAIN TIME AND REDUCE RISKS FOR THE DEEP WELL DRILLING CAMPAIGN LATIN AMERICA Company Granted Sites* Applications (Entry into LatAm) Peru Chile Peru Chile Alterra Power Corp Hot Rock Ltd EDC Applied/Bid Sites TOTAL * Peru: Achumani and Quello Apacheta (from HRL acquisition) and Pinchollo Libre (From Alterra JVA) Chile: Laguna del Maule and Pellado (both comprise the Mariposa project from Alterra JVA) Prospect Temp (deg C) Resource Probability Area (km 2 ) MWe Achumani Project P (Peru) P P Quello Apacheta Project P (Peru) P P Tutupaca Project (Peru)* *Under EDC application Mariposa Project (Chile) P P P P P P ~800 to 1,900 Jan. 15 May 15 June-Sept. 15 Oct Complete top hole for 3 Wells Complete installation of water line Active snow clearing Target spud-in date 26 Company Updates

27 END OF PRESENTATION

COMPANY PRESENTATION Non-Deal Road Show in Hong Kong BofA/ML June 1, 2015

COMPANY PRESENTATION Non-Deal Road Show in Hong Kong BofA/ML June 1, 2015 DISCLAIMER This presentation contains certain forward looking statements. These forward looking statements include words or phrases