COMPANY PRESENTATION Non-Deal Road Show in Hong Kong BofA/ML June 1, 2015
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1 COMPANY PRESENTATION Non-Deal Road Show in Hong Kong BofA/ML June 1, 2015
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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.
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5 CONTENTS Key Investment Highlights 8 Investment Summary, 9 Domaine Expertise, 10 Cornerstone Investors, 11 EDC s Business Model, 12 Contract-based Cash Flows, 13 Track Record for Growth, 14 Favorable Industry Dynamics, 15 Managing Financial Risks, 16 Dividend Policy Review 1Q 2015 Financial Results 18 1Q 2015 Significant Events, 19 Recurring Net Income, 20 Financial Ratios Company Updates 22 EDC s Growth Agenda, 23 Bacman Growth Projects, 24 Mindanao 3, 25 Wind and Solar Energy, 26 Update on Latin America Expansion Mexico: 2,500 MW Online: 950 MW Costa Rica: El Salvador: Guatemala: Nicaragua: 200 MW 150 MW 200 MW 300 MW Online: 475 MW + 30 MW Bacman 3 NTP in 2015 Peru: 3,000 MW Chile: 1,400 MW Online: 0 MW Geothermal Potential Domestic Growth Notice to proceed to an EPC contractor is targeted by 3Q 2015 for Bacman 3. Also, construction of Bacman 4 and 5 for ~60MW in aggregate has been programmed for 2016 and 2017, respectively. Wind and Solar Energy Centerpiece to the growth story is a strategy for technology diversification. EDC is looking to develop more wind energy projects, together with pioneering efforts for solar energy. International Expansion EDC is targeting 400 to 500 MW over the next 10 years in the resource rich Latin America, with its attractive portfolio of early stage geothermal assets. Key Takeaways
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7 KEY INVESTMENT HIGHLIGHTS
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 137MW of geothermal capacity Overseas Expansion Drill wells in Mariposa, Chile by Key Investment Highlights
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 12.0 MW Masiway MW Bacman I 1 1 COMPANY 1 Geothermal Mitsubishi MW Tongonan Geothermal Mitsubishi MW Palinpinon I Geothermal Fuji 2 1,169 1,169 Comision Federal de Electricidad Enel Green Power Chevron 5 Ormat MW Palinpinon II* Geothermal Fuji MW Upper Mahiao Geothermal GE/Ormat/Kato MW Malitbog EDC Geothermal Toshiba/Alstom 20.0 MW Bacman II MW Optimization Geothermal Various MW Nasulo Geothermal Fuji MW Mindanao I Geothermal Mitsubishi 54.0 MW Mindanao II Geothermal Mitsubishi 3 AT A GLANCE Key Investment Highlights 1,455 MW 1,169MW Geothermal 150MW Wind 132MW Hydro 4.16MW Solar * 749 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 EDC 1,329 1 Geothermal Fuji MW Mahanagdong Geothermal Toshiba 9 CAPACITY (in MW) STEAM PLANT % share 7% of InstalledCapacity 9% of ElectricityProduced Offices Philippines Chile Indonesia Peru
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 Key Investment Highlights
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 Key Investment Highlights
12 ELECTRICITY CONCESSION LIMITED EXPOSURE TO VOLATILE SPOT MARKET TERM STRUCTURE OF CONTRACTS (1) LONG-TERM CONTRACTUAL AGREEMENTS In PHP Millions >21 YRS 15% SPOT 16% Geothermal Renewable Energy Service Contract 2031 Transco, YRS 5% WESM, 1,326 DU, 2,344 8,498 NGCP, 382 DU, 1, YRS 16% Power Purchase Agreements (sovereign) Power Supply Agreements (commercial) 2022/ YRS 45% NPC, 2,926 (1) Consolidated revenues as of Mar. 31, YRS 3% SPOT 1-2 YRS 3-5 YRS 6-10 YRS YRS >21 YRS WESM 16% NGCP - 4% DU - 12% 3% 11% 5% 12% NPC % - - TRANSCO % 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 Key Investment Highlights
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, Key Investment Highlights
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 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 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 Key Investment Highlights
15 RECENT INITIATIVES WILL RESULT IN PHP0.4B SAVINGS FOR INTEREST EXPENSE DEBT MATURITY PROFILE 1 Sculpted to support EDC s growth trajectory yrs Average Loan Life (Years) 5.7% Average Interest Cost USD Debt PHP Debt LOANS BY STRUCTURE Predominantly fixed debt matches nature of energy projects Fixed 1,373 83% USD1,659 Floating % 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 5.25% 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 GCGI Loan PHP 8,500.0 Amortizing 5.25% 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 (5) Amended interest rate (3) Subject to re-pricing PHP Revenues % LOANS BY CURRENCY US$ indexed revenues provide natural hedge PHP 1,073 65% USD1,659 USD % USD Linked Revenues % 15 Key Investment Highlights
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 Key Investment Highlights
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 RNI INCREASED BY 14% MAINLY DUE TO HIGHER REVENUES In PHP Billions +14.0% (0.20) (0.18) (0.11) (0.25) RNI, Mar *Includes UL strips of energy BGI Nasulo FG Hydro Others Pal-Tong Burgos Wind Unified Leyte* RNI, Mar NCI RNI Attributable to EDC 19 Review of 1Q 2015 Financial Results
20 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 20 Review of 1Q 2015 Financial Results
21 COMPANY UPDATES
22 EDC S GROWTH AGENDA 2015 STATUS 2015 STATUS 305 MW Palinpinon- Tongonan acquired in MW Bacman acquired in 2010 Bid for Unified Leyte IPPA in 2014 Bid for Mindanao 1 & 2 IPPA in 2014 ACQUIRE 1 2 Win key government geothermal privatization projects DEVELOP Install 137MW of local geothermal capacity to address new demand MW Nasulo commissioned in Sept MW NNGP Plant development is on-going 137 MW for commissioning by MW Burgos Wind commissioned in 4Q MW Burgos Solar commissioned in 1Q 15 Wind measurement studies is on-going in 9 other concessions DIVERSIFY 3 4 Build 200MW of wind capacity, while expanding RE portfolio CONQUER Establish viable operations in Asia, Latin America, and Africa Granted 5 concessions & 19 pending applications in Chile & Peru Established local offices in LatAm and Indonesia Drill wells in Mariposa, Chile by 2015 Continue to prospect prime geo sites 22 Company Updates
23 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 23 Company Updates
24 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 24 Company Updates
25 NEW ROUND OF WIND AND SOLAR ENERGY INSTALLATION TARGETS OPEN-UP NEW AVENUES FOR GROWTH 200 MW Initial Installation Target Fully Allocated Installation Target (2 nd round): 200 MW Endorsed by DOE to ERC Feed-in-Tariff still to be determined 150 MW Available for award Php 8.53/kWh Feed-in-Tariff 50 MW* is already taken 150 MW Burgos Wind 81 MW Caparispisan Wind (UPC-Ayala) 18.9MW Bangui Bay Wind (Northwind) * At Php8.53/kWh FiT Projects Completed or Near Completion 50 MW Nabas 54 MW San Lorenzo 54 MW Pililla 50 MW Initial Installation Target Fully Allocated Installation Target (2 nd round): 450 MW Additional Php 8.69/kWh Feed-in-Tariff 423 MW Available for award Php 9.68/kWh Feed-in-Tariff 22 MW* is already taken 22 MW San Carlos Solar 10 MW Pampanga Solar 4.16 MW Burgos Solar 41.3 MW Cavite Economic Zone Solar * At Php9.68/kWh FiT 25 Company Updates
26 EDC IS INITIALLY TARGETING MW IN LATAM OVER THE NEXT 10 YEARS Mexico: 2,500 MW COMPETITION LANDSCAPE Online: 950 MW COMPANY CAPACITY FOOTPRINT EXPANSION INTEREST ACTIVE Costa Rica: El Salvador: Guatemala: Nicaragua: 200 MW 150 MW 200 MW 300 MW Online: 475 MW Peru: 3,000 MW Chile: Online: 1,400 MW 0 MW *Sources: Gov t figures, Consejo Geotérmico, EDC Geothermal Potential* Priority and strong geothermal focus for Chile and Peru Opportunistic M&A and greenfield development for other countries Opportunistic approach for other RE technologies Active search for multi-lateral programs to help mitigate risks and bridge financing requirements EDC 1,169 MW Chile, Peru Nicaragua, Mexico CFE 958 MW Mexico Domestic YES Enel 915 MW Chile, Peru Mexico YES Ormat 749 MW EDC AND ENEL ARE THE ONLY ACTIVE PLAYERS IN THE REGION; WE SEE CFE, ORMAT AND LA GEO AS POTENTIAL PARTNERS YES Guatemala, Honduras, Chile Mexico, etc. YES La Geo 199 MW El Salvador Chile, Peru YES MRP 467 MW Chile Pulling out NO EDC HAS A CLEAR AND FOCUSED STRATEGIC APPROACH TO ACHIEVE TARGETS 26 Company Updates
27 KEY EARLY STAGE PROSPECTS IN CHILE AND PERU HOLD GEOTHERMAL POTENTIAL OF > 800MW 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 Company Granted Sites* Applications (Entry into LatAm) Peru Chile Peru Chile JV with Alterra Power Corp Acquisition of 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) Peru Pellado (16,000has) Achumani (10,800has) Pinchollo Libre (10,800has) Laguna del Maule (4,000has) Quello Apacheta (12,600has) PLANNED DRILLING PROGRAMS ARE TO TEST AND PROVE RESOURCE ESTIMATES 27 Company Updates
28 EDC WILL TAP VARIOUS MULTILATERAL FINANCING PROGRAMS THAT PROMOTE GEOTHERMAL DEVELOPMENT Geothermal Development Fund (GDF) for Latam US$ 1 billion facility for Latam geothermal projects Launched during COP20 in Lima last Dec 2014 Multi-donor initiative: KFW, IDB, European Commission, Development Bank of Latin America (CAF), European Investment Bank (EIB), Agence Francaise de Developpement (AfD), Japan International Cooperation Agency (JICA), other MLIs To provide grants for surface studies, contingency grants for exploratory drilling, bridge/ investment financing lines Pilot program for Chile with intention to roll out to other countries USD MM available to finance up to 3 projects Loan to grant in case of failure MARIPOSA SHORT-LISTED FOR UP TO US$ 17.7M To be launched in late 2015 EUR 60 MM so far Loan to grant in case of failure 28 Company Updates
29 FROM ITS FIRST EXPLORATORY ACTIVITIES IN 2009, EDC IS NOW ON TRACK TO DRILL ITS FIRST GEOTHERMAL WELL IN LATAM... 1 st trip to Peru HRL JV Alterra JV HRL Purchase Pre-drilling activities in Mariposa Chile office Peru office 1 st trip to Chile 1 st 3G Surveys 3 Sites Awarded Company Updates
30 ... PRE-DRILLING WORKS IN MARIPOSA (CHILE) ARE ALMOST COMPLETE, AND DRILLING IS TARGETED AT THE START OF SUMMER IN OCTOBER 2015 COMPLETED WORKS PLC PLE PLA MUB Roads for MUB, PLA & PLE Platforms MUB, PLA, PLE Legend: 30 sq. Km. EDC MT 26 km road network Alterra Slim Holes Expanded Base Camp 6 km new road Well pads Mariposa Lake El Zorro Lake Water Reservoir Water Supply Lines Surface Casing (3 pads) TARGET COMMERCIAL OPERATIONS DATE (COD) FOR THE FIRST 50 MW IS 2019, AND FOR NEXT 50 MW BY Company Updates
31 IN PERU, EDC HAS COMPLETED ITS SURFACE STUDIES AND IS IN THE EIA AND PRE-DRILLING STAGES ACHUMANI PINCHOLLO LIBRE 31 Company Updates
32 EDC HAS CONTINUED TO BUILD ITS LEADERSHIP AND LOCAL SUPPORT TEAMS TO ENSURE SUCCESSFUL PROJECT EXECUTION Manuel Ogena Senior Vice President GREG EDC Philippines Erwin Avante Vice President, Finance EDC Philippines Arman V. Lapus Managing Director-LatAm Dominic Camu Senior Vice President Power Generation Agnes de Jesus Chief Sustainability Officer, FPH Carlos Niño-Neira Country Manager - Peru Joeffrey Caranto Exploration and Resource Manager - LatAm Andrew Whittome Chief Drilling Advisor EDC Philippines Ivan Hidalgo Drilling Director- Chile David Sussman Exploration and Resource Consultant-LatAm Tony Gray Project Manager- Chile Lian de Castro Business Development Director - LatAm Ernesto Rivas Drilling Superintendent- Chile Tim Smith Drilling Manager Chile 32 Company Updates
33 EDC IS WELL-POSITIONED TO REPLICATE ITS PHILIPPINE GEOTHERMAL SUCCESS IN LATIN AMERICA Clear and focused strategy for growth Attractive portfolio of early-stage geothermal assets Increasing support from multi-lateral agencies to promote, finance and riskmitigate geothermal development in the region Pioneer EDC project set for drilling in October 2015, other EDC projects to follow same template Strong team with extensive experience in geothermal development, community and regulatory engagement, M&A and financing 33 Company Updates
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35 KEY TAKEAWAYS
36 KEY TAKEAWAYS EDC s portfolio of clean energy power generating assets is the largest in the Philippines today, making EDC the largest integrated geothermal company globally EDC s predominantly contract based revenues provides stable and predictable cash flows 84% of revenues are derived from long term contract agreements 65% of revenues are derived from contract tenors greater than 6 years EDC s growth story levers of a combined strategy of technology and global diversification, even as geothermal energy remains to be the company s core business ~137 MW of geothermal energy projects for commissioning by 2018 Burgos Wind is country s largest and EDC is intent in developing additional wind energy projects EDC has embarked on pioneering efforts for other RE technologies, as in solar energy EDC is initially targeting MW in Latin America over the next 10 years 36 Key Takeaways
37 END OF PRESENTATION
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