Investor Presentaiton

Indicative Rate Impact of the FIT in 2014 Avoided Cost Based on Average DU Generation Cost RE Generation FIT Payments Avoided Cost Rate Impact Rate Impact of the FIT of the FIT Technology (GWh) (A) (Php million) (Php million) (B) (C) (Php million) (Php/kWh) (B) - (C) (D) Biomass 1,577 10,982 10,282 700 0.0106 Run-of-River Hydro 1,029 6,299 6,709 (410) (0.00624) Solar 70 1,112 456 656 0.0010 Wind 438 4,519 2,856 1,663 0.0253 Ocean 26 464 170 294 0.0045 TOTAL 3,140 23,376 20,473 2,903 0.0442 Notes: 1. Rate impact of the FIT after three years of effectivity of the FITS 2. Avoided cost based on the average DU Generation Cost of Php 5.25/kWh (2011) 3. Applying respective degression in the FITS

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