Investor Presentaiton

Power price P/kWh FIT Support until Grid Parity is Reached Price of non-RE power rises due to: - - Increase in oil and coal prices¹ - A price on carbon Environmental externality costs Consumers are "hedged" against future price increases RE FIT price increases with CPI and FOREX 20 Year life of RE power plant (Years) FIT All is an Investment to prepare for wider RE deployment only 1 For a coal plant, a US$10 increase in the price of coal results in a ~21 Centavo /kWh increase in its electricity price. Panay Power Plant approved tariff at Php 8.00/kWh.

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