Investor Presentaiton

Initial Feed-in Tariffs (FITs) in Php/kWh Proposed by RE NREB Approved Developers Technology June Oct. Nov. April April 2010 2010 2010 2011 2011 Degression Rates Biomass 1/ 9.84 11.48 9.94 8.22 7.00 0.5% after 2nd year Run-of-River Hydro²/ 7.80 7.44 7.40 6.56 6.15 0.5% after 2nd year Solar³/ 22.64 23.81 20.55 19.11 17.95 6% after 1st year Wind 11.23 11.92 11.85 11.29 10.37 0.5% after 2nd year Ocean 18.52 18.52 18.52 18.52 17.65 1/ For a solid biomass project 2/ For a project with capacity between 1MW and 10MW 3/ For a ground-mounted project with more than 500kW capacity None

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