Investor Presentaiton

Indicative Rate Impact of the FIT in 2014 Avoided Cost based on Average WESM Price Technology RE Generation (GWh) FIT Payments Avoided Cost Rate Impact Rate Impact of the FIT of the FIT (A) (Php million) (Php million) (B) (Php million) (Php/kWh) (C) (B) - (C) (D) Biomass 1,577 10,982 8,301 2,682 0.0412 Run-of-River Hydro 1,029 6,299 5,419 880 0.0135 Solar 70 1,112 369 743 0.0114 Wind 438 4,519 2,306 2,214 0.0340 Ocean 26 464 138 325 0.0050 TOTAL 3,140 23,376 16,533 6,843 0.1050 Notes: 1. Rate impact of the FIT after three years of effectivity of the FITS 2. Avoided cost based on the average WESM price of Php 4.50/kWh (2010) 3. Applying respective degression in the FITS

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