EDC COMPANY PRESENTATIONJANUARY 2015

This presentation contains certain “forward looking statements.” These forward looking statements include words or phrases such as EDCor 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 lookingstatements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by therelevant forward-looking statement. Such forward looking statements are made based on management’s current expectations or beliefs aswell as assumptions made by, and information currently available to, management. EDC does not make expressed or impliedrepresentations or warranties as to the accuracy and completeness of the information contained herein and shall not accept anyresponsibility or liability (including any third party liability) for any loss or damage, whether or not arising from any error or omission incompiling such information or as a result of any party’s reliance or use of such information. The information and opinions in thispresentation 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 thispresentation is a summary only and is prepared for discussion purposes and is not a complete record of the discussions. This presentationshall 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 orjurisdiction 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 investmentexpertise to understand the risks involved. Prospective investors should undertake their own assessment with regard to their investmentand they should obtain independent advice on any such investment’s suitability, inherent risks and merits and any tax, legal and accountingimplications which it may have for them.

DISCLAIMER

5 Power Industry Overview

EDC MANAGEMENT TEAM - PHILIPPINE CORPORATE DAY TOKYO 2015

RICHARD B. TANTOCOPresident and Chief Operating Officer

ERWIN O. AVANTEVice President for Corporate Finance and Compliance Officer

ERUDITO S. RECIOInvestor Relations and Corporate Information Officer

7 Key Investment Highlights

Wind concessions acquired with ~543 MW capacity

TOP REASONS FOR INVESTING IN EDC -- A GLOBAL DIVERSIFIED RENEWABLE POWER COMPANY

100%Successfullyacquired power plants inside its geothermal concessions

1 of 11 light bulbs

EDC accounts for 9% of the Philippine’s electricity production

Largest vertically integrated geothermal company globally

DomaineExpertise

Contract-based Cash Flows

Track Record of Growth

FavorableIndustry

Dynamics

Strong Credit & Investment

Profile

Into geothermal, hydro & wind and now diversifying into solar energy

YEAR

2031Concession agreements

start expiring

5

RE Act of 2008Provides

regulatory support

10% Income Tax 7-year ITH Feed-in-Tariff (FIT)

Geothermal is

11% of Installed capacity

YTD 3Q’14 Highlights

RevenuesPhp23.0 billon

RNIPhp8.0 billion

EBITDA (TTM)Php17.2 billion

Revenue derived

from contract tenors of greater than 6 years

64%

92%Revenue derived from long-term

contract agreements

Concessions acquired in Chile & Peru

Managing Financial Risks

Interest rate on

81% of loans are fixed

44% of revenues are US$ indexed

4.9 yrs. loan life

6.6% Interest cost

Geothermal provides

13%of electricity production

in the Philippines

Robust Growth

Domestic Expansion

Install ~180MW ofgeothermal capacity

Overseas Expansion Drill wells in

Mariposa, Chile by 2015

10

8 Key Investment Highlights

Domaine Expertise

Plant Type Manufacturer

150.0MW Burgos Wind Vestas

4.0MW Burgos* Solar Juwi

120.0MW Pantabangan Hydro Andritz

12.0MW Masiway Hydro Toshiba

110.0MW Bacman I Geothermal Toshiba/Alstom

20.0MW Bacman II Geothermal Mitsubishi

112.5MW Tongonan Geothermal Mitsubishi

112.5MW Palinpinon I Geothermal Fuji

60.0MW Palinpinon II** Geothermal Fuji

125.0MW Upper Mahiao Geothermal GE/Ormat/Kato

232.5MW Malitbog Geothermal Fuji

180.0MW Mahanagdong Geothermal Toshiba

50.9MW Optimization Geothermal Various

49.4MW Nasulo Geothermal Fuji

52.0MW Mindanao I Geothermal Mitsubishi

54.0MW Mindanao II Geothermal Mitsubishi

1

1

1

2

3

3

Note: * under development **20 MW Nasuji Power Plant placed on preservation

1,441 MW1,159MWGeothermal

150MWWind132MWHydro

4MWSolar (under development)

% share7% of Installed Capacity9% of Electricity Produced

EDCAT A

GLANCE

2

COMPANYCAPACITY (in MW)

STEAM PLANT

1 EDC 1,159 1,159

2 Comision Federal de Electricidad 958 958

3 Enel Green Power 915 915

4 Chevron 1,329 887 *

5 Ormat 689 749

Source: Bertani, Ruggero, 2010: Geothermal Power Generation in the World 2005-2010 Update Report

Note: * Not included is the 442 MW operated by the Indonesian Government through PLN

TOP 5 GEOTHERMAL COMPANIES

EDC IS THE LARGEST VERTICALLY INTEGRATED GEOTHERMAL COMPANY GLOBALLY

Wind

Hydro

Solar

Geothermal (EDC Subsidiary)

Geothermal (Integrated)

OfficesPhilippines Chile Indonesia Peru

1

1

1

2

3

1

3

2

1

1

9 Key Investment Highlights

Domaine Expertise

GEOTHERMAL IS NOT NEW TO JAPAN

With 21 power plants in 18 geothermal sites, Japan’s total installed geothermal capacity is ~537 MW, i.e. representing ~0.3% of total country electricity production

Source: The Geothermal Research Society of Japan

Operated by Power Plants MW Year

Tohoku Electric Power Co. Sumikawa 50.00 1995

Tohoku Electric Power Co. Matsukawa 23.50 1966

Tohoku Electric Power Co. Kakkonda 1& 2 80.00 1978/ 1995

Tohoku Electric Power Co. Uenotai 28.80 1994

Tohoku Electric Power Co. Yanaizu-Nishiyama 65.00 1995

Tohoku Electric Power Co. Hachijo-jima 3.30 1999

Kyushu Electric Power Co. Takigami 25.00 1996

Kyushu Electric Power Co. Otake 12.50 1967

Kyushu Electric Power Co. Hatchobaru 1 & 2, binary 112.00 1977/1990/2006

Kyushu Electric Power Co. Ogiri 30.00 1996

Kyushu Electric Power Co. Yamagawa 30.00 1995

Hokkaido Electric Power Co. Mori 50.00 1982

Mitsubishi Materials Corp. Onuma 9.50 1974

J Power Onikobe 15.00 1975

Suginoi Hotel Suginoi 1.90 1981

Kojyu Kanko Hotel Kuju 0.99 1998

Hirose Trading Co., Inc. Takenoyu 0.10 1991

Daiwabo Kanko Co., Inc. Kirishima-kokuksai 0.10 1984

TOTAL 537.69

* Stopped/Closed operationsSource: The Geothermal Research Society of Japan and Global Energy Observatory

10 Key Investment Highlights

Contract-based Cash Flows

EDC GENERATES STRONG AND ROBUST CASHFLOWS AT BOTH PARENT AND SUBSIDIARY LEVELS

First Gen Hydro Power Corporation (FGHPC)

120.0 MW Pantabangan12.0 MW Masiway

60%

EDC Wind Energy Holdings Inc.

100%

EDC Hong Kong Limited

100%

EDC Geothermal Corporation (EGC)

100%

172.5 MW Palinpinon (2)

112.5 MW Tongonan

Green Core Geothermal Inc. (GCGI)

100%

110.0 MW Bac-Man I20.0 MW Bac-Man II

Bac-Man Geothermal Inc. (BGI)

100%

(1)

• 743.8 MW Power Plants 588.4 MW Unified Leyte

Power Project 106.0 MW Mindanao Power

Project 49.4 MW Nasulo Power

Project

(1) Formerly First Luzon Geothermal Energy Corporation (FLGEC)(2) 20 MW Nasuji Power Plant to be placed in preservation

Lopez Group IFC GIC Public

E: 50.18 % V: 50.59%E: 1.69 % V: 1.12 % V: 3.33 %E: 4.99 % V: 44.96 %E: 43.14 %

EDC Burgos Wind Power Corp. (EBWPC)

150.0 MW Burgos(Under Development)

International Expansion

• Chile• Peru• Indonesia

100% 95/100%EDC

Parent(3)

3,290 31%

EGC6,640 63%

FGHPC614 6%

EDC Parent (3)

5,801 59%EGC

7,391 75%

FGHPC1,084 11%

EDC Parent (3)

6,646 44%

EGC 7,294 48%

FGHPC1,465 6%

(2) All figures in PHP millions as of Sept. 30, 2014(3) EDC Parent figures include the Company’s other subsidiaries

22,982

EBITDA (2) as of Sept. 2014

14,275

Net Income (2) as of Sept. 2014

10,544

Revenues (2) as of Sept. 2014

11 Key Investment Highlights

Contract-based Cash Flows

WESM, 1,909

NGCP, 593

DU, 10,370

NPC, 10,111

SPOT8%

1-2 YRS21%

3-5 YRS7%

>6 YRS64%

22,983

LIMITED EXPOSURE TO VOLATILE SPOT MARKET

LONG-TERM CONTRACTUAL AGREEMENTS

(1) Consolidated revenues as of Sept. 30, 2014

TERM STRUCTURE OF CONTRACTS(1)

In PHP Millions

2031Geothermal Renewable Energy Service Contract

CO

NC

ESSI

ON

Power Purchase Agreements (sovereign)

Power Supply Agreements (commercial)ELEC

TRIC

ITY 2022/24

2022

SPOT 1-2 YRS 3-5 YRS >6 YRS

WESM 8% - - -NGCP - 3% - -DU - 18% 7% 20%NPC - - - 44%

2031year concession agreements start expiring

92%revenue from long-term contracts 64%

revenue from contract tenors of >6 yrs 44%

expanded revenue base from non-NPC clients

12 Key Investment Highlights

Track Record of Growth

• Limited to steam field operations (+) 125.0 MW

Upper Mahiao

(+) 49.4 MW

N. Negros

(+) 463.4 MW

Mahanagdong,Malitbog, and Optimization

(+) 132.0 MW

Pantabangan– Masiway

• Acquired geothermal concessions overseas

(-) 49.4 MW

N. Negros

(-) 20.0 MW

Botong

(+) 150.0 MW

Bac-Man I & II

(+) 106.0 MW

Mindanao I & II

(+) 305.0 MW

Palinpinon & Tongonan

SIGNIFICANT PORTFOLIO EXPANSION SINCE PRIVATIZATION

STEAMFIELD OPERATOR STEAMFIELD AND POWER PLANT OPERATOR

2007 2008 2009 2010 2011 201220061976 - 2005

current (MW) 0 125 513 132 411 150 (69) 0 0 179

cum. (MW) 0 125 638 770 1,181 1,331 1,262 1,262 1,262 1,441

2007-2013 (CAGR)

Revenues 5.1%EBITDA 7.2%Net Income 7.1%

2013 2014

(+) 49.4 MW

Nasulo

(-) 20.0 MW

Nasuji

(+) 150.0 MW

Burgos

19,007

29,902*

10,324

17,815*

8,7689,711*

*Bloomberg estimates

13 Key Investment Highlights

Strong Credit & Investment Profile

DELIVERING SUPERIOR FINANCIAL AND OPERATING RESULTS TO STAKEHOLDERS

-

3,000

6,000

9,000

12,000

5,245(1)

9,895

7,458(2)

6,400

7,980

9,711

RECURRING NET INCOME

-

6,000

12,000

18,000

24,000

30,000

36,000

24,551

28,369

25,656

19,783

22,982

29,902

CONSOLIDATED REVENUES

1) P1.2 B forgone steam revenues resulting from EDC’s acquisition of the Bacman power plants2) P2.7 B lower revenues mainly from ancillary services

90% of FY 2013

107% of FY 2013

14 Key Investment Highlights

Growth Projects

EDC SUCCESSFULLY DELIVERED ON ITS 2014 STRATEGIC OBJECTIVES

OUTPUT 382 GWH

REVENUES Php2.0 B

OUTPUT 968 GWH

REVENUES Php4.8 B

OUTPUT 326 GWH

REVENUES Php2.8 B

4.50

5.00

5.50

6.00

6.50

7.00

7.50

8.00

8.50

9.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

8.00

8.50

9.00Price Price

1

2

3

Bloomberg2015 EPS (est.) 0.6752016 EPS (est.) 0.732

130.0 MW Bacman plants have returned to service

150.0 MW Burgos wind starts commissioning Nov. 5, 2014

49.4 MW Nasuloplant starts commissioning runs April 2014

5th Best Performing (PSEi)2014 High : 8.472014 Low : 5.12

2013year-end : 5.332014year-end : 8.20% Change : 53.85%

EBITDA CONTRIBUTION OF GROWTH PROJECTS WILL DRIVE ROBUST 2015 FINANCIAL RESULTS

15 Key Investment Highlights

Growth ProjectsBURGOS WIND FARM WINS GLOBAL AWARD…

Asia-Pacific Renewables Deal of the Year Burgos

A landmark transaction

being…

• the first wind farm project financing in the Philippines to reach financial close

• the first to be banked under the country’s new feed-in tariff regime

“Achieving financial close indicates growing confidence and an increasingly sophisticated view of the Philippine market by

both international and local lenders” – Yearbook 2015 Project Finance International

Project Sponsor

• Energy Development Corporation

16 Key Investment Highlights

Growth Projects

EDC’S GROWTH AGENDA

305 MW Palinpinon-Tongonan acquired in 2009

130 MW Bacmanacquired in 2010

• Bid for Unified Leyte IPPA in 2014

Bid for Mindanao 1 & 2 IPPA in 2014

150 MW Burgos Wind commissioned in 4Q’14

• Wind measurement studies is on-going in 9 other concessions

• Potential 4MW solar

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

1 2

3 4

ACQUIRE DEVELOP

CONQUERDIVERSIFY

Win key government geothermal privatization projects

Install 180MW of local geothermal capacity to address

new demand

Establish viable operations in

Asia, Latin America, and Africa

Build 200MW of wind capacity, while expandingRE portfolio

49.37 MW Nasulocommissioned in Sept. 2014

• 6 MW NNGP Plant development is on-going

• 180 MW for commissioning by 2018

2015 STATUS 2015 STATUS

17 Key Investment Highlights

Favorable Industry Dynamics

Geothermal13%

Hydro13%

New Re0%

Coal43%

Natural Gas25%

Oil Based6%

2013 POWER STATISTICS OF THE PHILIPPINES

Source: DOE

11%Geothermalas a % of Installed Capacity

13%Geothermalas a % of Electricity Production

Fuel TypeInstalled

Capacity (MW)

Coal 5,568Hydro 3,521Oil-based 3,353Geothermal 1,868Natural Gas 2,862New RE 153

Total 17,325

GEOTHERMAL ENERGY IS A STRATEGIC ENERGY RESOURCE FOR THE PHILIPPINES

Renewable26%

Conventional74%

-

2,000

4,000

6,000

8,000

10,000

12,000

Geothermal Coal Natural Gas Hydro Oil Based/Gas Turbine

5.60–7.60 P/kWh4.22 P/kWh

3.68 P/kWh 4.80–5.00 P/kWh

1.87 Php/kWh(2)

5.16 Php/kWh

14.14Php/kWh

2013Peak Demand: 8,283 MW

2013 Required Reserve: 10,105 MW

Ave. dependable capacity (MW)

LUZON DISPATCH AT FULL COST (1) WITH VAT

NOTES: 1) Quoted production costs were derived from estimated weekly cost of Luzon grid power plants at 83% capacity factor as of August 29 2013, VAT inclusive

2) Despite P 1.87/kWh production cost, hydro capacity is still used for peaking because these are not run-of-river types used for base load. Only Casecnan is run-of-river

18 Key Investment Highlights

Growth Projects

REPLICATING BACMAN’s RETROFIT PROGRAM INTO BOTH TONGONAN IAND PALINPINON I ... LIFE EXTENSION YIELDS ADDITIONAL BENEFITS

TURBINE Retrofit

30 year old design with associated reliability issues

GENERATOR Retrofit

30 year old design with associated reliability issues

1 2

EDC REALIZES EFFICIENCY GAINS WITH NEW TECHNOLOGY AND ACHIEVES LIFE EXTENSION FOR LEGACY POWER GENERATING ASSETS

3Q ‘16 Jan ‘15

Tongonan retrofit kit order date

Target COD for Tongonan

2017

Palinpinon retrofit kit order date

2H ‘15

Target COD for Palinpinon

Efficiency Gains

Electricity Production 10.00%

Steam Consumption 9.75%

Bacman Retrofit Program

19 Key Investment Highlights

Growth Projects

LOCAL GEOTHERMAL PROJECTS WILL BE THE MAIN SOURCE OF GROWTH IN THE MEDIUM TERM

DONE EXECUTIONADVANCED EXPLORATION

RESOURCECONFIRMATION

POWER PLANTRETROFIT

1

1

3

1

1

2 5

4

6

73

PROJECT CAPACITY 2014 2015 2016 2017Beyond

2018

Nasulo* 49 MW X

Burgos Wind 150 MW X

No. Negros 6 MW X

Burgos Solar 4 MW X

Bacman 3** up to 30 MW X

Nasuji up to 20 MW X

Botong-Rangas** up to 40 MW X

Mindanao 3 50 MW X

Pagudpud Wind X

Bacman 10 MW X

Tongonan ~12 MW X

Palinpinon ~12 MW X

Kayabon 50 MW X

Dauin 40 MW X

2

3

4

5

6

7

FRONTIER AREAS (GEOTHERMAL)

Mandalangan, Negros Occidental

Lakewood, Zamboanga del Sur

Ampiro, Misamis Occidental

Balingasag, Misamis Oriental

Mt. Zion, North Cotabato

Note: *20 MW Nasuji Power Plant placed on preservation**Resource sustainability assessment is on-going

2

2

2

1

1

1

2

3

1

4

4

FRONTIER AREAS (WIND)

Bayog I (Burgos I)

Pagali (Burgos II)

Iloilo 1

Iloilo 2

Matnog 1

Matnog 2

Matnog 3

Negros

1

2

21

20 Key Investment Highlights

Growth Projects

EDC SEIZED THE OPPORTUNITY AND NOW HOLDS STAKES IN UP TO 5 CONCESSIONS AND 19 APPLICATIONS

Exploration DrillingEstimate: USD 30 MM

Target COD

Q4 ‘15 Q2 ‘20

Site DevelopmentBudget: USD 15 MM

Q1 ‘14

WE ARE NOW EXECUTING AN EXPLORATION DRILLING PROGRAM IN MARIPOSA, ONE OF THE MOST ADVANCED GEOTHERMAL PROJECTS IN CHILE

* 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)

LATIN AMERICA

Company(Entry into LatAm)

Granted Sites* Applications

Peru Chile Peru Chile

Alterra Power Corp 1 2 8 0

Hot Rock Ltd 2 0 3 0

EDC Applied/Bid Sites 0 0 4 4

TOTAL 3 2 15 4

GRAHO NYABU GEOTHERMAL PROSPECT

Results from EDC’s completed survey activities for GrahoNyabu in Sumatra shall be used by Indonesian Ministry ofEnergy and Mineral Resources for its upcoming tender ofthe Graho Nyabu concession

Currently, in partnership discussions with a geothermalconcession holder for a JV in one of their geothermal sites(~ 220 MW at an ~ US 1.0 billion development cost)

INDONESIA

Prospect Temp (deg C)Resource

ProbabilityArea(km2) MWe

Achumani Project (Peru)

250-320 P90 7 70P50 26 260P10 70 700

Quello Apacheta Project(Peru)

220-240 P90 6 55

P50 17 168

P10 49 487

Tutupaca Project(Peru)*

*Under EDC application

220-290 P10 - -

P50 27 270

P10 40 400

Mariposa Project(Chile)

250-290 P90 10 105

P50 15 155

P10 21 210

~760to

1,800

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