2015 ANNUAL STOCKHOLDERS’ MEETING PRESIDENT’S MESSAGE

First Gen Corporation | www.firstgen.com.ph

AT FIRST GEN, WE CONTINUE TO DREAM AND TO DARE FOR A BETTER, MORE LIVABLE FUTURE

OUR STRATEGIC COMMITMENT IS TO SERVE THE GROWING NEEDS OF THE FILIPINO CONSUMER WITH CLEAN, AFFORDABLE ELECTRICITY

FIRST GEN IS FOCUSING ITS EFFORTS TO GROW ITS CLEAN AND RENEWABLE PORTFOLIO, AS WELL AS DEVELOP A WORLD-CLASS LNG TERMINAL

WE BELIEVE THAT MAKING DIFFICULT BUT CORRECT CHOICES WILL PAY OFF

FINANCIAL HIGHLIGHTS

FIRST GEN’S ATTRIBUTABLE NET INCOME ENDED AT US$167.3MM IN 2015, LOWER BY 13.3% DUE TO EDC’S

HIGHER NON-RECURRING GAINS IN 2014

193.2

167.3

2014

2015

EDC LIKEWISE BOOKED GAINS ON SALE OF RIG 16 AND REVERSAL OF

A PREVIOUS IMPAIRMENT PROVISION ON NORTHERN

NEGROS IN 2014

FINANCIALS FINANCIALS

IN 2014, EDC BOOKED INSURANCE CLAIMS RELATING TO DAMAGES SUSTAINED BY ITS TYPHOON-HIT

PLANTS

ATTRIBUTABLE NET INCOME (IN US$ MM)

MORE IMPORTANTLY, 2015 WAS A SOLID YEAR AS FIRST GEN’S RECURRING NET INCOME ATTRIBUTABLE TO THE

PARENT (RNI) INCREASED BY 6.6% TO US$163.0MM

152.9

163.0

2014

2015

HIGHER DISPATCH OF SANTA RITA AND SAN LORENZO IN 2015, AND LOWER BUSINESS DEVELOPMENT EXPENSES

PARTIALLY OFFSET BY LOWER RNI CONTRIBUTIONS FROM EDC AND FG

HYDRO FINANCIALS

RECURRING NET INCOME (IN US$ MM)

UNIT II (37.5 MW) OF EDC’S 112.5-MW TONGONAN WENT ON A 4-MONTH UPLANNED OUTAGE DUE TO BLADE FAILURE IN 2015

SAN GABRIEL IS EXPECTED TO START COMMERCIAL OPERATIONS IN 2H 2016

AVION IS EXPECTED TO START COMMERCIAL OPERATIONS IN 1H 2016

CONSOLIDATED REVENUES SLIGHTLY DECREASED TO US$1.8 BILLION FROM USD$1.9 BILLION IN 2014

1.9

1.8

2014

2015 THE GAS PLANTS BOOKED LOWER FUEL CHARGES FROM DECLINING

OIL PRICES

PARTIALLY OFFSET BY HIGHER REVENUES FROM EDC’S BURGOS AND GEO PROJECTS, AND HIGHER DISPATCH OF FG HYDRO

FINANCIALS

AVE. SELLING PRICE OF GAS PLANTS:

19.5%

TO PHP4.96/kWh

REVENUES (IN US$ BN)

(IN US$MM) FIRST GAS EDC FG HYDRO

2015 2014 Change 2015 2014 Change 2015 2014 Change

Revenues 1,076 1,205 11% 709 652 9% 42 37 14%

Attributable Net Income

124 121 2% 78 122 36% 8 9 1%

Recurring Net Income

118 107 10% 90 93 4% 8 12 33%

59% 39%

2%

2015 REVENUES

SANTA RITA SAN LORENZO

EDC

FG HYDRO

OPERATIONAL HIGHLIGHTS

NATURAL GAS

GEOTHERMAL

HYDRO

WIND/SOLAR

2015 WAS THEMED AN ‘EXECUTION YEAR’ TO DELIVER GROWTH PROJECTS AND SAFEGUARD EXISTING PLANTS

THE 1000-MW SANTA RITA AND 500-MW SAN LORENZO GAS-FIRED PLANTS

IN 2015, BOTH SANTA RITA AND SAN LORENZO PERFORMED STEADILY AND RELIABLY

NATURAL GAS

SANTA RITA : 7,388 GWh 17.5%

UNIT 40 RETURNED TO OPERATION AFTER MAIN TRANSFORMER BREAKDOWN IN 2014

SAN LORENZO: 3,725 GWh 7.2%

2015 GENERATION

PRUDENT PLANNING AND PROPER SCHEDULING FOR RECEIVING LIQUID FUEL ENABLED THE CONTINUED OPERATIONS OF THE GAS PLANTS

AVION IS CURRENTLY COMMISSIONING AND IS EXPECTED TO ACHIEVE COMMERCIAL OPERATIONS IN 2Q 2016

THE 97-MW AVION GAS-FIRED PLANT IN BATANGAS CITY

IN EARLY 2016, AVION’S EPC CONTRACT WITH IEG AND EPC WAS TERMINATED. A COMPLETIONS WORK CONTRACT WITH MTU BB WAS EXECUTED LAST MARCH 2016

AS OF TODAY, UNIT 2 HAS EXPORTED UP TO 47.5MW OF POWER, WHILE UNIT 1 IS CURRENTLY UNDERGOING PRE-SYNCHRONIZATION SETTINGS AND TESTING

NATURAL GAS

THE 414-MW SAN GABRIEL GAS-FIRED PLANT IN BATANGAS CITY

SAN GABRIEL WAS MECHANICALLY COMPLETED BY END-2015. ONCE IT STARTS OPERATING IN 2H 2016, IT WILL BE THE MOST EFFICIENT NATURAL GAS PLANT IN SOUTHEAST ASIA

NATURAL GAS

LAST APRIL 13, 2016, SAN GABRIEL WENT ONLINE FOR THE FIRST TIME, EXPORTING UP TO 60 MW TO THE GRID

SAN GABRIEL WILL RE-SYNCHRONIZE TO THE GRID TO ACHIEVE A FULL LOAD OF 414 MW

GEOTHERMAL OUR MAIN FOCUS IN OUR GEOTHERMAL PLATFORM WAS TO IMPROVE THE RESILIENCY AND RELIABILITY OF OUR PLANTS

GEOTHERMAL

OUTPUT IMPROVED BY 5.4% TO 7,755 GWh IN 2015

EDC COMPLETED THE 49.4-MW NASULO GEOTHERMAL PLANT IN JULY 2015

BACMAN’S RETROFIT PROGRAM INCREASED ITS CAPACITY BY

10 MW TO 140 MW

IN 2015, THE GEOTHERMAL ASSETS’ OUTPUT IMPROVED PRIMARILY DUE TO NASULO’S FULL YEAR OPERATIONS AND BACMAN’S HIGHER DISPATCH

GEOTHERMAL

EDC’S HIGHER ELECTRICITY OUTPUT IN 2015 WAS SLIGHTLY TEMPERED BY TONGONAN UNIT II’S FOUR-

MONTH UNPLANNED OUTAGE • UNPLANNED OUTAGE FROM MARCH TO JULY 2015 DUE TO BLADE FAILURE IN ITS STEAM TURBINE ROTOR

• ORDERED RETROFIT KITS IN JANUARY 2015 • REHAB PROGRAM IS EXPECTED TO INCREASE OUTPUT BY

10 MW ONCE COMPLETED IN 2H 2017

GEOTHERMAL

TONGONAN’S 37.5-MW UNIT II OUTAGE:

HYDRO DISPATCH OF THE 132-MW PANTABANGAN-MASIWAY INCREASED BY 4.2% TO 259.2 GWh IN 2015, AS A RESULT OF TWO UNEXPECTED TYPHOONS IN 4Q 2015

THE 132-MW PANTABANGAN-MASIWAY HYDRO PLANT IN NUEVA ECIJA

HYDRO

FG HYDRO’S 12-MW MASIWAY COMPLETED ITS REHAB PROGRAM TOWARDS THE END OF 2015

WIND AND SOLAR THE 150-MW BURGOS WIND PROJECT IS THE LARGEST WIND PROJECT IN THE COUNTRY

BURGOS WIND NOW ENJOYS FULL DISPATCH FOLLOWING THE COMPLETION OF THE SAN ESTEBAN TRANSMISSION LINE IN SEPT 2015

THE 150-MW BURGOS WIND PROJECT IN ILOCOS NORTE

WIND/SOLAR

THE 6.8-MW BURGOS SOLAR PROJECT IN ILOCOS NORTE

2015 WAS THE YEAR WHERE SOLAR WAS ADDED TO THE PORTFOLIO

6.8-MW BURGOS SOLAR PROJECT 4.16-MW BURGOS SOLAR: COD: MARCH 2015 FiT* RATE: PHP9.68/kWh 2.66-MW BURGOS SOLAR PHASE 2: COD: JANUARY 2016 FiT* RATE: PHP8.69/kWh

*Feed-in-Tariff

WIND/SOLAR

AS OF TODAY, EDC HAS A TOTAL SOLAR CAPACITY OF 6.8 MW

BUSINESS

DEVELOPMENT

THE TERMINAL IS IN ITS THIRD FRONT-END ENGINEERING DESIGN REVISION AND POTENTIAL PARTNERS HAVE STARTED TO BE ENGAGED

LNG TERMINAL PROJECT COST: UP TO US$1 BILLION

IN PREPARATION FOR THE MALAMPAYA FIELD’S EVENTUAL EXHAUSTION, WE PURSUED AND HEIGHTENED OUR PLANNED DEVELOPMENT OF AN LNG TERMINAL

FIRST GEN REMAINS BULLISH IN DEVELOPING ITS HYDRO PORTFOLIO. THE COMPANY IS SCALING UP ITS EXPERTISE TO START BUBUNAWAN’S CONSTRUCTION IN 2016

RUN-OF-RIVER HYDRO PROJECTS: 32-MW BUBUNAWAN 30-MW PUYO 40.5-MW TAGOLOAN

CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITY

WE REMAIN COMMITTED TO A BETTER AND INCLUSIVE FUTURE

MARINE BIODIVERSITY CONSERVATION AND PROTECTION PROGRAMS OF FIRST GEN

BINHI: EDC’S REFORESTATION OF PRIME ENDANGERED PHILIPPINE TREE SPECIES IN NEGROS ISLAND

CONSERVATION EFFORTS ON BOTH TERRESTRIAL AND MARINE SPECIES AT THE BIODIVERSITY CENTER IN PANTABANGAN-MASIWAY

SCHOOL REBUILDING PROGRAM FOR SCHOOLS DAMAGED BY TYPHOON YOLANDA

THE AGREEMENTS MADE DURING THE COP 21 HAS CHANGED THE VIEW OF GOVERNMENTS AND INDUSTRIES ON CLIMATE CHANGE

THE AFTERMATH OF SUPER TYPHOON YOLANDA IN LEYTE

FIRST GEN CONTINUES TO DEVELOP CLEANER SOURCES OF ENERGY. THE COP 21, AS WELL AS THE PARTICIPATION OF 198 COUNTRIES, ONLY REAFFIRMS OUR COMMITMENT

-World Bank Group President Jim Yong Kim at COP 21 in Paris

“We welcome the historic agreement that has just been reached in Paris. The world has come together to forge

a deal that finally reflects the aspiration, and the seriousness, to preserve our planet for future generations.

We called for strong ambition, for remarkable partnerships, for mobilization of finance, and for implementation of

national climate plans. Paris delivered. Now the job becomes our shared responsibility.”

-World Bank Group President Jim Yong Kim at Climate Action 2016

Summit in Washington, DC

“We have no time to waste. Delay is not an option. We have to wake up once again from the fog of

success – political successes must lead quickly to action and implementation.”

SUSTAINABILITY IN BUSINESS IS NOT JUST ABOUT THE FINANCIAL IMPACT, BUT ABOUT THE ENVIRONMENTAL AND SOCIAL IMPACT AS WELL

WITH SUSTAINABILITY IN MIND, FIRST GEN CONTINUES TO PRIORITIZE INVESTMENTS IN CLEAN AND AFFORDABLE ELECTRICITY

FIRST GEN WILL CONTINUE TO REMAIN RELEVANT, EFFECTIVE, PIONEERING AND SMART … IN MOVING TOWARDS A DECARBONIZING WORLD

FIRST GEN CONTINUES TO CARE…WE

WILL CONTINUE TO DARE TO MAKE POSITIVE CONTRIBUTIONS

2015 ANNUAL STOCKHOLDERS’ MEETING PRESIDENT’S MESSAGE

First Gen Corporation | www.firstgen.com.ph