FIRSTQUARTERRESULTS

02May2019

1Q2019EBITDA*

2

*BeneficialFigures

-14%decline,mainlyofwhich…• -13%duetohigherpurchasedpowercost• -1%duetoabsenceofrevenuesfrom

ThermaMobile(TMO)

1Q2019CoreIncome

3

1Q2019NetIncome

4

BalanceSheetHighlights

5

*Total Interest Bearing Debt / Total Equity

OperatingHighlights:CapacitySalesandCapacitySoldFactorbyContractType

6

CapacitySales:CapacityContracts (MW)+EnergyContracts (MW)+[(Spot(MWh)+Ancillary(MWh)]/Days_Year/HoursDay)CapacitySoldFactor:CapacitySales(MW)/NetSellableCapacity(MW)

OperatingHighlights:RevenueandEnergySold

7

PhpMN GWh

5,698

5,340

OperatingHighlights:GrossMargin

8

InGWh

InPhp MN

OperatingHighlights:WESM

9

WESMLOADWEIGHTEDAVERAGEPRICES(P/MWh)

OperatingHighlights:WaterLevel

10

Magat’sWaterLevelvs.RuleCurve(inMASL)

OperatingHighlights:Distribution

11

BeneficialPowerSales(GWh)

Strong growth in distribution sales

BeneficialPowerSalesByCustomerType(GWh)

PeakDemandin(MW)

12

GrossMargin/kWh

OperatingHighlights:Distribution

FeederLoss

Pipelineontracktoreachourtargetof4,000MWby2020

13

ProjectUpdate

Cebu- 300MWofCoalPower

14

ProjectUpdate

ProjectUpdate

15

LaTrinidad- 19MWofHydroPower

Dinginin - 2x668MWofCoalPower

16

ProjectUpdate

NagaPowerPlantComplex

17

ProjectUpdate

18

Therma MobilesignsPowerSupplycontractwithMeralco

19

APReceivedApprovalFromPhilippineCompetitionCommission

PREV ADDTL NEW PREV ADDTL NEW% MW

GMCP 66% 12% 78% 418 77 495

GNPD 40% 30% 70% 534 401 935

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