A.

COMPANY PROFILE

Company History and Description 1905 - The Aboitiz Groups involvement in the power sector goes all the way back to around 1918 with the Aboitiz family owning around a 20% equity stake in the Visayan Electric Company (VECO) which was then started by a group of Cebu-based businessmen. 1930 - Aboitiz patriarch, Ramon Aboitiz, purchased Ormoc Electric Light Company from the Borromeo family, the first utility the Aboitiz Group owned and managed. It was also about the same year when the Group partnered with Francisco Such to operate Jolo Power Company. 1935 - it acquired Cotabato Light and Power Company and was followed by the acquisition of Davao Light and Power Company in 1946. 1978 - the Ormoc and Jolo utilities were divested and converted into electric cooperatives. That same year, the Hydro Electric Development Corporation (Hedcor), was organized to venture into the hydroelectric power generation business. 1990 - Hedcor had a portfolio of 14 plants and 36 MW of installed capacity. 1996 - the 70-MW Bakun hydro plant was commissioned by Luzon Hydro Corporation (LHC), an Aboitiz joint venture with Pacific Hydro Pty Ltd of Australia. 2006 - In December, SN Aboitiz Power-Magat, the joint venture between AboitizPower and SN Power of Norway, bid for and subsequently awarded the 360-MW Magat hydro plant in Northern Luzon. 2007 - AboitizPower had an eventful year in 2007. In July, it became publicly listed at the Philippine Stock Exchange. In August, together with Vivant Energy Corporation of the Garcia Group, partnered with Global Business Power Corporation of the Metrobank Group to form Cebu Energy Development Corporation (CEDC) for the construction and operation of a 246-MW coal-fired plant in Cebu island. 2008 - In July, AboitizPower, through wholly owned subsidiary Aboitiz Power Renewables, Inc., (APRI) won the bid for and was awarded the Tiwi-Makban geothermal facilities. Tiwi-Makban consists of several power stations located in the provinces of Quezon, Laguna, Batangas and Albay in Luzon island. The Tiwi-Makban geothermal plants recorded a combined peak generation of 467 MW in 2009. 2009 - In October, AboitizPower, through wholly owned Therma Luzon, Inc. (TLI), bid for and was awarded an Independent Power Producer-Administrator (IPPA) contract for the output of the 700-MW coal-fired Pagbilao power plant in Quezon province. 2010 - In February and March 2010, AboitizPower through its subsidiary, Therma Mobile, assumed ownership and operations of PB118 (renamed Mobile 1) and PB117 (renamed Mobile 2), after acquiring the two power barges from PSALM for U.S.$30 million through a negotiated bid concluded last July 31, 2009. Each of the barge-mounted, diesel-powered generation plants has a generating capacity of 100 MW. PB 117 and PB 118 are moored in Nasipit, Agusan del Norte and Barangay San Roque, Maco, Compostela Valley, respectively. By May 2010, Hedcor completed the construction of its Sibulan hydro Plant B (26 MW), and its Plant A (16.5 MW) was completed in July. Sibulan Hydro power plant went on full operations in the second quarter of that year. Meanwhile, the coal-fired power plant of CEDC's coal-fired units were also finished in stages and were commissioned since the end of that same year.

2011 -In April 2011, AboitizPower entered into a Memorandum of Agreement (MOA) to bring about a corporate restructuring intended to give it sole ownership of LHC. The acquisition would allow AboitizPower to capitalize on the operating synergies gained by combining Bakun Hydro with the 10 other small to medium hydro power plants it already owns and operates in Northern Luzon. In May 2011, AboitizPower Corp., through its wholly owned subsidiary Therma Mobile, Inc., acquired four units of the barge-mounted floating power plants moored at the Fishport Complex in Navotas City (Navotas Barges) that would have an aggregate deliverable generating capacity of 242 MW. A month after that, SNAP began commercial operations of its Ambuklao plants unit 3 turbine, with the rehabilitation of the remaining two units to be completed by the 3rd quarter of 2011. Aboitiz Power Corporation (AP) was incorporated on February 13, 1998 as a holding company for the Aboitiz Group's investments in power generation and distribution. However, in order to prepare for growth in the power generation industry, AP was repositioned in the third quarter of 2003 as a holding company that owned only power generation assets. The divestment by AP of its power distribution assets was achieved through a property dividend declaration in the form of AP's ownership interests in the different power distribution companies. The property dividend declaration effectively transferred direct control over the Aboitiz Group's power distribution business to Aboitiz Equity Ventures, Inc. In 2005, AP consolidated its investments in mini-hydroelectric plants in a single company by transferring all of Hydro Electric Development Corporation's (HEDC) and Cleanergy, Inc.'s mini-hydroelectric assets into Hedcor, Inc. (formerly Benguet Hydropower Corporation). Ownership in AP was opened to the public through an initial public offering of its common shares in July 2007. AP has investments in power generation and distribution companies throughout the Philippines. Since its incorporation, the Company has accumulated interests in both hydroelectric power generation plants and thermal plants. Board of Directors and Management Board of Directors Enrique M. Aboitiz, Jr. Jon Ramon Aboitiz Erramon I. Aboitiz Antonio R. Moraza Mikel A. Aboitiz Jaime Jose Y. Aboitiz Officers Chairman of the Board Vice Chairman of the Board President & Chief Executive Officer Executive Vice President & Chief Operating Officer - Power Generation Group Executive Vice President & Chief Operating Officer - Power Distribution Group Executive Vice President Strategy and Regulation Senior Vice President Enrique M. Aboitiz, Jr. Jon Ramon Aboitiz Erramon I. Aboitiz Antonio R. Moraza Jaime Jose Y. Aboitiz Juan Antonio E. Bernad Independent Directors Jose R. Facundo Romeo L. Bernardo Jakob G. Disch

Power Marketing and Trading Senior Vice President - Treasurer First Vice President / Chief Financial Officer / Corporate Information Officer First Vice President / Chief Financial Officer - Power Generation Group Chairman of the Board Vice Chairman of the Board President & Chief Executive Officer Vice President & Chief Operating Officer Power Generation Group Executive Vice President & Chief Operating Officer Power Distribution Group Executive Vice President Strategy and Regulation Senior Vice President - Power Marketing and Trading Vice President - Treasurer First Vice President / Chief Financial Officer / Corporate Information Officer First Vice President / Chief Financial Officer - Power First Vice President - Business Development First Vice President - Business Development Vice President for Asset Management Power Generation Group First Vice President - Mindanao Affairs Vice President and Chief Financial Officer Power Distribution Group Vice President - Regulatory Affairs Vice President - Project Development Vice President for Engineer Power Distribution Group Vice President - Business Development Vice President - Marketing Vice President - Distribution Customer Services Vice President - Government Relations Vice President & IT Director - Power Generation Group Assistant Vice President - Regulatory Affairs Assistant Vice President - Business Development Assistant Vice President - Power Economics Assistant Vice President - Controller Vice President - Finance Assistant Vice President for Corporate Services Power Generation (Oil Group) Assistant Vice President for Accounting Power Generation Group (Luzon) Assistant Vice President & Controller Power Distribution Group Assistant Vice President for Procurement

Luis Miguel O. Aboitiz Gabriel T. Maalac Iker M. Aboitiz Manuel R. Lozano

Enrique M. Aboitiz, Jr. Jon Ramon Aboitiz Erramon I. Aboitiz Executive Antonio R. Moraza Jaime Jose Y. Aboitiz Juan Antonio E. Bernad Luis Miguel O. Aboitiz Senior Gabriel T. Maalac Iker M. Aboitiz Manuel R. Lozano Raymond E. Cunningham Thomas J. Sliman, Jr . Kenton E. Heuertz Manuel M. Orig Ma. Chona Y. Tiu Alvin S. Arco Wilfredo R. Bacareza, Jr. Raul C. Lucero William L. Ruccius Roland U. Gaerlan Bienamer D. Garcia Susan S. Policarpio Ana Liza M. Aleta Dennis de la Serna Nestor F. Aliman Maria P. Garcia Cristina B. BeloriaAssistant Ma. Cynthia C. Hernandez Paquita S. Tigue-Rafols Arazeli L. Malapad Carlos Copernicus S. Payot Clovis B. Racho

and Logistics - Power Distribution Group Assistant Vice President for Information Services - Power Distribution Group Assistant Vice President - Business Development AbadAssistant Vice President for Civil Site Construction Assistant Vice President for Human Resources and Quality - Power Generation Group Assistant Vice President - Trading Assistant Vice President - Marketing Assistant Vice President - Branding Assistant Vice President for Human Resources and Quality - Power Distribution Group Assistant Vice President for Special Projects Power Distribution Group Assistant Vice President for Environmental Management - Power Generation Group Assistant Vice President - Investor Relations Assistant Vice President - Legal and Regulatory Affairs Corporate Secretary Assistant Corporate Secretary

Aladino B. Borja, Jr. Ronald Enrico V. Roberto V. Orozco Ma. Kristina C.V. Rivera Crisanto R. Laset, Jr. Juan Manuel J. Gatmaitan Katrina Michaela D. Calleja Ma. Cielita C. Aiga Irwin C. Pagdalian Socorro L. Patindol M. Carmela N. Franco Katrina M. Platon M. Jasmine S. Oporto Joseph Trillana T. Gonzales

Mission and Vision Statement We in AboitizPower therefore, consider it our responsibility: - To provide reliable and ample power supply when needed. - To ensure that the supply of electricity is provided at a reasonable and competitive price. - And lastly, to accomplish the first two duties with the least possible adverse effects on our environment.

Products Offered Cleanergy, AboitizPower's brand of clean and renewable power, concretizes the company's promise of providing Better Solutions for a Better Future. It is an energy solution harnessed from the company's hydro and geothermal generation assets that will give AboitizPower consumers an option to reduce their carbon footprint and attain a more sustainable lifestyle. Cleanergy communicates AboitizPower's vision to offer an energy solution that leaves a lighter impact on Earth's climate and its limited resources, and to promote the usage of clean & renewable energy from sources that are sustainable & cleaner than fossil fuels. AboitizPower believes that it is every Filipino's right to live a sustainable life. AboitizPower provides its valued customers with the domain expertise in energy and a track record in generation,distribution and services which are second to none in the country. We offer comprehensive range of value-added services, which can address your power supply requirements and a host of energy efficiency services.

Corporate Social Responsibility AboitizPower aspires to capitalize in "values portfolio" with the same vigor as our investment portfolio through continuously and conscientiously instituting changes and improvements in our business ethos, corporate conduct and accountability standards to benefit people, society and Mother Earth. We would like to take this change further through leading by example and invoking this change in our industry on a wider scale. With that said, AboitizPower seeks to raise the bar of Corporate Social Responsibility (CSR). We believe that fulfilment of civil regulations alone is not enough to be socially responsible, that is why we make it a commitment to make a difference in the communities where we are. One way of achieving this is through engaging in infrastructure projects like street lighting and rural electrification, through our business units and in cooperation with the respective local government units. AboitizPowers subsidiaries also help its neighboring public schools through construction of classrooms, donation of computers and library kits, and in helping the schools prepare for the opening of classes in June through Brigada Eskwela. As we believe in our youth as future stewards of the country, we assist them in their education through scholarships and financial assistance. We also perform medical, dental, optical missions, circumcision drives, day care center rehabilitation, and adoption of ambulances in support of primary health. With these CSR interventions, AboitizPower hopes to spark change and make a difference starting from our own neighborhoods. "We impact the lives of millions across the country, sown take it as our responsibility not only to provide our customers with the best service that we can give in terms of power generation and distribution, but likewise to help them their communities through ventures towards sustainability." says AboitizPower president and CEO Erramon I. Aboitiz.

B. LATEST FINANCIAL STATEMENT OF THE COMPANY FINANCIAL SUMMARY (In Million Pesos) 2008 2009 2010 % change ('10 vs '09)

INCOME STATEMENT Operating revenues Operating expenses 12,243 23,174 59,551 157% 88%

(10,590) (17,718) (33,320)

Operating profit Other income (charges) Income before income tax Provision for income tax Net income before non-controlling interests Non-controlling interests Net income attributable to equity holders of the parent

1,653 3,390 5,043 (618) 4,425 (91) 4,334

5,456 945 6,401 (631) 5,770 (111) 5,659

26,232 (228) 26,004 (921) 25,083 (42) 25,041

381% -124% 306% 46% 335% -62% 343%

EBITDA

5,407

9,867

34,362

248%

FINANCIAL CONDITION Total assets Total liabilities Non-controlling interests Equity attributable to equity holders of the parent 47,272 111,341 134,557 16,580 536 30,155 76,294 571 34,476 76,823 404 57,330 21% 1% -29% 66%

RATIOS Per share (Pesos) Earnings Book Value Cash dividend to common 0.59 4.10 0.18 0.77 4.69 0.20 3.40 7.79 0.30 342% 66% 50%

Return on equity Current Dept/equity Net debt/equity

17% 2.12 0.54 (0.13)

19% 0.68 2.18 1.82

76% 2.58 1.33 0.84

289%