ANNUAL STOCKHOLDERS’ MEETINGMAY 16, 2012

FIRST GEN’S PORTFOLIO OF 2,763 MW COMPRISES 18% OF THE COUNTRY’S TOTAL INSTALLED POWER GENERATION CAPACITY

1

Power Portfolio (MW)

HYDRO134

NATURAL GAS1,500

GEOTHERMAL1,129

FIRST GEN CONTINUES TO BENEFIT FROM THE HIGH AVAILABILITY AND RELIABILITY OF SANTA RITA AND SAN LORENZO GAS PLANTS

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Santa Rita and San Lorenzo combined was the highest dispatched plant in the Luzon grid

Hours without lost time incident

First Gas 3 million man hours

O&M Contractor (Siemens Power)

5 million man hours

First Gas plants’ level of safety reached new highs

0%20%40%60%80%

100%

2010 2011

82.7%89.2%90.2% 95.6%98.1% 99.3%

Santa Rita / San Lorenzo Combined

Capacity Factor Availability Reliability

PANTABANGAN-MASIWAY’S REHABILITATION AND UPGRADE RAISED THE PLANT’S TOTAL CAPACITY BY OVER 20 MW TO 132 MW

3

PANTABANGAN-MASIWAY SOLD 511 GWH IN 2011 THROUGH BILATERAL CONTRACTS, ANCILLARY SERVICES, AND THE WHOLESALE ELECTRICITY SPOT MARKET (WESM)

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Bilateral Contracts

49%Ancillary Services

44%

WESM7%

PANTABANGAN-MASIWAY GWH SALES

EDC GENERATED A TOTAL OF 6,847 GWH AND REPORTED REVENUE INCREASE OF PHP1.6 BILLION TO PHP24.6 BILLION IN 2011

Unified Leyte56%Mindanao I

and II12%

Tongonan I9%

Palinpinon I and II19%

Pantabangan-Masiway

4%

EDC GWH SALES

5

THE NORTHERN NEGROS GEOTHERMAL PROJECT (NNGP) WAS DECOMMISSIONED AND AN IMPAIRMENT PROVISION WAS BOOKED FOR THE REMAINING VALUE OF THE ASSETS

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Year Impairment Provision(Php Billion)

2011 5.0

2010 3.4

2009 0.4

Total 8.8

EDC IS ALREADY WORKING ON A PROGRAM TO TRANSFER THE EXISTING POWER PLANT TO EDC’S CONCESSION IN PALINPINON BY 2014

130 MW Bacon-Manito

IN 2011, EDC CONTINUED TO PURSUE THE REHABILITATION OF THE PALINPINON, TONGONAN, AND BACON-MANITO POWER PLANTS

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112.5 MW Tongonan

192.5 MW Palinpinon

FIRST GEN’S CONSOLIDATED REVENUES ROSE BY 9.6% TO US$1.4 BILLION IN 2011

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-200 400 600 800

1,000 1,200 1,400

2010 2011

1,244 1,364

First Gen Consolidated Revenues (US$MM)

Revenues increased due to higher dispatch and fuel prices of Santa Rita and San Lorenzo plants.

9.6%

FG HYDRO GENERATED HIGHER REVENUES BY 12.6% TO PHP2.4 BILLION IN 2011

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-

500

1,000

1,500

2,000

2,500

2010 2011

2,140 2,408

FG Hydro Revenues (PHP MM)Total revenues increased due to additional electricity sales via ancillary services which accounted for 44% of total revenues of FG Hydro.

12.6%

EDC ALSO REPORTED IMPROVED ELECTRICITY REVENUES BY 7.0% TO PHP24.6 BILLION IN 2011

10

-

5,000

10,000

15,000

20,000

25,000

2010 2011

22,944 24,551

EDC Electricity Revenues (PHP MM)

7.0%

The increase was due to higher revenues from Palinpinon and Tongonan’s bilateral power contracts and WESM sales.

However, foregone steam revenues amounted to Php1.2 billion following EDC’s acquisition of BacMan

FIRST GEN REPORTED AN ATTRIBUTABLE NET INCOME TO THE PARENT OF US$35 MILLION IN 2011

020406080

2010 2011

70.2

35.0

Net Income Attributable to Parent (US$MM)

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The lower income contribution from EDC was due to the Php5 billion non-cash impairment on NNGP, and foregone steam revenues of Php1.2 billion following the acquisition of BacMan in Sep 2010

020406080

2010 2011

52.5

9.3

EDC’s contribution to net income (US$MM)

50.1%

IMPROVED EARNINGS FROM FIRST GAS AND FG HYDRO COMBINED WITH REDUCED OPERATING AND FINANCING COSTS HELPED OFFSET EDC’S LOSSES

12

0

20

40

60

80

2010 2011

78.1 79.2

First Gas’ contribution to net income (US$MM)

0

20

40

60

80

2010 2011

9.924.8

FG Hydro’s contribution to net income (US$MM)

FG Hydro’s contribution to First Gen’s net income rose as it generated supplemental earnings from additional electricity sales through ancillary services

FIRST GEN’S RECURRING ATTRIBUTABLE NET INCOME ROSE BY 45.7% TO US$83.1 MILLION IN 2011

13

0

20

40

60

80

100

2010 2011

57.083.1

Recurring Net Income Attributable to Parent (US$MM)

The improvement was due to the increase in revenues from ancillary services and reduction of interest expense

45.7%

THE REDEMPTION AND BUYBACK OF FIRST GEN’S CONVERTIBLE BONDS AND PREPAYMENT OF UNIFIED’S DEBT REDUCED THE COMPANYS CONSOLIDATED INTEREST EXPENSE

14

-50

100 150 200 250 300

2010 2011

260

70

Buyback, 117.5

Put Option, 72.5

Convertible Bond Outstanding (US$MM)

CB Outstanding

40.0%

3.1%3.9%

FGEN Ownership of EDC

Public Original AcquisitionCall Option Exercised Shares bought in the market

AS OF 31 DEC 11, FIRST GEN HAD INCREASED ITS OWNERSHIP IN EDC TO 47%* OF THE COMPANY’S COMMON SHARES

15* As of 31 Mar 12, First Gen’s economic stake in EDC is 48.8%.

FIRST GEN’S CONSOLIDATED REVENUES FOR THE FIRST QUARTER OF 2012 ROSE BY 23% TO US$391 MILLION

16

0

100

200

300

400

1Q11 1Q12

317.3390.6

Consolidated Revenues (US$MM)

23.2%

The increase was due to the higher earnings from EDC and FG Hydro, and higher gas prices in the first quarter of 2012

IN 2012, FIRST GEN’S 1ST QUARTER NET INCOME INCREASED BY 171% TO US$52 MILLION

17

0

20

40

60

1Q11 1Q12

19.2

52.1

Net Income Attributable to Parent (US$MM)

The improvement was due to the higher income contribution from Palinpinon-Tongonanplants and FG Hydro’s ancillary services

171.4%

0

20

40

60

1Q11 1Q12

12.723.4

EDC’s contribution to net income (US$MM)

0

20

40

60

1Q11 1Q12

2.917.8

FG Hydro’s contribution to net income (US$MM)

FIRST GEN’S RECURRING ATTRIBUTABLE NET INCOME FOR THE FIRST QUARTER OF 2012 ROSE BY 187% TO US$47 MILLION

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0

10

20

30

40

50

1Q11 1Q12

16.5

47.2Recurring Net Income Attributable to Parent

(US$MM)

187.1%

FIRST GEN REMAINS STRONGLY COMMITTED TO GROWTH AS THE COMPANY DEVELOPS NEW GAS, HYDRO, WIND AND GEOTHERMAL PROJECTS

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550 MW San Gabriel, Batangas (adjacent to Santa Rita/San Lorenzo)40% stake of BG plc in First Gas

30 MW Puyo River, Agusan del Norte23 MW Bubunawan River, Bukidnon

86 MW Burgos wind, Ilocos

EDC Geothermal Expansions

EDC ALSO TOOK SIGNIFICANT STEPS IN BECOMING A GLOBAL LEADER IN GEOTHERMAL ENERGY

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FIRST GEN CONTINUES TO SUPPORT THE GOVERNMENT’S PROGRAM BY PARTICIPATING IN BIDS FOR ASSETS UNDER PRIVATIZATION

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FIRST GEN IS LOOKING FORWARD TO HARNESSING LIMITLESS OPPORTUNITIES