EDC Lists PHP10 Billion Second Tranche Fixed Rate ASEAN Green Bonds

Decarbonizing PH through EDC's ASEAN Green Bonds: EDC President and COO Jerome H. Cainglet led the ceremony (right of center) with (from left) Ryan Martin L. Tapia, President - China Bank Capital Corporation, Virgilio O. Chua, President & CEO - SB Capital Investment Corporation, Ma. Theresa B. Ravalo, President & CEO - Philippine Depository & Trust Corp., Erwin O. Avante, Senior Vice President & CFO - EDC, Roland Gerard R. Veloso, Jr., President- BPI Capital Corporation, Barbara May M. Billano, First Vice President - BDO Capital & Investment Corporation, and Antonino A. Nakpil, President & CEO - Philippine Dealing & Exchange Corp.

On May 27, 2024, Energy Development Corporation (EDC) listed PHP10 billion Fixed Rate ASEAN
Green Bonds, the second tranche of its PHP15 billion ASEAN Green Bonds shelf registration, in
the Philippine Dealing & Exchange Corp. (PDEx). The PHP5 billion first tranche bonds were issued and listed on June 25, 2021.

EDC President and COO Jerome H. Cainglet led the ceremony attended by representatives [from the Securities and Exchange Commission (SEC) Markets and Securities Regulation Department, namely, Director Oliver O. Leonardo, and] from the PDEx led by its President and CEO Antonio A. Nakpil, as well as by the senior management and representatives from EDC’s transaction partners, agents and counsels.

Due to strong investor demand for the second tranche bonds, the issuance was more than 7x
subscribed over its PHP6 billion base issue size, allowing EDC to exercise the oversubscription
option and raise an additional PHP4 billion. The second tranche bonds were priced at the lowest end of the credit spread range, fetching rates of 6.7478%, 6.8873% and 7.0626% for the 3-year, 5-year, and 7-year series, respectively.

“As we are all feeling the past few weeks, the Philippines is experiencing dangerously high heat
indices. This has led to a surge in electricity demand, particularly for cooling, which has significantly reduced our reserve levels and has put upward pressure on electricity prices. We
look forward to adding renewable energy capacity to address these and, through the green
bonds, present the public with the opportunity to participate in financing clean and renewable
energy projects in line with our company’s mission of forging collaborative pathways for a
decarbonized and regenerative future,” said Cainglet.

The SEC issued the Permit to Sell for the second tranche bonds on May 10, 2024. Both the existing first tranche bonds and the second tranche bonds have been rated PRS Aaa, with a stable outlook, by the Philippine Rating Services Corporation in its credit ratings report dated March 19, 2024.

BDO Capital & Investment Corporation (“BDO Capital”) and BPI Capital Corporation (“BPI
Capital”) acted as Joint Issue Managers, and BDO Capital, BPI Capital, China Bank Capital
Corporation (“Chinabank Capital”), and SB Capital Investment Corporation (“SB Capital”) acted
as the Joint Lead Underwriters and Joint Bookrunners. Meanwhile, RCBC Trust Corporation and
RCBC Capital Corporation were the Trustee, and the Selling Agent, respectively, for the

EDC is the largest pure renewable energy company in the Philippines, operating 1,170 MW of
geothermal, 150 MW of wind, 132 MW of hydroelectric power, and 12 MW of solar power
plants— for a total of 1,464 MW of clean and renewable energy. Recognized as a world leader
in wet steam field technology, the Company operates in various locations in the Philippines,
including in Bicol, Leyte, Negros Island, and Mindanao. EDC, through its subsidiaries, also
operates a combined wind and solar farm located in Burgos, Ilocos Norte, and has substantial
hydropower assets located in Nueva Ecija.

EDC accounts for 18% of the country’s total installed renewable energy capacity and comprises
60% of the country’s total installed geothermal capacity, based on the Philippines’ 2022 total
installed capacity figures as published in the DOE 2003-2022 Power Statistics report. It has put
the Philippines on the map as the 3rd largest geothermal producer in the world.##