Energy Development Corporation

38th Floor, One Corporate Centre Building, Julia Vargas corner Meralco Avenue Ortigas Center, Pasig 1605, Philippines

Trunklines: +63 (2) 667-7332 (PLDT) / +63 (2) 755-2332 (Globe)

May 9, 2017

JOSE VALERIANO B. ZUÑO III

OIC-HEAD, Disclosures Department The Philippine Stock Exchange, Inc. Philippine Stock Exchange Plaza

Ayala Triangle, Ayala Avenue, Makati City

Dear Mr. Zuño:

We write in compliance with the PSE's request for clarification with respect to the attached news article entitled "EDC allocates P7-billion capex to improve its steam plants" posted in BusinessMirror (Internet Edition) on May 8, 2017. The article reported in part that:

". . . .

EDC CFO Nestor Vasay said the company will post a 'modest single digit' increase in profit and revenue this year after it reported on Monday P3.25 billion in consolidated recurring net income attributable to equity holders (RNIA) of the parent company for the first quarter of the year.

. . . ."

We confirm that all statements quoted in the news article are accurate.

cc: VINA VANESSA S. SALONGA

Head - Issuer Compliance and Disclosure Department (ICDD) Philippine Dealing & Exchange Corp.

Energy Development Corporation published this content on 15 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 15 May 2017 09:17:09 UTC.

Original documenthttp://www.energy.com.ph/wp-content/uploads/2017/05/5-9-17-Clarification-of-news-article-entitled-“EDC-allocates-P7-billion-capex-to-improve-its-steam-plants”.pdf

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