Manila Electric Company announced that it has given reply to the Securities and Exchange Commission's (SEC) letter dated October 5, 2022 requiring company to clarify information contained in the news reports regarding the alleged orders by the Energy Regulatory Commission (ERC) both dated 29 September 2022, in ERC Case No. 2019-081RC: "In the Matter of Application for the Approval of the Power Supply Agreement (PSA) Between Manila Electric Company (MERALCO) and South Premiere Power Corporation (SPPC), With Prayer for Provisional Authority and/or Interim Relief and Motion for Confidential Treatment of Information", and ERC Case No. 2019-083RC: "In the Matter Of the Application for the Approval of the Power Supply Agreement (PSA) Between Manila Electric Company (MERALCO) and Sam Miguel Energy Corporation (SMEC), With Prayer for Provisional Authority and/or Interim Relief and Motion for Confidential Treatment of Information".

The said orders allegedly deny the Joint Motion of MERALCO and SPPC, and MERALCO and SMEC, respectively, for Price Adjustment. With reference to the said news reports, the company would like to confirm these ERC orders as stated in the said new reports and the clarification that these will be neutral on the Company's operations and financials because the power supply agreements involved pass through generation charges.