PRESS STATEMENT: Unified Holdings Signs 3-Yr Php5.6 Billion Corporate Note Facility
March 09, 2009

Unified Holdings Corporation ("Unified"), a wholly owned subsidiary of First Gen Corporation ("First Gen"), today signed an agreement for a 3-year Corporate Note Facility of up to Php 5.6 billion arranged by a consortium of local banks led by BDO Capital & Investment Corporation, Philippine National Bank, and Rizal Commercial Banking Corporation. The loan facility will be evidenced by a series of Notes bearing an interest rate of 9.3769 percent. Unified will advance the proceeds of the loan to First Gen, which in turn will retire its bridge loans maturing this week amounting to Php1.45 billion and USD80.5 million.

The Corporate Note Facility will further strengthen First Gen's financial position. "The exercise is part of our financing initiatives to bring the debt at the First Gen level nearer to its operating subsidiaries," First Gen CFO Francis Giles Puno said.

The Notes are offered pursuant to an exempt transaction under Section 10.1 of the Securities Regulation Code ("SRC") and thus have not been registered with the Securities and Exchange Commission. Any future offer or sale of the Notes is subject to the registration requirements under the SRC, unless such offer or sale qualifies as an exempt transaction or the note qualifies as an exempt security.

First Gen is the largest Filipino-owned and -controlled independent power producer with 2,582.4 megawatts in its portfolio. First Gen is also the country's leading clean and renewable energy company with power generating assets that use mainly environmentally friendly fuels such as natural gas, geothermal and hydro.

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