Investor Presentaiton

NAC NICKEL ASIA CORP. HPAL PROJECTS EQUITY EARNINGS 1Q2023 YoY COMPARISON Equity Earnings, in PHP Millions 305.2 175.70 129.50 1Q'22 -17% YoY change 252.3 NAC's equity earnings from the HPAL projects have declined to P252 million, or by 17% Y/y from last year's earnings of P305 million. ■CBNC ■THPAL 229.40 22.90 1Q'23 15

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