1. Click to edit Master subtitle style Nickel Asia Corporation Presentation on NAC PSE: NIKL RIC: NIKL.PS BBG: NIKL.PM Analysts Presentation April 2015

2. 2 NAC at a glance ►Listed in the PSE on November 22, 2010 ►Largest nickel mining company in the Philippines and long operating history of mining nickel laterite since 1977 ►4 operating nickel mines, 4 nickel exploration properties, and 4 exploration properties for gold and copper ►One of the largest supplier of lateritic nickel ore globally ►Substantial proved and probable ore reserves and long average mine lives ►2014 Revenues of Php 24.7 B 1 (+123%); Attributable Income of Php 8.6 B (+316%). Cash balance of Php 16.4 B 2. ►Successful downstream processing with a 10% interest in the Coral Bay HPAL facility and 22.5% interest in the new Taganito HPAL facility, commissioned in 2013. ►Strategic relationships with two key shareholders, Sumitomo Metal Mining (Sumitomo) and Pacific Metals (PAMCO) 1 Consolidated 2 Consolidated, including AFS financial assets

3. 3 Leading laterite ore producer with a strong reserve base We are one of the largest lateritic ore producers in the world. We have substantial reserves to support our dominant position and supply feedstock to our downstream processing facilities Total Mineral Resources and Ore Reserves 1,2,3 Source: NAC, as of 31 December 2013 Notes: 1 Mineral resources and ore reserves for four operating mines (Rio Tuba, Taganito, Cagdianao, Taganaan) 2Includes subsidiaries that are not wholly-owned by the Company 3Report prepared under the Philippine Mineral Reporting Code Ore Type December 31, 2013December 31, 2012 %Inc kWMT%Ni%FekWMT%Ni%Fe Mineral Resources (Measured and Indicated) Saprolite 126,459 1.60 11.06 126,212 1.61 11.170% Limonite 258,630 1.10 43.28 264,912 1.10 43.18-2% Ore Reserves (Proved and Probable) Saprolite 119,594 1.50 11.22 119,058 1.50 11.690% Limonite 249,714 1.09 43.23 248,969 1.11 42.510% Limonite Saprolite Rio Tuba Mine Pit

4. 4 Rio Tuba Mine Ownership NAC (60%) PAMCO (36%) Sojitz Corp (4%) OperationsCommenced 1975 Remaining mine life 1 Approx. 11 years MPSA Renewal Year2023 2013 Volume/Revenue5.8 mWMT / 3.0 bPHP 2014 Volume/Revenue6.0 mWMT / 6.6 bPHP Ownership NAC (65%) PAMCO (33.5%) Sojitz Corp (1.5%) OperationsCommenced 1987 Remaining mine life 1 Approx. 25 years MPSA Renewal Year2034 2013 Volume/Revenue3.9 mWMT / 3.1 bPHP 2014 Volume/Revenue7.1 mWMT / 8.5 bPHP Taganito Mine Note: 1Remaining mine lives from January 1, 2015, calculated based on December 31, 2013 ore reserves and estimated annual nickel ore shipments and deliveries for each mine OwnershipNAC (100%) OperationsCommenced 1999 Remaining mine life 1 Approx. 27 years MPSA Renewal Year2022 2013 Volume/Revenue0.9 mWMT / 0.7 bPHP 2014 Volume/Revenue1.4 mWMT / 3.6 bPHP Cagdianao Mine OwnershipNAC (100%) OperationsCommenced 1980 Remaining mine life 1 Approx. 6 years MPSA Renewal Year2032 2013 Volume/Revenue3.4 mWMT / 3.4 bPHP 2014 Volume/Revenue3.5 mWMT / 5.0 bPHP Taganaan Mine Overview of our Mines We have a proven track record in successfully operating mines in the Philippines. Most of our mines have significant exploration potentials.

5. Nickel exploration 55 Our exploration programs are geared towards strategically expanding resources and confirming significant potential reserves to support growth in the long run Overview of our Exploration Projects

6. Our Investment in Downstream Processing Plants: Coral Bay FacilityHigh Pressure Acid Leach (HPAL) processing plant LocationIn a Special Economic Zone adjacent to the Rio Tuba mine OwnershipNAC (10%) Sumitomo (54%) Mitsui (18%) Sojitz (18%) Ore SupplyLow-grade limonite ore from Rio Tuba mine; approx. 3.3M WMT per year OperationsLine 1 (10,000tNi) commissioned 2005 at cost of $200M Line 2 (10,000tNi) commissioned 2009 at cost of $308M TechnologyHPAL process licensed from Sumitomo ProductNickel-cobalt sulfide sold exclusively to Sumitomo Coral Bay Nickel Corporation (CBNC) US$ MM20142013201220112010200920082007 Sales volume (contained-Ni tons)24,06623,56923,92322,66818,78316,89810,50610,355 US$ MM Revenue331.1274.2324.5382.1 352.7 234.4 153.5 291.1 Cost of goods sold254.9260.6270.6255.0 203.8 166.0 142.7 115.6 Operating expenses7.98.78.47.4 6.3 5.8 4.7 5.0 Income from operations68.34.945.5119.7 142.6 62.7 6.1 170.5 Net income59.43.646.6117.4 139.8 59.1 1.9 166.0 Net income margin17.9%1.3%14.4%30.7%39.6%25.2%1.2%57.0% Average realized Ni LME price7.656.477.9510.51 10.15 7.68 7.78 16.19 6 ► Pilot plants to test for commercial recovery of Chromium and Scandium are operating. ► Direct P&L recognition of income from 10% interest (2014 equity income: P198 million)

7. 7 Our Investment in Downstream Processing Plants: Taganito HPAL FacilityHPAL processing plant Location In a Special Economic Zone adjacent to the Taganito mine Ownership  NAC (22.5%)  Sumitomo (62.5%)  Mitsui (15.0%) Ore supply Low-grade limonite ore from our Taganito mine; approx. 5.0M WMT per year Operations  Nameplate capacity: 30,000 tNi  20% capacity increase to 36kT from 2016  First shipment commenced Oct 2013 TechnologyHPAL process licensed from Sumitomo Investment cost Capital cost of US$1,590 million, funded by JBIC loan (US$750m), equity (US$455m) and shareholders' loans. SMM funding NAC portion of shareholders' loans in return for 1% fee. Financing  JBIC Loan contract was signed on July 5.  Initial drawdown was made on August 4, 2011. ProductNickel-cobalt sulfide sold exclusively to Sumitomo Taganito HPAL Nickel Corp. (THPAL)

8. 8 Our Investment in Downstream Processing Plants: Taganito HPAL ► Sumitomo is one of the few companies with the technological know-how and proven execution capability to successfully develop HPAL facilities Present October 2010April 2013January 2012 We derive from the THPAL facility:  Additional limonite ore sales of +5.0m WMT/year (2014 sales: 4.0m WMT)  Direct P&L recognition of income from 22.5% interest (2014 equity income: Php324m)

9. 9 Our Entry Into Power Generation  $10.2 M mezzanine loan to Emerging Power Inc. (EPI) to partially fund initial two ‘slim holes’ in the 40 MW, $185M Montelago geothermal project, convertible to equity 1.  Drilling completed. Target depth and temperature attained. Flow rate tests on-going.  The conversion plus additional $10.6 M equity will result in 66% ownership of EPI. Expected IRR: 17 to 19%.  Project Pipeline (for evaluation): ResourceLocationMWCost ($M)IRR GeothermalBiliran20090017% WindCamSur7018618% HydroCordillera6026817% Solar-Bunker HybridPalawan258818% SolarCamSur102213% BiogasQuezon8.62312% 1 Subject to satisfactory “P90” Volumetric Resource Assessment by ISOR

10. 10 Product portfolio breakdown

11. Shipment seasonality by quarter 11 % Volume 10% 30% 42%18%

12. NAC sales tonnages 12 6,459 3,448 ► From 1977 to 2004, annual sales volume averaged 880 thousand WMT ► In 2005, CBNC commenced commercial operations ► From 2005 to 2007, sales volume grew at an effective annual rate of 65% ► In 2008, following the global financial crisis, volume down by 53% ► From 2008 to 2014, sales volume grew at an effective annual rate of 32%

13. 13 Low cost nickel producer ► Favorable geologic conditions at all of our four mines, with near-surface open-pit deposits ► Mining does not require explosives or complex waste handling ► Ability to sell limonite ore and lower grades of saprolite ore to the China NPI market and to Taganito and Coral Bay HPAL facilities enables lower unit cost per WMT of nickel ore sold ► All four operating mines are located within 3 to 7 km from the tidewater loading area ► Rehabilitation of our mining areas is a simple and straightforward process

14. 14 Financial highlights Revenue (Php MM)Net Income 2 (Php MM)EBITDA 1 (Php MM) Notes: 1.EBITDA is calculated as total revenue less costs and expenses (before depreciation and amortization of RTN LT stockpile) plus other income from RTN’s ancillary services 2.Represents net income attributable to equity holders adjusted for derivative transactions gains/losses. Derivative transaction gain was Php519 MM in 2007, while derivative transaction losses were Php1,417 MM, Php79 MM, and Php47 MM in 2008, 2009, and 2010, respectively. 104% 242% 20072008200920102011201220132014 EBITDA margin64%39%35%49%54%44% 64% Net income margin 2 29%27%6%19%28%19%18%35% Ave. Ni price per pound (US$)16.879.546.679.8910.357.956.807.65 Source: Company data We are one of the most profitable nickel miners in the world. 65% -6% -16% -24% 123% 316% 224%

15. 15 YearType Payment / Issue Date Dividend Rate 1 %of PY Earnings 2011 RegularCashMay 9, 2011₱ 0.12/sh.30.3% SpecialCashDecember 8, 2011₱ 0.05/sh.13.0% 2012 RegularCashMay 11, 2012₱ 0.28/sh.30.5% StockSeptember 24, 201250%N/A 2013 RegularCashMay 14, 2013₱ 0.19/sh.31.7% StockJuly 12, 201325%N/A 2014 RegularCashMay 8, 2014₱ 0.20/sh.36.9% SpecialCashDecember 10, 2014₱ 0.33/sh.61.6% StockJanuary 28, 201550%N/A 2015 RegularCashApril 27, 2015₱ 0.70/sh.31.1% SpecialCashApril 27, 2015₱ 0.30/sh.13.3% StockTBA100%N/A ►Our dividend policy entitles holders of Shares to receive annual cash dividends of up to 30% of the prior year’s recurring attributable net income based on the recommendation of our Board of Directors. Historical Dividend Payout and Payable (since 2010 IPO) 1 Cash dividend rates are adjusted for the effects of the 50%, 25%, and 50% stock dividends issued on September 2012, July 2013, and January 2015, respectively.

16. Nickel Asia Corporation INDONESIAN ORE BAN

17. Ni LME and Ni Ore Prices 17  Ni ore price declined along with LME Ni price. Nevertheless, prices of mid- grade and high-grade ore are still about double compared to pre-export ban.  Nickel ore imports into China reached 53.5M wmt in 2014, down 24M wmt y- o-y. The Philippines accounted for 44M wmt. Source: LME, Macquarie Research, January 2015  Nickel prices spiked in the first half of 2014 only to fall back in the 2nd half, failing to meet analysts expectations  The large overhang of primary nickel coupled with stocks of high-grade Indonesian ore in Chinese ports and the unexpected rise in ore exports from the Philippines delayed any physical market tightness

18. Ni Ore Flow for China NPI 18  Due to the increase in MG/HG nickel ore shipments from the Philippines and 10M wmt of HG nickel ore shipments from Indonesia in 2014, tightness of nickel ore supply will be delayed to 2H 2015.  Philippine ore exports to China will decline compared to last year. In particular, the decline will be in the high Fe type as prices are approaching break-even level due to over-supply mainly brought about by the effects of the Shandong closures. This will result in lower NPI production this year.  Lower dependence on NPI would translate to Chinese STS mills consuming more refined nickel, which will result in a decline in LME warehouse inventory and a recovery in Ni LME price. 2014 Ni Ore Flow BeginningImport*UsedEnd M wmt K Ni ton M wmt K Ni ton M wmt K Ni ton M wmt K Ni ton 1.8%Ni21.522118.018529.029910.5108 1.45%Ni1.0917.014113.51124.538 0.8%Ni2.0820.08318.0754.017 Total24.523855.041060.548519.0162 *6M wmt of 0.6% Ni is not included in the import volume due to carbon steel use 2015 Ni Ore Flow BeginningImportUsedEnd M wmt K Ni ton M wmt K Ni ton M wmt K Ni ton M wmt K Ni ton 1.8%Ni above10.51086.06216.51700.00 1.45%Ni4.53822.018217.01419.579 0.8%Ni4.01715.06212.0507.029 Total19.016243.030745.536116.5108 IDN 10 PHL 8 2014 Ni Use in China SS Prod. ~935 Ni-kT 485kT 2015 Ni Use in China SS Prod. ~963 Ni-kT 361kT

19. Indonesian Ore Ban 19  The building of refined nickel capacity in Indonesia is much slower than anticipated. Chinese NPI Projects in Indonesia Chinese Nickel Ore Port Stocks Source: Macquarie Research, February 2015  China port stocks of high-grade Indonesian ore is expected to be depleted by 2H and could trigger a rally in ore prices.

20. 20 Nickel Supply-Demand Forecast Macquarie Forecast Spot vs. Forecast Nickel Prices Sources: Spot – LME Analyst Consensus – Bloomberg, Equity Research Source: Macquarie Commodities Research, February 2015

21. Nickel Asia Corporation EO 79 ON MINING POLICIES

22. Impact of Presidential Executive Order No. 79 on Mining Policies 22 ► Moratorium on new mining permits until higher taxes are legislated  No impact on existing operations.  No impact on exploration permits/activities.  Will delay conversion of exploration permits to mining permits. ► Impact on higher taxes  Three of four NAC mines operating within Mineral Reservations will most likely not be significantly affected by higher taxes.  Currently our four mines are paying the following tax rates based on gross revenue: Taxes and FeesRTNTMCCMCHMC Excise tax2% Royalty to the Government *-5% Royalty for Indigenous People1% -- Local Business Tax0.5%1% Total3.5%9%8% * under the Surigao Mineral Reservation Act

23. Nickel Asia Corporation END

24. Nickel Asia Corporation APPENDIX

25. Stainless Steel Production 25

26. NAC Shipments Profile (Nickel Ore in kWMT) 26 Source: Company data

27. NAC Shipments Profile (Nickel Ore Revenue in Php Million) 27 Source: Company data HPAL 2,973 Japan 5,008 China 15,760