Lennart Evrell, President and CEO

Capital Markets Day 2016 | 16 March

Delivering strong and stable

performance

Aitik

Garpenberg

Tara Odda

Kokkola

Rönnskär

Bergsöe

Boliden Area

Smelters

Mines

Harjavalta

Kylylahti

Stability through integration of mines and

smelters

Low political risk region

World-class productivity in several assets

Balanced metal mix

‒ Zinc and copper

‒ Precious metals, lead, nickel as by-metals

Kevitsa acquisition – high-quality asset

Benefiting from a combined

mines and smelters strategy

2016-03-16 2 CMD 2016

Safety is our top priority

0

2

4

6

8

10

12

1304 1307 1310 1401 1404 1407 1410 1501 1504 1507 1510 1601

LTI frequency on employees and contractors

LTI Frequency, Employees

LTI Frequency, employees and contractors

Safety culture programme

3rd party assessments in 8 units

Stringent safety clauses in supplier

contracts

2016-03-16 3 CMD 2016

Strategy for value creation

Integrated business model in base and precious metals

Technology and project execution

Corporate responsibility a key performance driver

Operational development step-by-step

2016-03-16 4 CMD 2016

TSR, total shareholder return

Annual total shareholder return 1 year 3 years 5 years 10 years

Boliden -18% 8% 3% 7%

Euromining Global Index, SEK -26% -13% -14% -1%

Note: Total shareholder return is defined as the share price development, including reinvested dividends. As per 9 March 2016

2016-03-16 5 CMD 2016

Kylylahti acquisition integrated

New nickel business model implemented

Odda expansion slightly ahead of time plan

Action plan in Rönnskär on plan

Production issues impacting Aitik

Milestones 2015

Garpenberg expansion finalised

2016-03-16 6 CMD 2016

Lower prices

Zinc price Copper price

1,400

1,600

1,800

2,000

2,200

2,400

2,600

01/10/14 01/01/15 01/04/15 01/07/15 01/10/15 01/01/16

USD/t

4,000

4,500

5,000

5,500

6,000

6,500

7,000

01/10/14 01/01/15 01/04/15 01/07/15 01/10/15 01/01/16

USD/t

2016-03-16 7 CMD 2016

Financial performance

*PIR = Process Inventory Revaluation

MSEK FY 2015 FY 2014

Revenues 40,242 36,891

EBITDA 7,112 6,035

EBIT ex PIR* 4,010 2,605

Free cash flow 2,565 1,583

Net debt /equity 23% 35%

2016-03-16 8 CMD 2016

2016-03-16 9

Volatility and floor prices

Source: Wood Mackenzie January 2016, Thomson Reuters Datastream

Normal C1 cash cost – Zinc Normal C1 cash cost – Copper USD/ton USD/ton

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

Zn average price Zn max price Zn min price

50th perc 75th perc 90th perc

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

10 000

11 000

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

10 000

11 000

Cu average price Cu max price Cu min price

50th perc 75th perc 90th perc

2016-03-16 10 CMD 2016

Step-by-step development

Organic growth investments

Selective acquisitions

Stable & efficient

operations

2016-03-16 11 CMD 2016

Strong technology know-how…

Concentrator technology

Mine design

Water and tailings management

Mobile control systems

Flash smelting

Direct leaching

Electronic recycling

2016-03-16 12 CMD 2016

…and in-house project management a differentiator

General design

Project management all disciplines

No large turn-key contracts

Standardized process – continuous improvements from previous projects

2016-03-16 13 CMD 2016

Delivering on time and on capex

On

time

On

capex

Capex,

BSEK

Aitik 36 – highest productivity in the world ~6.2

Rönnskär – world’s leading e-material facility ~1.3

Kankberg – gold mine (no 1 tellurium mine) ~1.0

Garpenberg – highest productivity in the world ~3.9

2016-03-16 14 CMD 2016

Aitik

0

5

10

15

20

25

30

35

40

0 20 40 60 80 100 120 140

To

nn

es

pe

r m

an

ho

ur

Million tonnes milled per year

Strategy leading to world-class productivity…

Source: Wood Mackenzie, 2016. Graph to the right includes open pit and mines with mix open pit-underground.

Garpenberg

Tara

0

1

2

3

4

0 1 2 3 4 5 6

To

nn

es p

er

ma

n h

ou

r

Million tonnes milled per year

Zinc – Underground mines Copper – Open pit mines with concentrator

2016-03-16 15 CMD 2016

…and improved positions for Mines…

Note: C1 cast cost. Pro Rata Boliden Area and Garpenberg. Normal costing Aitik, Kylylahti and Tara

Source: Wood Mackenzie Q4 2015, cash cost for Kylylathi calculated by Boliden

Zn 2005

Zn 2015

Cu 2005

Cu 2015

Bo

lid

en

Are

a

Garp

en

be

rg

Tara

Bo

lid

en

Are

a

Garp

en

berg

Tara

Bo

lid

en

Are

a

Ait

ik

Bo

lid

en

Are

a

Ait

ik

Kyly

lah

ti

2016-03-16 16 CMD 2016

… and Smelters

Zn 2005

Zn 2015

Cu 2005

Cu 2015

Ko

kko

la

Note: Cash margin, normal.

Source: Wood Mackenzie Q4 2015, Q1 2016.

Od

da

Rö

nn

skär

Harj

av

alt

a

Rö

nn

skär

Harj

av

alt

a

Ko

kko

la

Od

da

2016-03-16 17 CMD 2016

M&A strategy Kevitsa acquisition meets all criteria

Copper and zinc

with by products

Producing mines

and projects

Mid size assets Synergies

2016-03-16 18 CMD 2016

Kevitsa – opportunity to acquire a high-quality

asset in Boliden’s region

Cash consideration of 712 MUSD

Committed bank facility

Transaction is subject to customary approval by competition authorities

2016-03-16 19 CMD 2016

Kevitsa – consistent with strategy

Early stage mine with expansion potential in

attractive geological region

2

Establish in-house nickel feed base load and

increase attractive copper feed

3

Timing 4

Excellent operational and geographical fit 1

2016-03-16 20 CMD 2016

Disclaimer

2016-03-16 21 CMD 2016

This presentation has been prepared by Boliden for information purposes only and as per the indicated date. Boliden does not undertake any obligation to correct or update the information or any statements made therein. Certain statements in this presentation are forward-looking and are subject to risks and uncertainties.

Nothing contained herein shall constitute any representation or warranty as to accuracy or completeness. Boliden has not made any independent verification of the information obtained from third parties.

Nothing in this material shall be construed as an offer or solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction.

Boliden does not accept any liability whatsoever arising from or in connection with the use of this information.

Save as by prior approval in writing, this material may not be copied, transmitted or disclosed, whether in print, electronic or any other format. All rights to the material are reserved.

Delivering strong and

stable performance

Q&A

Stability in tough markets

Strong foundation to build on

Capital Markets Day

2016 | 16 March

CMD Continuing to deliver stable performance