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

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2 Disclaimer 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. CMD 2017

3 Metals for Modern Life We are Base and precious metals Mines and Smelters Technology and Responsibility Goal to be a leader in our industry Value creation Environmental performance Social responsibility Strategy to grow with low risk, limited volatility and focus on next downturn Operational excellence Organic growth Acquisitions CMD

4 Strategy Selective acquisitions Organic growth investments Stable and efficient operations CMD

5 Cycles CMD CMD

6 Metals demand kg/capita Metal demand developing markets Copper demand and GDP per capita 0 10,000 20,000 30,000 40,000 50,000 60,000 GDP per capita, USD Purchasing Power Parity adjusted China Japan South Korea US Western Europe Source: US Census Bureau, Oxford Economics & Wood Mackenzie. Note: Data for the period , with the exception for South Korea Copper graph ( ) and South Korea Zinc graph ( ). CMD

7 Kg Cu per car Technology will change the landscape Electric vehicles Renewable energy Smart cities Energy saving Battery technology - Li, Co, Ni Non-electric car (ICE) Hybrid electric car Plug-in hybrid car Electric car Source: International Copper Association, IDTechEx report 2017 CMD

8 Construction largest segment for Cu and Zn Normalized demand Activity, year on year % J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D EU USA China China: year on year based on cumulative investments at each point Source: Reuters Datastream CMD

9 Automotive no 2 segment for Cu and Zn Low growth 2017 Production of light vehicles, year on year, quarterly data 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Europe North America China Global Source: LMC Automotive CMD

10 Economic development EU improving Industrial production, year on year % J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D EU28 USA China World Source: Thomson Reuters Datastream, world data calculated by Boliden CMD

11 Copper fair price 3% inventory CMD

12 Zinc high price 2% inventory CMD

13 Nickel low price 21% inventory CMD

14 Prices and Cash Cost Normal C1 Zinc Normal C1 Copper Normal C1 Nickel USD/ton 5,000 4,500 4,000 5,000 4,500 4,000 USD/ton 11,000 10,000 9,000 11,000 10,000 9,000 USD/ton 35,000 30,000 35,000 30,000 3,500 3,500 8,000 8,000 25,000 25,000 3,000 3,000 7,000 7,000 2,500 2,500 6,000 6,000 20,000 20,000 2,000 2,000 5,000 5,000 15,000 15,000 1,500 1,500 4,000 4,000 1,000 1,000 3,000 3,000 10,000 10, ,000 2,000 5,000 5, , , Zn average price Zn min price 75th perc Zn max price 50th perc 90th perc Cu average price Cu min price 75th perc Cu max price 50th perc 90th perc Ni average price Ni min price 75th perc Ni max price 90th perc 50th perc Source: Wood Mackenzie 2017, Thomson Reuters Datastream October 11, 2017 CMD

15 Future raw material cycles Business fundamentals Capital intense Cyclical No pricing power Future different Longer lead times for expansions Permitting Higher capital intensity Price peaks may be higher High price periods longer Low price periods longer Cash cost floors remain on 90 percentile CMD

16 Through-cycle value creation Correlations negative correlations Scenario planning Price floors Long term prices Project Incentive Prices Capex planning Financial planning Dividend policy NPV simulations may not lead to max value Unrealistic capacity plans Value destruction at recessions Stability, visibility To be robust at difficult times CMD

17 EBIT excl. PIR, MSEK Stability through cycles Smelters and Mines Base and precious metals Operational excellence Industry adapted dividend policy Past 10 years earnings Smelters higher 3 years Mines higher 6 years Earnings mix 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, M CMD

18 People and Technology CMD

19 Operations management and the Mine of the Future Mobile information to all, real time Decentralised organisation In-house expertise in core disciplines Metallurgy, tech, exploration, environment Project management 21 CMD 2017 CMD

20 New Boliden Way Stable and Efficient Operations WHO WE ARE HOW WE DO IT CMD

21 Passion for improvement Personal commitment 23 CMD 2017 CMD

22 Value chain responsibility 24 CMD 2017 CMD

23 Transparent Mine Visible flows 25 CMD 2017 CMD

24 Excellence with mature equipment CMD

25 Garpenberg Garpenberg Organic Growth Investment Garpenberg FY M 2017 EBIT, MSEK ROCE, % Improved competitive position Before After Zn % 25% 50% 75% 100% % 25% 50% 75% 100% Note: C1 cast cost, US Cents/lb. Pro Rata Garpenberg. Source: Wood Mackenzie Q CMD

26 Nickel Finland CMD CMD

27 Finland is copper-nickel Building case, geology in Finland Nickel Discontinue exclusive cooperation Tolling 2015 Building customers and suppliers Capex for long term position Kevitsa acquisition 2016 EBIT improvement 2017 vs 2014 Capex incl. acquisition 1 BSEK/y 8 BSEK CMD

28 Kevitsa acquisition in line with strategy Excellent operational and geographical fit Expansion potential in attractive geological region Synergies with smelting operations Timing 1 st FY post acquisition PY Nickel, ktonnes Copper, ktonnes EBIT, MEUR CMD

29 Nyrstar First Q Global Mining World index Stockholm OMX 30 Freeport McM BHP Vedanta Boliden Teck Rio T Anglo A HudBay Aurubis Volcan Lundin M Glencore Antofagasta Vale Total Shareholder Return (USD) 120% 100% 80% 60% 40% 20% 0% -20% -40% 1 year 120% 100% 80% 60% 40% 20% 0% -20% -40% -60% -80% 3 years 140% 120% 100% 80% 60% 40% 20% 0% -20% -40% -60% -80% 5 years Source: Thomson Reuters Datastream August 14,2017 CMD

30 Delivering value through operational excellence CMD