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3 Strengthening competitive position 73

4 Improved competitiveness for most of our smelters Cu Zn Note: Cash margin. Source: Wood Mackenzie Q4112, Wood Mackenzie Q

5 by stabilising & strengthening capabilities to optimise raw material mix 75

6 Higher free metal value in copper smelters through improved stability Cu feed 6, 5, 4, Free metals at constant prices & FX (MUSD) 1,2 1, 8 3, 6 2, 4 1, Cu feed 1,, 8, 6, 4, 2, Free metals at constant prices & FX (MUSD) 2, 1,5 1, *Metal price as per Metal Bulletin LME Monthly average Sep

7 Kokkola improving process stability Upgrading of equipment in cellhouse Improve process stability Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Managing process balance 77

8 Gross Profit per ton concentrate Technical capabilities to treat complex raw materials increase margins Gross profit development for a complex vs liquid material Free metals Benchmark TC/RC Additional TC/RC Penalties Gross profit complex raw material Benchmark TC/RC Penalties Free metals Gross profit liquid raw material Complex raw material Liquid raw material Complex raw material contains elements or have physical properties that few smelters can handle and are therefore more difficult to put on the market Liquid raw material contains elements that many smelters can treat and are therefore easy to put on the market 78

9 and increases ability to secure feed in tougher markets USD/ton Additional Raw material margin from selected feed mix vs a liquid alternative Copper complex mix vs liquid Zinc complex mix vs liquid 79

10 Competitive advantage from treating different types of raw materials 3 2 Broad range of smelters 1 Sustainable waste solutions Strong technical capabilities 8

11 Rönnskär Multi-metal smelter with high flexibility Technical capabilities and waste solution Fuming furnace Lead kaldo E-kaldo Roasting furnace Deep underground repository Competitive position* Size 61 st percentile Cash cost position 93 rd percentile Cash margin position 18 th percentile *Wood Mackenzie, 216 Q4 estimates 81

12 Odda Technical skills and attractive location Technical capabilities and waste solution Direct leaching Roasting furnace Mountain caverns Competitive position* Size 36 th percentile Smelter total conversion cost position 19 th percentile Cash margin position 44 th percentile Good availability of green electricity *Wood Mackenzie, 216 Q4 estimates November Boliden Group - CMD

13 Our broad range of smelters further helps optimise production and reduce waste Secondary material Rönnskär & Harjavalta Au, Ag, Se, Te, Ni, PGM, OPM, H 2 SO 4, SO 2 Cu Copper Cu PGM Ni Ni Nickel Harjavalta Cu, PGM, Co, H 2 SO 4, SO 2 Concentrates Cu Au Cu Au Ag Pb Products Zn Bi Sb Kokkola & Odda Ag, Pb, Cu, Cd, H 2 SO 4 Zn Zinc Zn Pb Pb Lead Bergsöe & Rönnskär Primary: Au, Ag, Sb, Bi Secondary: Sb, Sn Waste 83

14 Improving stability and strengthening capabilities contributes to higher profits By-products 8% Premium 11% Byproducts 18% TC/RC 36% Premium 12% TC/RC 46% Free metal 35% Free metal 34% Gross profit Components TC/RC: For all concentrates and secondary raw materials Free metal: Recovery above payable metal By-products: Revenue from non-main metals Premiums: Paid above LME 84

15 Activities to strengthen our competitiveness May 217 June 217 Accomplished Silver recovery Kokkola New nickel business model Harjavalta Rönnskär improvement program Expansion Odda Prolonged maintenance interval Harjavalta 218 Q1 218 Q Planned Reprocessing of Kokkola silverconcentrate in Rönnskär Increased nickel capacity in copperline Harjavalta Plastic separation Bergsöe Silver/zinc separation in lead flow Rönnskär New acid plant Harjavalta Deep underground repository Rönnskär 85

16 Tonnes Odda has expanded to 2 ktonnes zinc per year Capex on plan, 35 MNOK 2 ktonnes production pace achieved in May 217 Process stability problems have restricted operations Full capacity utilisation from December 217 5, 45, 4, 35, 3, 25, 2, 15, 1, 5, Target Q

17 tonnes MSEK tonnes and Harjavalta s new nickel strategy is contributing to higher earnings Copper feed and production 6, 4, Copper feed Copper cathodes EBIT 2, , 2, Nickel feed and production Ni feed tolling Ni matte , Ni feed new model Note: New business model implemented 1 July

18 Consistent strategy with focus on returns MSEK EBIT & ROCE, R12 % EBIT ex PIR ROCE ex PIR Note: EBIT and ROCE ex PIR 88

19 Q&A Strengthening competitive position 89