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Report of the month

July 2010

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Boliden Stockholm, Sweden Report Facts Company name: Boliden AB Fiscal year end: December 31, 2009 Report title: New Boliden Way Chairman of the Board: Anders Ullberg President and CEO: Lennart Evrell Number of books: 1 annual + 1 sustainability Report length: 104 + 36 pages Auditors: Ernst & Young AB Production: Boliden and Intellecta Corporate E-mail: investorrelations@boliden.com	Report Rating 4/5 (Rating scale below) Profile-Products Boliden is a leading European metals company whose core competence is in the fields of exploration, mining, smelting and recycling... Boliden’s main metals are zinc and copper, but the extraction of lead, gold, silver... is also... important in terms of our profitability. Boliden has approximately 4,400 employees. (Report excerpts. Italics are own company’s words) Key Figures Revenues: SEK 27,635 million Operating profit: SEK 3,623 million Net profit: SEK 2,501 million Earnings per share: SEK 9.14 Dividend per share: SEK 3.00 Return on equity: 16.0% Net debt/equity ratio: 46% (Source: 2009 figures sourced from the annual report) Competitors - Rivals Xstrata Glencore Teck Cominco Nyrstar BHP Billiton Anglo American Hindustan ....

Triple A > The report cover states the mission wraps up a number of key facts and figures. Why don’t more annuals just do that? Inside the cover: a very good profiling, backed with five-year key figures. > Products’ end-use and users shown as soon as on p 2 (Metals wherever you look); demand and supply explained with a high degree of transparency, as well as base metal market’s income components and pricing conditions (pp 101-102). > Business model (see selected page below) put in words, charts and images. Key success factors made clear. Market trends, competition, growth factors and strategic focus areas finely described. > Mining areas and smelters summed up in one page each, and in two-page spreads for five-year figures. > Useful Industry-specific concepts and definitions and definitions of Financial key ratios.

Double A > Modern typography, short sections and paragraphs made the report very readable. > Solid share information pages, in line with Swedish good practice. > Good reviews of business areas, well supported by nicely laid-out charts. > Photos -some of high quality- really show what the business is about. > Originally put directors and management portraits and (short) biographies using chemical elements as initials.

Simple A > Financial performance analysis goes to the point yet could be more elaborate. > Risk management is OK but could be addressed more deeply. > The separate Sustainability Report cover is as strongly informative as the Annual’s one. The content doesn’t lack substance (see e.g. impact and related responsibility. Goals, performance and work done are described.

B Sides > Why making the back cover (inside and outside) look so empty and dull? The final part is not up to the start.

How does the company report in key areas? What are the main report pluses and minuses? The Report Scan gives an overview of strengths and weaknesses, and scores each item. Contact e.com@reportwatch.net

Selected Page (p 8 of Boliden Annual Report 2009)	Rating Scale 5 First-Rate 4.5 Excellent 4 Very good 3.5 Sound 3 Average 2.5 Uneven 2 Common 1.5 Substandard 1 Poor 0.5 Uncompetitive The rating is based on ReportWatch internal desk research and does not take into account the independent Rating Panel’s judgment.