Share capital development

Development of share capital
, SEK
, SEK
1997-June Listed: Toronto Stock Exchange Boliden Limited is listed on the Toronto Stock Exchange by Trelleborg who sold out 55% of its shares to a subscription price of CAD 16 per share.
1997-1998 Dec/Jan Shares issued for the purchase of Westmin Resources Limited.
1999-March Rights offering with convertible preferred shares. Conversion ratio 1:11.3636 (i.e. one convertible preferred share can be exchanged for 11.3636 common shares).
1999-April Private placement
1999-April Trelleborg makes a dividend where one share in Trelleborg gives 0.3908 common shares in Boliden Limited. The Swedish National Tax Board set the purchase price to SEK 16.50/share (i.e. SEK 6.45/dividend right).
1999-May Secondary listed in Stockholm
2000-Feb Conversions
2000-March Rights offering with common shares.
2000-2001- Conversions
2001-August Rights offering of 571,706,800 and a directed offering of 750,000,000 common shares.
2001-Dec Split. Redomciliation of the Boliden Group from Canada to Sweden a) Preferred shares were converted 1:37.75, b) the common shares were consolidated 1:20 and c) the common shares in Boliden Limited were exchanged to shares in Boliden AB 1:1. The Swedish National Tax Board set the sale price to SEK 1.97 per common share and SEK 74.18 per preferred share in Boliden Limited and the purchase price to SEK 39.30 per share in Boliden AB.
2003-Dec Non-cash issue. New shares issued to Outokumpu Oy as payment for the purchase of its base metals mining and smelting operations.
2004-March Guaranteed rights offering, shareholder's have the right to subscribe for one new share per every two shares held.
2004-Dec Directed offering of 37 million ordinary shares in conjunction with Outokumpu's sale of 37+10 million of its shares in Boliden AB.
2006-May Offering of 70,000 ordinary shares for redemption of convertible bonds.
2007-May Redemption programme where every Boliden share will be split into two new shares where one of these will be redeemed for a cash redemption sum of SEK 12. The Swedish National Tax Board has decided that 7.8 per cent of the purchase price should be allocated to the redemption share and 92.2 per cent to the remaining Boliden shares.
2007-May A share buy-back programme is in place and the mandate is for up to a maximum of 10% and runs until the next Annual General Meeting.

Development of share capital

1997-June Listed: Toronto Stock Exchange
Boliden Limited is listed on the Toronto Stock Exchange by Trelleborg who sold out 55% of its shares to a subscription price of CAD 16 per share.

1997-1998 Dec/Jan
Shares issued for the purchase of Westmin Resources Limited.

1999-March
Rights offering with convertible preferred shares. Conversion ratio 1:11.3636 (i.e. one convertible preferred share can be exchanged for 11.3636 common shares).

1999-April Private placement

1999-April
Trelleborg makes a dividend where one share in Trelleborg gives 0.3908 common shares in Boliden Limited. The Swedish National Tax Board set the purchase price to SEK 16.50/share (i.e. SEK 6.45/dividend right).

1999-May Secondary listed in Stockholm

2000-Feb Conversions

2000-March
Rights offering with common shares.

2000-2001- Conversions

2001-August
Rights offering of 571,706,800 and a directed offering of 750,000,000 common shares.

2001-Dec
Split. Redomciliation of the Boliden Group from Canada to Sweden a) Preferred shares were converted 1:37.75, b) the common shares were consolidated 1:20 and c) the common shares in Boliden Limited were exchanged to shares in Boliden AB 1:1. The Swedish National Tax Board set the sale price to SEK 1.97 per common share and SEK 74.18 per preferred share in Boliden Limited and the purchase price to SEK 39.30 per share in Boliden AB.

2003-Dec
Non-cash issue. New shares issued to Outokumpu Oy as payment for the purchase of its base metals mining and smelting operations.

2004-March
Guaranteed rights offering, shareholder's have the right to subscribe for one new share per every two shares held.

2004-Dec
Directed offering of 37 million ordinary shares in conjunction with Outokumpu's sale of 37+10 million of its shares in Boliden AB.

2006-May
Offering of 70,000 ordinary shares for redemption of convertible bonds.

2007-May
Redemption programme where every Boliden share will be split into two new shares where one of these will be redeemed for a cash redemption sum of SEK 12. The Swedish National Tax Board has decided that 7.8 per cent of the purchase price should be allocated to the redemption share and 92.2 per cent to the remaining Boliden shares.

2007-May
A share buy-back programme is in place and the mandate is for up to a maximum of 10% and runs until the next Annual General Meeting.

Detailed description of share capital development in Boliden Ltd/Boliden AB
Transaction, SEK	Total number of convertible preferred shares	Total share capital (TUSD)	Total share capital (TSEK)	Dilution Common Shares	Total dilution incl conv pref shares
1997-June Listed: Toronto Stock Exchange (1)	0	592,649
1997/1998-Dec/Jan Share issue (2)	0	641,918
1999-March Rights offering (3)	4,946,958	723,238			53%
1999-April Private placement	5,046,958	725,838			1%
1999-April Dividend Boliden shares (4)	5,046,958	725,838
1999-May Secondary listed in Stockholm	5,046,958	725,838
2000-Feb Conversions	5,002,580	725,838
2000-March Rights offering (5)	5,002,580	869,750		100%	65%
2000-2001- Conversions	4,658,302	869,750
2001-August Rights offering (6)	4,658,302	1,104,734		604%	462%
2001-Dec Split (7)	0		171,623
2003-Dec Non-cash issue (8)	0		336,516	96%
2004-March Rights issue (9)	0		504,774	50%
2004-Dec Issue ordinary shares (10)	0		578,774	15%
2006-May Right issue (11)	0		578,914	0%
2007-May Share redemption (12)	0		578,914
2007-May-Nov Share buy-back (13)
2008-May Withdrawal of repurchased shares (14)

(1) Boliden Limited is listed on the Toronto Stock Exchange by Trelleborg who sold out 55% of its shares to a subscription price of CAD 16 per share.
(2) Shares issued for the purchase of Westmin Resources Limited.
(3) Rights offering with convertible preferred shares. Conversion ratio 1:11.3636 (i.e. one convertible preferred share can be exchanged for 11.3636 common shares).
(4) Trelleborg makes a dividend where one share in Trelleborg gives 0.3908 common shares in Boliden Limited. The Swedish National Tax Board set the purchase price to SEK 16.50/share (i.e. SEK 6.45/dividend right).
(5) Rights offering with common shares.
(6) Rights offering of 571,706,800 and a directed offering of 750,000,000 common shares.
(7) Redomciliation of the Boliden Group from Canada to Sweden a) Preferred shares were converted 1:37.75, b) the common shares were consolidated 1:20 and c) the common shares in Boliden Limited were exchanged to shares in Boliden AB 1:1. The Swedish National Tax Board set the sale price to SEK 1.97 per common share and SEK 74.18 per preferred share in Boliden Limited and the purchase price to SEK 39.30 per share in Boliden AB.
(8) New shares issued to Outokumpu Oy as payment for the purchase of its base metals mining and smelting operations.
(9) Guaranteed rights offering, shareholder's have the right to subscribe for one new share per every two shares held.
(10) Directed offering of 37 million ordinary shares in conjunction with Outokumpu's sale of 37+10 million of its shares in Boliden AB.
(11) Rights issue for redemption of convertible debentures.
(12) The redemption programme means every share will be split into two shares, of which one will be denoted a redemption share. The redemption share will automatically be redeemed for a cash sum of SEK 12. The Swedish Tax Agency has, in its general recommendations and guidelines, set the split between the redemption share and the Boliden share. These recommendations and guidelines can be read at www.skatteverket.se.
(13) A share buy-back programme is in place and the mandate is for up to a maximum of 10% and runs until the next Annual General Meeting. In November 2007 the company holds 15,946,000 of its own shares, each with a nominal value of SEK 2. Payment made for the shares acquired totals approximately SEK 2,210 million. The number of the company's own shares held corresponds to 5.509 per cent of the total number of outstanding shares.

Detailed description of share capital development in Boliden Ltd/Boliden AB

Transaction

Total number of convertible preferred shares

Total share capital (TUSD)

Total share capital (TSEK)

Dilution Common Shares

Total dilution incl conv pref shares

1997-June Listed: Toronto Stock Exchange (1)

592,649

1997/1998-Dec/Jan Share issue (2)

641,918

1999-March Rights offering (3)

4,946,958

723,238

53%

1999-April Private placement

5,046,958

725,838

1999-April Dividend Boliden shares (4)

5,046,958

725,838

1999-May Secondary listed in Stockholm

5,046,958

725,838

2000-Feb Conversions

5,002,580

725,838

2000-March Rights offering (5)

5,002,580

869,750

100%

65%

2000-2001- Conversions

4,658,302

869,750

2001-August Rights offering (6)

4,658,302

1,104,734

604%

462%

2001-Dec Split (7)

171,623

2003-Dec Non-cash issue (8)

336,516

96%

2004-March Rights issue (9)

504,774

50%

2004-Dec Issue ordinary shares (10)

578,774

15%

2006-May Right issue (11)

578,914

2007-May Share redemption (12)

578,914

2007-May-Nov Share buy-back (13)

2008-May Withdrawal of repurchased shares (14)

(1) Boliden Limited is listed on the Toronto Stock Exchange by Trelleborg who sold out 55% of its shares to a subscription price of CAD 16 per share.

(2) Shares issued for the purchase of Westmin Resources Limited.

(3) Rights offering with convertible preferred shares. Conversion ratio 1:11.3636 (i.e. one convertible preferred share can be exchanged for 11.3636 common shares).

(4) Trelleborg makes a dividend where one share in Trelleborg gives 0.3908 common shares in Boliden Limited. The Swedish National Tax Board set the purchase price to SEK 16.50/share (i.e. SEK 6.45/dividend right).

(5) Rights offering with common shares.

(6) Rights offering of 571,706,800 and a directed offering of 750,000,000 common shares.

(7) Redomciliation of the Boliden Group from Canada to Sweden a) Preferred shares were converted 1:37.75, b) the common shares were consolidated 1:20 and c) the common shares in Boliden Limited were exchanged to shares in Boliden AB 1:1. The Swedish National Tax Board set the sale price to SEK 1.97 per common share and SEK 74.18 per preferred share in Boliden Limited and the purchase price to SEK 39.30 per share in Boliden AB.

(8) New shares issued to Outokumpu Oy as payment for the purchase of its base metals mining and smelting operations.

(9) Guaranteed rights offering, shareholder's have the right to subscribe for one new share per every two shares held.

(10) Directed offering of 37 million ordinary shares in conjunction with Outokumpu's sale of 37+10 million of its shares in Boliden AB.

(11) Rights issue for redemption of convertible debentures.

(12) The redemption programme means every share will be split into two shares, of which one will be denoted a redemption share. The redemption share will automatically be redeemed for a cash sum of SEK 12. The Swedish Tax Agency has, in its general recommendations and guidelines, set the split between the redemption share and the Boliden share. These recommendations and guidelines can be read at www.skatteverket.se.

(13) A share buy-back programme is in place and the mandate is for up to a maximum of 10% and runs until the next Annual General Meeting. In November 2007 the company holds 15,946,000 of its own shares, each with a nominal value of SEK 2. Payment made for the shares acquired totals approximately SEK 2,210 million. The number of the company's own shares held corresponds to 5.509 per cent of the total number of outstanding shares.

Contact

Boliden AB
Klarabergsviadukten 90
P.O. Box 44, SE-101 20 Stockholm, Sweden
Tel: +46 8 610 15 00, (alfa) +46 771 boliden

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Share capital development

Detailed share capital development