INVESTOR PRESENTATION August , 2019 POLYMETAL INTERNATIONAL PLC - - PowerPoint PPT Presentation

INVESTOR PRESENTATION

August, 2019

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

POLYMETAL TODAY

2

Competence center

Development Operations

9

OPERATIONS ACROSS 2 COUNTRIES

2nd

nd LARGEST GOLD PRODUCER IN RUSSIA

FT FTSE 250 SE 250 & & MSCI MSCI CONSTITUENT

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

STRATEGY

3

Russia and FSU Focus on gold, silver and possibly other base metals Medium-sized high-grade deposits Vertical integration ESG best practice SCOPE OF ACTIVITY Regular dividend is shareholder’s right, comes before growth spending Target Net Debt/EBITDA

• f less than 1.5x

CAPEX hurdle rate - 12% real unlevered CAPITAL ALLOCATION PRINCIPLES Significant nificant sus ustaina ainable ble divid vidend nd Meanin ningful gful growth Stable able licence to opera rate Robus ust balan lance sheet et Reduc uction ion of env nvir ironmen

• nmental

al foot

• tpr

print int DESIRED OUTCOMES

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

PROVEN TRACK RECORD OF GROWTH Exceeding production guidance for 7 consecutive years

4

885 1090 1190 1220 1260 1400 1550 952 1168 1312 1267 1269 1433 1562

2012 2013 2014 2015 2016 2017

Notes: *Historical gold equivalent guidance recalculated using 80:1 Ag oz/Au oz, 1:5 Cu mt/Au oz and 1:2 Zn mt/Au oz conversion ratios.

+8% +7% +10% +4% +1% +2%

+64 64%

Guidance Actual 2018

+1%

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 5

FOCUS ON GRADE

AVERAGE RESERVE GRADE (2P RESERVES), g/t of GE

Source: Company data. Gold, silver, copper proved and probable reserves as at 01.01.2019. *Company data as at 01.01.2018.

4.1 3.8 2.8 2.6 2.0 1.8 1.7 1.7 1.5 1.4 1.3 1.3 1.3 1.2 1.2 1.1 1.0 0.9 0.8 0.7

Acacia Polymetal Agnico Eagle Goldfields Barrick Pan American Polyus Eldorado Goldcorp Anglogold B2 Gold Newcrest Newmont Fresnillo Centamin IAMGOLD Petropavlovsk* Centerra Yamana Kinross

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 6

31 30 23 21 18 18 17 15 14 13 13 12 10 10 10 9 9 8

Newcrest Goldcorp Goldfields Polyus Centerra IAMGOLD Petropavlovsk* Anglogold Centamin Newmont Polymetal Barrick Yamana Acacia Kinross Agnico Eagle Fresnillo Pan American

FOCUS ON LOM

AVERAGE LIFE OF MINE, YEARS

Notes: P+P reserves as of 01.01.2019 divided by 2018 depletion. * P+P reserves as of 01.01.2018 divided by 2018 depletion

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 7

TRANSLATING PRODUCTION INTO DIVIDENDS

Source: Companies’ data and Bloomberg.

DIVIDENDS PER GOLD EQUIVALENT PRODUCED IN 2012-2018, $/oz 156 132 92 88 86 85 68 67 64 59 49 43 42 42 40 38 25 22 15 11

Polymetal Centamin Goldcorp Pan American Polyus Fresnillo Agnico-Eagle Randgold Yamana Eldorado Newmont Acacia Barrick Gold Newcrest Centerra Goldfields IAMGOLD Hochschild Kinross Anglogold B2 Gold Endevaour

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 8

DIVIDEND YIELD Competitive shareholder returns

DY: 5-YEAR AVERAGE (SINCE JAN 2014), %

Source: Company and RBC data (as at market close 17.01.2019) 1) Based on dividends paid (including declared final dividend for FY2018)

4.6 4.1 4.0 3.1 2.3 2.2 1.7 1.7 1.7 1.7 1.7 1.3 1.2 1.1 1.1 1.1 1.1 0.8 0.6 N/A N/A N/A N/A

Centamin FTSE 350 Polymetal FTSE 250 Centerra Pan American Acacia Kinross Goldcorp Yamana Fresnillo Gold Fields FTSE GM Barrick Gold Agnico Eagle Newmont Newcrest Anglogold Eldorado B2Gold Petropavlovsk Polyus IAMGOLD

2018 DIVIDEND YIELD $1,

1,40 407m 7m

PAID OUT SINCE IPO

1

50 50% %

OF UNDERLYING NET INCOME (REGULAR)

5%

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 9

1-YEAR TSR, %

Source: RBC data (as at market close 17.06.2019) * Randgold adjusted for merger with Barrick

48% 40% 38% 25% 12% 10% 10% 5% 5%

• 2%
• 6%
• 25%
• 29%
• 31%
• 33% -50%

AngloGold Gold Fields Acacia Polymetal Centerra Barrick B2Gold FTSE GM Agnico Eagle Gold Newmont Kinross Eldorado Yamana Fresnillo Pan American IAMGOLD

TOTAL SHAREHOLDER RETURNS 1-year and 5-year TSR

5-YEAR TSR, %

66% 60% 56% 46% 43% 10% 10% 5% 3%

• 8%
• 13%
• 14%
• 20% -24%
• 41%
• 72% -86%

Newmont Polymetal Gold Fields Agnico Eagle Centerra FTSE GM B2Gold Gold AngloGold Pan American Barrick Kinross Fresnillo IAMGOLD Acacia Yamana Eldorado

98%

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

ESG LEADERSHIP

Firs rst t and only Russian member

10

RECOGNITION OF OUR EFFORTS TO DATE 5/5 in Corporate Governance 5/5 for Anti-Corruption 5/5 in Risk Management & Labor Standards 94 94th

th Percentile

4.4/5.0 total ESG score ESG rating BBB Leader in M&M 1st

st among 47 mining

companies 100 percentile Firs rst sustainability-linked loan in CIS STAFF TURNOVER

5.8%

FEMALE QUALIFIED PERSONNEL

40% 0% 10,551 551

EMPLOYEES $10

10m

COMMUNITY INVESTMENTS MAJOR ENVIRON- MENTAL INCIDENTS

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 11

PRODUCTION OUTLOOK 2018-2023

1466 1250 1270 1240 1230 1260 96 300 330 330 340 330 30 180 180 80**

2018 2019 2020 2021 2022 2023 GOLD PRODUCTION, GE Koz1 1562 1550 1600 1600 1750 1850 PRODUCTION UPSIDE:

18%

Notes: 1) Gold equivalent (GE) at 80:1 Ag oz/Au oz and 1:5 Cu mt/Au oz conversion ratios * Excludes Okhotsk (sold in December 2019) and Kapan (sold in January 2019) starting from 2019 ** Includes recovery improvement and long-term 3rd party contracts

POX-2 Nezhda Kyzyl Existing assets*

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

CAPITAL EXPENDITURE

12

196 194 200 200 220 240 108 53 85 100 64 20 83 83 133 101 31 18 15 20 20 20 20

2018 2019 2020 2021 2022 2023 CAPEX, $m 395 377 403 417 341 291 Long-term Projects1 POX-2 Nezhda Kyzyl/POX-1 Stay-in-business

Notes: With the addition of loans that were extended to Nezhda and Prognoz before consolidation of these assets 1) Prognoz, Viksha, greenfield exploration

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 13

BALANCE SHEET Ample liquidity and a comfortable maturity profile

Net Debt/Adjusted EBITDA of approx. 2.0x well below hard ceiling of 3.25x (banks) and 2.5x (regular dividends). Our mid-ter erm targ rget et is 1.5x. Robust liquidity profile: $1 1 bn of undrawn credit facilities Net debt of $1.7 bn bn as of 30 Jun 2019 Strong cash position of $203m m Lo Low co cost st of debt t at 4.3% % with 100% of loans on bilateral basis and denominated in US dollars MATURITY PROFILE, $m INTEREST RATE BREAKDOWN (long-term loans only) 109 264 508 447 369 204 Fixed ed 50% Floati ting ng 50% Net Debt / EBITDA 1.83 1.97 2.19 1.75 2.19 1.91 2.08 1.95 1.50

30-Jun-15 31-Dec-15 30-Jun-16 31-Dec-16 30-Jun-17 31-Dec-17 30-Jun-18

Target

31-Dec-18

2019 2020 2021 2022 2023 2024

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

2018 – EXCELLENT EXPLORATION RESULTS

14

Ore Reserves

+ 3 + 3.2 Moz .2 Moz

+1 +15% 5% y-oy

• y

Mineral Resources

+ 8 + 8.1 1 Moz Moz

+44% +44% y-o-y Exploration drilling

350 350 km km

GE Reserves per share

+6%

0%

• 1%
• 1%
• 2% -2% -3% -4% -4% -5% -6% -10% -13%
• 21%
• 34%

Polyus B2 Gold Goldcorp Kinross Barrick Newmont Centerra Yamana Goldfields Fresnillo Centamin Pan American Newcrest Acacia

23% 6% 6% 2% 1%

IAMGOLD Agnico Eagle Polymetal Petropavlovsk Anglogold

2018 RESERVE PER SHARE, y-o-y change

Source: Companies’ data

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 1,057 1,051 994 994 981 976 965 955 951 950 909 905 884 874 861 851 843 835 825 754 IAMGOLD New Gold Hochschild Eldorado Gold fields Anglogold Kinross Buenaventura Fresnillo* Agnico-Eagle Newmont ACACIA Centamin Pan American Polymetal Goldcorp Yamana Newcrest Barrick Gold Centerra 15

2018 – AISC BELOW GUIDANCE At the lower end of the global cash cost curve

2018 ALL-IN SUSTAINING CASH COSTS, $/oz

Source: Companies’ data. Centamin and Eldorado reported on by product basis. Hochschild: AISC based on Ag/Au ratio of 80 * BMO data

15 13 12 12 10 8 8 7 6 5 4 3 3 3 2 2 1

• 4
• 5
• 7

New Gold Fresnillo Buenaventura Centamin Pan American Eldorado Agnico-Eagle Barrick Gold Newcrest IAMGOLD Centerra Gold fields ACACIA Goldcorp Hochschild Newmont Kinross Polymetal Yamana Anglogold

YEAR-ON-YEAR CHANGE IN AISC, %

Fur Further ther decr ecrease ease ex expecte ected in in 201 019

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 16

PRO FORMA AISC IMPROVEMENT, $/oz

KYZYL EXPECTED TO FURTHER DRIVE DOWN COSTS

2018 w/ low-cost production from Kyzyl

• Excl. high-cost

mines 2019 guidance

861 825

• 24
• 12

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 17

2018 Actual 2019 Guidance Prod

• duct

uction ion, Koz of GE 1562 1550 TCC, $/oz of GE 649 Down to 600-650 AISC, $/oz of GE 861 Down to 800-850 Capit ital al expendit iture, ure, $m 395* 377 Free cash flow 176 Grow

• wth

Regul ular ar divid vidend $0.48/share 50% of underlying net income Net Debt/ / Adjus justed EBITD TDA 1.95 Down Assu sumpt mption ions 2018 Actua ual 2019 Budget Gold, $/oz 1271 1200 Silver, $/oz 15.7 15.0 RUR/USD /USD rate 63 65 Oil 68 70

2019 GUIDANCE

Further improvement in costs - first year of Kyzyl production at full design capacity Higher FCF yield - above 5% Stable and meaningful income to shareholders Reduced leverage

Notes: *With the addition of loans that were extended to Nezhda and Prognoz before consolidation of these assets

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 18

KYZYL Operating data – full ramp-up achieved in October

ORE PROCESSED, Kt AU RECOVERY, % ORE GRADE, g/t GOLD IN CONCENTRATE, Koz

3Q 2018 4Q 2018 1Q 2019

361 478 476 512 79% 86% 87% 88% 5.1 6.6 6.9 6.6 46 86 92 96

2Q 2019 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2018 3Q 2018 4Q 2018 4Q 2018 1Q 2019 1Q 2019 2Q 2019 2Q 2019

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 19

KYZYL Ore Reserves growth potential

3.1 5.1 4.1 7.1 + 1.5 +0.5 +1.0 +2.0

7.2 12.2

FS (incl. actual as at July 01, 2018) Resource conversion (East Bakyrchik) Resource conversion (Deeps) Target

ORE RESERVES, Moz of gold Underground Open-pit

~25+

YEARS OF UNDER- GROUND MINING

~14

YEARS OF OPEN-PIT MINING

Pit re-design

NEXT STEPS Reserves update with new open pit in Q4 2019 Reserves update for East Bakyrchik in Q4 2020

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 20

NEZHDA Construction started in March 2019, first production expected in Q4 2021

Large ge: 4.4 Moz of gold at 3.6 g/t, 70%

• f reserves is open pit

Lo Long life: 25 years LOM, 155 Koz pa Exce celle llent nt ex explorati

• ration
• n pot
• tenti

tial: al: 8.1 Moz at 5.1 g/t Lo Low-cos

• st:

t: $620-670/oz TCC and $700- 750/oz AISC during first 19 years of open pit Capital tal-light: ight: $234 million start-up capex Conve nventiona tional technolog

• logy:

y: flotation followed by POX/offtake

$302

302m

NPV

29% 29%

IRR IRR

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 21

NEZHDA UPDATE Processing plant building

Pouring of concrete for the concentrator building and mill foundations is underway

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 22

NEZHDA UPDATE Infrastructure

Explosives storage Fuel and lubricants storage Mine camp building Reagent storage

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

POX-2

23 23

FIRST PRODUCTION

2023 2023

CAPEX

$431m $431m

NPV

$112m $112m

IRR

14% 14%

67% 49% 33% 22% 14% 12% 11% 38% 55% 2018A Production 2023E Production Ore Reserves Double refractory Non- refractory Single refractory 2018A Production 2023E Production Ore Reserves POLYMETAL ORE TYPES

Unlock value of Polymetal’s substantial refractory reserve base (55%) by de-risking asset base Significant long-term economic benefits to in-house processing vs offtake Strategic security of downstream processing on the back of current state initiative to potentially ban export of concentrates and a tightening Chinese market Positive environmental, social and economical impact

STRATEGIC IMPORTANCE

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 24

2018 – RESERVES & RESOURCES Center of gravity shifting to new high grade and lower cost assets

25.1

13.6 7.2 4.4 31.8 11.6 3.1 8.1 3.4 5.6 LEGACY ASSETS KYZYL NEZHDA PROGNOZ VIKSHA Reserves Resources PRODUCT CTIO ION START RT 2018 2021 25.1 10.3 12.5 3.4 5.6 56.9 TOTAL

Notes: Reserve and resource statement (JORC 2012) as at 01.01.2019 including an updated Veduga’s reserve and resource statement as at 01.03.2019. Gold and silver price assumptions of $ 1,200/oz and $ 16/oz respectively. *2019 guidance

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 25

2019 – KEY MILESTONES AND NEWS FLOW

Corpo porat rate 27 August 1H financial results and inter erim im divid viden end d announcement Q3 Financing updates (refinancing of short-term debt) Pr Proj

• jec

ects Q2 POX-2 - start of detailed engineering and construction Updated OR and MR estimates at Veduga Q3 First ore mined at Nezhda Updated MR estimate at Viksha Q4 Full revaluation of OR and MR at Kyzyl based on actual operating statistics and exploration results

Appendix

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

2018 – FINANCIAL HIGHLIGHTS

27

2018 2017 Change Revenue, $m 1,882 1,815 +4% Adjusted EBITDA, $m 780 745 +5% Adjusted EBITDA margin 41% 41% +0.4% Total cash cost, $/GE oz 649 658

• 1%

All-in sustaining cash cost, $/GE oz 861 893

• 4%

Underlying net earnings, $m 447 376 +19% Underlying EPS, $/share 1.00 0.88 +14% Dividends proposed for the FY, $/share 0.48 0.44 +9% Net operating cash flow, $m 513 533

• 4%

Capital expenditure, $m 344 383

• 10%

Free cash flow (ex M&A), $m 176 143 +23% Net debt/Adjusted EBITDA 1.95 1.91 +2%

Strong growth of all profitability metrics

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 28

BROWNFIELD PROJECTS OUTLOOK LOM extension projects

Project Start-up LOM Annual production, Koz AISC, $/oz Target

Pere revaln lnoy

• ye

2020 4 70 600-700 Dukat LOM extension Primo imorsk rskoye 2021 4 60 700-800 Dukat LOM extension Maysk skoy

• ye

backfill fill 2022 10+ +30 AISC down by $100 Reduce dilution, improve grade Maysk skoy

• ye

haulage 2023 10+ None AISC down by $150 Conveyors plus electric fleet to reduce ventilation, fuel consumption and carbon footprint Elev evator

• r

2022 5 30 700-750 Replace low-grade Varvara ore Voro undergrou rground 2022 5 30 800-900 Replace low-grade stockpiles Voro flota tatio ion 2022 10+ 80 500-600 Refractory processing to complement ore stockpiles treatment

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 29

OPERATIONAL PRIORITIES 2019

DUKAT

Prepare for the closure

• f

Goltsovoye in 2020 Start of stoping at Perevalnoye in Q4 2019 Add reserves at lower levels Reduce dilution by the introduction

• f

smaller-size equipment and partial transition to partially consolidated backfill

OMOLON SVETLOYE

Start

• pen-pit

mining at Yolochka, resume mining at Birkachan Add resources at Nevenrekan and Tsokol deeps Commence the project to convert to dry-stack tailings by 2022 Ramp up crushing capacity to 1.4 Mt Assess the economics

• f

another pushback in the main pit Include Levoberezhnoye into the LOM

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 30

OPERATIONAL PRIORITIES 2019

ALBAZINO VARVARA MAYSKOYE

Ramp up underground mine at Ekaterina-2 Add resources and reserves Determine the strategy for the long-term upgrade

• f

the underground mine materials handling system from lower levels (con convey veyor

• re

re haulage lage sy syst stem em was was fi finall lly sel select

• ected. Th

The pro roject ct IR IRR is is esti estimated ed at at 45 45% wi with th tota tal invest vestment ments esti estimated ed at at $45 45m in in 2020- 2022) Evaluate

• ptions

regarding conversion from conventional tailings to cemented paste backfill. Potential benefits include lower dilution in flat- dipping

• re

bodies and the reduction

• f

surface waste disposal. Continue resource-to-reserve conversion Cut Komar haulage costs by commissioning the new loco Ramp up the new Riverside

• pen pit at Varvara

VORO

Exploration drilling identified substantial mineralisation below the

• pen

pit with technical studies currently underway to determine the feasibility

• f

underground mining.

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

1H 2019 – OPERATING HIGHLIGHTS

31

Gold equivalent production, Koz1 1H 2019 1H 2018 Change Kyzyl 159

• +100%

Dukat 158 155 +2% Albazino-Amursk 136 153

• 11%

Omolon 99 86 +15% Mayskoye 5

• NA

Varvara 76 66 +16% Voro 57 54 +4% Svetloye 61 53 +15% TOTAL (continuing operations) 751 568 +32% Okhotsk

• 24
• 100%

Kapan 5 27

• 82%

TOTAL (including discontinued operations) 756 619 +22%

Strong production performance

1) Based on 1:80 Ag/Au, 5:1 Cu/Au, 2:1 Pb/Au and 2:1 Zn/Au conversion ratios.

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 32 32

ALL-IN SUSTAINING CASH COSTS, $/oz of GE1

425 477 829 816 800 10.4 940 970 861 800

• 850

Svetloye Voro Kyzyl Omolon Albazino Dukat Varvara Mayskoye Polymetal

2018 2019E

2

Notes: 1) Co-product AISC: TCC + head office SG&A + other expense + current period capex for operating mines. GE (gold equivalent) based on actual realized gold, silver and copper prices 2) Silver equivalent based on average realised prices

ASSET SPECIFIC COST DYNAMICS 2018-2019

= = =

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 33

ASSET DISPOSAL UPDATE Shrinking the footprint

Asset Status Value, $m

Lichkvaz Sales process is underway. Limited potential demand ~10 74% in Veduga Sales process is underway. Ore Reserves have doubled to 2.8 Moz of gold following successful exploration results ~100 Kutyn Ongoing marketing. Ore Reserves estimate expected in Q4 2019 ~40 North th Kaluga Selective marketing initiated Uncertain Maminsk nskoy

• ye

Options evaluated Uncertain Sopka Options evaluated ~15

$108 08m

PROCE CEEDS EDS GENER ERATED TED IN 2018 18

$150+ 150+m

EXPECTED CTED BY 2020

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 34

FIN RESULTS SENSITIVITY TO USD/RUB EXCHANGE RATE

Average rate in 2018 was 62.9 RUB/USD Actual rate (YTD) - 65.28 RUB/USD COST STRUCTURE (2019E), $/oz RUB/ Tenge Labor 22% Oil Fuel 11% RUB / Tenge Services 25% $ / Au Royalty 7% $ / RUB / Teng nge Non-fuel consumables 17% RUB / Tenge Grid power 3% RUB RUB 45% A 1 1 RUB move vement ment in domesti tic c curre rency ncy will ll have ve: $5-6/oz effect on AISC $8-10m impact on EBITDA $10-11m effect on FCF (assuming 60% of capex is in foreign currencies) US$ 25 25% Oil 15% Tenge e 15% RUB/$/EUR UR CAPEX 15%

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 35

EFFECT ON NPV, $m

(10% discount rate)

112 52 69 90 70 393

• 40
• 67
• 42

244

+US$50/t to offtake charges Penalties for As > 5% Reasonable upside case 3rd party conc processin g Reasonabl e reserve expansion 1Y delay CAPEX +20% OPEX +10% Risked upside case NPV

Reasonabl e upside case Risked case scenario

POX-2 Key project risks and opportunities

18 18% % IRR

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

2018 ACHIEVEMENTS

36

MANAGEMENT AND BOARD DIVERSITY: SUCCESSION PROGRAM:

CORPORATE GOVERNANCE ESG

EMPLOYEE ENGAGEMENT IN BOARD ACTIVITY: INCREASED ESG TRANSPARANCY AND RECOGNITION: DISCLOSURE ENVIRONMENTAL SOCIAL IMPROVED GOVERNANCE:

• 3 new INEDs and Chair
• Avg board tenure reduced to 6 years
• Board skills further enhanced
• 25% board female
• 23% management female
• First female MD appointed at Svetloye
• Board leadership
• Board independence
• Remuneration disclosure
• Auditor fees
• Young Leaders’ engagement program with the Board

fully established

• Environmental policy & biodiversity programs
• Mineral waste, air emissions, water management

programs

• GHG reduction
• Updated discrimination and freedom of association

policies

• Supply Chain Monitoring and supplier social

standards

• Human Rights and Indigenous Rights Policies
• Published Modern Slavery Act Statement
• Started trainings on Human Rights
• First ESG Day and NDR with Board engagement
• Improvement of ESG rankings in the following

categories:

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 37 37

LTIFR (per 200,000 hours worked)

SAFETY PERFORMANCE VS PEERS

0.28 0.1 0.47 0.37 1.2 0.25 0.86 0.23 0.74 0.2 0.25 0.38 0.34 1.6 0.25 0.84 0.18 0.45 0.21 0.07 0.38 0.33 1.74 0.27 0.88 0.15 0.19

Better than industry average

16 12 6 11 6 1 7 1 9 7 10 9 4 1 1 2 2 13 9 10 5 4 3 2 1 1

FATALITIES

2016 2017 2018

Glencore Vedanta Evraz Anglo American KAZ Minerals Rio Tinto BHP Billiton Polymetal Acacia Mining Glencore Vedanta Evraz Anglo American KAZ Minerals Rio Tinto BHP Billiton Polymetal Acacia Mining

Notes: Including contractors

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

BOARD OF DIRECTORS

38

INDEPENDENT DIRECTORS NON-INDEPENDENT DIRECTORS CHAIR

IAN COCKERILL Chair Non-Executive Director at BHP, Ex-President and CEO of Gold Fields, ex- CEO of AngloCoal OLLIE OLIVEIRA SINED Chair of the Nomination Committee, Chairman of Audit Committee at Antofagasta plc, ex- Executive Director at De Beers TRACEY KERR INED Chair of the Safety & Sustainability Committee, Group Head of Safety and Sustainable Department in Anglo American plc GIACOMO BAIZINI INED Chair of the Audit and Risk Committee and ex-CFO of EVRAZ Group S.A. CHRISTINE COIGNARD INED Chair of the Remuneration Committee, NED at Eramet, ex-MD HCF International Advisors VITALY NESIS Group CEO KONSTANTIN YANAKOV ICT Group Ltd ex-CFO of Polymetal JEAN-PASCAL DUVIEUSART PPF Group ex-Managing Partner at McKinsey

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

8 3 11 11 12 12 15 15 0.4 0.3 0.6 1.4 3.2

2014 2015 2016 2017 2018

SHAREHOLDER STRUCTURE

39

SHARES OUTSTANDING 470 MILLION

65%

FREE FLOAT Institutional investors and HNWI* 57% PPF PPF Petr Kellner 7% Otkri riti tie 7% ICT Group Alexander Nesis 27% Management & Directors 1% ADTV, $m

Notes: Shareholder structure data as of 24 July 2019

MOEX LSE

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 40

LT GROWTH OPTIONS

PROGNOZ VIKSHA VEDUGA

Owner ership ship: 100% Miner eral l reso sour urces: es: 252 Moz at 789 g/t Ag eq Additi tion

• nal

l miner eral l potenti ential: l: 7.9-18.1 Mt of ore at 469 g/t silver for 119-273 Moz of silver contained* Mining ng metho hod: Open-pit (5-8 years), followed by underground Thro rough ughput ut: ~1 Mtpa Producti uction

• n: 20 Moz of silver per

annum (100%) Capex: ex: ~$250m (100%) Nex ext t ste steps: s: Initial Ore Reserve estimate in H1 2020 Owner ership ship: 100% Miner eral l Resou

• urc

rces: es: 213 Mt at 0.98 g/t of combined precious metals, total content at 5.6 Moz Mining ng metho hod: open-pit (150 m pit depth, 7 m average ore body thickness) Processing essing: conventional flotation processing to produce bulk copper-PGM sulphide concentrate + off-take Nex ext t ste steps: s: Updated Mineral Resource estimate in 2019 Owner ership ship: 74.3% Ore Reser erves: es: 2.8 Moz at 4.6 g/t Au Miner eral l Resou

• urc

rces: es: 0.2 Moz at 3.4 g/t Au Mining ng metho hod: Open-pit Pr Process essing: ing: Ore processing at Dukat and Varvara Nex ext t ste steps: s: Exploration drilling is

• ngoing with further resource and

reserve upgrade expected in Q1 2020

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 41

DISCLAIMER

This presentation includes forward-looking statements that involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on the directors’ beliefs and expectations about future

• events. These forward-looking statements include

statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions, predictions and other statements, which are other than statements of historical facts. The words “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “may,” “should”, “shall”, “could”, “risk”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned” and similar expressions or the negative thereof identify certain of the forward-looking

• statements. Forward-looking statements include

statements regarding: strategies, outlook and growth prospects; future plans and potential for future growth; liquidity, capital resources and capital expenditures; growth in demand for products; economic outlook and industry trends; developments

• f markets; the impact of regulatory initiatives; and

the strength of competitors. The forward-looking statements in this presentation are based upon various assumptions and predictions, many of which are based, in turn, upon further assumptions and predictions, including, without limitation, management’s examination of historical operating trends, data contained in the Company’s records and

• ther data available from third parties. Although the

Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, and the Company may not achieve or accomplish these expectations, beliefs or projections. Many factors could cause the actual results to differ materially from those contained in predictions or forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia and Kazakhstan, rapid technological and market change in the industries in which the Company operates, as well as other risks specifically related to the Company and its operations. Past performance should not be taken as an indication

• r guarantee of future results, and no representation
• r warranty, express or implied, is made regarding

future performance. Neither the Company, nor any of its agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this presentation. to reflect any change in their expectations or any change in events, conditions or circumstances on which such statements are based Nothing in this presentation constitutes an offer, invitation, recommendation to purchase, sell or subscribe for any securities in any jurisdiction or solicitation of any offer to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as any inducement to enter into, any investment activity. To the extent available, the industry, market and competitive position data contained in this presentation come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this presentation come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company

• perates. While the Company believes that such

research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this presentation. The information contained in this presentation has not been independently verified. Neither the Company, any of its affiliates, subsidiaries or subsidiary undertakings nor any of their respective advisors or representatives makes any representation or warranty, express or implied, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Percentages and certain amounts included in this presentation have been rounded for ease of

• presentation. Accordingly figures shown as totals in

certain tables may not be the precise sum of the figures that precede them. Neither the Company, or any of its affiliates, advisors or representatives accepts any liability whatsoever (in negligence or

• therwise) for any loss howsoever arising from any

information contained in the presentation.