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Investor presentation April 2014 Amursk POX plant Disclaimer This presentation includes forward-looking statements that involve known and unknown risks and uncertainties, many of which are beyond the Companys control and all of which are


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Investor presentation

April 2014

Amursk POX plant

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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 of 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 other 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 or guarantee of future results, and no representation or 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 operates. 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
  • r 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 otherwise) for any loss howsoever arising from any information contained in the presentation.

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Mayskoye Voro Omolon Albazino Dukat Amursk POX Varvara (Kazakhstan) Khakanja

> 1,282 Koz of GE production in 20131 > 13.3 Moz2 GE reserves at 3.7 g/t > Market Cap US$3.9 bn3 > Cumulative dividend yield of 7.4% in 2012-20134

Polymetal at a glance

Source: Company information, Bloomberg (1) GE (gold equivalent) at 60:1 Ag oz/Au oz and 1:5 Cu mt/Au oz conversion ratios (2) Ore Reserves as of 01.01.2014 in accordance with the JORC Code (2012). Average gold/silver conversion ratio is 59.6:1 Ag oz/Au oz (3) As of 27 March 2014 (4) Total dividends paid (US$ 1.02/oz) to average USD share price for the period (US$13.7/oz)

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320 356 409 400 160 157 154 150 128 164 143 120 127 134 131 110 46 174 159 170 30 78 238 210 48 140

1350 1400 1400

2011A 2012A 2013A 2014E 2015E 2016E 2017E Mayskoye Albazino Omolon Varvara Khakanja Voro Dukat 55% 55% 63% 65% 68% 70% 70% 2011A 2012A 2013A 2014E 2015E 2016E 2017E

3

Robust production growth

Gold production, Koz of GE1

Source: Company information (1) GE at 60:1 Ag oz/Au oz and 1:5 Cu mt/Au oz conversion ratios

810 1063 1282 1300

Gold share in GE production1

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2013 Highlights

+

21% y-o-y production growth. Original guidance exceeded by 7%

+

Strong free cash flow despite challenging market conditions

+

Amursk POX plant achieved design throughput and recovery, an important strategic milestone which now presents a unique competitive advantage in the FSU

+

Successful ramp-up at Mayskoye

+

Final dividend of US$ 0.08 per share in respect of FY2013 is proposed by the Board

+

Stable TCC of US$ 745/ GE oz in line with the original guidance

Decisions on growth projects deferred

No significant reserve additions from exploration

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2013 2012 % Change (y-o-y) Production Gold, Koz 805 589 +37% Silver, Moz 27.2 26.5 +3% Copper, tonnes 4,841 6,567

  • 26%

Gold equivalent, Koz1 1,282 1,063 +21% Sales Gold, Koz 818 593 +38% Silver, Moz 27.4 27.8

  • 2%

Copper, tonnes 6,165 6,697

  • 8%

Operating highlights

Notes: (1) Based on 1:60 Ag/Au and 5:1 Cu/Au conversion ratios

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2013 2012 % Change Revenue, US$m 1,707 1,854

  • 8%

Adjusted EBITDA, US$m (1) 598 932

  • 36%

Adjusted EBITDA margin 35% 50%

  • 15 pp

Total cash cost, US$/GE oz (2) 745 690 +8% All-in cash cost, US$/GE oz 1,086 1,059 +3% (Loss)/ profit for the year, US$m (198) 428 NM Underlying net earnings, US$m (1) 117 431

  • 73%

Underlying EPS, US$/share (1) 0.30 1.13 NA Dividend declared, US$/share(3) 0.32 0.70

  • 54%

Net operating cash flow, US$m 462 541

  • 15%

Capital expenditure, US$m(4) 319 397

  • 20%

Free cash flow, US$m 138 138 0% Net debt/ EBITDA 1.75 1.11 +57% Net debt, US$m 1,045 1,037 +1%

Financial highlights

Source: Company data, IFRS accounts (1) The Company defines Adjusted EBITDA (a non-IFRS measure) as profit for the period adjusted for depreciation expense, rehabilitation expenses, write-down of inventory to net realisable value, share-based compensation, listing expenses, gains and losses on acquisitions and disposals, foreign exchange gain/(loss), change in fair value of derivatives, change in fair value of contingent consideration, finance income, finance costs, and income tax expense. Underlying net earnings defined (loss)/ profit for the period adjusted for impairment loss (after tax). (2) GE=gold equivalent based on actual realised prices (3) FY 2013: final dividend for FY 2012 declared in April 2013 and interim dividend proposed for the 1H 2013 declared in August 2013. FY 2012: final dividend for FY 2011 declared in April 2012 and special dividend for FY 2012 declared in December 2012. (4) Including capitalised stripping. Cash basis

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2014 objectives

1.3 Moz GE production US$ 700-750/ GE oz total cash cost based on current commodity prices and exchange rates US$ 975-1025/GE oz all-in sustaining cash costs US$ 250 million CapEx, including US$ 60 million exploration Mayskoye long-term offtake agreement Reserve growth from exploration efforts Action plans for the 3rd generation of development projects

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114 97 138 140 66 68 59 60 282 176 52 56 70 50 462 397 319 250 2011A 2012A 2013A 2014E Capitalised stripping Project CapEx Exploration Stay-in-business CapEx

Capital expenditure

US$ million

No existing project capex commitments

Voro 3% Khakanja 4% Dukat 11% Mayskoye 16% Omolon 7% Albazino 11% Varvara 7% Exploratio n 19% Stripping 22%

Notes: Total capital expenditure on a cash basis, adjusted for D&A

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Net debt, US$ m

Source: Company data * Includes dividend payable

> Net debt / adjusted EBITDA ratio of 1.75 > The average cost of debt remained low at 2.99% in 2013 (2012: 3.06%) > Share of long-term borrowings increased to 93% by year-end > US$ 1.3 billion of additional undrawn medium- term facilities available > No impact of Ukraine crisis so far

Debt portfolio

Comfortable liquidity and headroom on covenants

620 632 1,030 417 663 15 1,037 1,295 1,045 31/12/2012 30/06/2013 31/12/2013 Short-term debt (net of cash) Long-term debt EU banks 53% Russian banks 38% UK banks 9%

Debt structure by source

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10

Debt maturity profile

81 254 307 58 404 5 3 2014 2015 2016 2017 2018 2019 2020 Cash Debt

Source: Company data

US$ m

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11

Average reserve grade

5.2 3.7 3.6 3.0 3.0 2.0 1.4 1.4 1.4 1.3 1.3 1.3 1.2 1.2 1.2 1.1 1.1 1.1 1.1 0.8

Proven and probable reserves, g/t GE

Source: Company data. Gold, silver, copper proved and probable reserves as of 31.12.2013 Peers GE at 60:1 Ag oz/Au oz and 1:5 Cu mt/Au oz conversion ratios. Polymetal GE at 59.6 Ag/oz/ Au oz in accordance with the JORC code (2012) * Proved and probable reserves as of 31.12.2012 ** Proved and probable reserves as of 30.06.2013

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3.7 1.5 1.5 2.0 0.5 1.2 1.9 0.9 13.3 2.6 0.5 3.6 4.1 0.2 0.1 2.6 3.1 16.7 Dukat Omolon Albazino Mayskoye Khakanja Voro Varvara Other Total Reserves Resources

12 Source: Reserve and resource statement (JORC 2012) as at 01.01.2014. Average Au/Ag conversion ratio 59.6:1 Ag oz/Au oz. (1) Includes Maminskoye, Svetloye, Kutyn, Tamunier

GE Moz

8.1 5.2 4.8 8.5 5.1 4.8 8.8 9.9 6.2 9.1 2.8 2.1 1.4 1.7 2.7 3.7 3.7 Resource grade

GE g/t

Reserve grade

1

6.3 2.0 5.1 6.1 0.7 1.3 4.5 4.0 30.0

Gold equivalent reserves and resources

2023 2020 2021 2022 2018 2027 2030

LOM

Reserve mine life 1.9

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12.2 600 472 796 885 761 675 12.1 626 530 795 897 684 694 12.6 672 583 723 1,120 963 787 10.8 824 430 819 756 707 957 721

200 400 600 800 1000 1200 1400 1600

Dukat Khakanja Voro Varvara Omolon Albazino Mayskoye Total cash cost - Polymetal 1H 2012 2H 2012 1H 2013 2H 2013

13

Cash cost dynamics 2012-2013

Total cash cost, US$/oz of GE1

Source: Company data (1) Co-product total cash cost: cost of sales + on-mine part of SG&A – deprecation and amortization . GE (gold equivalent) based on actual realized gold, silver and copper prices (2) Silver equivalent based on average realised prices 2

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1,079 1,000 830 827 819 803 801 745 743 715 707 687 672 596 589 551

Harmony Petropavlovsk Anglogold ABG NordGold Gold Fields Iamgold Polymetal Kinross Randgold Polyus Goldcorp Agnico Eagle Yamana Barrick Gold Eldorado

14

2013 TCC in comparison with peers

Co-product total cash costs (US$/oz)

Source: Companies’ data. The following companies report on a by-product basis and therefore are not included in the comparison: Fresnillo, NewGold, Centamin, Osisko, Pan American Silver, Eldorado, Newcrest

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2013 AISC in comparison with peers

Co-product all-in sustaining cash costs (US$/oz)

$ 1,410/oz average LBMA gold price

Source: Companies’ data. The following companies report on a by-product basis and therefore are not included in the comparison: Fresnillo, NewGold, Centamin, Osisko, Pan American Silver, Eldorado, Newcrest (1) BMO estimate

1,409 1,362 1,254 1,250 1,232 1,202 1,174 1,136 1,104 1,086 1,082 1,062 1,031 1,002 952 947 938 925

Harmony ABG Hochschild Petropavlovsk (1) Iamgold Gold Fields Anglogold Coeur D'Alene Newmont Polymetal Kinross NordGold Goldcorp Polyus Agnico Eagles Yamana Barrick Randgold

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16

138

  • 344
  • 23

348

  • 77
  • 81
  • 42
  • 337
  • 451

170 138 80

  • 38
  • 39
  • 139
  • 199
  • 264
  • 794
  • 930

Polymetal Nordgold Centamin Fresnillo Hochschild ABG Randgold Petropavlovsk Anglogold Polyus

2012 2013

Free Cash Flow in 2012 and 2013, US$ m

(net of acquisitions, disposals and ST investments)

Source: Public data. Net of assets acquisitions, disposals, short-term investments, sale/purchase of marketable securities.

Free cash flow: polymetal vs UK listed companies

NA

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17

Free cash flow: non-UK listed companies

  • 239

9 159 37 174

  • 262

250

  • 326
  • 841
  • 340
  • 298
  • 604
  • 1,469
  • 602
  • 1,117

173 120 17

  • 26
  • 96
  • 109
  • 138
  • 139
  • 213
  • 327
  • 400
  • 424
  • 584
  • 651
  • 1,297
  • 1,506

Centerra Osisko Coeur D'Alene Pan American Silver Harmony New Gold Eldorado Agnico Eagle Goldfields Newmont Yamana Iamgold Kinross Newcrest** GoldCorp Barrick 2012 2013

Source: Public data. Net of assets acquisitions, disposals, short-term investments, sale/purchase of marketable securities. * Last 12M ended 30 Sep 2013. ** Annualised as at 31 Dec 2013 based on 0.9 AUD/USD exchange rate.

Free Cash Flow in 2012 and 2013, US$ m

(net of acquisitions, disposals and ST investments)

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Peers: expected production CAGR, 2016/2011

18% 13% 12% 9% 9% 8% 7% 7% 6% 6% 5% 4% 4% 3% 2% 2% 2% 1%

  • 1%
  • 2%
  • 2%
  • 4%

Eldorado Randgold Polymetal Polyus Goldcorp Pan American Silver Hochschild Yamana Iamgold Fresnillo Agnico Eagle African Barrick Newcrest Harmony Coeur Goldfields Anglogold Ashanti Centerra Petropavlovsk Newmont Kinross Barrick

* * * * * * * * * *

18 Source: Companies’ data, brokers research (BMO, DB, Raiffeisen) * Attributable gold equivalent production based on 60:1 Au/Ag ratio and 5:1 Cu/Au ratio if GE is not calculated by a company

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Key development projects: subject to ongoing review

Project Brief description Work program - 2014 Capex budget in 2014 (US$MM) Decision date

Albazino-2 Expansion of Albazino mine and concentrator with concentrate processed at POX

  • Geotechnical studies to determine pit slope

angle and underground mining method

  • Additional in-fill drilling
  • Trade-off studies for coal/ heavy fuel oil

power station

  • Mayskoye concentrate long-term off-take

negotiations

  • Reserve estimate (Q4)

10 Q4’14 Svetloye Stand-alone heap leach

  • peration
  • Statutory permitting
  • Feasibility study with reserve and resource

estimate (Q2) 10 Q3’14 Kutyn Stand-alone heap leach

  • peration with the option to

exploit primary ore by flotation/POX later on

  • Step-out drilling
  • Detailed future ore met testing
  • External audit of reserves and resources (Q4)

5 Q4’15 Maminskoye Open-pit Stand-alone CIP plant on site

  • Step-out drilling

3 Q2’15

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Shareholder structure and Board of Directors

PPF Group (Peter Kellner) 20.50% ICT Group (Alexander Nesis) 18.49% Alexander Mamut 9.95%

Management/ Employees 0.91%

Free float 50.16%

Charles Balfour* Senior INED ex-MD Durlacher plc, ex-Chairman of Nasdaq International Jonathan Best INED ex-CFO of AngloGold Ashanti Chairman of Audit and Risk committee Russell Skirrow INED ex-Chairman ML Metals/ Mining IB team Leonard Homeniuk INED ex-President of Centerra Gold Chairman of Remuneration committee INED Non-independent Konstantin Yanakov Represents ICT Group ex-CFO of Polymetal Marina Gronberg Represents A&NN Group Various board membership roles at A&NN Group Jean-Pascal Duvieusart Represents PPF Group ex-Managing Partner at McKinsey Vitaly Nesis CEO of Polymetal Bobby Godsell Chairman Chairman of Business Leadership South Africa, ex-CEO of AngloGold Ashanti Chairman of Nomination committee

* Charles Balfour has informed the Board of the Company of his intention not to offer himself for re-election at the upcoming AGM of the Company, to be held on 21 May 2014, and to retire as a Director at the conclusion of the AGM. The Board has started the search for a new independent non-executive director.

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Why Polymetal

> Solid high-grade operations > Robust growth > Capital discipline and commitment to dividends > Significant exploration upside > Strong corporate governance

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Appendix

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Dukat

Key facts

> Location: Northeast of Magadan, Russia > Mining: mostly underground > Processing: 1600 Ktpa concentrator and 400 Ktpa Merrill Crowe plant > Production start date: 2002 > Life of mine: 2023 (Lunnoye), 2021 (Dukat)

2014 outlook

> Dukat mine completely shifted to underground mining. As a result of debottlenecking at the concentrator its capacity increased to 1.6 Mtpa > We will continue to work with the diversified concentrate

  • ff-taker base in Japan, South Korea and Kazakhstan

> Goltsovoye: 170-180 ktpa run-rate > Lunnoye: the new SAG mill successfully commissioned increasing total processing capacity to 400 kt of ore per annum > Arylakh: transition to underground mining is in progress with open pit expected to close in Q2 2014 > Olcha: Open-pit mining to start in 2015. Reserve base is estimated at 250 Koz of gold with average grade exceeding 10 g/t

Our flagship operation and the largest primary silver mine in Russia

Source: Company data, IFRS accounts. GE based on actual realized prices

Dukat/Lunnoye/Arylakh/Goltsovoye 2013 2012 2011 Waste mined (Kt) 1,034 3,558 3,647 Ore mined (Kt) 1,815 1,782 1,644 Open pit 86 316 375 Underground 1,729 1,465 1,270 Ore processed (Kt) 1,912 1,772 1,733 Gold head grade (g/t) 0.80 0.77 0.80 Silver head grade (g/t) 419 403 388 Gold recovery 84% 83% 78% Silver recovery 87% 85% 79% Gold produced (Koz) 41 36 37 Silver produced (Moz) 22.1 19.2 17.0 Total cash costs/ silver ounces sold ($/oz) 11.6 12.1 14.0 Adjusted EBITDA, US$m 229 378 282

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Voro

Key facts

> Location: Sverdlovsk Region, Central Russia > Mining: open pit > Processing: Carbon-in-pulp, heap leach > Production start date: 2000 > Life of mine: 2027 (CIP)

2014 outlook

> In 2014, mining will focus on primary ore. > Efforts are under way to identify additional sources of primary and oxidised ore, including third-party supplies. > Carbon-in-Column (CIC) process was introduced in 2013 for the extraction of gold from heap leach solutions as changing ore chemistry slowed down recoveries at the historical Merrill Crowe circuit.

Lowest cost and highest margin mine

2013 2012 2011 Waste mined (Kt) 11,099 11,265 12,545 Ore mined, open pit (Kt) 1,787 1,684 1,859

  • xidised

981 926 914

  • primary

807 758 945 Ore stacked (Kt), heap leach 850 901 902 Gold head grade (g/t), heap leach 1.4 1.6 1.7 Gold recovery, heap leach 74% 74% 74% Ore processed (Kt), CIP 924 917 901 Gold head grade (g/t), CIP 5.7 5.3 5.9 Gold recovery, CIP 80% 79% 78% Gold produced (Koz) 153 154 157 Silver produced (Moz) 0.079 0.154 0.151 Total cash costs/ GE ounces sold ($/oz) 503 506 553 Adjusted EBITDA, US$m 130 182 175

Source: Company data, IFRS accounts. GE based on actual realized prices

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Khakanja

Key facts

> Location: Khabarovsk region, Russia > Mining: Khakanja, Ozerny open-pit mines and Avlayakan underground > Processing: 600 Ktpa Merrill Crowe > Production start date: 2003 > Life of mine: 2018

2014 outlook

> Sustaining the grade profile and extending the life-of-mine remain our top priorities for Khakanja > Commencement of underground mining at Khakanja has been postponed due to geotechnical concerns with the corresponding reserve being re-classified as resource > High-grade feed in 2014 will come from Ozerny and Avlayakan mines > Avlayakan: open-pit mining ceased in November. Underground development is progressing on schedule with active stoping to commence in Q2 2014

25

One of the core assets with gold and silver operations

2013 2012 2011 Waste mined (Kt) 9,097 6,521 10,792 Ore mined, open pit (Kt) 690 1,346 638 Ore mined, underground (Kt) 8 148 18 Ore processed (Kt) 619 622 617 Gold head grade (g/t) 5.7 4.8 4.6 Silver head grade (g/t) 147 277 173 GE grade processed (g/t) 8.2 9.4 7.5 Gold recovery 92% 96% 92% Silver recovery 84% 80% 78% Gold produced (Koz) 103 91 84 Silver produced (Moz) 2.4 4.4 2.6 Total cash costs/ GE ounces sold ($/oz) 756 615 672 Adjusted EBITDA, US$m 85 178 113

Source: Company data, IFRS accounts. GE based on actual realized prices

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Varvara

Key facts

> Location: North-western Kazakhstan > Mining: open pit > Processing: 1050 Ktpa flotation and 3150 Ktpa CIL > Production start date: 2007 (acquired by Polymetal in 2009) > Life of mine: 2024 (Leach), 2030 (Float)

2014 outlook

> Some decline in grades in the leaching circuit in 2014 is expected, as in October 2013 Varvara discontinued purchases of third-party ore due to its declining quality. > Stripping volumes increased to more than 31 Mt in 2013 (+19% compared with 2012), while the amounts of ore mined decreased to 2.0 Mt due to the

  • ngoing pushback in North-West and North-East

pits. > By the third quarter of 2014, we expect to complete the pushback in the North-West and North-East pits and return to a normalised stripping ratio.

Standalone gold and copper mine

2013 2012 2011 Waste mined (Kt) 31,053 26,072 25,993 Ore mined - open pit (Kt) 2,008 3,609 3,983 Ore processed (Kt), Float 1,005 992 950 Gold head grade (g/t) 1.3 1.2 1.3 Copper head grade (%) 0.58% 0.76% 0.87% Gold recovery, Float 56% 61% 61% Copper recovery, Float 89% 92% 89% Ore processed (Kt), Leach 2,671 2,654 2 523 Gold head grade (g/t), Leach 1.3 1.2 1.1 Gold recovery, Leach 82% 85% 82% Gold produced (Koz) 107 101 92 Copper produced (t) 4,841 6,567 6,915 Total cash costs/ GE ounces sold ($/oz) 791 795 747 Adjusted EBITDA, US$m 74 102 91

Source: Company data, IFRS accounts. GE based on actual realized prices

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Omolon

2014 outlook

> The Birkachan open pit is expected to be put on permanent care and maintenance in Q3 2014 after a brief summer mining campaign > Heal leach at Birkachan will operate during 2014-2016 to process low-grade ore stockpiles > The increased amount of ore from Tsokol and Dalneye and additional 218 koz of GE reserves at Oroch are expected to compensate for the suspension of mining at Birkachan > Sopka heap leach project has been further postponed from 2015 to 2016 > New resource additions from Burgali and Nevenrekan, all expected in 2014.

Key facts

> Location: Magadan region, Russia > Mining: open-pit > Processing: 850 ktpa CIP and Merrill Crowe > Production start date: 2010 > Life of mine: 2020 (CIP)

2013 2012 2011 Waste mined (Kt) 16,537 21,471 12,881 Ore mined, open pit (Kt) 2,065 2,662 1,927 Ore stacked (Kt), heap leach

  • 116
  • Gold head grade (g/t), heap leach
  • 1.1
  • Ore processed (Kt), Kubaka mill

767 724 574 Gold head grade (g/t) 5.1 5.9 2.4 Silver head grade (g/t) 118 135 12 GE grade processed (g/t), Kubaka mill 7.1 8.2 2.6 Gold recovery 95% 94% 92% Silver recovery 88% 88% 63% Gold produced (Koz) 115 129 43 Silver produced (Moz) 2.6 2.7 0.2 Total cash costs/ GE ounces sold ($/oz) 879 892 1,481 Adjusted EBITDA, US$m 64 129 5

Processing hub with multiple feed sources

Source: Company data, IFRS accounts. GE based on actual realized prices

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Albazino/Amursk POX

New high-grade open-pit mine and state-of-the-art POX plant

Key facts

> Location: Khabarovsk region, Russia > Mining: open-pit > Processing: 1600 ktpa flotation concentrator with further autoclaving/CIL at the Amursk POX plant > Production start date: 2011 > Life of mine: 2021

2013 results and outlook

> The Amursk plant successfully achieved its design throughput and recoveries in August and October 2013 respectively > No further off-take required from 2014. All concentrate will be processed through the POX plant > Albazino concentrator achieved annual run-rate of 1.6 Mtpa > Significant increase in resources to c. 6 Moz of gold to be followed by a revised reserve estimate and construction decision on Albazino potential by year end

Albazino 2013 2012 2011 Waste mined (Kt) 16,135 15,160 14,584 Ore mined - open pit (Kt) 1,338 1,216 841 Ore processed (Kt) 1,513 1,226 620 Gold head grades (g/t) 5.6 5.3 4.3 Gold recovery 88% 87% 70% Concentrate produced (Kt) 140 115 43 Gold grade in concentrate (g/t) 53 49 43 Gold in concentrate (Koz) 239 181 59 Concentrate sold (Kt) 49 40 20 Payable gold in concentrate sold (Koz) 79 64 30 Amursk POX Concentrate processed (Kt) 127 16

  • Gold head grade (g/t)

50 38

  • Recovery

86% 79%

  • Gold produced (Koz)

159 14

  • Total Production (Albazino/Amursk)

Gold (Koz) 238 78 30 Total cash costs/ GE ounces sold ($/oz) 790 739 1,018 Adjusted EBITDA, US$m 103 35 5

Source: Company data, IFRS accounts. GE based on actual realized prices

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Mayskoye

Key facts

> Location: Chukotka, Russia > Mining: underground mechanised mine > Processing: 850 ktpa flotation concentrator + offtake/POX > Production start date: Q2 2013 > Life of mine: 2022 > Investments: US$250m CapEx + US$166m purchase price > Current resources: 7.9 Moz of gold at 9.6 g/t including 2.4 Moz reserves at 9.6 g/t (JORC)

2014 outlook

29

Started-up in April 2013

2013 2012 2011 Underground development (m) 9,989 11,068 10,999 Ore mined, underground (Kt) 667 40 79 Ore processed (Kt) 488

  • Gold head grade (g/t)

7.1

  • Gold recovery

78%

  • Concentrate produced (Kt)

49

  • Gold grade in concentrate (g/t)

55

  • Gold in concentrate (Koz)

87

  • Concentrate sold (Kt)

30

  • Payable gold in concentrate sold (Koz)

48

  • Gold produced (Koz)

48

  • Total cash costs/ GE ounces sold ($/oz)

957 Adjusted EBITDA, US$m (4) (12)

  • Source: Company data, IFRS accounts.

GE based on actual realized prices

> The split between own-processing and third-party off-take will be determined based on the relative cost/recovery attractiveness of each route. > By the end of Q2 and the start of the navigation period, the test processing of concentrate from Mayskoye at the Amursk POX will be completed and the off-take contracts will be renewed > LOM TCC: US$700-750/oz at POX, $900-950/oz if off- take

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SLIDE 31

690 745 51 31 22 11 16 21 22

2012 Inflation Au/Ag ratio change Grade milled Produciton split USD rate change Mining tax change - Au&Ag price Recovery 2013

30

Total cash cost per GE ounce dynamics

US$/oz

Source: Company data GE based on actual realised prices

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SLIDE 32

31

Impairment sources

Khakanja Varvara Omolon Mayskoye Other

  • perations

Corporate and other Total Goodwill 13 63

  • 76

Mining assets 91 17 17

  • 125

Metal inventories 28 19 75 16 15

  • 149

Investments in associates

  • 12

12 Total impairment charges 132 99 92 16 15 12 366

> Conservative price assumptions used: gold – US$ 1,200/oz, silver - US$ 18/oz, copper – US$ 7,000/tonne > Recorded due to a significant decline in market prices for gold and silver in 2013 (equivalent to post- tax amount of US$ 315 million) > Additional impairment in 2H 2013 (US$ 60 million) mainly related to LOM plan changes at Omolon with reduction of reserves.

Conservative price estimates driving asset valuation