#1POLYMETAL INTERNATIONAL PLC Investor Presentation February 2018 401 BELRY Kyzyl#2Disclaimer 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 know ledge 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 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 otherwise) for any loss howsoever arising from any information contained in the presentation. ▲ POLYMETAL INTERNATIONAL PLC | 2#3Polymetal today High-quality operating assets and outstanding growth pipeline 8 operations across 3 countries 2nd largest gold producer in Russia 1 POX facility & 4 major development projects FTSE 250 with US$ 5.2 billion* market cap St. Petersburg > VIKSHA + Ekaterinburg VORO Russia > VARVARA + Kostanay Armenia + Oskemen Kazakhstan > KYZYL > KAPAN Notes: *As at market close 22.01.2018 POLYMETAL INTERNATIONAL PLC MAYSKOYE > OMOLON DUKAT > NEZHDA Magadan + > PROGNOZ OKHOTSK + Yakutsk Khabarovsk + > ALBAZINO >AMURSK POX Operating mines Development projects Scale 0 250 500 750 Kilometers T 0 250 500 750 Miles | 3#4Simple strategic objectives and clear execution priorities > Deliver a significant and sustainable dividend > Ensure significant and profitable growth > Control costs and replace reserves at operating mines > Ramp up Kyzyl Build and advance a long-term growth pipeline > Maintain best practices in corporate governance and sustainable development ▲ POLYMETAL INTERNATIONAL PLC | 4#53-year results: We have consistently outperformed gold and the majority of gold equities 3-year TSR 61% 39% 17% 10% 8% 3-year average dividend yield > US$ 1 billion paid out since IPO 4.4% 4.0% 1.1% Polymetal FTSE Gold FTSE 350 Gold Silver Polymetal FTSE 350 FTSE Gold Mines Mines Notes: Company and Bloomberg data as at market close 29.12.2017. Poly metal DY - by payment date. ▲ POLYMETAL INTERNATIONAL PLC | 5#6We deliver stable and reliable growth Annual production based on 80:1 Ag/Au ratio (Koz of GE)* +8% +7% +10% +1% +4% +2% 1,433 Guidance 1,260 1,269 1,400 1,312 1,267 Actual 1,168 1,190 1,220 1,090 952 885 2012 2013 2014 Company historical gold equivalent guidance recalculated using 80:1 Ag oz/Au oz conversion ratio. ▲ POLYMETAL INTERNATIONAL PLC 2015 2016 2017 | 6#7We have robust growth profile Gold production, Koz of GE¹ 1,800 1,700 ■ Kyzyl 1,433 1,550 80 330 280 ■ Existing operations 1,433 1,470 1,420 1,470 2017A Share of gold in production1 75% 2017A 2018E 2019E 2020E 82% 87% 87% 2018E Notes: GE at 80:1 Ag oz/Au oz, 1:5 Cumt/Au oz and 1:2 Zn mt/Au oz conversion ratios. ▲ POLYMETAL INTERNATIONAL PLC 2019E 2020E | 7#8We consistently pursue high-grade assets Average reserve grade (2P reserves), g/t GE Polymetal 6.9 4.2 3.7 6.3 2.8 2.8 2.4 2.4 1.7 1.7 1.5 1.4 1.3 1.3 1.3 1.3 1.1 1.1 1.0 1.0 1.0 0.9 0.9 0.9 Hochschild Acacia Average Underground Open-pit Goldfields Agnico Eagle Randgold Polyus Pan American Source: Company data. Gold, silver, copper proved and probable reserves as of 01.01.2017 GE at 80:1 Ag oz/Au oz and 1:5 Cu mt/Au oz conversion ratios. ▲ POLYMETAL INTERNATIONAL PLC Goldcorp* IAMGOLD 0.8 0.6 Anglogold Barrick Eldorado Fresnillo Newcrest Newmont Centamin New Gold Centerra Petropavlovsk Yamana Nordgold Kinross Coeur | 8#9EV/ Reserves EV/ Reserves (US$/oz) $1,444 Fresnillo $549 $425 $359 $323 Randgold Large producers (average) Mid-tier producers (average) Polymetal Source: Company reports, BMO Capital Markets, SNL Large producers (production > 1000 Koz), Medium (Production > 200 Koz) ▲ POLYMETAL INTERNATIONAL PLC 19#10We control our costs All-in sustaining cash cost guidance for 2017, US$/oz of GE Harmony Tahoe Sibanye-Stillwater Detour Gold Anglogold IAMGOLD Gold Fields Kinross B2Gold Newmont Hochschild ACACIA Yamana Eldorado Polymetal Agnico-Eagle Goldcorp New Gold Centamin Fresnillo Newcrest Barrick Randgold Centerra Polyus 617 1,182* 1,050 1,150 1,115-1,140 1,025 -1,125 1,050 - 1,100 1,000 - 1,080 1,010-1,030 925-1025 940-970 900-950 940 880-920 890-910 900 850-900 820-870 850 760-800 790 779 787 740-770 759 705-741 US$ 1,258 oz average LBMA gold price in 2017 Source: Companies' guidance data on co-product basis (Harmony, Newcrest - actual data, Poly us, Randgold - BMO estimates, Fresnillo - RBC estimate). Centamin, Centerra Gold, Tahoe: AISC reported on by product basis Hochschild: AISC based on Ag/Au ratio of 74 POLYMETAL INTERNATIONAL PLC | 10#11▲ POLYMETAL INTERNATIONAL PLC Centamin Polyus FTSE 350 Tahoe Polymetal Acacia Goldfields 4.6% 3.9% Fresnillo Source: Bloomberg as at market close 29.12.2017. Poly metal dividend include FY2016 final and FY2017 interim dividend Centerra 7.1% Randgold Anglogold FTSE Gdd Mines Agnico Eagle Hochschild Source: Thomson Reuters as at 16.01.2018 Kinross Newmont 48x 36x Newcrest Goldcorp 34x 30x 28x 27x 27x 27x 24x 23x Fresnillo 2017 Dividend yield 3.6% 2.7% 2.5% 2.0% 1.3% 1.2% 1.0% 1.0% 1.0% 0.9% 0.9% 0.7% 0.7% 0.7% 0.6% 0.6% 0.5% 0.4% Agnico Eagle Newcrest Hochschild Yamana Eldorado Barrick Buenaventura Newmont Pan American Silver | 11 Kinross N/A N/A N/A New Gold lamgold Yamana We continue to provide both valuation upside and meaningful current income 2018E P/E New Gold Eldorado Gold Fields Pan American Barrick Centamin 20x 20x 19x 17x 13x 12x 12x 12x 11x Buenaventura Polymetal Tahoe Anglogold Harmony Centerra 9x 9x 7x Randgold Polyus Gold Acacia#12A POLYMETAL INTERNATIONAL PLC Project update | 12#13Kyzyl is one of the best development-stage gold projects in the world > Large: 7.3 Moz of gold reserves, of which 3.1 Moz is open pit High-grade: 7.7 g/t with 6.9 g/t in the open pit > Excellent exploration upside: 3.1 Moz of additional resources at 6.8 g/t > LOM: 22 years (first 10 years open pit) > Low capital intensity: US$375M (open pit + flotation + POX expansion) > Robust economics:* US$ 488/oz TCC US$ 518/oz AISC 33% IRR US$ 750M NPV Notes: *Based on 10% discount rate. the gold price of US$ 1,200/oz, RUB/USD exchange rate of 64 and Tenge/USD exchange rate of 300. ▲ POLYMETAL INTERNATIONAL PLC | 13#14Kyzyl Completion scorecard Permitting Engineering Contracting Construction Open pit 100 % 100% 100% 100 % Processing 100% 100% 100 % 85% plant External 100% 100% 100 % 100 % Infrastructure Internal 100% 100% 100% 95% Infrastructure Tailings storage 100 % 100 % 100 % 95% ▲ POLYMETAL INTERNATIONAL PLC | 14#15Kyzyl Site layout Ore crusher ▲ POLYMETAL INTERNATIONAL PLC Repair shop Administrative building Pump station Crushed ore storage Processing plant Surface drainage pond Tailings storage | 15#16Kyzyl open pit First ore mined in January POLYMETAL INTERNATIONAL PLC | 16#17Kyzyl Crusher POLYMETAL INTERNATIONAL PLC H | 17#18Kyzyl Mills Ou ▲ POLYMETAL INTERNATIONAL PLC 133 301 Outorec | 18#19Kyzyl Thickener, concentrate filters and dryers ASA SALL POLYMETAL INTERNATIONAL PLC | 19#20Kyzyl Concentrate logistics Highlights: Contracts currently under negotiation and are expected to be signed in Q1 2018 Strong demand for concentrate from multiple off-takers both in East and West China > Kyzyl offtake terms are better than existing contracts for Mayskoye concentrate offtake Routes: Астана Kazakhstan Ташкент Kyzyl Бишкек East route р. ИР ▲ POLYMETAL INTERNATIONAL PLC Душанбе Кабул Kabul Истан Исламабад islamabad Пакистан West route Alashankou Railway Station Нью-Дели New Delhi Henan Катманду Kathmandu Дакка Dhaka р. Ангара Russia 03. Байкал Улан-Батор Mongolia China Шипка Р.Амга O Amursk POX Vladivostok Пекин KHAP Пхеньян Ceyn Южная Корея Япония Токио Тихий океан Eastern route: railway to Vladivostok, by sea to East China Western route (shorter): railway to Alashankou Railway station (West China) | 20 Ox#21Amursk POX expansion project Completion scorecard Permitting Engineering Contracting Construction Hydrometallurgical plant 100 % 100% 100% 90% Oxygen 100% 100% 100% 75% station 2 Other processing objects 100% 100% 100% 75% Infrastructure 100% 100% 100% 80% ▲ POLYMETAL INTERNATIONAL PLC Ramp up to full expanded capacity by Q4 2018 | 21#22Amursk POX debottlenecking project Oxygen Plant No 2 POLYMETAL INTERNATIONAL PLC | 22#23Further Growth Opportunities ▲ POLYMETAL INTERNATIONAL PLC 94 | 23#24Conceptual project development schedule 2016 2017 2018 2019 2020 2021 2022 2023 2024 Kyzyl Construction Operation POX Construction Operation debottlenecking Nezhda Exploration Feasibility Construction New POX-2 Feasibility Construction Prognoz Exploration/ Feasibility Viksha Exploration Pilot testing/ Feasibility / Reserve estimate Operation Ram p-up Operatio n Operatio Construction n Operatio Construction n Final Board decision No more than two large projects in the construction stage at the same time ▲ POLYMETAL INTERNATIONAL PLC | 24#25Nezhda - Russia's 4th largest gold deposit > Large open-pittable reserves: 2.0 Moz of GE at 4.0 g/t (JORC) > Excellent exploration upside: 8.9 Moz of additional resources at 5.0 g/t (JORC) > Throughput: 1,500 Kt per annum / 85% recovery to concentrate > Technology: Flotation followed by concentrate offtake or POX processing > Annual production: 150 Koz gold > LOM: 11 years open pit followed by underground > Low capital intensity: US$249M (open pit + flotation + pre-stripping) > Robust economics:* - US$ 590-640/oz TCC 2 - US$ 650-710/oz AISC 20% IRR US$ 132M NPV Notes: *Based on 10% discount rate. the gold price of US$ 1,200/oz, 60 RUB/USD exchange rate ▲ POLYMETAL INTERNATIONAL PLC | 25#26Nezhda Concentrate logistics > Trucking from Nezhda to railway station Nizhniy Bestyakh - 650 km. > Railway transportation from Nizhniy Bestyakh: a. To Amursk (processing at Amursk POX Au GC) – 2,510 km. b. To Nakhodka (Au FC/Ag FC) - 3,415 km. > Sea transportation from Nakhodka to Yantai 1,800 km. - ▲ POLYMETAL INTERNATIONAL PLC Россия р. Ангара р. Лена Улан-Батор Монголия р. Лена Yakutsk Nizhnyi Bestyakh ° 2,200 650 310 p. AMуp Nezhda Magadan Охотское море Amursk (POX) 1,215 Nakhodka Китай Пекин Yantai • Пхеньян Японское море Ceyn 1,800 Южная Корея Желтое море Восточно- - Китайское море внутреннее Японское море Токио Тихий океан Тихий океан | 26#27Second POX line New POX for high-carbon pregrobbing concentrates* Amursk POX Hub Full scale of refractory ores. processing POX 1 Low-carbon concentrates POX 2 High-carbon pregrobbing concentrates Albazino, Mayskoye (underground), Kyzyl* (partially), 3rd parties Kyzyl, Mayskoye (open- pit), Nezhda, 3rd parties US$400M order-of- magnitude CapEx estimate for the second POX line *after completion of the ongoing debottlenecking project in Q3 2018 ▲ POLYMETAL INTERNATIONAL PLC | 27#28Second POX line Amursk POX Capacity Concentrate, Kt Albazino, Mayskoye 155 Kyzyl and Mayskoye low-carbon 49 Kyzyl and Mayskoye high-carbon, Nezhda, 3rd party 250 454 Original POX Debottlenecking 2nd POX line Total Sulphur, Kt 13 Original POX ▲ POLYMETAL INTERNATIONAL PLC 17 50 50 80 00 Debottlenecking 2nd POX line Total | 28#29Second POX line Economic rationale for in-house processing Significant cost savings $220 $60 ~ US$ 100/ oz cost economy Improvement in Au recovery ~ US$ 40-80/ oz to revenue $110 90% $40 $160 $70 Off-take In-house Processing cost/oz. Transportation cost/oz. ▲ POLYMETAL INTERNATIONAL PLC 93-96% Off-take In-house | 29#30Prognoz - the largest undeveloped primary silver deposit in Russia Key facts Ownership: 5% with an option to increase stake to 50% (investment decision to be made no later than Q1 2020) the other 50% owned by financial investor and potentially available Mineral resources: 292 Moz at 586 g/t* silver, 3% lead Additional mineral potential: 7.9 - 18.1 Mt of ore at 469 g/t silver for 119-273 Moz of silver contained* Mining method: Open-pit (5-8 years), followed by underground Throughput: ~1 Mtpa Production: 20 Moz of silver per annum (100%) Capex: $250M (100%) 68 72% Olenek Lena Zhigansk Bestyakh Viljuy 64 126 132° 138° Islands 144° Northern Sea Route Laptev Sea ↓ Nizhne-Yaansk Severny Ust-Yansk Kazachie UKuyga ndina Deputatsky Omolol Bytontai 287 150° 156° Chokurdakh Eastern Siberian Sea. Alazeya Verkhoyansk Batagai Tokuma YAKUTIA Suordakh Lazo Nel gese Barylas Mubileuny Nelgese Namtsy Kolymsk Ozhogina Zyranka Prognoz Project Location Agylki Ust-Nera Nelkan Kebum Oymyakon Khaptagay Yakutsk handyga Allakh-Yun Pobeda Artyk 1754 Arkagala Adygalakh Susuman Nezhdaninsky gold deposit Moscow 5280 445++ ↓ Sangary Kachekatsy Auga Eldyka 60° fommot Ust-Maya hnykhchan Aldan Yugarenok Aldan Okhotsk Magadan * Estimated by Micon in 2009 ▲ POLYMETAL INTERNATIONAL PLC | 30#31Silver content, Moz Top silver development projects globally 800 600 400 200 Development projects - Ranked by Silver Grade 0 0 Mangazeiskiy (SBR) Juanicipio (FRES; MAG) Prognoz (POLY) Silvertip (CDE) Los Gatos (DOWA) Webbs (Silver Mines) Terronera (EXK) Fuwan (MSV) Navidad (PAAS) La Preciosa Corani (CDE) (BCM) Source: Company reports, BMO Capital Markets ▲ POLYMETAL INTERNATIONAL PLC ■ P+P ■M+I Inf. ●Ag grade, g/t 1000 800 600 400 200 | 31 Silver grade, g/t#32Viksha - our first PGM asset One of the largest open pittable PGM resources in the world > 20-year mining licence granted on July 18, 2016 for a project area of 47km2 > Mineral Resources: 213 Mt at 0.98 g/t of combined precious metals, total content at 6.6 Moz > Processing: conventional flotation processing to produce bulk copper-PGM sulphide concentrate + off-take > Average thickness: 7 m > Depth of open pit: 150 m Consistent gram-meter (gm-m) down dip (Pd eq.* ore body width) 17.0 16.5 16.0 15.5 15.0 14.5 14.0 -200 生 Gram-meter (gm-m) 14.7 200 15.4 16.3 16.1 16.1 ▲ POLYMETAL INTERNATIONAL PLC 400 600 800 1000 1200 1400 14.9 14.8 1600 1800 -2013 113 108.5 03. Kemu 113,9 101.3 164 оз. Ном шкас 185 E 167 Memah 189 119 17420 Slangi are lake Paljeozero озера Таргилампи ов Яниш- 1.500 209 UK Legend Project boundaries of Viksha deposit license area Location of the precious metals horizon (PM) on the exploration area Precious metals reef, defined through geological prospecting and exploration in 2013-2014 Conjectured through magnetic exploration Boundaries of the precious metals mineralization evaluation, based on the results of drilling, conducted during 2014, including: a) up to the depth of 50 m. 6) up to the depth of 100 m. B) up to the depth of 150 m. | 32#33Getting ready for the new investment and growth phase Capital expenditures, US$M 415 400 30 30 30 300 160 100 60* 70 85 80 170 155 145 2017A 2018E Notes: subject to positive investment decision. ** Exploration includes Viksha, Prognoz ▲ POLYMETAL INTERNATIONAL PLC 2019E Nezhda ■ POX-2 ■Kyzyl and POX expansion ■ Exploration ■Stay-in-business CapEx | 33#34Operating assets review POLYMETAL INTERNATIONAL PLC | 34#35Operating assets review (1/4) Asset Mine Capacity Grade (Ktpa) milled grade (g/t) (g/t Reserve 2017A output (koz) Outlook Dukat UG 2,300- 2,350 4.7 4.7 322 (374 g/t Ag) > Stable production and costs for the next 5 years Albazino OP/ 1,700 4.9 4.2 269 / Amursk UG ▲ POLYMETAL INTERNATIONAL PLC Priorities AISC $/oz (2017E) > Extend LOM to 2027 while maintaining stable costs Start of production from high-grade satellite deposits 10.1- 10.3 • Step-out exploration at deeper flanks of Dukat and Lunnoye > Slow down grade erosion and production decline > Improve processing capacity utilization > Stable production and costs for the next 10-12 years > Continued presence on the market for 3rd party concentrate > Completion of the POX debottlenecking project in Q3 2018 830- 860 > Acceleration of satellite open-pit development: 2.4 Mt at 3.2 g/t GE > Continued resource-to-reserve conversion in the underground mine > Continued near-mine exploration | 35#36Operating assets review (2/4) Asset Mine Capacity (Ktpa) Grade milled Reserv e grade 2017A Outlook (g/t) (g/t output (koz) Omolon OP/ 850 7.8 6.8 202 UG CIP + /1.3 CIP 1,000 1.3 > Stable production and costs for the next 7-8 years HL HL Mayskoye UG/ 850 5.9 6.9 124 OP > Stable production for the next 8-10 years Varvara OP 2,500 1.3 1.6 130 > Stable production Leach 1,000 for the next 10-12 years Flotati on ▲ POLYMETAL INTERNATIONAL PLC Priorities > Advancing LOM extension options > Continued resource and reserve accretion at Olcha, Sopka, Nevenrekan, Yolochka > Achieve target productivity at Birkachan HL > Debottlenecking of the CIP section to achieve design recovery levels for oxidised ore from the open pit > Maintain safety, productivity and grade control underground > Accelerate resource-to-reserve conversion both in the open pit and underground AISC $/oz (2017E) 870- 910 1,140- 1,170 > Optimisation of the long-term mine plan for the hub as a whole with evaluation of strategic options for assets on the Russian side of the border (Tarutin, Maminskoye) > Rail and process >2 Mtpa of Komar ore > Continued active presence on the market for 3rd party ore 1,020- 1,060 | 36#37Operating assets review (3/4) Asset Mine Capacity Grade (Ktpa) milled grade (g/t) (g/t Reserve 2017A output (koz) Outlook Voro OP 950 3.3 2.5 120 > Declining medium- term production and the cessation Kapan UG 750 4.0 4.0* ▲ POLYMETAL INTERNATIONAL PLC 50 50 Priorities AISC $/oz (2017E) of mining at Voro in 2019 Stockpile processing in 2019-2027 > Reserve estimate for Saum and Tamunier in 1H 2018 > Feasibility study for the joint development of Saum, North Kaluga and Tamunier with an upgrade of the existing CIP plant to include flotation circuit in Q3 2018 > Continue regional exploration and evaluation of bolt-on M&A opportunities 480- 520 > 10-15% production growth in 2018 driven by improved processing capacity utilisation > Carry on with improvement measures aimed at debottlenecking the underground mine > Continue active exploration activities in the region 1,100- 1,200 | 37#38Operating assets review (4/4) Asset Mine Capacity Grade (Ktpa) milled grade (g/t) (g/t Reserve 2017A output (koz) Outlook Khakanja UG 600 6.1 5.3 110 > Full depletion of the reserves (200 Koz) in 2019 Svetloye OP 1,000 4.4 2.8 107 ▲ POLYMETAL INTERNATIONAL PLC Priorities AISC $/oz (2017E) > Gradual decline in grade and production > Continued exploration at smaller high- grade satellite deposits potentially providing feedstock at Khakanja > Evaluation of strategic options for the Khakanja plant and associated smaller deposits 640- 670 > Stable production at low costs for the next 7-8 years > De-bottlenecking heap leach stacking capacity given significant expansion in ore reserves following positive grade reconciliation after in-fill drilling and positive exploration results on the flanks | 38#39Ample liquidity and comfortable maturity profile Net debt at US$ 1.42 bn*, 100% bilateral and denominated in US dollars Low cost of debt below 4% with an average maturity of >4 years Net Debt/ Adjusted EBITDA below 2.0x Robust liquidity profile: US$ 1.3 bn of undrawn credit facilities New maturity profile, US$M (long-term loans only) 106 248 513 414 100 26 50 50 2018 2019 2020 2021 2022 2023 2024 Notes: *As at 31.12.2017 ▲ POLYMETAL INTERNATIONAL PLC Interest rate breakdown (long-term loans only) 48% 52% ■ Fixed ■Floating | 39#40FY2017 and FY2018 Outlook FY2017 FY2017 (revised) FY2018 Production, GE Koz 1,400 1,433 1,550 TCC, US$/GE oz AISC, US$/GE oz Capital expenditure, US$M Free cash flow, US$M Regular dividend 600-650 650-675 650-700 775-825 850-900 875-925 370 415 400 Positive 76 Positive US$ 138 million paid 50% of underlying net income Assumptions Gold, US$/oz. Budget Actual Budget 1,200 1,237 1,200 Silver, US$/oz. 16.0 16.1 16.0 RUR/USD rate 60 58 55-60 Oil 60 56 55-70 ▲ POLYMETAL INTERNATIONAL PLC | 40#41Appendix POLYMETAL INTERNATIONAL PLC | 41#42Sustainability highlights 0.14 LTIFR 0 (2 fatalities in 2017) strikes and lockouts 12,355 42% employees female qualified personnel Member 2016/201 STOXX ESG LEADERS INDICES FTSE4Good UN GLOBA COMPACT ORAL COMP United Nations Global Compact EURONEXT vigeo INDICES VON ▲ POLYMETAL INTERNATIONAL PLC 0 major environmental incidents 4.2% staff turnover Global Reporting Initiative™M ISO CDP DRIVING SUSTAINABLE ECONOMIES EALTH& OHSAS 18001 OCCUPA SAFETY | 42#43We are committed to delivering sustainable value 2017 Sustainability highlights > General improvement in safety performance during the year, significant decrease in injury frequency and level of risk exposure > FTSE4Good: the highest score (5/5) in Corporate Governance and Anti-Corruption, with the ESG Percentile of 84/100 > Sustainalytics: Polymetal in the 93rd percentile, outperformer in the metals and mining industry, 1st among its peers and 4th among the 44 mining companies > Leader for Environmental management in WWF/UN rating > Signatory to the International Cyanide Management Code > EBRD Environmental and Social Policy implemented at Kyzyl > Renewable energy generation project launched Carbon Management Strategy is being developed Over 50 social service institutions renovated or upgraded in host communities *The ESG Rating ICB Supersector Relative Percentile ▲ POLYMETAL INTERNATIONAL PLC | 43#44We operate in stable low-risk jurisdictions Russia/Armenia/Kazakhstan > No material regulatory matters, no instances of government overreach or licensing issues in hard rock mining in more than 10 years High-risk jurisdictions Tanzania (export ban) Indonesia (resource nationalism) Greece, Philippines, Columbia (bans on mining and mine closures/ suspensions Stable tax regime, relatively low corporate and sector tax levels > No recent changes to royalty rates and mineral extraction tax > Corporate tax rates stable at 20% since 2009 in Russia and Kazakhstan, and since 2006 in Armenia Burkina Faso South Africa Zambia Congo > No significant labor or community issues Africa Unemployment rates at a low 5.3% in Russia, 4.9% in Kazakhstan and 17.4% in Armenia Labour strikes extremely rare; labour unions only traditionally influential in coal mining ▲ POLYMETAL INTERNATIONAL PLC | 44#45We are committed to highest standards of corporate governance Shareholder structure • 59% Free Float 14% High net worth individuals 45% Institutional investors Shares outstanding 430,115,480 Board of Directors The majority of our Board is independent (2 new INED since 2018) Bobby Godsell Chair Chairman of Business Leadership South Africa, ex-CEO of AngloGold Ashanti Chair of the Nomination Committee Christine Coignard 27% ICT Group (Alexander Nesis) Senior INED ex-MD HCF International Advisors Chair of the Remuneration Committee Tracey Kerr INED since Jan 2018 Group Head of Safety and Sustainable Department in Anglo American plc Giacomo Baizini INED since Jan 2018 General Manager and ex-CFO of EVRAZ Group S.A. Vitaly Nesis Group CEO Konstantin Yanakov ICT Group Ltd ex-CFO of Polymetal Marina Gronberg Vitalbond Ltd 1% Management 13% PPF (Petr Kellner) & Directors Notes: Shareholder structure data as of October 3, 2017 ▲ POLYMETAL INTERNATIONAL PLC Jonathan Best INED ex-CFO of AngloGold Ashanti Chair of the Audit and Risk Committee Leonard Homeniuk INED ex-President of Centerra Gold Chair of the Safety and Sustainability Committee INED Non-independent Jean-Pascal Duvie usart PPF Group ex-Managing Partner at McKinsey Russell Skirrow INED ex-Chairman ML Metals/ Mining IB team | 45#46Financial performance is heavily dependent on the RUB/USD exchange rate and oil price dynamics OpEx Structure, $/oz $ / Au RUB/Tenge Labor, 24% Royalty, 8% Non-fuel consumables, 21% $/RUB/Tenge ▲ POLYMETAL INTERNATIONAL PLC Grid power 4% Fuel, 20% Oil Services, 23% Oil / RUB/ Tenge RUB / Tenge > A 1 RUB movement in domestic currency will have a US$ 9/oz effect on TCC Oil, 30% RUB, 41% $, 20% Tenge ' 9% | 46#47Reserve LOM grade, g/t Notes: GE Moz Reserves and resources ■Reserves Resources 1.7 39.0 1.9 0.7 2.5 1.6 0.9 0.4 10.4 2.5 3.1 7.3 6.3 2.9 1.7 1.4 3.4 0.8 4.7 0.5 0.9 0.8 3.2 3.7 1.4 2.0 1.7 2.7 2.0 0.6 1.5 0.6 2.1 Dukat Omolon Albazino Mayskoye Okhotsk 18.3 20.6 Voro Varvara Kyzyl Kapan¹ Nezhda Other² Total 4.7 3.7 4.2 6.9 3.3 2.5 1.6 7.7 N/A 4.0 4.1 3.7 ** * * 2023 2024 2031 2034 2024 2027 2032 2039 N/A 2032 1) Includes Kapan and Lichkv az mines 2) Kutyn, Veduga Reserve and resource statement (JORC 2012) as at 01.01.2017 including updates for Dolinnoy e, Nezhda and Komar. Gold and silver price assumptions of $1,200/oz and $16/oz respectively. *Assuming a reasonable resource-to-reserve conversion, ** open-pit only POLYMETAL INTERNATIONAL PLC | 47#48Nezhda Path to 100% ownership Stage 1: > On 17 July 2017, Polymetal entered into binding agreement to acquire an additional 7% for a cash consideration of US$ 8M that will see its stake increase to 24.7% Key transaction details: > Under the agreement, Polymetal has an option to buyout the remaining 75.3% stake Stage 2: > Option to acquire the remaining 75.3% is based on the following terms: Option premium will comprise US$ 12M payable upfront Polymetal to prepare initial JORC-compliant ore reserve estimate for open-pittable reserves Following reserve statement, Polymetal will have the right to acquire the remaining stake for $US 100/oz of attributable JORC reserves (equivalent to $US 75.3/oz x total reserve ounces) A hard-cap on the consideration of US$ 180M, but no less than US$ 105M Low initial investment to secure clear path to 100% ownership of Nezhda Optionality to make a "go/no-go" decision based on extensive exploration and a PFS Capped consideration at US$ 180M with any exploration upside fully attributable Polymetal to Walkaway clause with no obligation to exercise if undesired - put option to sell stake for EUR 1 thousand ▲ POLYMETAL INTERNATIONAL PLC | 48