#1INVESTOR PRESENTATION DA 1382 XM 27 KOMATSUHD785" KOMATSU March, 2019 POLYMETAL#2POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION POLYMETAL TODAY ▼ 9 OPERATIONS ACROSS 2 COUNTRIES ▼ 2nd LARGEST GOLD PRODUCER IN RUSSIA ▼ FTSE 250 & MSCI CONSTITUENT VIKSHA St. Petersburg Moscow VORO Ekaterinburg Russian Federation VARVARA Kostanay Competence center Kazakhstan Development Operations Oskemen KYZYL PROGNOZ Pevek MAYSKOYE OMOLON DUKAT NEZHDA Magadan Okhotsk Yakutsk SVETLOYE ALBAZINO AMURSK POX Khabarovsk 2#3POLYMETAL INTERNATIONAL PLC STRATEGY INVESTOR PRESENTATION 3 SCOPE OF ACTIVITY CAPITAL ALLOCATION DESIRED OUTCOMES PRINCIPLES Russia and FSU Focus on gold, silver and possibly other base metals Medium-sized high-grade deposits Vertical integration ESG best practice Regular dividend is shareholder's right, comes before growth spending Target Net Debt/EBITDA of less than 1.5x CAPEX hurdle rate - 12% real unlevered Significant sustainable dividend Meaningful growth Stable licence to operate Robust balance sheet Reduction of environmental footprint#4POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 4 PROVEN TRACK RECORD OF GROWTH Exceeding production guidance for 7 consecutive years Actual Guidance 885 2012 Notes: +64% +1% 1550 1562 +2% 1433 +10% 1400 +4% +1% 1312 +7% 1267 1260 1269 1220 1168 1190 1090 +8% 952 2013 2014 2015 2016 2017 2018 *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.#5Acacia Polymetal Agnico Eagle Goldfields* Barrick Pan American Source: Company data. Gold, silver, copper proved and probable reserves as at 01.01.2019. *Company data as at 01.01.2018. Polyus* Eldorado 4.1 3.8 POLYMETAL INTERNATIONAL PLC FOCUS ON GRADE AVERAGE RESERVE GRADE (2P RESERVES), g/t of GE 2.8 2.6 2.0 1.8 1.8 1.7 1.5 1.4 1.4 Goldcorp Anglogold B2 Gold* Centamin 1.3 1.3 1.2 1.2 1.1 1.0 0.9 0.8 0.7 IAMGOLD Petropavlovsk* Centerra Yamana Kinross INVESTOR PRESENTATION 5#6Newcrest Goldcorp Goldfields* 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 Polyus* Centerra IAMGOLD Petropavlovsk* Anglogold 31 30 23 22 22 POLYMETAL INTERNATIONAL PLC FOCUS ON LOM AVERAGE LIFE OF MINE, YEARS 18 18 17 15 14 13 12 11 10 10 10 999 Centamin Polymetal Barrick INVESTOR PRESENTATION 6#7Source: Companies' data and Bloomberg. Polymetal Centamin Goldcorp Pan American Polyus Fresnillo Agnico-Eagle Randgold Yamana Eldorado 22 92 156 132 88 86 85 68 Newmont Acacia 20 67 64 59 59 49 49 POLYMETAL INTERNATIONAL PLC DIVIDENDS PER GOLD EQUIVALENT PRODUCED IN 2012-2018, $/oz 43 42 42 40 38 IIIII Barrick Gold Newcrest Centerra Goldfields lamgold Hochschild Kinross 25 25 TRANSLATING PRODUCTION INTO DIVIDENDS 22 22 15 11 Anglogold B2 Gold 00 Endevaour INVESTOR PRESENTATION 7#8Centamin FTSE 350 Polymetal FTSE 250 Centerra 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 Pan American Acacia PAID OUT SINCE IPO POLYMETAL INTERNATIONAL PLC DIVIDEND YIELD Competitive shareholder returns $1,407m 2018 DIVIDEND YIELD¹ 50% DY: 5-YEAR AVERAGE (SINCE JAN 2014), % 3.1 2.3 2.2 Kinross Goldcorp Yamana 5% 1.7 1.7 1.7 1.7 1.7 1.3 1.2 1.1 1.1 1.1 1.1 0.8 Fresnillo Gold Fields FTSE GM Barrick Gold Agnico Eagle Newmont Newcrest Anglogold Eldorado 0.6 N/A N/A N/A N/A B2Gold Petropavlovsk Polyus lamgold OF UNDERLYING NET INCOME (REGULAR) INVESTOR PRESENTATION 8#9Newcrest Centamin Source: RBC data (as at market close 28.02.2019) Newmont 5-YEAR TSR, % 77% 62% 53% 39% 37% Agnico Eagle Polymetal Centerra 25% 14% 4% Gold Fields FTSE 250 Pan American 2% FTSE GM -5% Gold -5% Polymetal Newcrest lamgold Pan American Newmont POLYMETAL INTERNATIONAL PLC TOTAL SHAREHOLDER RETURNS 3-year and 5-year TSR 3-YEAR TSR, % 46% 42% 42% 41% 38% 27% 20% 20% 18% 15% 15% 10% Agnico Eagle FTSE 250 Anglogold lamgold Anglogold -10% -18% Fresnillo -24% Silver Barrick Gold -30% -35% Kinross -36% Acacia Goldcorp Yamana -36% -58% -72% Petropavlovsk -81% FTSE GM Centamin Kinross Petropavlovsk Gold Fields Centerra 3% Yamana Barrick Gold Fresnillo -2% -2% -4% -13% -14% -22% Acacia Goldcorp INVESTOR PRESENTATION 9#10POLYMETAL INTERNATIONAL PLC ESG LEADERSHIP RECOGNITION OF OUR EFFORTS TO DATE INVESTOR PRESENTATION 10 10,551 EMPLOYEES MAJOR ENVIRON- MENTAL INCIDENTS Dow Jones Sustainability Indexes MSCI First and only Russian member ESG rating BBB 0 SUSTAINALYTICS Leader in M&M 1st among 47 mining companies 100 percentile First sustainability-linked loan in CIS 12- FTSE4Good 5/5 in Corporate Governance 5/5 for Anti-Corruption 5/5 in Risk Management & Labor Standards 94th Percentile 4.4/5.0 total ESG score COMMUNITY INVESTMENTS FEMALE QUALIFIED PERSONNEL $10m STAFF TURNOVER 40% 5.8%#11POLYMETAL INTERNATIONAL PLC SHAREHOLDER STRUCTURE SHARES OUTSTANDING 469 MILLION 60% FREE FLOAT Institutional investors and HNWI* 54% Notes: Shareholder structure data as of 30 January 2019 INVESTOR PRESENTATION 11 ADTV, $m MOEX LSE ICT Group 3.2 Alexander Nesis 2018 15 27% 1.4 PPF 2017 12 Petr Kellner 12% 0.6 2016 11 0.3 Otkritie 7% 2015 3 Management & Directors 1% 0.4 2014 8#12POLYMETAL INTERNATIONAL PLC BOARD OF DIRECTORS CHAIR INDEPENDENT DIRECTORS INVESTOR PRESENTATION 12 BOBBY GODSELL Chair Chairman of Business Leadership SA ex-CEO of AngloGold Ashanti OLLIE OLIVEIRA SINED Chair of the Nomination Committee, Chairman of Audit Committee at Antofagasta plc JONATHAN BEST INED Chair of the Audit and Risk Committee ex-CFO of AngloGold Ashanti TRACEY KERR INED Chair of the Safety & Sustainability Committee, Group Head of Safety and Sustainable Department in Anglo American plc GIACOMO BAIZINI INED General Manager and ex-CFO of EVRAZ Group S.A. CHRISTINE COIGNARD INED Chair of the Remuneration Committee ex-MD HCF International Advisors NON-INDEPENDENT DIRECTORS VITALY NESIS Group CEO KONSTANTIN YANAKOV ICT Group Ltd ex-CFO of Polymetal JEAN-PASCAL DUVIEUSART PPF Group ex-Managing Partner at McKinsey IAN COCKERILL, NEW INED Mr Cockerill will be nominated to succeed Bobby Godsell as Chair at next AGM Blackrock World Mining Trust, Chair, since 2016 Ivanhoe Mines Ltd, Lead Independent Director, since 2011 Ex-President and CEO of Goldfields, Ex-CEO of AngloCoal#13POLYMETAL INTERNATIONAL PLC PRODUCTION OUTLOOK 2018-2023 GOLD PRODUCTION, GE Koz¹ POX-2 Nezhda Kyzyl Existing assets* 1562 1550 96 300 1466 2018 Notes: 2019 1600 1600 330 30 330 INVESTOR PRESENTATION 13 1750 180 PRODUCTION UPSIDE: 18% 1850 80** 180 330 340 1250 1270 1260 1240 1230 2020 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 2021 2022 2023#14POLYMETAL INTERNATIONAL PLC CAPITAL EXPENDITURE CAPEX, $m Long-term projects¹ POX-2 Nezhda ▼Kyzyl/POX-1 Stay-in-business INVESTOR PRESENTATION 14 403 417 395 377 18 20 15 53 83 108 100 85 64 20 20 133 83 341 20 101 291 20 31 220 196 194 200 200 240 2021 2022 2023 2018 2019 2020 Notes: With the addition of loans that were extended to Nezhda and Prognoz before consolidation of these assets 1) Prognoz, Viksha, greenfield exploration#15POLYMETAL INTERNATIONAL PLC BALANCE SHEET Ample liquidity and a comfortable maturity profile INVESTOR PRESENTATION 15 Net debt of $1.5 bn as of 31 Dec Strong cash position of $379m Low cost of debt at 4.2% with 100% of loans on bilateral basis and denominated in US dollars Net Debt/Adjusted EBITDA of 1.95x as at year end well below hard ceiling of 3.25x (banks) and 2.5x (regular dividends) Robust liquidity profile: $1.3 bn of undrawn credit facilities MATURITY PROFILE, $m 117 264 INTEREST RATE BREAKDOWN (long-term loans only) 500 469 447 Fixed 49% 104 2019 2020 2021 2022 2023 2024 Floating 51%#16FY2018 Results 411 418 418#17POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 17 2018 - CONTINUED DELIVERY, COMPETITIVE RETURNS TO SHAREHOLDERS GE Production 1,562 Koz Adjusted EBITDA $780m Underlying EPS $1.00 +9% AISC $861/oz -4% +5% +14% 2018 Dividend Yield 2018 DPS 5% $0.48 +1% +9%#18POLYMETAL INTERNATIONAL PLC 2018 - SAFETY LTIFR 0.13 0.22 0.19 INVESTOR PRESENTATION 18 Significant reduction in injury frequency. rates (down 40% y-o-y) 1 fatal accident in 2018 at Kapan 0.15 0.09 2014 2015 2016 2017 2018 FATALITIES 3 6 4 2 1 2014 2015 2016 2017 2018 Notes: LTIFR per 200,000 hours worked#19IAMGOLD Source: Companies' data Agnico Eagle 23% 6% 6% Polymetal +15% y-oy Exploration drilling 350 km POLYMETAL INTERNATIONAL PLC Ore Reserves + 3.2 Moz Mineral Resources + 8.1 Moz 2018 RESERVE PER SHARE, y-o-y change 2% Petropavlovsk Anglogold Polyus B2 Gold Goldcorp Kinross Barrick 2018 - EXCELLENT EXPLORATION RESULTS +44% y-o-y GE Reserves per share +6% Newmont 0% -1% -1% -2% -2% -3% -4% -4% -5% -6% Centerra Yamana Goldfields Fresnillo Centamin Pan American Newcrest -10% -13% -21% -34% Acacia INVESTOR PRESENTATION 19#20POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 2018 - AISC BELOW GUIDANCE At the lower end of the global cash cost curve 20 20 2018 ALL-IN SUSTAINING CASH COSTS, $/oz IAMGOLD New Gold Hochschild 994 Eldorado Gold fields Anglogold 994 981 976 YEAR-ON-YEAR CHANGE IN AISC, % 1,057 Anglogold -7 1,051 Yamana -5 Polymetal Kinross Newmont Hochschild -4 1 2 2 Kinross Buenaventura Fresnillo* Agnico-Eagle Newmont ACACIA Centamin Pan American Polymetal Goldcorp Yamana 965 Goldcorp 3 955 ACACIA 3 951 Gold fields 3 950 Centerra 4 909 905 IAMGOLD Newcrest 5 6 884 874 Barrick Gold Agnico-Eagle 7 8 861 Eldorado 8 851 843 Further decrease expected Pan American 10 Centamin 12 Newcrest Barrick Gold Centerra 835 in 2019 825 Buenaventura Fresnillo 12 13 754 New Gold 15 Source: Companies' data. Centamin and Eldorado reported on by product basis. Hochschild: AISC based on Ag/Au ratio of 80 * BMO data#21POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION KYZYL EXPECTED TO FURTHER DRIVE DOWN COSTS PRO FORMA AISC IMPROVEMENT, $/oz 861 2018 -24 825 1-12 w/ low-cost production from Kyzyl Excl. high-cost mines 2019 guidance 21#22POLYMETAL INTERNATIONAL PLC 2019 GUIDANCE INVESTOR PRESENTATION 22 22 Further improvement in costs - first 2018 Actual 2019 Guidance year of Kyzyl production at full Production, Koz of GE 1562 1550 design capacity Higher FCF yield above 5% TCC, $/oz of GE 649 Down to 600-650 Stable and meaningful income to AISC, $/oz of GE 861 Down to 800-850 shareholders Capital expenditure, $m 395* 377 Reduced leverage Free cash flow Regular dividend Net Debt/ Adjusted EBITDA Assumptions Gold, $/oz Silver, $/oz RUR/USD rate Oil 176 Growth $0.48/share 50% of underlying net income 1.95 Down 2018 Actual 2019 Budget 1271 1200 15.7 15.0 63 65 68 70 *With the addition of loans that were extended to Nezhda and Prognoz before consolidation of these assets Notes:#23POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 23 2019 - KEY MILESTONES AND NEWS FLOW Corporate CMD in London 23 April AGM 24 April 24 May August Q3 Projects Q2 Q3 Q4 Final dividend pay-out Interim dividend announcement Financing updates (refinancing of short-term debt) POX-2 - start of detailed engineering and construction Updated OR and MR estimates at Veduga First ore mined at Nezhda Updated MR estimate at Viksha Full revaluation of OR and MR at Kyzyl based on actual operating statistics and exploration results#24POLYMETAL INTERNATIONAL PLC KYZYL Summary Stable low-cost production for > 22 years Very large reserve base - 7.3 Moz of gold at 7.7 g/t Excellent exploration potential - 3.1 Moz of additional resources at 6.8 g/t Full project IRR at 20% at $1,200/oz gold price (including investments and acquisition cost) FIRST 10 YEARS OF OPEN-PIT 3.1 Moz of open-pit reserves at 6.8 g/t 300-330 Koz pa at $500-550/oz AISC Excellent potential to extend open-pit LOM Road Russia INVESTOR PRESENTATION 24 Semey KYZYL Russia Ridder Oskemen Bakyrchik Bolshevik Kalbatau Ayagoz Kazakhstan Regional center Railway ☐ City/Town Region Country PROCESSING Open pit#25POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 25 KYZYL Operating data - full ramp-up achieved in October ORE PROCESSED, kt AU RECOVERY, % 162 169 162 84 86 86 87 87 147 78 135 71 124 102 74 42 JUN JUL AUG SEPT OCT NOV DEC JAN JUN JUL AUG SEPT OCT NOV DEC JAN ORE GRADE, g/t 6.8 6.3 6.5 6.7 5.8 5.3 4.1 2.6 GOLD IN CONCENTRATE, Koz 2 JUN JUL AUG SEPT OCT NOV DEC JAN JUN JUL 17 30 28 27 20 20 AUG SEPT OCT NOV DEC JAN#26POLYMETAL INTERNATIONAL PLC KYZYL Ore Reserves growth potential 7.2 ORE RESERVES, Moz of gold Underground Open-pit +1.0 +0.5 4.1 FS (incl. actual as at July 01, 2018) 3.1 INVESTOR PRESENTATION 26 +0.2 11.3 7.3 +0.4 ~25 +2.0 Resource conversion (East Bakyrchik) Resource conversion (Deeps) In-fill drilling Target YEARS OF UNDER- GROUND MINING 4.0 ~12 YEARS OF OPEN-PIT MINING#27Long-term growth opportunities#28POLYMETAL INTERNATIONAL PLC NEZHDA Construction started in March 2019, first production expected in Q4 2021 INVESTOR PRESENTATION 28 Large: 4.4 Moz of gold at 3.6 g/t, 70% of reserves is open pit Long life: 25 years LOM, 155 Koz pa Excellent exploration potential: 8.1 Moz at 5.1 g/t Low-cost: $620-670/oz TCC and $700-750/oz AISC during first 19 years of open pit Capital-light: $234 million start-up capex Conventional technology: flotation followed by POX/offtake ORE RESERVE ESTIMATE AS AT 1 APRIL 2018 Ore Reserves Proved+Probable Open Pit Underground Tonnage, Grade, Content, Mt GE, g/t GE, Moz 38.0 3.6 4.4 28.1 3.5 3.1 9.9 4.0 1.3#29POLYMETAL INTERNATIONAL PLC NEZHDA Regional map with access routes Road Yakutsk 370 Prognoz Topolinoe 170 Road junction 120 km Nezhda Tommot Nizhniy Bestiakh Khandyga Winter Road Regional center City/Town Asset location Svetloye o+ INVESTOR PRESENTATION Yakutia 1350 Okhotsk HUB Exploration Sea Region PROCESSING 0+) Sea of Okhotsk Magadan 29 29 Dukat Open pit Port Underground Railway station#30POLYMETAL INTERNATIONAL PLC NEZHDA FS study highlights FEASIBILITY STUDY HIGHLIGHTS INVESTOR PRESENTATION NPV SENSITIVITY, $m Gold price $1,000 $1,200 NPV IRR 10% 103 302 $1,400 498 $ 302m 29% WACC KEY INPUTS Start-up capex Exchange rate Throughput, ore Gold recovery to concentrate Gold payable in concentrate sold Annual gold production $234m 63 RUB/USD 1.8 Mtpa 85% 90% 155 Koz (180 Koz during first 3 years) 30 30#31POLYMETAL INTERNATIONAL PLC NEZHDA Key project milestones Q4 2018 Start of mining activities Q1 2019 Start of construction Q3 2019 Q2 2020 Q4 2020 Q3 2021 Q4 2021 First ore mined INVESTOR PRESENTATION 31 Processing plant building completed Start of equipment installation Mechanical completion Commissioning and first production Q2 2022 Full ramp-up#32POLYMETAL INTERNATIONAL PLC POX-2 INVESTOR PRESENTATION 32 STRATEGIC IMPORTANCE 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 OPPORTUNITIES Globally competitive technical capability New assets with refractory reserves 3rd party feedstock Use of hydromet competence in other commodities#33POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 33 POLYMETAL ORE TYPES POX-2 will unlock value of refractory reserves 55% of our reserves are double refractory (~14 Moz of GE) In 5 years, almost 40% of annual Au eq. production will be double refractory Double refractory Single Non-refractory RESERVES, Moz of GE refractory Non-refractory 11% 38% 55% 8.3 22% 67% 14% 49% 2.9 12% 33% 2018A Production 2023E Production Ore Reserves Single refractory 2.2 Mayskoye 7.2 Kyzyl 4.4 Nezhda#34POLYMETAL INTERNATIONAL PLC POX-2 Feasibility study highlights INVESTOR PRESENTATION 34 A total of 4.3 Mt of concentrate containing 9.3 Moz of gold to be processed from Kyzyl, Nezhda, Mayskoye, and Voro over a period of 23 years Initial capex of $431m fully funded with the Group's operating cash flow 4.5 years construction period First production in Q3 2023 Full ramp-up by end of Q4 2023 Generation of a post-tax IRR of 14% and NPV of $112m Starting from 2024: +$80-100m to FCF ($0.2 per share) +$100-110m to EBITDA Long-term benefits (in-house vs offtake): Processing costs benefits: $230-290/t of conc Transportation cost benefits: $30-60/t of conc 5-6% improvement in gold recovery from concentrate: + 30-35 Koz of gold per annum#35POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 35 POX-2 Economic rationale for in-house processing Processing costs benefits: $230-290/t of conc Transportation cost benefits: $30-60/t of conc + 30-35 Koz of gold per annum Impact on AISC of refractory gold deposits, $/oz 700-750 500-550 550-600 400-450 Kyzyl OP 100% concentrate processed in-house Nezhda OP 100% concentrate processed in-house Notes: Processing and transportation costs Average impact on costs: $100-150/oz 920-960 Mayskoye UG actual 800-850 100% concentrate processed in-house#36POLYMETAL INTERNATIONAL PLC POX-2 Anticipated cost improvement PROCESSING COST, $/t 180 -9 -11 INVESTOR PRESENTATION 36 120 -30 -10 POX-1 In-house limestone and Improved flowsheet and Effect of scale Tax incentives POX-2 lime vessel#37POLYMETAL INTERNATIONAL PLC POX-2 Incremental benefits Kyzyl, Mt Myskoye, Mt Nezhda, Mt. Voro, Mt CONCENTRATE PROCESSING VOLUMES, Mt TOTAL GOLD PRODUCTION, Moz INCREMENTAL BENEFITS (VS OFFTAKE) Additional production, Koz Additional revenue, $m Transportation cost benefits, $m Processing cost benefits, $m TOTAL BENEFITS (PRE-TAX), $m INVESTOR PRESENTATION OVER 23 YEARS 1.4 1.2 1.6 0.1 4.3 9.0 580 697 112 1,107 1,916 37#38POLYMETAL INTERNATIONAL PLC POX-2 Key project risks and opportunities EFFECT ON NPV, $m (10% discount rate) Reasonable Risked upside case case scenario 90 112 52 99 69 70 70 393 -40 INVESTOR PRESENTATION 38 -67 -42 18% IRR 244 Reasonable 1Y delay CAPEX OPEX conc upside case +20% +10% Risked upside processing case NPV +US$50/t to offtake charges Penalties for As > 5% Reasonable 3rd party reserve expansion#39POLYMETAL INTERNATIONAL PLC ENVIRONMENTAL IMPACT INVESTOR PRESENTATION 39 No impoundments or dam structures required: Tailings from the plant will be in the form of dry cake Recycled water: Zero water discharge off-site. Process water will be fully recycled or permanently entrained in dry cake. Minimal CO2 discharge and no SOx or AsOx discharge: A heat and gas absorption circuit will be implemented, ensuring that impurities from autoclave gases and the vapor phase go through the circulating water coolant#40POLYMETAL INTERNATIONAL PLC POX-2 Key project milestones INVESTOR PRESENTATION 40 Q2 2019 Q1 2020 Q3 2020 Q3 2021 Q1 2022 Start of detailed engineering and construction Receipt of all permits Delivery of the autoclave on-site Completion of civil construction works Completion of main equipment installation Completion of external infrastructure Mechanical completion and start of commissioning activities Q3 2022 Q4 2022 Q3 2023 Q4 2023 Full ramp-up End of commissioning and first production#41POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 41 PROGNOZ – THE LARGEST UNDEVELOPED PRIMARY SILVER DEPOSIT IN RUSSIA KEY FACTS Ownership: 100% JORC resources*: 252 Moz at 789 g/t Ag eq 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%) Next steps: Initial Ore Reserve estimate by end of 2019 Notes: * Estimated by Polymetal, audited by SRK consulting in 2018 Yakutsk Prognoz Topolinoe 465 210 ☐ 170 Road junction 120 km 370 Tommot Nizhniy Bestiakh Khandyga Svetloye Yakutia Nezhda o+ 1350 Okhotsk Dukat ☐ ot Sea of Okhotsk Magadan Open pit Road Regional center Port HUB Winter Road ☐ City/Town Railway station Underground Region Asset location Exploration Sea#42POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION VIKSHA - ONE OF THE LARGEST OPEN PITTABLE PGM RESOURCES IN THE WORLD KEY FACTS 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 DOWN DIP (Pd eq.* ore body width) 17.0 14.0 16.3 16.1 16.1 Gram-meter (gm-m) 14.7 200 909 949 15.4 358 14.8 14.9 400 600 800 1000 1200 1400 1600 42#43POLYMETAL INTERNATIONAL PLC 2018 - RESERVES & RESOURCES Center of gravity shifting to new high grade and lower cost assets Reserves PRODUCTION START 24.2 11.7 12.5 Resources 2018 2021 10.3 3.1 7.2 INVESTOR PRESENTATION 43 55.9 5.6 3.4 5.6 31.9 12.5 3.4 8.1 4.4 LEGACY ASSETS KYZYL NEZHDA PROGNOZ VIKSHA TOTAL Notes: Reserve and resource statement (JORC 2012) as at 01.01.2019. Gold and silver price assumptions of $ 1,200/oz and $ 16/oz respectively. 24.0#44Appendix#45POLYMETAL INTERNATIONAL PLC 2018 - FINANCIAL HIGHLIGHTS Strong growth of all profitability metrics Revenue, $m Adjusted EBITDA, $m INVESTOR PRESENTATION 45 2018 2017 Change 1,882 1,815 +4% 780 745 +5% 41% 41% +0.4% Adjusted EBITDA margin 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 Capital expenditure, $m Free cash flow (ex M&A), $m Net debt/Adjusted EBITDA Net debt, $m 513 533 -4% 344 383 -10% 176 143 +23% 1.95 1.91 +2% 1,520 1,420 +7%#46POLYMETAL INTERNATIONAL PLC SENSITIVITY TO RUB/USD EXCHANGE RATE AND OIL PRICE INVESTOR PRESENTATION 46 Over 2018, the Russian Rouble depreciated 17% y-o-y from 57.6 RUB/USD to 69.8 RUB/USD as at 31 December 2018 Average rate in 2018 was 62.9 RUB/USD Actual rate - 65.6 RUB/USD A 1 RUB movement in domestic currency will have: $5-6/oz effect on TCC $8-10m impact on EBITDA $10-11m effect on FCF (assuming 60% of capex is in foreign currencies) CASH COST STRUCTURE (2019E), $/oz RUB/ Tenge Labor 20% Oil Fuel 15% RUB 50% Oil 15% $ / Au Royalty 9% $ / RUB / Tenge Non-fuel consumables 22% RUB / Tenge Services 30% RUB / Tenge Grid power 4% US$ 20% Tenge 15%#47POLYMETAL INTERNATIONAL PLC AISC DYNAMICS BY MINE 2017-2018 ALL-IN SUSTAINING CASH COSTS, $/oz of GE1 2018 2017 426425 532 Svetloye Notes: 477 Voro NA INVESTOR PRESENTATION 47 Below the guidance of $875-925/oz 1,292 1,236 1,131 -4% 970 952940 893 869. 861 858 846 846 829 816 10.410.3 800 Kyzyl Omolon Albazino Dukat² Varvara Okhotsk (sold)Mayskoye Kapan (sold) Polymetal 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.#48POLYMETAL INTERNATIONAL PLC PORTFOLIO REVIEW UPDATE Shrinking the footprint INVESTOR PRESENTATION 48 Asset TCC Value, $m Asset TCC Value, $m 50% in Dolinnoye Sold in Q2 2018 17 Lichkvaz Under 6-month RoFR from buyer of Kapan Sale expected in Q4 2019 ~10 Kapan Sold in January 2019 55 74% in Svetlobor Sold in Q4 2018 6 Veduga Ownership streamlined, sale process to re-commence in Q1 2019 ~100 Okhotsk Sold in Q4 2018 30 30 Maminskoye Non-core, options evaluated Uncertain Kutyn Non-core, options evaluated Uncertain $108m PROCEEDS AMBITIOUSLY TARGETING DEALS FOR ANOTHER $150+m BY 2020#49POLYMETAL INTERNATIONAL PLC DUKAT *Arylakh 早 LUNNOYE Perevalnoye Dukat INVESTOR PRESENTATION 49 Terem 2018 RESERVES JORC 2018 RESOURCES JORC Location DUKAT Life of mine Omsukchan Mining Goltsovoye Primorskoye Processing Product Strategy 1.4 Moz GE at 3.7 g/t 1.3 Moz GE at 8.2 g/t Magadan Region, Russia 2027* (9 years) Underground (100%) 2.0 Mtpa concentrator and 450 Ktpa CIP and Merrill Crowe plant Silver in concentrate (75%) and Dore bars (25%) Maintain high production volumes in mid term while continuing to invest in near mine exploration (Perevalnoye, Primorskoye). Advance Prognoz silver project which is expected to replace Dukat as one of the top 3 primary silver mines of the world. Road ☐ City/Town HUB Asset location Underground PRODUCTION, GE Koz Sea of Okhotsk 393 PROCESSING Open pit Exploration 2015 Notes: 6.4 369 2016 5.6 322 306 4.7 4.5 2017 2018 * Assuming reasonable resource-to-reserve conversion Grade, g/t#50POLYMETAL INTERNATIONAL PLC ALBAZINO / AMURSK INVESTOR PRESENTATION 50 2018 RESERVES JORC 2.3 Moz GE at 4.3 g/t 1.6 Moz GE at 4.6 g/t Khabarovsk Territory, Russia Nikolaevsk-on-Amur Kherpuchi 2018 RESOURCES JORC Oglongi 丰海 ALBAZINO Location Life of mine Mining Processing Amursk Komsomolsk-on-Amur AMURSK POX Product Strategy 220 2031 (13 years) Open pit (70%) / Underground (30%) 1.6 Mtpa flotation circuit followed by pressure oxidation in Amursk Gold Maintain high production volumes longer term while increasing underground mine productivity and adding more 3rd party concentrate to the feed at an expanded Amursk POX plant. PRODUCTION, GE Koz 244 308 269 Road City/Town HUB PROCESSING 5.2 5.0 Water Route Asset location Open pit Underground 2015 2016 2017 4.9 2018 5.3 Grade, g/t#51POLYMETAL INTERNATIONAL PLC MAYSKOYE INVESTOR PRESENTATION 51 Pevek Mayskoye 2018 RESERVES JORC 2018 RESOURCES JORC Location Life of mine Mining Processing Product Strategy AMURSK POX 2.2 Moz GE at 6.9g/t 2.8 Moz GE at 11.4 g/t Chukotka, Russia 2034* (16 years) Underground (75%) / Open pit (25%) 850 Ktpa flotation concentrator/CIL Gold concentrate, activated carbon Production volumes are expected to improve by 10-15-% in 2019 (thanks to introduction of higher grade oxide ore and commissioning of a combined float-leach circuit) and will remain stable in mid term. Oxide ore treatment will re-commence in Q2 2019. Nakhodka Road Port HUB Water Route City/Town Open pit Underground Asset location PRODUCTION, GE Koz 138 2015 Notes: 6.7 116 124 117 + 5.3 5.9 2016 2017 2018 * Assuming reasonable resource-to-reserve conversion 7.1 Grade, g/t#52POLYMETAL INTERNATIONAL PLC OMOLON Olcha Burgali Birkachan 2018 RESERVES JORC 2018 RESOURCES JORC Location Tsokol Yolochka Life of mine OMOLON Mining Processing Oroch Product Strategy Irbychan Sopka Dalnee Nevenrekan INVESTOR PRESENTATION 1.1 Moz GE at 3.6 g/t 0.6 Moz GE at 7.1 g/t Magadan region, Russia 2027* (9 years) Open pit (90%) / Underground (10%) 850 Ktpa CIP/Merrill Crowe, 1000 Ktpa HL (Birkachan low-grade ore) Gold with by-product silver Complete initial reserves estimates at Irbychan and Yolochka in Q1 2019. Mining at Yolochka to start in Q2. Production will remain stable in mid-term PRODUCTION, GE Koz 202 195 188 Evensk Sea of Okhotsk Road Port HUB Exploration ㅁ City/Town Winter Road Open pit Underground Asset location 2015 Notes: 170 7.5 7.0 2016 2017 7.8 6.9 2018 * Assuming reasonable resource-to-reserve conversion ** Average grade in ore processed at the Kubaka CIP/MC plant 52 52 Grade, g/t**#53POLYMETAL INTERNATIONAL PLC VARVARA Road Railway Russia Tarutin Kazakhstan Komar HUB Open pit 2018 RESERVES JORC 2018 RESOURCES JORC Location Kotanay VARVARA Life of mine Mining Processing Product Strategy City/Town Asset location Country INVESTOR PRESENTATION 53 33 2.8 Moz GE at 1.6 g/t 1.7 Moz GE at 1.6 g/t North-western Kazakhstan 2032 (14 years) Open pit 3.2 Mtpa CIL / 1.0 Mtpa flotation circuit Gold dore bars, Gold-copper concentrate Process more Komar higher-margin ore tonnes. Improve productivity and cut haulage cost with commissioning main-line locomotive for railing Komar ore in Q1 2019 PRODUCTION, GE Koz 85 72 0.9 2015 2016 1.1 142 130 + 1.6 1.7 2017 2018 Grade, g/t#54POLYMETAL INTERNATIONAL PLC VORO Road Asset location Krasnoturyinsk Peshcherny Serov Nizhniy Tagil 2018 RESERVES JORC Saum Tamunyer 2018 RESOURCES JORC Ekaterinburg VORO Location INVESTOR PRESENTATION 54 0.7 Moz GE at 2.2 g/t 1.2 Moz GE at 6.0 g/t Sverdlovsk Region, Russia Life of mine Mining Processing 2028 CIP (10 years) Open pit 950 Ktpa CIP Product Strategy Gold Addition of a flotation circuit to the existing CIP plant to allow processing of polymetallic ores. Complete initial reserve estimate for Saum project in Q1 2019 and start oxide ore mining in 2H 2020. Voro open pit is nearing depletion in Q3 2019 PRODUCTION, GE Koz 141 129 120 + + 3.7 3.6 3.4 107 ☐ City/Town PROCESSING Exploration Regional center Open pit Polymetallic exploration 2015 2016 2017 2018 3.7 Grade, g/t#55POLYMETAL INTERNATIONAL PLC SVETLOYE Road 2018 RESERVES JORC 2018 RESOURCES JORC Location INVESTOR PRESENTATION 55 0.4 Moz GE at 2.6 g/t 0.4 Moz GE at 3.4 g/t Khabarovsk region, Russia o+ 온 Okhotsk Life of mine 2024 (6 years) Mining Processing Open pit 1400 Ktpa heap leaching plant Gold Levoberezhny Svetloye Ulya Sea of Okhotsk Product Strategy Maintain high production levels for the next years. Step-out drilling at the Emy pit and positive met test work for the material from the nearby Levoberezhny property indicate potential to extend the life-of-mine by ~4 years to 2028. PRODUCTION, GE Koz 135 106 ORE STACKED, Kt 1,378 1,054 足 Port Open pit 3.6 4.4 428 23 23 3.7 Asset location ☐ City/Town Exploration 2016 2017 2018 2016 2017 2018 Grade, g/t#56POLYMETAL INTERNATIONAL PLC DISCLAIMER INVESTOR PRESENTATION 56 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 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.