Investor Presentaiton

2009 M&A activity: 4 deals closed Resource, Moz US$/ oz Acquisition Full EV, US$m Strategic Rationale (Au eq.) resource Goltsovoye 1.1 47 45 Bolt-on to Dukat Sopka 1.4 95 67 Bolt-on to Omolon Mayskoye 7.5 166 22 Varvarinskoye 3.8 258* 68 Total/ Average 13.8 © 2009 Polymetal 566 41 Using 1:60 Ag/Au and 5:1 Cu/Au conversion ratios *With limited (US$90m) recourse to Polymetal World-class deposit fitting with Albazino Immediate cash flows. and entrance to Kazakhstan 8

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