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Investor Presentaiton

Mayskoye 850ktpa underground mine and flotation concentrator on site for a capital cost of c. US$ 150-170 million. Q1 2010 highlights Underground development in progress • First stopes expected to be ready for production in 1H 2011 • Construction of water reservoir and tailings impoundment in progress Foundation works for the flotation concentrator to commence in Q2 2010 ⚫ Steel required for the construction of the structural steel frame planned • . • To be delivered during the summer 2010 navigation To be installed in the winter of 2010/2011 Results of the FS and reserve statement to be released in Q3 2010 Resources Ore tonnes (Mt) Au grade (g/t) Au (Moz) MI&I © 2010 Polymetal 19.8 11.8 Pevek Maiskoe Nikolaevsk-on-Amur Amurs k POX Bering Sea -4800 km by sea Sea route 7.5 © Deposit Settlement: 21 21
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