Investor Presentaiton

Cash costs (Gold Institute Standard) Dukat & Lunnoye $/oz silver 8.2 8.1 6.6 Voro $/oz gold 420 415 381 Khakanja $/oz gold 442 531 463 illimin 2007 2008 2009 2007 2008 2009 2007 2008 2009 Dukat & Lunnoye $/tonne mill 93 121 112 Voro $/tonne mill 35 35 34 2007 2008 2009 2007 © 2010 Polymetal Khakanja $/tonne mill 113 81 95 2008 2009 2007 2008 2009 15 Gold Silver

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