Further Growth Opportunities

▲ 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

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