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Investor Presentaiton

Varvarinskoye Asset • Large gold/copper deposit located in established mining district with excellent infrastructure and significant exploration potential • Turnaround plan formulated: • - Strengthen grade control program - Additional investment in mining equipment to catch up with insufficient waste stripping - Streamlining and optimization of processing operations An opportunity to significantly improve operation economics through production increase and lower costs Reserves and Resources 2P MI&I Ore tonnes (Mt) Au grade Au (moz) (g/t) Cu grade (%) Cu (M lb) 36 1.1 1.3 0.7 151 92 1.1 3.1 0.3 313 Strategic rationale . Entry into Kazakhstan - one of the most attractive gold mining regions in the former Soviet Union with many further attractive targets; Acquisition of a large modern plant, located in the region with excellent infrastructure, cheap energy, and highly prospective geological settings. • Tremendous reserve growth potential after the streamlining and optimization of mining and processing operations. © 2009 Polymetal 14
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