Investor Presentaiton

POLYMETAL INTERNATIONAL PLC SENSITIVITY TO RUB/USD EXCHANGE RATE AND OIL PRICE INVESTOR PRESENTATION 46 Over 2018, the Russian Rouble depreciated 17% y-o-y from 57.6 RUB/USD to 69.8 RUB/USD as at 31 December 2018 Average rate in 2018 was 62.9 RUB/USD Actual rate - 65.6 RUB/USD A 1 RUB movement in domestic currency will have: $5-6/oz effect on TCC $8-10m impact on EBITDA $10-11m effect on FCF (assuming 60% of capex is in foreign currencies) CASH COST STRUCTURE (2019E), $/oz RUB/ Tenge Labor 20% Oil Fuel 15% RUB 50% Oil 15% $ / Au Royalty 9% $ / RUB / Tenge Non-fuel consumables 22% RUB / Tenge Services 30% RUB / Tenge Grid power 4% US$ 20% Tenge 15%

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