Investor Presentaiton

2009 M&A activity: 4 deals closed Acquisition Resource, Moz (Au eq.) Full EV, US$m US$/ oz resource Strategic Rationale Goltsovoye 1.1 47 45 Bolt-on to Dukat Sopka 1.4 95 67 Bolt-on to Omolon Mayskoye 7.5 166 22 World-class deposit; strategic fit with Albazino Immediate cash flows. Varvarinskoye 3.8 258* 68 and entry into Total/ Average 13.8 © 2010 Polymetal 566 41 Using 1:60 Ag/Au and 5:1 Cu/Au conversion ratios *With limited (US$90m) recourse to Polymetal Kazakhstan 30 30

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