Investor Presentaiton

Mayskoye • CAPEX to be drastically reduced by treating ore concentrate in Amursk. Current estimate US$130-170 million • Concentrate transportation costs (US$200-250/mt) more than compensated by a fall in treatment cost at Amursk: -Cheaper energy, labor and consumables Reserves and Resources Ore tonnes (Mt) Au grade (g/t) | Au (moz) MI&I 19.8 Outlook • • April - Feasibility study • - July Start of construction . 11.8 Q4 2011-First concentrate production © 2009 Polymetal 7.5 Nikolaevsk-on-Amur Amursk POX Pevek See roule Deposit • Sectlemen: Maiskoe Bering Sea 4800 km by sea 21 21

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