NON-FERROUS METALLURGY: PRECIOUS METALSFACTS AND FIGURES

2014

ABOUT THE RUSSIAN DIRECT INVESTMENT FUND

The Russian Direct Investment Fund is a $10 billion fund established to make equity investments primarily in the Russian economy.

RDIF was created in 2011 under the leadership of the President and Prime Minister of Russia to co-invest alongside top global investors, acting as a catalyst for direct investment in Russia. RDIF together with its co-investors invested and committed over $7 billion for this purpose, of which RDIF alone invested $1.3 billion and over $6 billion came from the leading international co-investment partners.

RDIF also attracted over $15 billion of foreign capital into the Russian economy through long-term strategic partnerships.

RUSSIA IN THE GLOBAL PRECIOUS METALS INDUSTRY

I

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RUSSIA IN THE GLOBAL PRECIOUS METALS INDUSTRY

WORLD GOLD RESERVES BY COUNTRY1.1

Ranking of countries based on volume of gold reserves*

2013, thousand tonnes

* Source: USGS data * Source: USGS data

9.9

65

3.9

3 3

1. Australia 2. South Africa 3. Russia 4. Chile 5. USA 6. Indonesia

WWW.RDIF.RU 7

GLOBAL GOLD MINING Leading countries*, 2013, tonnes

1.2

* Source: USGS data * Source: USGS data

420

255227229

150120

1. China 2. Australia 3. Russia 4. USA 4. Peru 6. Canada

8 WWW.INVESTINRUSSIA.COM

WORLD SILVER RESERVES BY COUNTRY1.3

RUSSIA IN THE GLOBAL PRECIOUS METALS INDUSTRY

Ranking of countries based on volume of silver reserves*

2013, thousand tonnes

88 87 8577

66.7

43

1. Australia 2. Peru 3. Poland 4. Chile 5. Russia 6. China

* Source: USGS data

WWW.RDIF.RU 9

GLOBAL SILVER MINING Leading countries*, 2013, tonnes

1.4

* Source: USGS data

5,4004,000

3,500

1,700 1,700

1,200

1. Mexico 2. China 3. Peru 4. Russia 5. Australia 6. Bolivia

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RUSSIA IN THE GLOBAL PRECIOUS METALS INDUSTRY

MAJOR GLOBAL PLAYERS 2013, % of global gold production

1.5

7.3 1. Barrick Gold

Canada

5.2 2. Newmont

USA

4.2 3. AngloGold

South Africa

1.8 8. Polyus

Gold Russia

2.74. Goldcorp

Canada

2.65. Kinross

Canada

1.39

10. Polymetal International plc

Russia

WWW.RDIF.RU 11

MAJOR GLOBAL PLAYERS2013, % of global silver production

4.252. BHP Billiton

plcAustralia

4.5 1. KGHM Polska

Miedz S.A.Poland

3.34. Goldcord

Inc. Canada

43. Fresnillo plc

UK

2.95. Polymetal

International plc Russia

2.7

6. Pan American Silver Corp.

Canada

RUSSIAN GOLD INDUSTRY: CURRENT ISSUES AND TRENDS

II

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RUSSIAN GOLD INDUSTRY: CURRENT ISSUES AND TRENDS

GOLD MINING2.1

Gold mining in Russia and globally 2009-2013, tonnes*

2,450 2,560 2,660 2,690 2,770

191 192 200 218 229

in Russia globally Russia’s share of global extraction volumes, %

* Source: USGS data

2010

7.5

2012

8.1

2013

7.9

2009

7.7

2011

7.5

WWW.RDIF.RU 15

GOLD PRODUCTION2.2

Gold production in Russia 2009-2013, tonnes, including associated and secondary metals

100 98.8

104.3106.8

112.5

Production in Russia, % change from previous period

2010 2011 2012 2013

205 202.6 211.4 221.8 247.7 2009

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DOMESTIC GOLD CONSUMPTION IN RUSSIA

2.3

RUSSIAN GOLD INDUSTRY: CURRENT ISSUES AND TRENDS

Gold purchases by Russian banks 2009-2013, tonnes

2010 2011 2012 20132009

CAGR 12.1%

38.643 42.9

48.5

60.95

2010 2011 2012 20132009

CAGR 5%

148.7148.8156.2

167.5

181.4

Jewelry industry: gold consumption 2009-2013, tonnes

WWW.RDIF.RU 17

RUSSIAN GOLD EXPORTS2013, tonnes, by major importing coutries

2.4

42.7

Switzerland

UAE

Hong Kong

69.2

UK

10.9 2.9

0.05

0.3

China

Thailand

Singapore

1.5

RUSSIAN GOLD INDUSTRY: GEOGRAPHY AND CORPORATE STRUCTURE

III

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MAIN GOLD DEPOSITS RUSSIAN GOLD INDUSTRY: CORPORATE STRUCTURE3.1

Reserves, tonnes: <100 100-500 500-1000 >1000

GEOGRAPHY AND CORPORATE STRUCTURE

3

9

3

9

Krasnoyarsk Krai

Sverdlovsk Region

Republic of Bashkortostan

Kemerovo Region

Republic of Sakha (Yakutia)

Chukotka AO

Magadan Region

Irkutsk Region

Buryat Republic

Zabaykalsk Krai

Khabarovsk Krai

Amur Region

Jewish Autonomous RegionKhakassia Republic

Orenburg Region

Chelyabinsk Region

2

5

7

5

6

77

3

1

8

8

1

5

3

6

3 4

3

5

10

9

1

7

WWW.RDIF.RU 21

Dukatskoe Lunnoe Vorontsovskoe Khakandzhinskoe Yuryevskoe

Mayskoye Albazinskoe Kubaka Birkachan Sopka Kvartsevaya

Olimpiadskoe Blagodatskoe Titimukhta placer deposits of

Irkutsk Region Verninskoe Peresnets Zapadnoe

Chertovo Koryto Kanavnoe Yakokutskoe Severnoe Nezhdaninskoe Natalkinskoe Bamskoe

MAIN GOLD DEPOSITS RUSSIAN GOLD INDUSTRY: CORPORATE STRUCTUREMagadan Region

ZDK Polyus

Russdragmet (Highland Gold Mining)

Petropavlovsk GC

Yuzhurapzoloto GC

Polymetal

Vysochayshy

Chukotskaya GGK (Kinross Gold)

Sovrudnik

Nordgold N.V.

Susumanzoloto

Kupol Dvoynoe

Tabornoe Pogromnoe Zun-kholbinskoe Irokindinskoe, Pravoberezhnoe

Samartinskoe Smezhnoe Pionerskaya placer

deposit Berezitovoe

Kurosan Zapadny Kurosan Yuzhny Svetlinskoe Kochgarskoe Bereznyakovskoe Kommunarovskoe Oktyabrskoye

Berendzhak placer deopsits Izekyul placer deposits placer deposits of

Krasnoyarsk Krai Darasunkoe Tapatuyskoe

Golets Vysochayshy Ozherele Drazhnoe

Ykamkoe Placer deposits of

Bolshaya Kuranakh River

Sovetskoye Eldorado

Dobroe Vershinka Vetrenskoe Deposits of

Magadan Region

1 2

3

4

5

6

7

8

910

Novo-Shirokinskoe Mnogovershinskoe

Taseevskoe, Sredne-golgotayskoe Belaya Gora

Pioner Pokrovskoye placer deposits of Amur

Region Malomyrskoe

Albinskoe Tokurskoe Novogodnee-Monto Petropavlovskoe Vysokoe Verkhne-Alminskoe

3.2

22 WWW.INVESTINRUSSIA.COM

RUSSIAN GOLD INDUSTRY: CORPORATE STRUCTURE

GEOGRAPHY AND CORPORATE STRUCTURE

Polyus Gold International LTD.

Polyus ZDK CJSC Lenzoloto ZDK CJSC Pervents OJSC Sukhoy Log GRK CJSC Tonoda CJSC Aldanzoloto GRK OJSC Yuzhno-Verkhoyansk Mining Company OJSC Matrosov Rudnik OJSC Amurskaya GRP LLC

Petropavlovsk

Pokrovsky Rudnik OJSC Malomyrsky Rudnik LLC Albynsky Rudnik LLC Tokursky Rudnik LLC Jamalzoloto OJSC Ilinskoe LLC Omchak Gold Mining Company CJSC

Polymetal International plc

Serebro Magadana CJSC Zoloto Severnogo Urala CJSC JV Okhotskaya GGK OJSC Mayskoe ZRK LLC Resursy Albazino LLC Omolenskaya Gold Mining Company LLC

Kinross Gold Corp.

Chukotka GGK CJSC Severnoe Zoloto LLC

OJSC Vysochaishy

CJSC GMC Aldgold

WWW.RDIF.RU 23

Nord Gold N.V.

Neryungi Metallik LLC Rudnik Appurlovo CJSC Buryatzoloto OJSC Berezitovy Rudnik LLC

JSC Yuzhuralzoloto GC

Etkulzoloto OJSC Kommunarovsky Rudnik OJSC Artel Stareteley Priisk Drazhny LLC Darasunsky Rudnik LLC

Highland Gold Mining LTD.

Novo-Shirokinskoe Rudnik OJSC Mnogovershinsky CJSC Taseevskoe LLC Belaya Gora LLC

Seligdar Gold Mining Holding

Zoloro Seligdara OJSC Artel Stareteley Poisk LLC Artel Stareteley Sininda-1 LLC Ryabinovoe LLC Lunnoe CJSC Orenburgskaya GK LLC

24 WWW.INVESTINRUSSIA.COM

GEOGRAPHY AND CORPORATE STRUCTURE

Newmont Mining Corp.

Polyus Gold Int.

Turquoise Hill Resources

Zhongjin Gold Corp.

Polyus Gold capitalizationNov 2013- Nov 2014, %

Sources: Bloomberg, Reuters, Company data Sources: Bloomberg, Reuters, Company data

- 0.04%

- 7.3%

+ 13.3%

0%

9.4 Nov. 13

- 7.3%

Polyus gold capitalizationUSD bln

POLYUS GOLD: LEADER IN GOLD MINING IN RUSSIA

8.7 Nov. 14

3.3

POLY

US

GO

LD

WWW.RDIF.RU 25

Sources: Bloomberg, Reuters, Company data Sources: Bloomberg, Reuters, Company data

MAJOR GLOBAL INDUSTRY PLAYERS

USA

Russia

Canada

Australia

UK

Canada

Canada

China

USA

Russia

Newmont Mining Corp.

Polyus Gold Internationsl Ltd.

Turquoise Hill Resources Ltd.

Newcrest Mining Ltd.

Randgold Resources Ltd.

Agnico Eagle Mines Ltd.

Eldorado Gold Corp.

Zhongiin Gold Corp.

Royal Gold, Inc.

Polymetal International Plc

8,350.00

2,466.89

106.86

3,810.93

1,205.09

1,589.34

1,090.33

5,034. 60

237.16

2,171. 70

9,741.49

8,712.00

6,986.22

6,963. 72

6,547.49

5,472.26

4,733.79

4,645.76

4,565.60

3,987.73

Market capitalization, USD mln

Sales,USD mln

CompanyCountry

3

4

5

6

7

8

9

10

11

12

26 WWW.INVESTINRUSSIA.COM

2013

2012

2011

2010

2009

GEOGRAPHY AND CORPORATE STRUCTURE

POLYUS GOLD: KEY FINANCIAL INDICATORS 2009-2013

4.25.8

Adjusted EBITDAUSD mln

557 694 1,082 1,303 910

2009 2010 2011 2012 2013

4.25.8

Gold saled revenue USD mln

1,172 1,597 2,180 2,618 2,259 2009 2010 2011 2012 2013

POLY

US

GO

LD

WWW.RDIF.RU 27

2013

2012

2011

2010

2009

83.1

87.5

90.5

78.2

74.1

POLYUS GOLD: KEY PERFORMANCE INDICATORS AND RESERVES

2009-2013

4.25.8

Gold production k oz

1,231 1,275 1,378 1,569 1,649 2009 2010 2011 2012 2013

Polyus Gold - JORC proved and probable reverves mln oz

Leading companies in the world in terms of gold reserves (proved and probable reserves (P&P, JORC)

at the end of 2013, mln ounces

Barrick

Newmont

Polyus Gold

Newcrest

Anglogold

104

88

83.1

78

68

RUSSIAN SILVER INDUSTRY: CURRENT ISSUES AND TRENDS

IV

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RUSSIAN SILVER INDUSTRY: CURRENT ISSUES AND TRENDS

SILVER MINING4.1

Silver extraction in Russia and globally 2009-2013, tonnes*

21,800 23,100 23,300 25,500 26,000

1,400 1,150 1,350 1,500 1,700

2010

6.42

2012

5.8

2013

6.4

2009

6.42

2011

5.79

in Russia globally Russia’s share of global extraction volumes, %

* Source: USGS data * Source: USGS data

WWW.RDIF.RU 31

SILVER PRODUCTION4.2

Silver production in Russia 2009-2013, tonnes, including secondary metal

100.0 97.9 99.192.3

112.2

2010 2011 2012 2013

1,590 1,557 1,543 1,425 1,6602009

* Source: USGS data * Source: USGS data

production in Russia, % change from previous period

32 WWW.INVESTINRUSSIA.COM

DOMESTIC CONSUMPTION OF SILVER IN RUSSIA4.3

Jewelry industry: silver consumption 2009-2013, tonnes

RUSSIAN SILVER INDUSTRY: CURRENT ISSUES AND TRENDS

silver consumption, % change from previous period

2010 2012 2013

159.9 158.5 113.2 130.0 134.0 20112009

100.0 99.171.4

103.0

114.8

WWW.RDIF.RU 33

RUSSIA EXPORTS ABOUT 2/3 OF MINED SILVER4.4

Russian silver exports2013, tonnes, by major importing countries

6.3

Switzerland

UAEIndia

252.4

UK

160.2

USA

332.7

230.3

18.8 52

BelarusKazakhstan

RUSSIAN SILVER INDUSTRY: GEOGRAPHY AND CORPORATE STRUCTURE

V

36 WWW.INVESTINRUSSIA.COM

3

9

MAIN SILVER DEPOSITS RUSSIAN SILVER INDUSTRY: CORPORATE STRUCTURE5.1

Reserves, thousand tonnes: <5 5-15 15-20

Krasnoyarsk Krai

Republic of Bashkortostan

Kemerovo Region

Altai Krai

GEOGRAPHY AND CORPORATE STRUCTURE

Republic of Sakha (Yakutia)

Murmansk Region

Karelia Republic

Republic of Dagestan

Yamal-Nenets AO Magadan Region

Chukonka AOIrkutsk Region

Tyva Republic

Republic of Buryatia

Zabaykalsk Krai

Khabarovsk Region

Sakhalin Region

Primorsk Krai

Amur Region

Altai Republic

Khakassia Republic

Orenburg Region

Chelyabinsk Region

Republic of North Ossetia — Alania

Kabardino-Balkaria Republic

Karachay-Cherkess Republic

1

Sverdlovsk Region

1

23

6

10

10

9

8

7

5

4

WWW.RDIF.RU 37

Yuzhno-Verkhoyanskaya OJSC Gornodobyvayushchaya Company

Uchalinsky GOK OJSC 105

MAIN SILVER DEPOSITS RUSSIAN SILVER INDUSTRY: CORPORATE STRUCTURE

Dukatskoe (Magadan Region) Lunnoye (Magadan Region) Goltsovoe (Magadan Region)

Khakandzhinskoe (Khabarovsk Krai)

Kupol (Chukotka OA)

Prognoz (Republic of Sakha (Yakutia))

Nezhdaninskoe (Republic of Sakha (Yakutia)

Oktyabrskoe (Krasnoyarsk Krai) Talnakhskoe (Krasnoyarsk Krai)

Udokanskoe (Zabaykalskty Krai)

Gaisky (Orenburg Region)

Uzelginsky (Chelyabinsk Region) Novo-Uchalinsky (Republic of Bashkortostan)

Magadan Region

Baykalskaya Gornaya Company LLC

Okhotskaya GGK LLC

MMC Norilsk Nickel OJSC

Chukotskaya GGK CJSC Gorevsky GOK OJSC

Prognoz-Serebro LLC Gaisky GOK OJSC

1

2

3

4

6

7

8

9

Serebro Magadana CJSC

Gorevsky (Krasnoyarsk Krai)

5.2

38 WWW.INVESTINRUSSIA.COM

RUSSIAN SILVER INDUSTRY: CORPORATE STRUCTURE

GEOGRAPHY AND CORPORATE STRUCTURE

Ural Mining and Metallurgical Company OJSC

Gaysky GOK OJSC Bashkirskaya Med LLC Urupsky GOK CJSC Uralelectromed OJSC

Mining companies

Kinross gold Corp.

Chukotkaya GGK CJSC

Mining companies

Russian Mining Company OJSC

MMC Dalpolimetall OJSC

Mining companies

MMC Norilsk Nickel OJSC

Polar Division Kolskaya MMC OJSC

Mining companies

Kombinat Severonikel OJSC

Refineries

Merkury GC

Gorevsky GOK OJSC

Mining companies

Uralelectromed OJSC

Refineries

Safyanovskaya Med LLC Siberi-Polymetal OJSC Svyatogor OJSC

WWW.RDIF.RU 39

Polymetal OJSC

Serebro Magadana CJSC Okhotskaya GGK LLC Omolonskaya ZRK LLC

Mining companies

Russian Copper Company CJSC

Kyshtym Copper Electrolyte Plant Krastsvetmet OJSC Novosibirsk Refinery OJSC Kopymsky Refinery OJSC FG UP Prioksky Nonferrous Metals Plant Ekaterinburg plant OCM OJSC Shchelkovsky Secondary Precious Metals Plant OJSC

Refineries

Rytvina Supermetall NP Complex OJSC Ural Innovative Technologies CJSC Sibproekt LLC

Uralskoe GRP LLC Resursy Albazino LLC Zoloto Severnogo Urala CJSC

40 WWW.INVESTINRUSSIA.COM

GEOGRAPHY AND CORPORATE STRUCTURE

POLYMETAL INTERNATIONAL: MARKET CAPITALIZATION

Polymetal International capitalizationNov 2013- Nov 2014, %

Sources: Bloomberg, Reuters, Company data

Polymetal international capitalizationUSD bln

3.4 Nov. 13

3.99 Nov. 14

+17%

3.7Mar. 14 3,5

June 14

Henan Yuguang Gold & Lead Co.

Polymetal Int.

Allgemeine Gold und Silberscheideanstalt AG

Stillwater

+48%

+17%

+ 2.9%

+22%

5.3

POLY

MET

AL

INT

ERN

ATIO

NA

L

WWW.RDIF.RU 41

MAJOR INDUSTRY PLAYERS

China

South Africa

Russia

Canada

Canada

South Africa

Hong Kong

Netherlands

UK

UK

Shandong Humon Smetting Co Ltd.

Sibanye Gold Ltd.

Polymetal International Plc

Yamana Gold Inc.

Agnico Eagle Mines Ltd.

Harmony Gold Mining Co. Ltd.

Lingbao Gold Co. Ltd.

Nord Gold NV

Petropavlovsk Plc

Randgold Resources Ltd.

1,955.63

1,842.93

2,171.70

1,784.49

1,589.34

1,474.11

1,292.34

1,271. 25

1,270.87

1,205.09

1,277.61

1,749.23

3,987.73

3,692.90

5,472.26

756.86

128.14

491.56

56.97

6,547.49

Market capitalization, USD mln

Sales,USD mln

CompanyCountry

10

11

12

13

14

15

16

17

18

19

Sources: Bloomberg, Reuters, Company data

42 WWW.INVESTINRUSSIA.COM

GEOGRAPHY AND CORPORATE STRUCTURE

POLYMETAL INTERNATIONAL: ONE OF THE LEADING COMPANIES IN RUSSIA AND GLOBALLY IN GOLD AND SILVER MINING

7.31. Barrick

1.2810. Polymetal International

plcs

5.22. Newmont

4.23. AngloGold

2.74. Goldcorp

2.65. Kinross

Leading gold mining companies globally 2013, mln ounces

Leading silver mining companies globally 2013, mln ounces

40.91. KGHM Polska

Miedz S.A.

38.92. BHP

Billiton plc

36.93. Fresnillo

plc

30.54. Goldcord

Inc.

25.16. Pan American

Silver Corp.

27.25. Polymetal International

plcs

POLY

MET

AL

INT

ERN

ATIO

NA

L

WWW.RDIF.RU 43

POLYMETAL INTERNATIONAL: KEY FINANCIAL INDICATORS

2010-2013

EBITDAUSD mln

Revenue USD mln

925 1,326 1,854 1,7072010 2011 2012 2013

425 624 932 5982010 2011 2012 2013

44 WWW.INVESTINRUSSIA.COM

POLYMETAL INTERNATIONAL: KEY PERFORMANCE INDICATORS AND RESERVES2010-2013

Ore processing thousand tonnes

GEOGRAPHY AND CORPORATE STRUCTURE

Mining thousand tonnes

7 , 474 11, 002 12, 591 10 ,379

7 ,845 8, 821 9, 808 10 ,7492010 2011 2012 2013

2010 2011 2012 2013

POLY

MET

AL

INT

ERN

ATIO

NA

L

WWW.RDIF.RU 45

NOTES

46 WWW.INVESTINRUSSIA.COM

RDIF PRESENTS

PLATFORMINVEST IN RUSSIA

INVESTIN RUSSIA

WWW.RDIF.RU 47

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