GOLD MINING COMPANY POLYUS

Mr. Eugene IvanovPresident and Chief Executive Officer

RUSSIAN ECONOMIC FORUM2005

WHY RUSSIA?WHY RUSSIA?

Growing Russian gold production outpaces rest of the world

+7% vs. (1)% CAGR

3.74.1

4.64.9

5.4 5.5 5.4

1998 1999 2000 2001 2002 2003 2004

mln oz

CAGR 7%

Source: Russian Union of Gold Miners, GFMS

WHY RUSSIA?WHY RUSSIA?

World’s second largest reserve base and only sixth place in gold output

Source: GFMS, U.S. Geological Survey

Reserve base, mln oz

90

113

119

132

132

193

1 157

482

Indonesia

Canada

USA

Peru

China

Australia

Russia

South Africa

WHY RUSSIA?WHY RUSSIA?

Source: BMO Nesbitt Burns

0% NAV Premium

40% 40%

17%

-18%

Major producers Intermediates Junior producers

Russian producers

Russian producers are undervalued so far

Average

WHY RUSSIA?WHY RUSSIA?

Source: BMO Nesbitt Burns

EV / Reserves, US$ / oz

125150

182

51

Major producers Intermediates Junior producers Russian producers

Discount for Russian producers implies high growth potential

Average

HERE COMES POLYUS!HERE COMES POLYUS!

Undisputable leader of Russian gold mining since 2001

Source: Company reports, BMO Nesbitt Burns, Troika Dialog

0.1

0.1

0.1

0.2

0.2

1.1

High River Gold

Bema Gold

Kinross Gold

Highland Gold

Peter Hambro

Polyus

2004 production in Russia, mln oz2004 production in the rest of the world, mln oz

HERE COMES POLYUS!HERE COMES POLYUS!

World class reserve base

Source: Company reports

2003 - 2004 reserves in Russia, mln oz2003 - 2004 reserves in the rest of the world, mln oz

2.2

18.9

7.7

0.4

0.3Kinross Gold

Bema Gold

High River Gold

Peter Hambro

Highland Gold

Polyus

1.2

COMPANY AT A GLANCECOMPANY AT A GLANCE

Goal of becoming a TOP-5 Global Producer by 2010

Unparalleled exposure to Russian gold

3 operating mines and 9 development / exploration projects:presence in 4 regions, employing 9 800 people2004 production – 1 087 k oz2004 est. total cash costs – US$175 per oz2004 est. EBITDA – US$199 mln

Financial strength

Focus on explosive growth with low total cash cost profile

World class reserve base18.9 mln oz reserves plus an additional 40.9 mln oz resources

LOCATION OF THE ASSETSLOCATION OF THE ASSETS

HQ, Moscow

Olimpiada, Krasnoyarsk

Alluvials and Zapadnoe,

Irkutsk

Natalka,

Degdekan, Magadan Bamskoe,

Amur

ASSETS – KRASNOYARSK, IRKUTSKASSETS – KRASNOYARSK, IRKUTSK

Krasnoyarsk assets include Olimpiada, Olenii, Tyrada operating mines and Blagodatnoe, Panimba, Titimukhta deposits. Olimpiada open pit is the largest mine in Russia with 4.0 mtpa of ore mining capacity and 4.5 mtpa of ore treating capacity

Irkutsk Hard Rock Gold consolidates hard rock gold mining assets, incl. Zapadnoe, Verninskoe, Pervenetz, Mukodek, Chertovo Korito, and owns key infrastructure

Lenzoloto – 2nd largest Russian gold company on a stand-alone basis. 9 Lenzoloto subsidiaries operate 48 placer deposits and develop / explore another 74 deposits in Irkutsk region

ASSETS – MAGADAN, AMURASSETS – MAGADAN, AMUR

Assets in Magadan include Natalka deposit and Degdekan exploration area

Natalka deposit with 4.0 mln oz in reserves at 4.2 g/t will transform into 18.1 in reserves at 2.0 g/t by 2007. 2005 – 2007 exploration budget of US$65 mln

Pre-feasibility study will chose between 23 or 30 mtpa processing plant, est. development capex of US$600 – 800 mln, annual production of up to 1.4 mln oz at total cash costs of approx. US$200 per oz

In February 2005 Polyus acquired Bamskoe deposit in Amur region containing .4 mln oz reserves and 2.4 mln oz resources

NATALKA EXPLORATION UPDATENATALKA EXPLORATION UPDATE

2003 – creation of geological model based on historical 125 000 m drilled, resulted in 78.3 mln oz of modeled MI&I resources

2004 – two stage exploration program to confirm modeled resources and explore at depth and on flanks, 13 drill rigs in place: Surface diamond drilling of 120 000 m, 34 000 m

completed Underground drilling of 6 000 m, will end this May

2005 – exploration stage #1 completed: Confirmed 18.2 mln oz of measured and 11.3 mln oz of

indicated resources under .6 g/t cut-off grade, in line with completed SRK audit results

Added 6.5 mln oz of indicated resources under +600 m elevation bench

Encountered two new ore intervals 200 m thick and grading more than 2.0 g/t

Possible upward reevaluation of grade

NATALKA EXPLORATION UPDATENATALKA EXPLORATION UPDATE

Two new ore intervals 200 m

thick and grading > 2.0 g/t

Upside from exploration stage #1,

6.5 mln oz of indicated resources

STRONG ORGANIC GROWTH PROFILESTRONG ORGANIC GROWTH PROFILE

Explosive growth with stable low total cash costs

Production, k oz Total cash costs, US$ per oz

2003 2004 2005F 2006F 2007F 2008F 2009F 2010F

1.1 1.1 1.2 1.31.9

2.5

3.3

1.1

175

198207

219 221213 207

144

SOLID CASE FOR POLYUSSOLID CASE FOR POLYUS

Unparalleled exposure to Russian gold industry

Key position of a leading Russian gold miner to capitalize on growth potential of Russian gold

Existing assets with superior growth profile

Solid cash flows

Strong cash balance and debt-free balance sheet

No hedging policy