Polymetal: Investor presentation - static.seekingalpha.comPOLYMETAL INTERNATIONAL PLC INVESTOR...

August 2020

INVESTOR

PRESENTATION

01INTRODUCTION

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

POLYMETAL TODAY

3

Competence center

Development

Operations

9 OPERATIONS ACROSS 2 COUNTRIES

2nd LARGEST GOLD PRODUCER IN RUSSIA

FTSE 100 & MSCI CONSTITUENT

Top-10 WORLD GOLD PRODUCER


STRATEGY

4

SCOPE OF ACTIVITY

Regular dividend is

shareholder’s right,

comes before growth

spending

Target Net Debt/EBITDA

of below or equal to 1.5x

Maintain high standards

of ESG through impact

assessment

CAPITAL ALLOCATION PRINCIPLES

Significant sustainable dividend

Meaningful growth

Reduction of environmental

footprint

Social license to operate

Robust balance sheet

DESIRED OUTCOMES

Russia and FSU

Focus on gold, silver

and possibly other

base metals

ESG best practice

Medium-sized high-

grade deposits

Leadership in

refractory ore

processing


5.6

3.7

2.9 2.82.4

2.21.9 1.8

1.5 1.5 1.4 1.4 1.3 1.2 1.2 1.1 0.90.7

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FOCUS ON GRADE

5

AVERAGE RESERVE GRADE (2P RESERVES), g/t of GE

Source: Companies’ data for FY2019.

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 6

GROWING ASSET BASE

Ore Reserves as at 01.01.2020

25.2 Moz

+1.2 Moz / +5% y-o-y

2019 RESERVE PER SHARE, y-o-y change

Source: Companies’ data

29%

7% 5% 3% 0%

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ld -3.0% -3% -3% -4% -5% -5% -6% -6% -17% -19% -26% -30%-61%

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SIGNIFICANT SUSTAINABLE DIVIDEND YIELD

7

5.2% 5.1%4.3% 4.1%

3.2%

2.0%1.6% 1.6%

1.3% 1.3% 1.2% 1.2% 1.2% 1.1% 1.0% 0.9% 0.6%0.3% 0% 0%

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AVERAGE 5-YEAR DY, %

5.4%50% OF UNDERLYING NET INCOME

(+ Board discretion to increase the final dividend to a maximum annual payout of 100% of FCF)

PAID OUT SINCE IPO

$2.0bn

Source: Bloomberg data * DPS declared for 1H 2020 ($0.4) + Final 2019 DPS ($0.42) + Special 2019 DPS ($0.2) divided by YTD average share price ($18.8)

YTD DIVIDEND YIELD*

0%


ESG LEADERSHIP

8

First and only Russian member

RECOGNITION OF OUR EFFORTS TO DATE

ESG rating A

Member of ESG Leaders index

1st among 55 precious metalscompanies

100 percentile

First sustainability-linked loan in CIS

ESG score A- ESG score С+


ESG PERFORMANCE

9

GHG Intensity (t of CO2e per Kt of ore processed)

75.1 t/Kt-1% y-o-y

Energy Intensity (GJ per Koz of GE produced)

4.2 TJ/Koz-1% y-o-y

Share of Water Recycled and Reused

87%+5 pps y-o-y

Share of Dry Stacking

10%Amursk and Voro

2019 KEY SUSTAINABILITY METRICS

SAFETY

Fatalities

2 in 2019

0 in 1H 2020

LTIFR

0.19 in 2019+111% y-o-y

0.07 in 1H 2020-70% y-o-y

Our key strategic goals are:

Zero fatalities

Further decrease of GHG emissions and energy consumption

Continued reduction of fresh water use per unit of production

Further implementation of dry stack storage method across the Group (extension to Nezhda, Prognoz, POX-2 sites and Omolon)

RECENT TRANSPARENCY PROGRESS

Scope 3 downstream and upstream emissions disclosure

Disclosure in line with SASB and TCFD in 2019 Sustainability Report

Permafrost FAQs disclosure


COVID-19 UPDATE

10

No interruptions in production, supply chain or sales due to COVID-19 yet

No material COVID-19 outbreaks have so far occurred at our operations

There are currently 72 employees across all operations tested positive with the vast majority of confirmed cases occurring during intra-shift breaks or mandatory 14-days observatory period

Strict precautionary procedures are maintained at all production sites

The additional COVID-related costs are estimated at approximately $2.5m per month

Polymetal provides financial support to all regions of operations. In 1H, the Company purchased various critical medical supplies for 25 regional and municipal hospitals, and volunteers for the total amount of RUB 129 million (US$ 1.8 million)

02CORPORATE GOVERNANCE UPDATE


BOARD COMPOSITION

12

INDEPENDENT DIRECTORS DEPARTED DIRECTORSCHAIR

IAN COCKERILLChair (N, S)Chair of the Nomination Committee, Non-Executive Director at BHP, Ex-President and CEO of Gold Fields, ex-CEO of AngloCoal

OLLIE OLIVEIRA SINED (N, A, R)Chair of the POLYs Remuneration Committee, Chair of Audit Committee at Antofagasta plc, ex-Executive Director at De Beers

TRACEY KERRINED (S, R)Chair of the Safety & Sustainability Committee, Group Head of Safety and Sustainable Department in Anglo American plc

GIACOMO BAIZINI INED (A, N)Chair of the Audit and Risk Committeeand ex-CFO of EVRAZ Group S.A.

ANDREA ABTINED (A)Ex-Chief Procurement Officer at Siemens AGNED at John Laing Group, Petrofac Ltd. and Gerresheimer AG

VITALY NESISGroup CEO, S

KONSTANTIN YANAKOVICT Group LtdEx-CFO of Polymetal

ITALIA BONINELLIINED (R)Ex-Executive VP for Organizational Development at AngloGold Ashanti.

VICTOR FLORESINED (A, S)Director of Strategic Projects, Orion Resource Partners (USA) Inc

NON-INDEPENDENT DIRECTORS

CHRISTINE COIGNARDINED since 2014

JEAN-PASCAL DUVIEUSARTNED since 2011PPF Group

JOINED

N – Nomination Committee R – Remuneration CommitteeA – Audit and Risk CommitteeS – Safety and Sustainability Committee


Management& Directors 0.9%

SHAREHOLDER STRUCTURE

13

SHARES OUTSTANDING 472 MILLION

71%FREE FLOAT

Institutionalinvestorsand individuals 63.4%

PPFPetr Kellner

3.8%

Otkritie3.9%

ICT GroupAlexander Nesis

28.0%

8.9

7.5

3.1 3.0

Polymetal Polyus Fresnillo Centamin

FREE FLOAT, $bn

29

10

1328

4238

18

12

Polymetal Polyus Fresnillo Centamin

LTM ADTV, $m

MOEX

LSE

PPF’s stake is now part of the Free Float as Jean-PascalDuvieusart (PPF) left the Board at the last AGM on April 27, 2020

Previous free float – 65%

03OPERATIONS

UPDATE


1H 2020 – PRODUCTION Strong performance at Kyzyl compensated for the planned decline at Svetloye and Voro

GE PRODUCTION RECONCILIATION, Koz

694 -21 -3723+53

1H 2019 Kyzyl Other assets Discontinued operations

1H 2020


1H 2020 – FINANCIAL HIGHLIGHTSRobust growth of all profitability metrics driven by higher prices and production at stable unit costs

1H 2020 1H 2019 Change

Revenue, $m 1,135 941 +21%

Adjusted EBITDA, $m 616 403 +53%

Adjusted EBITDA margin 54% 43% +11%

Total cash cost, $/GE oz 638 667 -4%

All-in sustaining cash cost, $/GE oz 880 904 -3%

Underlying net earnings, $m 373 188 +98%

Underlying EPS, $/share 0.79 0.40 +98%

Dividends proposed for 1H, $/share 0.40 0.20 +100%

Net operating cash flow, $m 300 127 +136%

Capital expenditure, $m 248 189 +31%

Free cash flow (pre M&A), $m 53 -63 NA

Net debt, $m 1,690 1,4791 +14%

Net debt/Adjusted EBITDA, x 1.31 1.38 -5%

Notes:1) As at 31/12/2019


AISC – POLYMETAL VS GLOBAL PEERS

1H 2020 ALL-IN SUSTAINING CASH COSTS, $/oz YEAR-ON-YEAR CHANGE IN AISC, %

717

790

880

880

899

902

918

964

965

970

988

1,015

1,020

1,031

1,061

1,074

1,093

1,118

1,210

1,370

B2 Gold

Centerra

Polymetal

Newcrest

Centamin

Eldorado

Endeavour

Fresnillo

Hochschild*

Gold Fields*

Kinross

Barrick Gold

Petropavlovsk*

AngloGold

Newmont***

Yamana

Pan American**

Agnico Eagle

IAMGOLD

New Gold

Buenaventura

-18.7

-7.7

-6.0

-5.0

-4.0

-2.7

-1.1

-0.8

2.9

6.8

7.7

10.0

10.0

11.0

11.4

12.0

18.0

18.7

24.9

26.3

75.7

B2 Gold

Eldorado

Fresnillo

Petropavlovsk

Centamin

Polymetal

Gold Fields

Hochschild

AngloGold

Kinross

IAMGOLD

Newmont

Yamana

Endeavour

Pan American

Centerra

Newcrest

Barrick Gold

Agnico Eagle

New Gold

Buenaventura1,815

Source: Companies’ data. * 2019 data used** Au/Ag rate calculated based on the Company’s average realised prices*** Gold segment data


DPS DYNAMICS BY PEER

Source: Thomson Reuters

167%

121%

100%

88%

79%

60%

50%

43%

26%

13%

-18%

-100%

Gold Fields

Yamana

Polymetal

Barrick

Newmont

AgnicoEagle

Centamin

Pan American

Gold

Newcrest

Fresnillo

Hochschild

Endeavour

Kinross

B2Gold

DECLARED DPS CHANGE (H1 2020 vs H1 2019)

No dividends paid

No dividends paid

No dividends paid


BALANCE SHEETNet Debt/EBITDA down to 1.3x

19

Net debt of $1.7bn as of 01 July 2020 with 1.3x Net Debt/EBITDA, below 2019 year-end number of 1.4x and our mid-term target of 1.5x

INTEREST RATE BREAKDOWN2

Fixed73%

Floating27%

-

422

216

264 287

2

127 127 127 127

ACTUAL MATURITY PROFILE1, $m

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Notes: 1) Net of cash2) Excluding short-term (up to 6 months) loans

Low cost of debt at 3.6%, a decrease over 1H 2019 number of 4.5% supported by lower benchmark interest rates and our ability to negotiate competitive margins given the solid financial position of the Company and its excellent credit history

04PROJECTS

UPDATE


NEZHDACompletion scorecard

PermittingEngineering ContractingEquipment

delivery

Processing plant

main building

Crusher

Site roads and bridges

95% 80%

100%

100% 100%

Power complex 100%

Infrastructure and camp

100% 100% 100%

Construction

65%

90%

95%

25%

95%

100% 100%

100%

100% 95%

100%

Tailings storage facility #1

80% 70% 50% 50%


NEZHDAPhoto update: concentrator building completed


NEZHDAPhoto update: SAG and ball mills installed


NEZHDAPhoto update: pit #2


NEZHDAKey project milestones

Start of construction

First ore mined

Plant framework construction and winterization

Start of equipment installation

• Commissioning of diesel power plant completed

• Mechanical completion

• Start of commissioning activities

• End of commissioning activities and first production

• Full ramp-up

• Grid power to the production site

Q1 2019

Q3 2019

Q4 2019

Q1 2020

Q4 2020

Q2 2021

Q3 2021

Q4 2021

Q2 2022

Q3 2022


POX-2Completion scorecard

Basic engineering

Detailed engineering

Contracting Construction

POX area(Hatch scope)

Other processing areas (Polymetal

scope)

Cryogenic oxygen plant

100%

Internal and external

infrastructure

65% 95% 15%

85% 50% 85% 10%

100% 95% 95% 10%

80% 50% 25% 15%


POX-2Photo update: autoclave installed


POX-2Photo update: site view


POX-22020 key milestones

H1 2020

H2 2020

Q4 2022

Q3 2023

Q4 2023

Completion of autoclave foundation

Completion of POX building foundation

Construction of new concentrate storage

Autoclave delivery and installation

• Completion of POX-2 building framework

• Mechanical completion

• First production

• Full ramp-up


VEDUGA Conceptual project highlights

Concentrator capacity 1.5 Mtpa

Ore Reserves 18.7 Mt of ore @ 4.5 g/t containg 2.7 Moz of gold

Recoveries in dore* 88%

Annual production* 220 Koz of gold

TCC/AISC* $600-650 per oz / $700-750 per oz

LOM 20+ years (combined open-pit and underground)

CAPEX ~ $400m

Processing Conventional flotation + Amursk POX

Tailings Dry cake

* LOM average


VEDUGA Conceptual project schedule

• Investment decision

• Start of pre-stripping

• Start of construction

• First production. End of construction

• Full ramp-up

Q4 2021

Q1 2022

Q2 2022

Q1 2025

Q2 2025

05OUTLOOK


PRODUCTION OUTLOOK2020-2025

1,470 1,420 1,440 1,400

30 180 180 180

180

80 120 120

150

1,496 1,500 1,500 1,600

1,700 1,700 1,750

2019 Restated

2020E 2021E 2022E 2023E

GOLD PRODUCTION, GE Koz1

Notes: 1) Gold equivalent (GE) including gold and silver at 120:1 Ag oz/Au oz conversion ratio2) Effect from recoveries increase and 3rd party concentrate processing3) Subject to Board approval in 2021

Veduga3Stay-in-business Nezhda

2024E 2025E

POX-22

1,300

PRODUCTION

UPSIDE:

17%


CAPEX OUTLOOK2020-2025

247

198225 225 235

235 235

133

13083

56 125108

80

25

40

120 160

80

2230

30

30

50

50

436

475

446

375

410

445

365

2019A 2020E 2021E 2022E 2023E 2024E 2025E

CAPEX, $m

Veduga1

Stay-in-business

Nezhda

POX-2 Long-term projects

Notes: 1) Subject to Board approval in 2021


2020 GUIDANCE

2020 Guidance

1H 2020 Actual

2020Outlook

Production, Koz of GE 1,500 723 On track

TCC, $/oz of GE 650-700 636 On track

AISC, $/oz of GE 850-900 880 On track

Capital expenditure, $m 475 248 On track

Free cash flow (pre M&A) Growth 53 On track

Regular dividend50% of

underlying net income

$189 m

Net Debt/ Adjusted EBITDA

Down1.3x (1.4x as at

2019YE)On track

Assumptions 2020 Budget 1H 2020 Actual Current

Gold, $/oz 1,400 1,661 1,930

Silver, $/oz 17 17 26

RUB/USD rate 63 69 74

Oil 60 42 45

The Company is on track to meet its guidance on all key metrics

Despite 1H 2020 TCC was below the guidance, Polymetal reiterates its full-year guidance range of $650-700/GE oz for TCC and $850-900/GE oz for AISC as depreciation of RUB and Kazakh Tenge is currently counterbalanced by COVID-related costs and increase in mining tax on the back of rising gold and silver prices

Note: the guidance remains contingent on the RUB/USD exchange rate and diesel fuel price


2020 NEWS FLOW

Corporate

25 September Interim dividend payment

9 November Analyst & Investor day: growth projects

Projects

Q3Tomtor – initial Mineral Resources estimate announcement

Prognoz – initial Ore Reserve estimate announcement

Q4

Kutyn – completion of strategic review

East Bakyrchik – initial Ore Reserve estimate announcement

POX-2 – completion of framework construction

APPENDIX


FOCUS ON LOM

2826

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1716 16 16

13 13 1311 11 10

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AVERAGE LIFE OF MINE AS OF 01.01.2020, YEARS

Notes: P+P reserves as of 01.01.2020 divided by 2019 depletion.

+3 years by 2022E


1H 2020 – PRODUCTION AND COSTS

Mine

Production, GE Koz TCC, $/oz

Comment

1H 2020 1H 2019 Change 1H 2020 1H 2019 Change

Kyzyl 213 159 +33% 386 407 -5%Material positive grade reconciliation anddesign capacity outperformance

Albazino 140 136 +2% 735 754 -2%Grade increase attributable to processing of higher grade ore from Anfisa pit

Dukat 104 108 -4% 9.8 10.0 -2%Moderate decrease in silver grade offset by RUB depreciation

Omolon 88 95 -8% 602 832 -28%Processing of gold-rich ore from Yolochka and Birkachan underground in Q2

Varvara 84 70 +21% 881 708 +24%Treatment of additional volumes of higher cost and gold-rich 3rd party ore

Svetloye 52 61 -15% 410 388 +6%Lower stacking volumes impacted by maintenance shutdown in Q2

Voro 42 56 -25% 440 381 +16% Processing of lower-grade stockpiles

Mayskoye 1 5 -79% Na Nm na

TOTAL (continuing operations)

723 691 +5% 638 667 -4%

TOTAL 723 694 +4%

Strong performance at Kyzyl compensated for the planned decline at Svetloye and Voro and

contributed to the cost dynamics along with RUB/KZT weakness


TOTAL CASH COSTSDown due to weakness in RUB/KZT supported by change in production structure towards lower cost operations

667

638

-38

-27-19

+18+14

+10 +6+7

1H 2019 FOREX ratechange

Change insales

structure

Changein grade

Domesticinflation

Mining taxchange

COVIDextra costs

Au/Agratio change

Other 1H 2020

TCC RECONCILIATION1, $/oz

Notes: 1) Co-product total cash cost: cost of sales + on-mine part of SG&A – deprecation and amortization. GE (gold equivalent) based on actual realized gold, silver and copper prices

-4%


COST STRUCTURE AND SENSITVITY

RUB/ TengeLabor 19%

DieselFuel 16%

RUB/TengeServices 27%

$ / AuRoyalty 9%

$ / RUB /TengeNon-fuel

consumables 24%

RUB / TengeUtilities 3%

RUB 48%

$ 19%

Diesel 16%

Tenge 17%

2020E CASH COST STRUCTURE, $/oz

67.163.0 62.0

70.4

50

55

60

65

70

75

80

85

Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20

RUB/USD EXCHAGE RATE

1H 2019 average 65.1 2H 2019 average 64.2 1H 2020 average 69.3


SENSITIVITY ANALYSIS

SENSITIVITY TO RUB/USD AND GOLD PRICE

1 RUB/USD movement in domestic currency

$100/oz movement in gold price

TCC $7-10/oz ~$5/oz

EBITDA $12-17m ~$150m

FCF $13-18m ~$120m

DPS (regular) ~$0.03 ~$0.13


TAX REGULATION UPDATERussian and Kazakhstan taxation overview

Key taxes imposed Russia Kazakhstan

Income tax

General rate - 20% (since 2008).

Different preferential tax regimes may

decrease the tax rate up to 0%

Paid in 2019 - $85.9m

Effective tax rate 2019 – 14.2%

General rate - 20% (since 2008)

Paid in 2019 - $18.5m

Effective tax rate 2019 – 22.9%

Royalty

(Mineral extraction tax, or MET)

General rate - 6% for Au / 6.5% for Ag

(since 2002). Calculated based on the

realized selling price

Paid in 2019 - $68.0m

General rate - 5% for Au, Ag (since 2011).

Calculated based on the market price of precious

metals contained in the ore extracted

Paid in 2019 - $45.4m

WHT on intragroup dividends


Applicable Russia-Cyprus rate - 5%


Applicable Kazakhstan-Cyprus rate - 5%


TAX REGULATION UPDATELatest tax initiatives

Latest tax initiatives Status

RUSSIA

Proposal to increase withholding tax rate on dividends under DTT with Cyprus in the light of COVID-19 economic impact mitigation measures

Current lowest available rate for the Group: 5% WHT

After amendments: 15% WHT

Timing: to be enacted 1 Jan 2021

Details still to be clarified - Cyprus might want to negotiate some exemptions, e.g. to listed

entities

Certain

Potential increase of income tax rate for mining companies rather than oil and gas sector

As an alternative mechanism an introduction of an additional income tax is discussed (already applied for closed list of oil and gas projects) with excess profit withdrawal based on EBITDA margin

Under discussion

KAZAKHSTAN

Potential increase of the income tax rate for companies of mining sector by 7% (to 27%)

Under discussion


BROWNFIELD PROJECTS

ProjectStart-up

CAPEX,$m

LOMAverage annual

production, Koz

AverageAISC,$/oz

Target

Primorskoye 2022 7 4 30 750-800 Dukat LOM extension

Mayskoyehaulage

2022 30 10+ -AISC down

by $150

Conveyors plus electricfleet to reduce ventilation,

fuel consumption andcarbon footprint

Mayskoyebackfill

2023 40 10+ +30AISC down

by $100Reduce dilution,improve grade

Voroflotation plant

2022 90 9 70 500-550Refractory processing to

complement ore stockpiles treatment

Nevenrekan 2023 7 3 50 700-750 Omolon LOM extension

Elevator 2024 20 4 50 800-850Replace low-grade

Varvara ore


Parameters POX-1 POX-2 Petropavlovsk

Construction period 5 years 5 years ! 8 years

Working volume, m3 150 1,100 ! 250 x 4

Concentrate processing capacity, Ktpa

225 300 500

Capacity utilization100% in 2019

100% in H1 2020NA

40% in 2019;52% in H1 2020

Production, Koz of gold430 in 2019

260 in H1 2020

500

annual average !180 in 2019;

178 in H1 2020

Operational temperature, ˚С 200 240 ! 225

Pressure, bar 22 45 ! 35

Tailings storage Dry stacking Dry stacking ! Downstream TSF

Fresh water consumption, % of total water consumption

23% in 2019 25% target ! 50% target

CAPEX, USD m 272 431 310

COMPARISON OF RUSSIAN POX PROJECTS


VEDUGA Long section

IntermediatepitWestern pit Central pit

South Easternpit 1

South Easternpit 2

Arrowpit

Indicated MR

Inferred MR

W


VEDUGA Ore Reserve increase potential

CENTRAL PIT

True width, mGrade, g/t

XXXX

Design Pit Actual Pit

18.17.6

45.610.5

66,36,7

11/13.6

5.57.8

12.38.4

38.66.9

30.66.6

16.76.9

15.77.2

16.66.6

17.85.5

3.54.1

5.24.415.4

5.0

13.86.2

26.94.4

50.97.3

12.78.7

14.36.5

7.87.8

49.75.6

8.38.9


PROGNOZ VIKSHA

Ownership: 100%

Mineral Resources: 256 Moz at 789 g/t Ag eq

Capacity: 1 Mtpa

Mining: ~8 years of open pit followed by ~10 years of underground

Processing: Flotation + Leaching + Merrill-Crowe

Production: ~20 Moz of Ag eq per annum

CAPEX: ~$250m

Next steps: Initial Ore Reserves estimate in 2H 2020; Investment decision in 2H 2021

Ownership: 100%

Mineral Resources: 165 Mt at 1.1 g/t, total content of 5.7 Moz of PdEq (6.1 Moz of 3E)

Mining: Open-pit (300 m pit depth, 8 m average reef width)

Processing: Flotation

Next steps: Initial Ore Reserves estimate in 2H 2021

49

LONG-TERM GROWTH PIPELINEConceptual projects highlights


DISCLAIMER

This presentation includes forward-looking statements that involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on the directors’ beliefs and expectations about future events. These forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions, predictions and other statements, which are other than statements of historical facts. The words “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “may,” “should”, “shall”, “could”, “risk”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned” and similar expressions or the negative thereof identify certain of the forward-looking statements. Forward-looking statements include statements regarding: strategies, outlook and growth prospects; future plans and potential for future growth; liquidity, capital resources and capital expenditures; growth in demand for products; economic outlook and industry trends; developments of markets; the impact of regulatory initiatives; and the strength of competitors. The forward-looking statements in this presentation are based upon various assumptions and predictions, many of which are based, in turn, upon further assumptions and predictions, including, without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, and the Company may not achieve or accomplish these expectations, beliefs or projections. Many factors could cause the actual results to differ materially from those contained in predictions or forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia and Kazakhstan, rapid

technological and market change in the industries in which the Company operates, as well as other risks specifically related to the Company and its operations. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. Neither the Company, nor any of its agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this presentation. to reflect any change in their expectations or any change in events, conditions or circumstances on which such statements are based

Nothing in this presentation constitutes an offer, invitation, recommendation to purchase, sell or subscribe for any securities in any jurisdiction or solicitation of any offer to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as any inducement to enter into, any investment activity.

To the extent available, the industry, market and competitive position data contained in this presentation come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this presentation come from the Company's own internal research and estimates based on the knowledge and experience of the Company's

management in the market in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this presentation. The information contained in this presentation has not been independently verified. Neither the Company, any of its affiliates, subsidiaries or subsidiary undertakings nor any of their respective advisors or representatives makes any representation or warranty, express or implied, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Percentages and certain amounts included in this presentation have been rounded for ease of presentation. Accordingly figures shown as totals in certain tables may not be the precise sum of the figures that precede them. Neither the Company, or any of its affiliates, advisors or representatives accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any information contained in the presentation.

Date post:	21-Aug-2021
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