Analyst coverage

Bank Date of the report Report name Analyst E-mail Alfa-Bank 12 Oct 09 Russian Precious Metals: Gold Forecast and Ratings Upgrade Barry Ehrlich, Maxim Semenovykh, Sergey Krivokhizhin behrlich@alfabank.ru msemenovykh@alfabank.ru skrivokhizhin@alfabank.ru 05 May 10 Switch to Polyus from Polymetal 28 May 10 Polyus Gold: KazakhGold strategy 22 Nov 10 Russian Precious Metals Bank of America Merrill Lynch 22 Jun 10 Increasing POs on higher gold prices; prefer Polyus Gold Eduard Faritov,        Stanislav Gorozhankin eduard.faritov@baml.com stanislav.gorozhankin@baml.com 02 Jul 10 Gold: the Russians are coming 15 Jul 10 LSE listing: hardly smooth but happy outcome likely 30 Jul 10 Moscow meetings feedback 29 Sep 10 Volume growth and valuation discount 08 Dec 10 London listing brought closer (again)  through KazakhGold deal BMO CM 14 Aug 09 OJSC Polyus Gold David Haughton david.haughton@bmo.com 14 Dec 09 Materials - precious metals and minerals 21 Nov 10 Dividends in gold and silver Credit Suisse 11 Sep 09 EEMEA Gold: Defensive and fast-growing Semyon Mironov, Mikhail Priklonsky semyon.mironov@credit-suisse.com mikhail.priklonsky@credit-suisse.com 02 Dec 09 EEMEA Materials 14 Oct 10 EEMEA Gold Sector 27 Dec 10 Russian Gold Sector Deutsche Bank 15 Feb 10 Russian Gold - It's all about growth Erik Danemar, George Buzhenitsa, Olga Okuneva erik.danemar@db.com george.buzhenitsa@db.com olga.okuneva@db.com 29 Apr 10 Polyus reports in-line 2H/FY results 21 May 10 Polyus Gold: KazakhGold strategy unveiled 27 May 10 Russian Gold 05 Oct 10 Underperformance overdone 07 Dec 10 Valuation- based downgrade to Hold 17 Jan 11 Precious Metal Update. Bullish on gold Finam 16 Feb 09 Polyus Gold Alexey Sulinov Vladimir Sergievskiy sergievskiy@finam.ru Goldman Sachs 10 Dec 09 Looking for the greatest leverage to further gold price upside Vasily Nikolaev Dzhuni Astor vasily.nikolaev@gs.com Dzhuni.astor@gs.com 27 Apr 10 Less upside on gold 5 May 10 FY09 results as expected; possible upside from a reverse takeover 13Oct 10 Gold to go higher: Polyus Gold to Buy; Polymetal to Neutral 10 Dec 10 Europe, Middle East & Aftica: Metals & Mining: Precious HSBC Mar 10 From Safari to Siberia Sabrina Grandchamps Lucia Marquez sabrina.m.grandchamps@us.hsbc. com lucia.x.marquez@us.hsbc.com 07 Dec 10 EM Gold miners ING 19 Oct 09 Polyus Gold growth phase Maxim Matveev maxim.matveev@ingbank.com 02 Feb 10 Polyus Gold and Polymetal: Revised forecasts and target prices JP Morgan 16 Nov 10 Polyus Gold: initiating with Neutral recommendation Yuriy Vlasov Valentin Stollyar yuriy.a.vlasov@jpmorgan.com valentin.a.stollyar@jpmorgan.com Morgan Stanley 16 Mar 10 Polyus Gold: Growth already priced in Dmitry Kolomytsyn Timur Salikhov Dmitriy.Kolomytsyn@morganstan ley.com timur.salikhov@morganstanley.com 21 May 10 Polyus Gold. KazakhGold strategy has limited impact. 06 Oct 10 Russian Metals & Mining: We prefer base and precious metal producers to steel 21 Oct 10 Polyus Gold: Cut to EW on expensive valuation 29 Nov 10 Metals & Mining: global gold Inc. 17 Jan 11 Russian Metals & Mining Nomura 06 Oct 09 South African /Russian gold Vladimir Zhukov, Valentina Bogomolova vzhukov@nomura.com vbogomolo@nomura.com 30 Apr 10 Polyus Gold: Strong 2009 on cash costs 13 Oct 10 Raising gold forecasts: Rare value in precious metals 23 Dec 10 EM Metals & Mining/ EMEA. Polyus Gold. Otkrytiye 11 Nov 10 Russian gold miners: champions of growth Robert Mantse, Evgenia Petelina, Igor Kraevsky, Alexander Churikov mantse@open.ru petelina@open.ru kraevsky@open.ru churikov@open.ru RBC Capital Markets 07 Jul 09 The Russian Gold Behemoth Builds Out Cailey Barker, Phil Swinfen cailey.barker@rbccm.com phil.swinfen@rbccm.com 25 Sep 09 Polyus Gold H1 Results - Lower Costs hit a Beat 25 Jan 10 Polyus Gold 2009 operating results RenCap 28 Sep 09 Polyus Gold delivers good numbers on better costs Andrew Jones, Rob Edwards AJones@rencap.com REdwards@rencap.com 30 April 10 Polyus Gold FY2009 financial review 17 Jan 11 The Russian gold review. Tomorrow’s gold Rye, Man and Gorr 29 May 09 Polyus Gold: Attractive on Gold Fever, but Upside is Exhausted Lenar Hafizov research@rmg.ru Societe Generale 11 Aug 10 Polyus Gold: An enviable projects pipeline  Alain William mailto:alain.william@sgcib.com Sovlink 20 Mar 09 Gold mining: safer than money Nikolay Osadchiy osadchiy@sovlink.ru Troika Dialog 26 Jan 10 Polyus Gold: 2009 Production Results: No growth yet Mikhail Skistin, Sergey Donskoy, Irina Lapshina, Zaurbek Zhunisov mikhail_stiskin@troika.ru sergey_donskoy@troika.ru irina_lapshina@troika.ru, Zaurbek.zhunisov@troika.kz 16 Feb 10 Gold Sector: The start of the growth phase 30 Apr 10 Polyus Gold - Solid delivery in 2009 20 May 10 Polyus Gold. Development programme for KazakhGold. 11 Nov 10 Russian Metals & Mining Polyus Gold vs Polymetal: comparing growth, Vol. 2 9 Dec 10 Polyus Gold. KazakhGold saga finally behind 23 Dec 10 Russian metals & mining. Russian gold sector. Star aligned UBS 22 Jun 10 Polyus Gold: KazakhGold - more growth, but value add is small Alexei Morozov, Kirill Chuyko, Anastasia Gracheva alexei.morozov@ubs.com kirill.chuyko@ubs.com anastasia.gracheva@ubs.com 18 Oct 10 It is still worth buying Russian gold UniCredit Securities 16 Jun 10 Polymetal vs. Polyus Gold Marat Gabitov marat.gabitov@unicreditsec.ru 28 Jul 10 Polyus Gold: Production growth overpriced; corporate governance issues argue for a discount 10 Aug 10 Polyus Gold: 1H10 production numbers disappoint, temper expectations for 2011E Uralsib 30 Apr 10 Polyus Gold: Strong results from Russian mines Nikolay Sosnovsky, Dmitry Smolin sosnovskyno@uralsib.ru kavanaghms@uralsib.ru smolindv@uralsib.ru 09 Jun 10 Russian gold mining: worth their weight in gold 04 Aug 10 Polyus Gold: Favorable Outcome Expected, Fundamental Value Intact 1 Dec 10 Russian gold miners set to benefit VTB                      14 Apr 10 Russian Gold: Priceless growth Alexander Pukhaev, Igor Lebedinets,        Vadim Astapovich alexander.pukhaev@vtbcapital.com igor.lebedinets@vtbcapital.com vadim.astapovich@vtbcapital.com 11 Jun 10 Polyus Gold vs. Polymetal: performance gap of 63% 22 Jun 10 Gold sector: risks on the upside