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APPENDIX #1JOINT−STOCK COMPANY “ISPA “POLYMETAL”CONSOLIDATED FINANCIAL STATEMENTSAND REPORT OF INDEPENDENT AUDITORSFOR THE YEARS ENDED DECEMBER 31, 2004 and 200348 Polymetal annual report 2004
ZAOPricewaterhouseCoopers AuditSredny Pr., V.O., 36/40,St. Petersburg, 199004RussiaTelephone +7 (812) 326 6969Facsimile +7 (812) 326 6699Report of Independent AuditorsTo the Board of Directors and Shareholdersof Joint−Stock Company “ISPA “Polymetal”:In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of op−erations, cash flows and changes in shareholders’ equity present fairly, in all material respects, the financial posi−tion of Joint−Stock Company “ISPA “Polymetal” at December 31, 2004 and 2003, and the results of its opera−tions and its cash flows for the years then ended in conformity with accounting principles generally accepted inthe United States of America. These consolidated financial statements are the responsibility of the Company’smanagement; our responsibility is to express an opinion on these financial statements based on our audits. Weconducted our audits of these statements in accordance with auditing standards generally accepted in theUnited States of America. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the consolidated financial statements are free of material misstatement. An audit in−cludes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements,assessing the accounting principles used and significant estimates made by management, and evaluating theoverall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.St. Petersburg, RussiaJuly 8, 2005Appendix #1: Consolidated financial statements49
Page 1 and 2: Annual report2004St. Petrsburg1
Page 3 and 4: Annual Report2004St. Petersburg3
Page 5 and 6: FinancialhighlightIndicator Meas. u
Page 7 and 8: 2004Key eventsFebruarynew managemen
Page 9 and 10: koye gold mine. This cost increasec
Page 11 and 12: MineralResourcesVladimir T. Ryabukh
Page 13 and 14: Igor V. Venatovsky,First Deputy CEO
Page 15 and 16: Sergey A. Cherkashin,CFOSalesFinanc
Page 17 and 18: Denis G. Pavlov,Head of TreasuryDep
Page 19 and 20: At the Dukat and Lunnoye depos−it
Page 21 and 22: ProductionfacilitiesoverviewProduct
Page 23 and 24: Victor R. Wulfert,Managing Director
Page 25 and 26: Victor R. Wulfert,Managing Director
Page 27 and 28: Andrey V. Novikov,Managing Director
Page 29 and 30: Sergey G. Antipin,Managing Director
Page 31 and 32: Vorontsovskoye(Northern Urals Gold,
Page 33 and 34: Alexander V. Bulavin,Head of Licens
Page 35 and 36: Dukat depositconducting a feasibili
Page 37 and 38: GlobalpositioningIn 2004, world sil
Page 39 and 40: CorporategovernancePolymetal follow
Page 41 and 42: Hazardous facilities at the deposit
Page 43 and 44: Personnel at mining facilitiesCompa
Page 45 and 46: Upgrading skillsIn 2004, the compan
Page 47: ManagementVitaly NESISCEOMr. Nesis
Page 51 and 52: JSC “ISPA “POLYMETAL”STATEMEN
Page 53 and 54: JSC “ISPA “POLYMETAL”CONSOLID
Page 55 and 56: The Group’s 100% interest in avar
Page 57 and 58: Deferred developmentexpendituresIn
Page 59 and 60: NOTE 3Variable Interest EntityStart
Page 61 and 62: Investments mainly represent or−d
Page 63 and 64: Loans from NIKoil Bank in total ofU
Page 65 and 66: Future payments under capital lease
Page 67 and 68: Note 24Income TaxThe income tax exp
Page 69 and 70: In accordance with FAS 141, thecont
Page 71 and 72: NOTE 30Subsequent eventsBank loan r
Page 73 and 74: Vorontsovskoye (Northern Urals Gold
Page 75 and 76: Dukat and Lunnoye (Magadan Silver,
Page 77 and 78: 1) Per ounce of gold produced or so

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