PLZL. Sorry for mistakes

• Jenington Intl, a subsidiary of PLZL, owns 6.5% shares of Polyus.
• These shares are voting despite quasi-treasury nature.
• One of the controlling shareholders Prohorov de-facto controls Polyus management
• It’s not in his interests that Polyus 6.5% stake would change its owner.
• At the same time Prohorov wants to sell expensive everything he has:)
• I’m sure, that Prohorov dreams about $73 for his shares. To sell… Not to buy, despite Onexim offer.
• Fundamental analysts told us that Polyus now valued very expensive.
• Most experts appreciate shares at $50-60 range.
• So, Prohorov’s Onexim made an offer to Polyus and virtually refuses that offer by himself.
• And now anyone who want to buy that stake will need to pay high price.
• Moreover, if it will be Interros, so it would be forced to make an offer to shareholders to buy the shares at that high price.
• Potanin had chance to change Polyus management if he could take control of 6.5% stake.
• Conclusion. While playing with market and shareholders, Prohorov decides two objectives:
o Maintain high price for his shares.
o Protect the 6.5% stakeof Polyus.
• Remember, 26th June Polyus AGM

• p.s. We may don’t know something that Prohorov knows about Polyus.
• so, take a close attention to 2007IFRS results which to be published today.