ARMZ Uranium Holding : Expanding Global Presence

1. ARMZ Uranium Holding: Expanding Global Presence

2. World nuclear renaissance Today World NPP’s construction plans dynamics, pcs. • 440 operating Nuclear Power Reactors with a installed capacity of 376 GWe. • 55 new NPPsunder constructionworldwide. • The total number of NPPs under construction, planned / proposed increased from 250 to 551 units over the past 3.5 years. 551 250 Proposed Planned In a 20 years: Under construction • 88 % growth of operating NPPs worldwide. • 119% growth of total installed nuclear capacity. • Most active nuclear industry development - in China and India. • 2,5-fold grow of installed NPP’s capacity in Russia. NPP’s construction, pcs. Others USA Russia France S. Korea • Global financial crunch had no impact on NPPs plants construction. It gave impetus to nuclear energy development, confirming its reliability, efficiency and profitability.Today the Nuclear Renaissance is a reality. Japan India China 2010 Source: WNA

3. Rosatom — Global Leader in Nuclear Industry • ARMZ, Uranium mining • Uranium mining and supply • World’s №5 in uranium production • Electricity generation • World’s №2 in installed capacity (23.2GW) • Operates 32 reactor cores across10 power stations • Further 7 power stations in construction Rosatom Is a fully diversified corporation, with operations ranging fromuranium mining to NPP construction,power generation, and sales NPP construction Holds 16% market share in termsof nuclear power plant construction worldwide • Uranium conversion and enrichment • 40% of world’s uranium enrichment capacity • Enrichment and supply of uranium to the US, Europe, Asia, and other countries • NPP’s Engineering and equipment supply • Supplies equipment and services to the power generation and Oil & Gas sectors • Supplies equipment to over 20 countries • Nuclear fuel fabrication and supply • Supplies NPPs in Russia and 76 other NPPs across 14 countries (17% market share) • Annual export volume in excess of $1bn 3

4. Rosatom’s Strategy and Primary Focus —NPP Construction Abroad Rosatom holds 16% current market share in NPP construction worldwide Active units worldwide ROSATOM 3rd worldwide by active units Source: Company reports Rosatom’s global development strategy suggests reliable and long-term uranium supplies. Thus, ARMZ’s strategy aimed at diversification of its assets by low risk and long-term uranium projects.

5. Uranium production capabilities to 2030 tU Uncovereddemand - «window of opportunities» production • Stages of the uranium industry development • 2010- 2020 - reactordemand covered by uranium production • after 2020 - uranium production shortage • after 2025 – decrease of uranium production and production capacity shortage (decommissioning of some mines due to U resources depletion) WNA,2009, reference

6. World uranium production at a glance World uranium production in 2004-2010, tU Companies – leaders of U production in 2010, tU 54000 50305 43648 40251 41557 41102 39357 U production growth rate in 2010, % • World uranium production in 2010 reached 53,4 thou tU. (ARMZ preliminary estimation) • Production growth rate in 2010 amounted to 6%, and is lower than 2009 production rate, which amounted to 15%. • Kazakhstan significantly increased uranium production in 2010, whereas Australia, Canada, Namibia slightly decreased uranium output. • ARMZ – U1 alliance holds third place in 2010 global uranium production after Kazatomprom and Cameco. • As for U production growth rating, ARMZ – U1 alliance holds second place among largest uranium producers.

7. ARMZ & Uranium One: established and reputable partnership Uranium One price of shares, CAD Synergy and value creation through organic growth and further M&A deals Dec, 2010 Second U1 deal expected to close 2008 2009 2010 2011 Jun 08, 2010 Dec 15, 2009 Second U1 deal announced Jun 14, 2009 Jul, 2008 First U1 Deal Closed ARMZ’s existing stake highlights its commitment to Uranium One as a long-term strategic partner. Start of negotiations First U1 deal announced

8. Why Uranium One? Significant growth prospectives Widest diversification of assets (projects on 3 continents: America, Asia and Australia) Best in class assets with lowest cash cost (Kazakhstan) Best in class management (bringing mines into operation, significant experience in M&A) Highest standards of corporate governance Track record and high profile among the sector’s public companies • Uranium One is the best opportunity to implement ARMZ diversification strategy and the platform for ARMZ growth

9. ARMZ projects pipeline Construction Exploration / Perspective Designing / Exploration ARMZ strategy — through diversification to world’s leadership Karatau Akdala S.Inkai Honeymoon US ISL N.Kharasan U1 U1 Production Akbastau Zarechnoe Mongolia Armenia Namibia Priargunsky Dalur Elkon Gornoe Olovskaya Lunnoe Khiagda U1 Источник: АРМЗ

10. ARMZ – U1 alliance potential 2015 Uranium Production, th. t. U* • ARMZ — Uranium One will be one of the leading global uranium producer. It preliminary ranks second in production volume by 2015. • Further U resources strengthening, especially in the lowest cash cost category. • Synergy in combining production facilities in Kazakhstan and political risks minimization. • Rosatom guarantees U demand and access to new markets. • The increase in market capitalization and the ability to attract investment, using all the market mechanisms. • Excellent potential for further ARMZ – Uranium One growth. * on attributable basis Key market players’ reserves with cash cost less 80$/kg , th. t. U* * on attributable basis • Deal with the Uranium One is the first and most important step in ARMZ strategy Source: UxC data, ARMZ evaluation

11. ARMZ New M&A Target - Mantra Resources Handa Bahi North TANZANIA Mkuju River Regional Karoo Targets MOZAMBIQUE Mbamba Bay ZVP Mozambique Assets Overview Project Geography • Sandstone-hosted deposit located within the Karoo sediments • Multiple stacked mineralized horizons of variable thickness at shallow depths (i.e. less than 100 m) • Relatively low technical risk based on preliminary scoping study and metallurgical work • No drilling and blasting required • Government has been very supportive of the mining industry AssetQuality ExplorationUpside • Significant resource increase potential within existing licenses • Nyota Prospect only covers 100 km2 of 3,250 km2 land package • 100 km2 of airborne radiometric anomalies detected • Higher grade mineralization has been observed at surface in outcrops and trenches PFS results overview • The flagship Mantra’s Mkuju River project (Tanzania) is low cost, near term production, significant potential to • increase resources and life of mine.