July 2010

ARMZ Strategic Investment in

Uranium One Inc.

2

Cautionary Statement

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this Presentation.

Readers of this Presentation are advised to refer to independent technical reports containing detailed information with respect to the material properties of Uranium One. These technical

reports are available under the profiles of Uranium One Inc., UrAsia Energy Ltd., and Energy Metals Corporation at www.sedar.com. Those technical reports provide the date of each

resource or reserve estimate, details of the key assumptions, methods and parameters used in the estimates, details of quality and grade or quality of each resource or reserve and a

general discussion of the extent to which the estimate may be materially affected by any known environmental, permitting, legal, taxation, socio-political, marketing, or other relevant

issues. The technical reports also provide information with respect to data verification in the estimation. Readers are also cautioned to review the information circular of Uranium One that

will be produced in connection with the transaction for full details of the terms and conditions of the transaction between Uranium One and ARMZ.

This document may use the terms "measured", "indicated" and "inferred" resources as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral

Projects. United States persons are advised that while these terms are recognized and required by Canadian regulations, the SEC does not recognize them. Readers are cautioned not to

assume that all or any part of the mineral deposits in these categories will ever be converted into reserves. In addition, "inferred resources" have a great amount of uncertainty as to their

existence and economic and legal feasibility and it cannot be assumed that all or any part of an inferred mineral resource will be ever be upgraded to a higher category. Readers are

cautioned not to assume that all or any part of an inferred resource exists or is economically or legally mineable. Mineral resources are not mineral reserves and do not have demonstrated

economic viability.

Scientific and technical information contained herein regarding Uranium One has been reviewed on behalf of Uranium One by Mr. M.H.G. Heyns, Pr.Sci.Nat. (SACNASP), MSAIMM,

MGSSA, Senior Vice President of Uranium One Inc., a Qualified Person for the purposes of NI 43-101.

Scientific and technical information contained herein has been reviewed on behalf of ARMZ, Rosatom or Effective Energy N.V. (a wholly owned subsidiary of ARMZ) by Wayne W. Valliant,

P.Geo. and John I. Kyle, P.E. of Scott Wilson RPA Inc. – both Qualified Persons for the purpose of NI 43-101.

Certain statements in this Presentation have been derived from third party sources, and are used by consent or are otherwise publicly available. None or ARMZ, Rosatom or Uranium One

take responsibility for such statements.

Forward-Looking Statements

This Presentation contains certain forward-looking statements. Forward-looking statements include but are not limited to those with respect to the future price of uranium, the estimation of

mineral resources and reserves, future development and merger & acquisition activities of ARMZ and Rosatom, the realization of mineral reserve estimates, the timing and amount of

estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, future supply and demand differentials for uranium, success of

exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated

reclamation expenses, title disputes or claims and limitations on insurance coverage and the timing and possible outcome of pending litigation. Forward-looking statements also include

statements with respect to the completion of the sale of the Akbastau and Zarechnoye interests to Uranium One. In certain cases, forward-looking statements can be identified by the use

of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes” or

variations of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements

involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ARMZ, Rosatom, or Uranium One to be materially

different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the completion

of the transaction described in this Presentation, the actual results of current exploration activities, conclusions of economic evaluations, inability to obtain required governmental approvals

for future merger & acquisition activities, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant,

equipment or processes to operate as anticipated, accidents, labour disputes or other risks of the mining industry, delays in obtaining government approvals or financing or in completion

of development or construction activities, risks relating to the integration of acquisitions, the risk of operating in foreign jurisdictions, as well as those factors referred to in the section

entitled “Risk Factors” in Uranium One’s Annual Information Form for the year ended December 31, 2009, which is available on SEDAR at www.sedar.com, and which should be reviewed

in conjunction with this document. Although this Presentation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those

described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that

forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not

place undue reliance on forward-looking statements. ARMZ, Rosatam and Uranium One expressly disclaims any intention or obligation to update or revise any forward-looking statements,

whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

2

Important information

2

333

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 construction

• Holds 16% market share in terms of

nuclear power plant construction

worldwide

RosatomRosatom is a fully diversified corporation,

with operations ranging from uranium mining to NPP

construction, power generation, and sales

NPP’s Engineering and equipment supply

• Supplies equipment and services to the

power generation and Oil & Gas sectors

• Supplies equipment to over 20 countries

Electricity generation

• World’s #2 in installed capacity

(23.2GW)

• Operates 32 reactor cores across 10

power stations

• Further 7 power stations in construction

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

ARMZ, Uranium mining

• Uranium mining and supply

• World’s #5 in uranium production

Rosatom - global leader in nuclear industry

2001The first post-Soviet power unit brought into operation

Rosatom - innovative producer and most reliable

supplier

41950s1940s 1960s 1990s 2000s

1945 Russian nuclear industry creation

World’s first NPP put into operation in USSR

1959World’s first nuclear powered icebreaker launched

1968 StartingUranium enrichment export sales

2007The Ministry transformed into ROSATOM corporation

• No disruption in supply since exports began in 1968

• 300 M lbs U3O8 equivalent delivered to the USA to date under HEU-

LEU contract since 1995

• As of 1995, around 50% of nuclear energy in the USA has been

generated using LEU produced from HEU

• 10% of US electricity is generated using fuel supplied by Rosatom

• US$18 bn worth of orders on hand in 17 countries

1973World’s first NPP with fast neutron reactor

1993US and Russia signed Megatons to Megawatts Deal

1954-55Soviet Nuclear Power Program established

1989 Start of EUP supply to the US market

Global nuclear power reactor new builds

fuel growth in demand for uranium

5

439 reactors in operation and 55 under construction worldwide

Global Nuclear Power Reactor New Builds

Nu

mb

er

of

Nu

cle

ar

Po

we

r R

ea

cto

rs

Source: WNA, June 2010

Nuclear Reactor New Build by country (top eight countries)

Source: WNA, June 2010

Under Construction

Ordered or Planned

Proposed

Jan-2007 Jan-2008 Jan-2009 Jan-2010 June-2010

Philippines

Brunei

Taiwan

Malaysia

Vietnam

Sri Lanka

Dschibuti

Qatar

JordanIsrael

Georgia

Cyprus

Togo

Serbia

Guinea-BissauGambia

Belgium

Portugal

Kuwait

Croatia

Albania Armenia

NPP Constructed – 31 units

Under construction – 5 units

Decision’s been made – 29 units

GermanyUkraineCzech Republic

SloveniaHungary

Bulgaria

Turkey

Kazakhstan

Byelorussia

Negotiations – 16 units

Armenia

China

India

Vietnam

EgyptLibya

IranJordan

Nuclear power plants

Rosatom

Rosatom’s strategy and primary focus -

NPP construction abroad

6

ROSATOM

Active units worldwide

units

Rosatom holds 16% current

market share in NPP

construction worldwide

3rd worldwide

by active units

Source: Company reports

Philippines

Brunei

Taiwan

Malaysia

Vietnam

Sri Lanka

Dschibuti

Qatar

JordanIsrael

Georgia

Cyprus

Togo

Serbia

Guinea-BissauGambia

Belgium

Portugal

Kuwait

Croatia

Albania Armenia

French-Guayana

HaitiBelize

Uranium mines

ARMZ’s uranium mines

…and an opportunity for ARMZ to capitalize on

7

Rosatom’s NPP construction

customer

• Guarantee of long-term stable uranium delivery over nuclear reactor life

• Globally diversified U3O8 sources

• Market-related pricing• Decreasing operational risks• Effective logistics

Rosatom

Global partners

ARMZ

ALSTOM TOSHIBA SIEMENS

ARMZ’s strategy – diversify portfolio by low risk and long-term uranium projects

U3O8

Rosatom’s domestic uranium requirements met by ARMZ mines in Russia with total capacity of over 5 thou tU

(13 M lb U3O8) p.a.

8

Positioning ARMZ plus U1 relative to

peers by YE2010 (est.)

2009 Uranium Production, M lbs U3O2 (on attributable basis)

2015 Uranium Production, M lbs U3O2 (on attributable basis)

Sources: Company reports, Ux ConsultingSources: Company reports, Ux Consulting

ARMZ - Uranium One strategic alliance will be one of the leading global uranium producers

It ranks second in production volume by 2015 (32.3 M lbs U3O2 – 12.4 thou tU)

33,832,3

29,9

25,0

22,1

9,0

0

5

10

15

20

25

30

35

40

Kazatomprom ARMZ plus Uranium One

Areva Cameco Rio Tinto Paladin

21,420,8

16,715,7

14,1

3,1

0

5

10

15

20

25

Kazatomprom Cameco Areva ARMZ plus Uranium One

Rio Tinto Paladin

Uranium One is best positioned to serve as cornerstone of

ARMZ diversification strategy:

• Best in class assets with lowest cash cost

• Significant growth prospects

• Increased diversification (assets on 3 continents: America, Asia, and Australia)

• High standards of corporate governance

• Best in class management team (bringing mines into operation, significant

experience in M&A)

• Track record and high profile among the sector’s public companies

Uranium One - the Best Opportunity for ARMZ

9

A win-win

Start of negotiations

Jun 14, 2009

First U1 deal announced

Second U1 deal announced

ARMZ & Uranium One: established and reputable

partnership

Synergy and value creation through organic growth and

further M&A deals

First U1 Deal Closed

Dec 15, 2009

• ARMZ already an existing shareholder

• U1 and ARMZ agreed 6-month exclusivity arrangements re.

negotiations in connection with the sale of the Akbastau Assets

to U1

• Established and trusted Board level relationships

• Similar strategy, vision, and investment philosophies

• Significant implementation experience from the previous deal

(structuring, regulatory approvals, etc.)

• Uranium One is ARMZ’s international growth platform

ARMZ’s existing stake highlights itscommitment to Uranium One as along-term strategic partner.

Jun 08, 2010

Q4, 2010

Second U1 deal expected

to close

10

Jul, 2008

ARMZ interests in accretive M&A deals and

Uranium One market capitalization growth

•Management team and Board with extensive

public company experience

•Uranium One is a public platform for the mutual

growth strategy through M&A

•Position as public company means Uranium One

share price performance is a direct indicator of

appreciation by the market of the company’s

management efficiency and M&A effectiveness

•ARMZ vested financial and strategic interest in

Uranium One places great importance on selection

criteria for potential M&A activity – leading to the

execution solely of accretive transactions that

would be regarded favorably by the market

TS

Xsh

are

price

of

U1

ARMZ investment

Accretive deals

Dilutive deals

11

Long-standing friendly historical and political ties between

Russia (Rosatom) and Kazakhstan (Kazatomprom)

12

1. Government to Government Relations

- Russia and Kazakhstan share 6,846 km of land border

- Russia and Kazakhstan are currently parties to a customs

union to be transformed into a common economic space in

the near future

- Russia and Kazakhstan hold membership in a number of

international organizations including the Organization for

Security and Co-operation in Europe (OSCE),

Commonwealth of Independent States (CIS), and the

Shanghai Cooperation Organization (SCO).

- Russia’s and Kazakhstan’s leaders meet each other on a

regular basis.

2. Relations in Nuclear Sphere

- Comprehensive Program of Russia-Kazakhstan Cooperation in

the field of peaceful use of atomic energy signed 07-Dec-2006

and successfully implemented

- Roadmap of Additional Measures pursuing the implementation

of the Comprehensive Program signed 20-Nov-2009

- Memorandum on integration and cooperation in the field of

peaceful use of atomic energy signed 05-Jul-2010Joint ventures for uranium mining

Joint venture for NPP engineering

Joint venture for uranium enrichment

Kazatomprom buying a stake in UEIP (Russia’s largest uranium enrichment plant)

Rosatom Kazatomprom

Uranium One minority protection

U1 minority shareholders

13

Uranium One minority shareholders have several strong levels of protection

Current western style management

Independent Board of Directors

18 months standstill, coat-tail

Canadian law,

inc. NI62-101, 62-102, 62-103

1414

... and multiple sources of potential upside

Company re-rating

• Remove market discount caused by perceived Kazakhstan political risk

• Increase awareness of UK, Europe-based investors familiar with the CIS region

• Potential for London listing

Improve understanding of

important value drivers

• Benefits from Kazakhstan’s EPT (Extra Profit Tax) payments exemption

• Higher factual U1 resource base than reflected in NI43-101 reports given

different resource classification system in Russia

• Dynamic mine development and production growth

U3O8 price upside

• Strong expected uranium price growth in mid- and long-term

• U1 maintains full exposure to uranium prices as 70-80% of the contract base is

priced at spot on delivery

Synergy effects

•Synergies through shared infrastructure and refining capacity, as well as savings

from CAPEX and accelerated ramp-up to stable state production

• Convenient location of the Akbastau and Zarechnoye mines makes them highly

complementary with existing Uranium One assets

• Know-how and technology sharing

Summary transaction structure

1. In case JUMI debentures remain outstanding or is converted into shares, payment per share will reach US$1.43/share

• 50% of Akbastau mine (Kazakhstan)

• 49.67% of Zarechnoe mine (Kazakhstan)

• US$610 M

Current

shareholders

$1.06 /share1

• 356 M shares

Uranium One

shareholders get:

• ~57% premium to share

price of C$2.53, paid in

cash dividend

• Increased enterprise value

through interest in two high

quality assets in

Kazakhstan

• Strong corporate

governance, with majority

independent Board

1515

Rosatom gets:

• Uranium One re-rating

prospects and significant

growth in it’s market

capitalization

• Public company with TSX

and JSE listings and high

standards of corporate

governance

ARMZ is market orientated as value-creation

is critical to Rosatom

ARMZ strategy is focused on market-driven growth• Global mining company centered on uranium as strategically attractive market• Focused on shareholder value creation• Disciplined approach to M&A and investment, embedded long-term optionally in

greenfield and brownfield projects portfolio• Better service for clients

ARMZ is aware of importance of its long-term market position • Controlling a share of reserves sufficient to secure optimal cost-curve position• Applying cost-managing technologies and operational excellence • Providing value-adding solutions to our clients• Ensuring long-term security of supplies

Availability of capital to finance growth and investment• Rosatom has invested over US$2bn in ARMZ as it believes uranium mining to be one

of the key value growth platforms within the nuclear industry

1Corporate governance is key to ARMZ

• Initiative driven by Rosatom• ARMZ aspires to be a global company - as such, it is committed to compliance with the

best business practices

2

3

4

16

ARMZ Strategy in Diversification

• ARMZ is a sophisticated financial investor with access to stable government sources of financing forits development and diversification strategy

• Potential investment projects must meet certain criteria for ARMZ to get access to financing, whichinclude, inter alia:

- Near-term production (non-greenfield)

- Low cash cost of production relative to industry

- DCF-based valuation and acquisition structure

• Uranium One is ARMZ’s important partner in M&A activity and its global growth platform. ARMZ willpropose to allow U1’s participation in a transaction involving investment in uranium exploration assetsor any form of joint ventures to develop or operate uranium exploration assets outside of the RussianFederation

ARMZU1

Minorities Rosatom

$

Russian assets

Intergovernmental programs

(i.e. Armenia, Mongolia)

$

ARMZ criteria for M&A

- Near-Term Production

- Low Cash Cost

- DCF-based valuation

All opportunities outside of

Russia

17

ARMZ is led by a strong and experienced

management team

Mr. Sergei Kirienko, Chairman of Rosatom

• Graduated from the Institute of Naval Engineers in Gorky and the Academy of National Economy of

the Government of the Russian Federation majoring in Finance and Banking

• 2007 – Present, Chairman of Rosatom State Corporation

• 2005 – 2007, Head of the Federal Atomic Energy Agency

• 2001 – Present, Chairman of the State Committee for Chemical Disarmament

• 1998, Served as Prime Minister of the Russian Federation

• 1997, Appointed Minister for Fuel and Power Industry

• 1996-1997, President of NorSea Oil Company

• 1994-Present, Member of President’s Council on Industrial policy and entrepreneurial business

• 1993-1996, Chairman of the Board, Garantiya Bank

Mr. Vadim Zhivov, Director General, CEO

• Graduated from the Moscow Power Institute (College of Physics Engineers)

• 1985 to 2003 - held various positions in government bodies and business entities

• 2003 - appointed Deputy Director General for Corporate Development of GaspromMedia.

• 2004 to 2006 - Vice President, Capitel Corporation

• 2006 to August 2007 - Deputy Director General of TENEX

• August 2007 - First Deputy Director General, ARMZ Uranium Holding Co.

• November 2007 - Director General, ARMZ Uranium Holding Co.

• Development, structuring, and management of Russian and international projects in energy and

nuclear machine-building, natural uranium production, mass communications, development and

structuring of international corporations are among Vadim Zhivov’s core competencies.

18

Strong operating and financial performance

ARMZ 2009 IFRS statements

• Revenues increased by 49% against 2008

• Operating profit increased by 115%

• Net income increased by 1,306%

• Over US$1.5bn additional cash on balance

• Total Assets increased by 2.7x with only an 8% rise in total liabilities, giving rise to a 5.0x increase in total equity

Note: Average USD/RUB exchange rate of 0.0313 and 0.04034 for 2009 and 2008 respectively.

Balance Sheet

US$m

Assets 31-Dec-2009 31-Dec-2008

Cash and Equivalents 1,619.7 98.2

Debtors 279.7 127.1

Reserves and Other 237.5 333.2

Total ST Assets 2,136.9 558.6

PP&E 557.4 564.6

Other LT Assets 641.7 106.0

Total LT Assets 1,199.1 670.5

Total Assets 3,336.0 1,229.1

Liabilities

Short Term Debt 234.1 421.8

Creditors 94.5 61.4

Other 77.9 22.4

Total ST Liabilities 406.5 505.6

Long Term Debt 295.0 121.5

Other 63.6 84.2

Total LT Liabilities 358.5 205.8

Total Liabilities 765.0 711.4

Equity

Shareholders Equity 630.8 159.6

Additional Paid in Capital 1,505.1 0.0

Retained Earnings 200.7 22.4

Other 176.3 272.2

Minorities 58.1 63.6

Total Equity 2,570.9 517.8

Total Liabilities and Equity 3,336.0 1,229.1

Income Statement

US$m

31-Dec-2009 31-Dec-2008

Sales 916.1 613.1

Cost of Sales (520.1) (405.6)

SG&A (122.2) (101.4)

Operating Profit 273.9 106.1

Financial Expenses (80.4) (37.4)

Gain from sale of invesments 84.4 0.0

FX and other income / (loss) 42.8 (56.8)

Profit before Tax 320.7 11.9

Tax expense (109.8) (0.2)

Net Profit 210.8 11.7

Attributable to ARMZ Shareholders 211.3 11.2

Minorities (0.5) 0.4

FX adjustments (34.1) 0.9

Net Income 176.8 12.6

19

Reasons for significant growth:

• 40% growth in volume of sales caused by 25% uranium production growth and sale of uranium from the warehouse

• Growth of average uranium sales price

• Sales of uranium to foreign customers19

Transfer from Russian resource classification

system to NI43-101

20

In practice, exploration results at Akbastau show P1

resources transferred to Inferred and indicated resources

to NI 43-101 classification with minimal losses

(see graph “Akbastau, exploration results, tU”)

11 45325 100

24 547

55 769 43 965

0

20 000

40 000

60 000

80 000

100 000

2004 2009

C1 Indicated C2 Inferred P1 prognosticated

Akbastau, Exploration results, tU

NI43-101

Measured

Indicated

Inferred

Prognosticated

C1

C2

P1

Russian system

Resource base presented in reportsNI43-101 includes indicated and Inferred resources and doesn’t take into account prognosticated resources.

Russian resource classification system takes into account all

resource types.

Uranium One’s Kazakhstan assets have potential to increase their production and resource base by

transferring P1 resources into indicated or inferred when company and broker’s reports are produced

Subsequently, U1 production and financial performance

improve causing the share price to increase once

forecasts are based on NI43-101 criteria

Russian systemC1 + C2

NI 43-101Measured &

Indicated

Difference

tU %

128 955 127 991 964 1

Comparison of Russian and NI43-101 Resource Base:Akbastau, Karatau, Akdala, S. Inkai, Kharasan, tU

Compliant resources

increased by 43%