Polimetal OAO : Completion of the squeeze-out

Saint-Petersburg, Russia, July 11, 2012 - JSC "Polymetal" ("Polymetal" or the "Company") announces that on 10 July 2012, PMTL Holding Limited ("PMTL") has, following the execution of the demand notice in accordance with Clause 84.8 of the Russian Federal Law No. 208-FZ "On Joint Stock Companies" dated 26 December 1995 received by the Company on 19 April 2012 (the "Squeeze-Out"), acquired all remaining ordinary shares in the Company (the "Shares").

Under the Squeeze-Out, payments for the Shares should have been made by PMTL within 25 calendar days after 18 June 2012. On 3 July 2012 PMTL made the final payments for the Shares to their holders and on 10 July 2012, completing the Squeeze-Out, had become the sole shareholder of Polymetal.

Payments to the holders of Shares whose applications with correct and complete payment details for payments under the Squeeze-Out were not received by PMTL  by 18 June 2012 (the "Deposited Payment Holders") have been deposited by PMTL with a Russian notary (the "Notary") in accordance with Russian law and the Squeeze-Out demand notice. In order to receive payments for their Shares the Deposited Payment Holders may contact the Notary, Mr Gerasimenko Petr Vasilievich (notary licence No. 189 issued by the St. Petersburg Mayor's office Department of the Ministry of Justice on 14 April 1994): cabinet 246, 1, Yuri Gagarin prospect, Moscow area, St. Petersburg, Russia; telephone numbers: +7 (812) 387 5502 or +7 (812) 346 8639; fax: +7 (812) 387 8809; e-mail: petr@notar1.ru; 3468639@mail.ru; http://notr1.ru.

Payments to holders of Polymetal global depositary receipts ("GDRs") under the Squeeze-Out, in accordance with information received from Deutsche Bank Trust Company Americas ("DBTCA"), the depositary bank in respect of Polymetal's GDRs, will be completed on 11 July 2012 under the terms and conditions earlier circulated by DBTCA.

The full text of the Squeeze-Out document and other information relating to the Squeeze-Out are available on web-site of JSC "Polymetal" at http://www.polymetal.ru.