Polimetal OAO : Notice of Extraordinary General Meeting of shareholders

Notice of Extraordinary General Meeting of shareholders

Saint-Petersburg, Russia, December 27, 2011 - JSC "Polymetal" (LSE, MICEX, RTS: PMTL) ("Polymetal" or the "Company") announces that the Company's Board of Directors (the "Board") resolved to hold the Extraordinary General Meeting ("EGM") of Polymetal's shareholders.

The EGM will begin at Polymetal's headquarters at prospect Narodnogo Opolcheniya 2, St. Petersburg, 198216, Russia on Sunday, March 11, 2012, at 10:00am Moscow time.

The Board approved the following agenda for the EGM:

1. To approve the amended Charter of the Company.

   Comment: the amended Charter will have no reference to the Collective Executive Body of the Company - the Management Board - due to its proposed liquidation.

2. To terminate the Management Board Regulations of the Company.
3. To approve the numerical composition of the Board.

   Comment: it is proposed that the numerical composition of the Company's Board will consist of 7 members.

4. To terminate the authorities of all members of the Board of Directors prior to expiration of their respective terms.
5. To elect the members of the Board.

Comment: the candidates are Vitaly Nesis, Vitaly Savchenko, Sergey Cherkashin, Valery Tsyplakov, Pavel Danilin, Igor Kapshuk and Sergey Areshev.

IMPORTANT INFORMATION FOR SHAREHOLDERS

The Board has fixed December 25, 2011 as the record date for determining the shareholders who are eligible to participate in the EGM. Eligible shareholders will be able to vote in person at the EGM (registration of EGM participants will begin at the address stated above at 9:00am Moscow time on March 11, 2012) or by sending completed and signed voting bulletins (the form and text of the voting bulletins have been also approved by the Board) to the following address: OAO "Registrator R.O.S.T.", P.O. Box 9, Stromynka Street 18/13, Moscow, 107996, Russia (the deadline for the completed and signed voting bulletins to be received by OAO ''Registrator R.O.S.T.'' at this address is two days prior to the date of the AGM).

The Board has also approved the written information that will be provided to shareholders who are eligible to participate at the EGM. This information will be available to such shareholders at the Company's headquarters at prospect Narodnogo Opolcheniya 2, St. Petersburg, 198216, Russia (office 606) from 10am until 5pm Moscow time on any working day, except weekends, from February 20, 2012 until the date of the EGM.

All shareholders eligible to participate in the EGM will be sent a written notice of the EGM and the voting bulletins, and holders of the Company's GDRs will be sent voting materials enabling them to instruct the depositary how to vote on the resolutions to be proposed at the EGM, not later than 30 days before the date of the EGM.