Polymetal reports 1H 2011 financial results in accordance with IFRSSaint-Petersburg, Russia, September 28, 2011 – JSC “Polymetal” (LSE, MICEX, RTS: PMTL) (“Polymetal” or the “Company”), released its reviewed consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) for the six months ended June 30, 2011.

The Company will continue to report its consolidated financial results in accordance with the

IFRS. Historical consolidated financial results of the Company for the years ended December

31, 2009 and 2010 have also been reconciled to the new standards and audited by independent consultants.

Copies of the above documents are available on the Company’s website at www.polymetal.ru and have been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do.

HIGHLIGHTS1 6 months ended June 30,

Operating highlights2

2011 2010

% change

Ore mined, Kt 4,439 3,303 34% Open pit 3,765 2,807 34% Underground 674 496 36% Ore processed, Kt 4,070 3,371 21%

Production

Gold, Koz 184 209 -12% Silver, Moz 8.2 9.6 -15%

Copper, tonnes 3,512 1,943 81% Headcount 7,704 6,563 17%

Financial highlights (US$ million unless indicated otherwise)

Gold sold, Koz

188

210

-11%

Average realized gold price, US$/oz

1,434

1,152

24%

Average LBMA gold AM fixing price, US$/oz3

1,449

1,154

26%

Silver sold, Moz

7.3

9.5

-24%

Average realized silver price, US$/oz

34.8

17.5

99%

Average LBMA silver fixing price, US$/oz3

35.3

17.6

101%

Copper sold, metric tonnes

2,728

1,943

40%

Revenues

545

422

29%

Adjusted EBITDA4

249

188

32%

Net income

151

85

77%

Diluted EPS from continuing operations

0.39

0.24

65%

TCC/oz gold equivalent

671

544

23%

Capital expenditure5

203

155

30%

Cash flow from operations

80

115

-31%

Net debt

920

7856

17%

Notes: (1) % changes can be different from zero even when absolute amounts are unchanged because of rounding. Likewise, % changes can be equal to zero when absolute amounts differ due to the same reason. This note applies to all the tables in this release

(2) Unaudited

(3) Derived using the data taken from www.lbma.org.uk

(4) The calculation of Adjusted EBITDA is explained below

(5) Accounts for cash spent on capital expenditure but does not include accounts payables (US$12 million in 1H

2011) associated with these expenditures.

1

(6) As at 31 December, 2010