Polimetal OAO : Polymetal’s GDR and Ordinary Share Listings

Saint-Petersburg, Russia, January 23, 2012 - JSC "Polymetal" (LSE, MICEX, RTS: PMTL) ("Polymetal" or the "Company") announces that it intends to apply for cancellation of the listing of its global depositary receipts ("GDRs") each representing one ordinary share of RUB0.20 in Polymetal (the "Ordinary Shares") from the Official List of the Financial Services Authority and from trading on the regulated market of London Stock Exchange plc (the "GDR Delisting"). The GDR Delisting is expected to take effect in March 2012.

Polymetal also intends to apply to MICEX-RTS for delisting of its Ordinary Shares from the quotation list "B" of the stock-exchange shortly after completion of the MTO (as defined below).

IMPORTANT INFORMATION FOR ORDINARY SHARE AND GDR HOLDERS

Under the terms of the mandatory tender offer from PMTL Holding Limited ("PMTL") made on November 23, 2011 to acquire up to 66,733,230 Ordinary Shares (the "MTO"), the last day on which PMTL may receive share sale application forms from eligible Polymetal shareholders who seek to participate in the MTO is February 1, 2012.

The MTO extends to the holders of GDRs (the "GDR Offer") on the terms circulated by Deutsche Bank Trust Company Americas (the "Depositary"). GDR holders who wish to accept the GDR Offer should notify their acceptances to the Depositary no later than 5.00 p.m. EST on January 26, 2012 (the "GDR Offer Deadline") being extended from the original GDR Offer deadline of January 23, 2012. GDR holders should note that the clearing systems may apply a deadline for the tender of GDRs for acceptance of the GDR Offer that is earlier than the GDR Offer Deadline.

Holders of GDRs who wish to accept the MTO directly must convert their GDRs into Ordinary Shares in accordance with the applicable terms and procedures of the GDR programme and then, acting as a holder of Ordinary Shares, accept the MTO under its terms.