Polimetal OAO : Mandatory tender offer results and Polymetal’s securities listings

Saint-Petersburg, Russia, February 17, 2012 - JSC "Polymetal" (LSE, MICEX, RTS: PMTL) ("Polymetal" or the "Company") announces that February 16, 2012 was the final day when Polymetal's ordinary shares ("Ordinary Shares") could be received by PMTL Holding Limited ("PMTL") under the mandatory tender offer made on November 23, 2011 (the "MTO") and that as a result of the MTO execution PMTL's holding in Polymetal has increased to 397,287,592 Ordinary Shares, representing approximately 99.48% of the total share capital of the Company.

The Company is aware that, following the acquisition of more than 95% of Ordinary Shares in Polymetal under the MTO, PMTL intends to exercise its right to proceed with a statutory squeeze out of the remaining Polymetal shareholders on terms and within the period as provided under applicable Russian law.

On January 23, 2012 the Company announced its intention to apply for cancellation of the listing of its global depositary receipts ("GDRs"), each representing one Ordinary Share, 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 on March 21, 2012.

Polymetal has also applied to CJSC "MICEX Stock Exchange" ("MICEX-RTS") for exclusion of its Ordinary Shares from the list of securities admitted to trading on MICEX-RTS (delisting).