Polimetal OAO : Polymetal’s GDR listing has been cancelled

Saint-Petersburg, Russia, March 21, 2012 - JSC "Polymetal" (MICEX-RTS: PMTL) ("Polymetal" or the "Company") previously announced on January 23, 2012 its intention to apply for cancellation of the listing of its global depositary receipts ("GDRs") each representing one ordinary share of RUB0.20 in Polymetal from the Official List of the Financial Services Authority (the "FSA") and from trading on the regulated market of London Stock Exchange plc (the "LSE") (the "GDR Delisting"). The Company further announced on February 17, 2012 that the GDR Delisting was expected to occur on March 21, 2012.

At 8:00 a.m. London time today the FSA announced that the GDRs are cancelled from its Official List with effect from that time. The LSE also announced at that time today that the GDRs are cancelled from admission to trading on the LSE with effect from that time.

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This press release was issued by OAO Polymetal and was initially posted at http://www.polymetal.ru/en/242/25484 . It was distributed, unedited and unaltered, by noodls on 2012-03-21 11:17:48 AM. The issuer is solely responsible for the accuracy of the information contained therein.