Board resolutionsSaint-Petersburg, Russia, September 6, 2011 – JSC “Polymetal” (LSE, MICEX, RTS: PMTL) (“Polymetal” or the “Company”) announces that the Company’s Board of Directors (the “Board”) resolved the following:

1. To appoint Mr. Vitaly Savchenko, 39, as a member of the Company’s Management Board effective September 9, 2011. In this position he will replace Mr. Igor Venatovsky, 63, who will continue to work as an advisor to the CEO. Mr. Savchenko has been the Company’s COO since April 2009 and has been with Polymetal since 2004.

2. To amend the employment contract with Mr. Vitaly Nesis, CEO of Polymetal. The amendment, proposed by the Company’s Remuneration and Nomination Committee, sets the base salary payable to Mr. Nesis by the Company and its subsidiaries with effect from September 1, 2011.

3. To approve the opportunity to raise financing by entering into repo transactions with respect to up to 34,450,375 ordinary shares of Polymetal, owned by POLYMETAL ESOP LIMITED, Polymetal’s subsidiary, with an interest rate not exceeding the sum of LIBOR in US Dollars plus a margin of 3% per annum, a term not exceeding one year, and allowing the Company

having the right to accelerate the repurchase date at any time.

Media Contact Andrey Abashin Press-secretary

Tel. +7.812.677.4325 abashin@polymetal.ru

Investor Relations Contact

Pavel Danilin

EVP, Strategic Development

Tel. +7.812.313.5964 danilin@polymetal.ru

THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, “FORWARD-LOOKING STATEMENTS”. THESE FORWARD- LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS RELEASE. THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS “TARGETS”, “BELIEVES”, “EXPECTS”, “AIMS”, “INTENDS”, “WILL”, “MAY”, “ANTICIPATES”, “WOULD”, “COULD” OR “SHOULD” OR SIMILAR EXPRESSIONS OR, IN EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY DISCUSSION OF STRATEGIES, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD- LOOKING STATEMENTS ALL INCLUDE MATTERS THAT ARE NOT HISTORICAL FACTS. BY THEIR NATURE, SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY’S CONTROL THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS REGARDING THE COMPANY’S PRESENT AND FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN WHICH THE COMPANY WILL OPERATE IN THE FUTURE. FORWARD- LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. THERE ARE MANY FACTORS THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD- LOOKING STATEMENTS. THE COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE IN THE COMPANY’S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED

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