Polymetal (Other OTC: POYZF.PK - news) '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 (LSE: LSE.L - news) 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 (Stuttgart: A0Z24E - news) 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.

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