Mandatory tender offer results and Polymetal (Other OTC: POYZF.PK - news) '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 (Stuttgart: A0Z24E - news) 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 (LSE: LSE.L - news) 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).

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