The Board of Directors recommends to support the election of the following candidates: Braiko Valery N., Ivanov Evgeny I., Klishas Andrey A., Morozov Denis S., Lord Gillford, Prokhorov Mikhail D., Rodney B. Berens, Rudakov Valery V., Salnikova Ekaterina M.

The shareholders have nominated 11 candidates for the Board of Directors of Polyus Gold, while the membership in this body is limited to 9 persons.

Three persons out of those recommended for the Board are independent candidates: Lord Gillford, Mr. Rodney B. Berens and Mr. Braiko V.N.

Mr. Klishas A.A., Mr. Prokhorov M.D. and Mrs. Salnikova E.M. are on the Board of Directors of MMC Norilsk Nickel. Mr. Prokhorov and Mr. Morozov D.S. are top managers of MMC Norilsk Nickel, and Mr. Klishas and Mrs. Salnikova represent Interros Holding Company. Mr. Ivanov E.I. and Mr. Rudakov V.V. are managers and directors of CJSC Polyus, and Mr. Morozov was member of the Board of Directors of CJSC Polyus in 2002-2005.

All nominees are highly recognized experts in their lines of business, and by consolidating their individual experience, knowledge and skills in finance management, industry operation and strategy development they will be able to ensure the most effective and efficient performance of the Board of Directors. The guiding principles for the Board of Directors in preparation of this recommendation were the necessity to ensure the membership’s continuity and participation of independent directors.

The Board of Directors recommends to support the election of Mr. Ivanov E.I. General Director of Polyus Gold, OJSC. Mr. Ivanov, nominated for election to the position of General Director of Polyus Gold, OJSC, is a highly qualified professional and experienced manager of gold-mining operations. Since 01.03.2004 he serves as President of CJSC Polyus, the largest Russian gold producer.

It is the Board’s opinion that Mr. Ivanov’s outstanding experience and knowledge in financial, operational and strategic aspects of the gold business most closely meet the selection criteria for nominees to the single-person executive body of Polyus Gold, OJSC, and the Board recommends to support his election to the post of General Director of this company.