Based on materials from the official web-site of MMC Norilsk Nickel.

In accordance with reorganization plan in the form of spin-off organizational General Meeting of Polus Gold’s shareholders was held on March 3, 2006. Pursuant to the approved Procedure and conditions of the spin-off dated 30 September and the decision of MMC Norilsk Nickel’s Board of Directors dated December 16, 2006 the agenda of the General Meeting was as follows:

1. Election to the Board of Directors;

2. Formation of a single-person executive body (General Director);

3. Election to the Audit Commission;

4. Approval of the Charter;

5. Approval of the Regulations on the General Meeting of shareholders;

6. Approval of the Regulations on the Board of Directors;

7. Approval of the Auditor.

The majority of shareholders voted for on all items of the agenda in accordance with the recommendations of MMC Norilsk Nickel’s Board of Directors.

Thus the following members were elected to Polus Gold’s Board of Directors:

1. Brayko Valery Nikolaevich - Chairman of Gold Mining Association - Independent Director

2. Ivanov Evgeny Ivanovich - President, CJSC Polus

3. Klishas Andrey Aleksandrovich - General Director, Interros Holding Company

4. Lord Gillford - Director, Founding partner of The Policy Partnership Limited - Independent Director

5. Morozov Denis Stanislavovich - Deputy General Director, member of the Management Board of MMC Norilsk Nickel

6. Prokhorov Mikhail Dmitrievich - General Director – Chairman of the Management Board, MMC Norilsk Nickel

7. Rodney B. Berens - Founding partner of Berens Capital Management, LLC - Independent Director

8. Rudakov Valery Vladimirovich - Chairman of the Board of Directors, CJSC Polus

9. Salnikova Ekaterina Mikhailovna - Deputy Director of Finance Department (corporate governance), Interros Holding Company

Mr. Ivanov E., President of CJSC Polus since March 1, 2004, was elected to the post of General Director of Polus Gold.