JSC Polymetal (the “Company”), the world’s largest primary silver producer and Russia’s third largest gold producer, is pleased to announce that its Global Depositary Receipts (GDRs) have been admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange. Unconditional dealings in Polymetal’s GDRs will commence on the International Order Book at 09.00am today.

The Company’s GDRs will trade under the ticker symbol PMTL.

Polymetal and Nafta Moskva (Cyprus) Limited, its core shareholder, successfully completed an oversubscribed Global Offer comprising 38,000,000 existing ordinary shares in the form of ordinary shares and GDRs (excluding the exercise of the overallotment option) and 40,000,000 new shares in the form of GDRs, representing approximately 24.8 per cent of the Company’s issued ordinary shares. One GDR represents an interest in one ordinary share.

The ordinary shares and GDRs have been placed with a broad range of institutional investors following an international roadshow.

Trading of ordinary shares on RTS and MICEX commenced on 7 and 9 February, respectively.

Deutsche Bank AG London Branch, Merrill Lynch International and UBS Limited acted as Joint Bookrunners for the offering, with RBC Capital Markets acting as Co-Lead Manager.

Commenting on today’s announcement, Vitaly Nesis, Polymetal’s CEO, said: “Polymetal’s IPO has been a success in what is clearly a discerning market. We secured widespread support from international institutional investors. Polymetal will apply the proceeds to pay down existing debt and to fund our strong exploration and development pipeline, including our joint venture with AngloGold Ashanti. We look forward to keeping our new shareholders updated on progress in implementing our growth strategy.”

For more information please contact Bree Schuette, Director of International Investor Relations +7 911 777 1804, email: bschuette@polymetal.ru, Website: www.polymetal.ru.

GLOBAL OFFERING STATISTICS

Offer price per ordinary share/GDR $7.75

Market capitalisation at pricing $2.44 billion

Number of existing ordinary shares sold in the Global Offering (offered as shares or GDRs) 38.0 million

Number of new ordinary shares sold in the Global Offering (offered as GDRs) 40.0 million

Number of ordinary shares in issued share capital, after giving effect to the total

Global Offering - 315.0 million

Gross proceeds of the Global Offering receivable by the Selling shareholder $294.5 million

Gross proceeds of the Global Offering receivable by the company $310.0 million

Number of GDRs subject to the over-allotment option 10.0 million

This press release does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefore. The offer and the distribution of this press release and other information in connection with the listing and offer in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Any purchase of or application for the securities referred to herein should only be made on the basis of the information contained in the final prospectus to be issued in connection with the Offering. The price and value of, and income from, such securities may go up as well as down.

Persons needing advice should consult a professional adviser.

These materials are not an offer for sale of any securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The issuer of any securities referred to herein has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of any securities in the United States.

This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as “relevant persons”). The Securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Stabilisation/FSA.

This document is an advertisement and is not a prospectus for the purposes of Directive 2003/71/EC (such Directive, together with any applicable implementing measures in the United Kingdom under such Directive, the “Prospectus Directive”). A prospectus prepared pursuant to the Prospectus Directive is intended to be published, which, when published, can be obtained from the Company. Investors should not subscribe for any securities referred to in this document except on the basis of information contained in the prospectus. In any EEA Member State that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

This press release is not a public offer or advertisement of securities in the Russian Federation, and is not an offer, or an invitation to make offers, to purchase, sell, exchange or transfer any securities in the Russian Federation or to or for the benefit of any Russian person or entity. Information contained in this document is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities in Russia or to or for the benefit of any Russian person, and does not constitute an advertisement of the securities in Russia. The GDRs have not been and will not be registered in Russia and are not intended for “placement” or “circulation” in Russia.

Joint Global Coordinators and Joint Bookrunners are acting for the Company and the Selling Shareholder in connection with the listing and offering and for no one else and will not be responsible to anyone other than the Company and the Selling Shareholder for providing the protections afforded to customers of the bookrunners or for providing advice in relation to the listing, offering, the contents of this announcement or any matters referred to herein. This release includes statements that are, or may be deemed to be, “forward-looking statements”.

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 forwardlooking statements all include matters that are not historical facts. By their nature, such forwardlooking 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. Many factors that could cause the Company’s actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. These forward-looking statements speak only as at the date of this release. 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.