OREANDA-NEWS. September 17, 2007. OJSC Polyus Gold (RTS, MICEX and LSE – PLZL), Russia’s leading gold producer, announced the exercise by its top managers of their options to acquire Polyus Gold shares pursuant to the option plan which was initially approved by the Board of Directors of Polyus Gold in April 2007.

As a result of the exercise of these options five top managers, including former managers, and Members of the Board of Directors of Polyus Gold acquired, directly or indirectly, a total of 4,575,065 shares.

Following the execution of the options and resolution of the Board to reduce the number of shares for the option plan to 4,765,693 adopted on September 10, 2007, only 190,628 shares remain subject to the Company’s option plan.

General Director of Polyus Gold, Mr. Pavel Skitovich, has no participation in the option plan at this point in time.

The options were exercised at the price of $14.00 per share. The realized options are expected to result in an expense to the Company of up to $140 million, which will be recorded for the first half of 2007.