OREANDA-NEWS. March 18, 2008. JSC “Polymetal” (LSE, MICEX, RTS: PMTL) (“Polymetal” or the “Company”) announces the receipt of notification that Vitaly Nesis, CEO and member of the Board of Directors of the Company, became owner of 1,000,000 ordinary shares of Polymetal representing 0.3175% of the issued share capital of the Company.

This transaction resulted from vesting of the first block of shares comprising Polymetal’s Employee Stock Option Program, involving more than 300 employees having the right to purchase the total of 5.5 million of the Company’s shares contributed by the controlling shareholder at a nominal price of 1 rouble (US\\$0.04). The next two blocks of shares will vest in February 2009 and February 2010, respectively.