OREANDA-NEWS. May 19, 2008. JSC “Polymetal” (LSE, MICEX, RTS: PMTL) (“Polymetal” or the “Company”) announced that the Company’s Board of Directors (the “Board”) made a decision to hold Annual General Meeting (“AGM”) of Polymetal’s shareholders on June 27, 2008, reported the press-centre of Polymetal.

According to the Board decision, AGM will begin in Polymetal’s headquarters at the following address: prospect Narodnogo Opolcheniya 2, 198216, St. Petersburg, Russia, on Friday, June 27, 2008, at 10:00am Moscow time.

The Board approved the following agenda of the AGM:

1. To approve procedure of the AGM.

2. To assign functions of the counting committee to the Company’s registrar — JSC “Registrator R.O.S.T.”

3. To approve Russian statutory annual report and Russian Accounting Standards financial statements, including the Income statement.

4. To approve the dividend policy (the Board recommendation is not to pay out any dividends based on 2007 results).

5. To elect the members of the Board of Directors (the candidates are: Jonathan Best; Pavel Grachev, Oleg Lipatov, Alexander Mosionzhik, Vitaly Nesis, John O'Reilly, Andrey Rodionov).

6. To elect the members of the Revision Committee (the candidates are: Alexander Zarya, Denis Pavlov, Alexander Kazarinov).

7. To approve the Company’s auditor (the Board recommended to appoint ZAO Deloitte Touche CIS as the auditor for 2008).

The Board has fixed May 13, 2008, as the record date for determining shareholders eligible for participating in the AGM. Registration of AGM participants will begin at the address stated above at 9:00am Moscow time on June 27, 2008.

The Board also approved the list of information to be provided to the eligible AGM participants which will be available in the Company’s headquarters (room 1112) from 10am till 5pm Moscow time every day from May 26, 2008 till June 26, 2008 (except of Saturdays and Sundays).