OREANDA-NEWS. On October 14, 2008 JSC “Polymetal” (LSE, MICEX, RTS: PMTL) (“Polymetal” or the “Company”) announced that on October 10, 2008, the Company’s Board of Directors (the “Board”) made a decision to hold Extraordinary General Meeting (“EGM”) of Polymetal’s shareholders in the form of absentee voting on November 18, 2008, reported the press-centre of Polymetal.

The Board approved the form and text of the voting bulletins and set November 18, 2008 as the last date when voting bulletins shall be accepted. Filled and signed voting bulletins should be sent to the following address: OAO “Registrator R.O.S.T.”, P.O. Box 9, Stromynka Street 18/13, Moscow, 107996, Russia.

The Board approved the following agenda of the EGM:

1. To approve the new edition of the Company’s Charter.

2. To approve the Regulations of remuneration of Polymetal’s Board members.

3. To approve certain interested party transactions that might be entered into by the Company in the future.

The Board has fixed October 17, 2008 as the record date for determining shareholders eligible for participating in the EGM.

The Board also approved the list of information (specifically, the proposed new edition of the Company’s Charter and the proposed Regulations of remuneration of Polymetal’s Board members) that will be provided to the eligible EGM participants in the Company’s headquarters at prospect Narodnogo Opolcheniya 2, St. Petersburg, 198216, Russia (room 1112) from 10am till 5pm Moscow time every day, except weekends, starting from October 29, 2008.

All shareholders eligible for participating in the EGM shall be sent corresponding written notifications not later than 20 days before the date of the EGM.