OREANDA-NEWS. On October 13, 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”) elected Mr. Ilya Yuzhanov as the new Chairman, reported the press-centre of Polymetal.

Mr. Yuzhanov graduated from the Leningrad State University, faculty of Economics, in 1982, and received a PhD in Economics from the same University in 1989. Throughout his career, he held various positions with Leningrad/St. Petersburg city administration, worked as a Chairman of the State Committee on Land Resources and Land Utilization of the Russian Federation, a Minister of Land Policy, Construction and Utilities of the Russian Federation, and as a Minister of Antimonopoly Policy and Business Support of the Russian Federation.

Mr. Yuzhanov also served on Boards of several largest Russian companies such as RAO UES, Russian Railways, and Gazprom. He is currently serving on Boards of Kirovsky Zavod, NOMOS-BANK, UralKali, NOVATEK, and MRSK Holding.

“Polymetal, in my opinion, is the best precious metals mining company in Russia,” said Ilya Yuzhanov. “For quite a short period of time, the Company built and is now successfully operating several mines, has its own unique research, design and engineering divisions, and highly qualified management, which altogether forms an excellent platform for further growth. To participate in management of such a company is both interesting and honorable”.

The Board also elected Mr. Konstantin Yanakov as the Company’s Vice-Chairman, Messrs. Jonathan Best, Konstantin Yanakov, and Russell Skirrow as the members of its Audit Committee, and Messrs. John O’Reilly, Martin Schaffer, and Ilya Yuzhanov as the members of its Remuneration Committee.

“I am extremely pleased with the changes in the Board structure and composition,” said Vitaly Nesis, CEO of Polymetal. “Our new Board consists of 9 strong professionals, of which 4 are independent. I believe this is a very important step on Polymetal’s way to achieving best corporate governance standards”.