OREANDA-NEWS. January 12, 2009. JSC “Polymetal” (LSE, MICEX, RTS: PMTL) (“Polymetal” or the “Company”) announces that on December 30, 2008, the Company’s Board of Directors (the “Board”) made a decision to hold Extraordinary General Meeting (“EGM”) of Polymetal’s shareholders on March 27, 2009, reported the press-centre of Polymetal.

EGM is being convened by request of a shareholder who owns more than 10% of voting shares of the Company, and who offered to increase the numerical composition of the Board to 10 people. The current Board consists of 9 members.

According to the Board decision, EGM will begin in Polymetal’s headquarters at the following address: prospect Narodnogo Opolcheniya 2, 198216, St. Petersburg, Russia, on Friday, March 27, 2009, at 10:00am Moscow time.

The Board approved the following agenda of the EGM:

1.   To terminate the authorities of all members of the Board of Directors prior to expiration of their respective terms

2.   To approve the numerical composition of the Board of Directors of ten members

3.   To elect the members of the Board of Directors.

The Board has fixed January 11, 2008, as the record date for determining shareholders eligible for participating in the EGM. Registration of EGM participants will begin at the address stated above at 9:00am Moscow time on March 27, 2009.

The Board approved the form and method of notification to shareholders by means of written notice by no later than 70 days before the date EGM to be held.

The Board also approved the list of information to be provided to the eligible EGM participants which will be available in the Company’s headquarters (room 1112) from 10am till 5pm Moscow time every day, except weekends, from March 6, 2009.

The Company would like to remind that, according to Chapter 53 of the Russian Federal Law on Joint Stock Companies, shareholders who cumulatively own more than 2% of the voting shares of the Company are eligible to nominate candidates to the Board of Directors of the Company. Such nominations should be received by the Company not later than 30 days before the date of the EGM.