Notice of EGM

Extraordinary General Shareholders' Meeting of Polyus Gold

will take place on December 09, 2011

The Board of Directors OJSC Polyus Gold (hereinafter - Company) in accordance with the Company's Charter has resolved to convene the Extraordinary General Shareholders' Meeting of OJSC Polyus Gold (hereinafter - Meeting) on December 09, 2011.

The Meeting will take place at the following address: 55, Leningradskiy Avenue, Moscow, Cinema and Concert hall of the Finance University under the Government of the Russian Federation.

Registration of shareholders and their representatives will start at 9:00 am (Moscow time) on December 09, 2011 at the location of the Meeting.

Start of the Meeting - at 11:00 am (Moscow time) December 09, 2011.

The date of drawing up the list of persons entitled to participate in the Meeting (the Record date) is October 06, 2011.

Format of the Meeting - meeting (joint attendance of shareholders).

MEETING AGENDA:

1. Termination of the powers of the Board of Directors of OJSC Polyus Gold.

2. Election of the members of the Board of Directors of OJSC Polyus Gold.

3. Dividend payment on shares in OJSC Polyus Gold for 9 months of 2011.

4. On the Charter of OJSC Polyus Gold.

5. On Regulations of the Board of Directors of OJSC Polyus Gold.

6. On Regulations of the General Shareholders' meeting of OJSC Polyus Gold.

OJSC Polyus Gold does not provide the shareholders' transportation to the Meeting venue.

In order to participate in the Meeting the shareholders should either register at the Meeting or submit their completed ballots to the Company by 6.00 pm (local time) December 06, 2011 at any of the following addresses:

- 15-1, Tverskoy boulevard, Moscow, 123104 Russian Federation, OJSC Polyus Gold;

- 121108, p.o. box 82, Moscow, Russian Federation CJSC Computershare Registrar;

- 8, Ivana Franko Str., Moscow, 121108, Russian Federation, CJSC Computershare Registrar;

- 16, Leninsky pr., Norilsk, Krasnoyarsk region, 663305, Russian Federation, Norilsk branch of CJSC Computershare Registrar;

- 4-A, Izmailovsky prospect, office 314, Saint-Petersburg, 190005, Russian Federation, Saint-Petersburg branch of CJSC Computershare Registrar.

In order to participate in the Meeting ADR holders shall complete the proxy cards and timely submit them to the Depositary bank - The Bank of New York Mellon.

The shareholders may familiarize themselves with information (materials) to be provided for the Meeting during working days from 10:00 am to 5:00 pm (local time) at any of the addresses specified above starting from November 18, 2011, as well as at the Company's website at www.polyusgold.ru/eng/.

Board of Directors

OJSC Polyus Gold