Preliminary EGM Results

For immediate release

OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia's leading gold producer, today announced preliminary results of the Extraordinary General Shareholders' meeting (EGM) held in Moscow on December 09, 2011

In accordance with the preliminary results, the following resolutions have been passed by the EGM:

·; To declare dividends for the 9 months of 2011 at the rate of RUR 26,23 per ordinary share of OJSC Polyus Gold and to resolve that dividends shall be paid within 60 days upon the date of the resolution;

·; To approve the revised Charter of OJSC Polyus Gold;

·; To approve the revised Regulations of the Board of Directors of OJSC Polyus Gold;

·; To approve the revised Regulations of the General Shareholders' meeting of OJSC Polyus Gold.

Besides, the EGM resolved to terminate the powers of the Board of directors of OJSC Polyus Gold and to elect the following new members:

1. Ivan L. Bakulev - General Counsel, CJSC Polyus

2. Artyom A. Borisanov - Deputy CEO for Strategy and Corporate Development, CJSC Polyus

3. Oleg V. Ignatov - Chief Financial Officer, CJSC Polyus

4. Maria A. Kirienko - Director of the Legal Department of the Representation of the limited liability company "NAFTA MOSKVA (CYPRUS) LIMITED", (Republic of Cyprus), Moscow

5. The Earl of Clanwilliam - Director and Founding Partner, The Gardant Communications

6. Anthony James Nieuwenhuys - Chief Operating Officer, CJSC Polyus

7. German R. Pikhoya - Chief Executive Officer, OJSC Polyus Gold

8. Zumrud H. Rustamova - Deputy General Director of OJSC POLYMETAL MC

9. Valery V. Senko - Director for investments of ONEXIM Group

The results of the EGM will be duly finalized and made available to public in order and within the time period stipulated by the Federal law "On Joint-Stock Companies".

OJSC Polyus Gold is Russia's leading gold producer and one of the world's largest gold mining companies in terms of market capitalization, mineral reserves base and output. The Company's asset portfolio includes hard-rock and alluvial deposits in the Krasnoyarsk, Irkutsk, Magadan and Amur Regions, the Republic of Sakha (Yakutia). The company produced 1.4 m oz of gold in 2010. OJSC Polyus Gold is a majority-owned subsidiary of Polyus Gold International Limited.

For further information please contact: For investors:Alexey V. Chernushkin, Director, CM and IREvguenia V.Buydina, IR manager+7 (495) 641-3377+7 (495) 785-4031 [email protected]

For media:Anton A. Arens, PR Director+7 (495) 641-3365+7 (495) 544-5496[email protected]