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OREANDA-NEWS. On September 26, 2008 OJSC Polyus Gold (“Polyus Gold” or the “Company”) noted the recent press speculation and announcement by KazakhGold Group Limited (“KazakhGold”) and can confirm that it has approached KazakhGold in connection with a possible partial offer by the Company, or a wholly-owned subsidiary of Polyus Gold, for 50.1% of the issued and to be issued share capital of KazakhGold (the “Possible Partial Offer”), reported the press-centre of Polyus Gold.

There can be no certainty that any partial offer for the issued and to be issued share capital of KazakhGold will be forthcoming.  In particular, the Possible Partial Offer would be pre-conditional on the approval of the partial offer structure by The Panel on Takeovers and Mergers. This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of the City Code on Takeovers and Mergers (the “Code”).  A further announcement will be made in due course as appropriate.

Number of Relevant Securities in Issue:
In accordance with Rule 2.10 of the Code, the Company's issued share capital consists of 190,627,747 ordinary registered shares with a nominal value of 1 rouble each (“Ordinary Shares”), each share having equal voting rights.  65,729,083 (34.48%) of the Ordinary Shares are held through the Bank of New York Mellon as depositary which are matched to American depository receipts (“ADRs”) on a two ADRs for one Ordinary Share basis.

The ISIN number of the Ordinary Shares is RU000A0JNAA8.

The ISIN number of the ADRs is US6781291074.