OREANDA-NEWS. October 29, 2009. Further to the announcements by JSC “Polymetal” (LSE, MICEX, RTS: PMTL) (“Polymetal” or the “Company”) in relation to issuance of 84,375,000 additional ordinary shares of the Company (the “New Shares”), Polymetal announced that the placement of the New Shares by way of a closed subscription was completed, reported the press-centre of Polymetal.

The New Shares were placed in the following way:

9,524,643 New Shares – to shareholders who voted ‘against’ or did not vote in relation to resolution 2 (to approve the placement of the New Shares) at the Extraordinary General Meeting held on June 19, 2009 and who exercised their pre-emptive rights to acquire New Shares;

7,500,000 New Shares – in exchange for 35,934 shares in CJSC “Artel of prospectors “Ayax” a company holding the mining license for the Goltsovoye silver deposit (“Ayax”), and 80.64 Russian roubles in cash;

10,000,000 New Shares – in exchange for 100% of OOO “Rudnik kvartsevyi”, a company holding the mining licenses for the Sopka Kvartsevaya and Dalniy gold-silver deposits;

57,350,357 New Shares – to JSC “Polymetal Management”, a 100% subsidiary of Polymetal.

The Company is planning to file the report on the results of the issuance of the New Shares with the Federal Financial Markets Services of Russia (the “FFMS”) in the next few days. The issuance of the New Shares will be completed when the FFMS registers the report on the results of the issuance.