Formal Notice
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Saint-Petersburg, Russia, May 19, 2008 - JSC "Polymetal" (LSE, MICEX, RTS: PMTL) ("Polymetal" or the "Company") notes the recent press speculation and confirms that it is aware of a series of discussions currently underway between the majority shareholder of the Company and variety of possible counterparties concerning the possibility of such counterparties each acquiring parts of the majority shareholder's stake in Polymetal.
One person involved in these preliminary discussions is the brother of the current CEO of the Company, Vitaly Nesis. Polymetal is not a participant in these discussions and it is too early to predict their outcome. These discussions are ongoing and any or all of them may or may not lead to any transaction or transactions.
A further announcement will be made by the Company in due course. Pending any further announcement Polymetal does not intend to comment further.
Pavel Danilin
VP, Corporate Finance and Investor Relations
Tel. +7 812 334 3666
E-mail: danilin@polymetal.ru
Website: www.polymetal.ru
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This release includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements are not guarantees of future performance. Many factors that could cause the Company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. These forward-looking statements speak only as at the date of this release. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.