PLZL.L Regulatory News (PLZL)

4 Apr 2007 11:29

OJSC Polyus Gold04 April 2007 For immediate release Moscow, April 4, 2007 Polyus Gold's Board of Directors approved dividend policy of the Company. OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia's leading gold producer,today announced that the Board of Directors on its meeting held on April 3rd,2007 approved the Regulations on Polyus Gold dividend policy. In accordance with the approved Regulations on the dividend policy, OJSC PolyusGold aims to pay dividends up to 25% of the net profit calculated in accordancewith International Financial Reporting Standards (IFRS). In developingrecommendations on the amount of dividend on shares and the corresponding partof the net profit allocated for this dividend payment, the Company's Board ofDirectors will take into the account the limitations imposed by the needs tofinance its production development and investment projects, as well as needs tomanage the Company's debt and requirements of the Russian tax legislation. Thedividends will be paid out of Polyus Gold profit after tax (net profit)calculated according to the Company's accounting statements prepared under therequirements of the Russian statutory law (Russian Accounting Standards, orRAS). The approval of the Regulations on dividend policy will allow Polyus Gold tofulfill some of the recommendations stipulated by the Corporate Conduct Code ofFederal Service for Financial Markets (FSFM) of Russia, as well as todemonstrate its adherence to the best practice of corporate governance. The Board of Directors also approved the option plan amounting to 9.5 million ofpaid ordinary shares of OJSC Polyus Gold. The option plan is going to become anintegral part of the Company's executives remuneration and motivation system. Note for editors: Polyus Gold is the largest gold producer in Russia. In 2006 its gold outputtotalled 1.2 million ounces. Headquartered in Moscow, Polyus Gold's operatingmines and development/exploration projects are located in five major gold miningregions of Russia - Krasnoyarsk, Irkutsk, Magadan, Amur regions and the Republicof Sakha (Yakutia). For further information please contact Denis Davydov Head of Investor and Public Relations Tel.: +7 (495) 641 33 65 E-mail: pr@polyusgold.com This information is provided by RNS The company news service from the London Stock Exchange