PLZL.L Regulatory News (PLZL)

For immediate release

OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia's leading gold producer, announces the decisions taken at a Board Meeting of Directors held on December 9, 2010

The Board of Directors resolved to terminate the powers of the Company´s General Director Evgeny Ivanov and to elect Mikhail Prokhorov, who previously held the position of the Chairman of the Board of Directors, the General Director of OJSC Polyus Gold.

Ekaterina Salnikova was elected the new Chairman of the Company´s Board of Directors.

Evgeny Ivanov as Chairman and Chief Executive Officer of KazakhGold Group Limited (LSE - KZG) will be engaged in top-priority international projects of Polyus Group.

"The Company sees the development of its business in Russia and abroad as one of its most important short-term targets. Realization of the planned measures is aimed at ensuring the maximum growth of the Company's capitalization in the interests of all its shareholders. This task will demand mobilization of all resources of Polyus Group in close coordination of efforts with its shareholders. To ensure all opportunities are employed I made a decision to take the lead as Head of the Company. I am grateful to the Company's Board of Directors for support of my decision".

Mikhail Prokhorov

Born on May 3, 1965.In 1989 graduated with honors from the Moscow State Financial Institute (Department of Foreign Economic Relations).

In 1989 - 1992 - Head of department of the International Bank of Economic Cooperation (IBEC).

In 1992 - 1993 - Chairman of the Board of the International Company for Finance and Investments (MFK Bank).

In 1993 - 1998 - Chairman of the Board of UNEXIM Bank.

In 1998 - 2000 - President and Chairman of the Board of UNEXIM Bank.

In 2000 - 2001 - President of Rosbank.

From July 2001 to March 2007 - General Director and Chairman of the Management Board of MMC Norilsk Nickel.

From 2006 to June 2007 and from October 2007 to December 2010 - Chairman of the Board of Directors of OJSC Polyus Gold.

Since May 2007 - President of ONEXIM Group.

Ekaterina Salnikova

Born on 14 July 1957 in Moscow.

In 1979 graduated from the Moscow Institute of Management as an Managing Engineer.

In 1997 earned a degree of Candidate of Economics (Ph.D.) from the Law faculty of the Academy of Civil Service of the President of the Russian Federation.

From 1979 to 1991 worked in various positions at the Building Industry Research Institute of the USSR building agency Gosstroi.

From 1991 to 1997 served in various capacities at the State Anti-Monopoly Committee of Russia, and was appointed a member of its Board.

In 1997 was appointed Adviser to the Deputy Executive President of Uneximbank.

Since June 1998 works as the Director for Corporate structures at the Interros holding company.

Member of the Rosbank Board of Directors.

In March 2006 Ekaterina M. Salnikova was elected to the Board of Directors of OJSC Polyus Gold.

Since 2007 Deputy CFO of LLC ONEXIM Group.