News

OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia’s leading gold producer, today announced that Glass Lewis, a leading international proxy advisory firm, had issued a report in respect of the forthcoming Extraordinary General Shareholders Meeting (EGM) to be held on April 7, 2008.

Glass Lewis report followed that of RiskMetrics, another leading independent consultant, that was issued on March 25, 2008. The recommendations given by Glass Lewis are almost identical to those of RiskMetrics and exactly match those given by Polyus Board.

In its report, Glass Lewis recommends that shareholders:

• Support  the amendments to the company charter
• Reject the early Termination of Powers of the current Board
• If the Board was to be terminated, then only re-elect the existing Board.

Evgueni Ivanov, Chief Executive of Polyus Gold, said:

“We are pleased that two leading proxy advisory firms have formed similar recommendations in respect of Polyus Gold’s forthcoming EGM, and that they are supportive of the position of Polyus’ Board. Once again, we urge our shareholders to follow the Board’s recommendations when voting in the upcoming EGM”.

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Polyus Gold is the largest gold producer in Russia. Headquartered in Moscow, Polyus Gold’s operating mines and development/exploration projects are located in five major gold mining regions of Russia - Krasnoyarsk, Irkutsk, Magadan, Amur regions and the Republic of Sakha (Yakutia). The company produced 1.2 m oz of gold in 2007.

Founded in 2003, Glass, Lewis & Co., LLC is a leading research and professional services firm that assists institutions globally that have investment, financial or reputational exposure to public companies. The firm provides research and analysis on more than 13,000 public companies based in 65 countries around the world. Glass Lewis' proxy analysis and recommendation research is used by many of the world's leading institutional investors.