On March 27, 2006 the first meeting of the Board of Directors of OJSC Polyus Gold was held in Moscow.

Mikhail Prokhorov, General Director and Chairman of the Management Board of MMC Norilsk Nickel, was elected Chairman of the Board of OJSC Polyus Gold.

Independent Director Mr. Rodney B. Berens, founding partner of Berens Capital Management, LLC was appointed as Chairman of the Audit Committee of the Board of Directors of OJSC Polyus Gold.

The Board also passed a number of key decisions, including the election of the Secretary of OJSC Polyus Gold and approval of the decision on listing of shares of OJSC Polyus Gold on RTS and MICEX stock exchanges in Russia.

National Registrar Company (NRK) was approved as the Registrar for OJSC Polyus Gold.

Commenting on the event General Director of OJSC Polyus Gold Evgueni Ivanov said: “The decisions passed at the first meeting of the Board lay a solid foundation for Polyus Gold successful performance as a public company and increasing liquidity of its stock”.

Deputy General Director of MMC Norilsk Nickel Denis Morozov also added: “Today the shareholders of Polyus Gold can clearly see that Polyus Gold performs to the highest standards of corporate governance which is supported by a strong and active Board.”