May 16, 2006 – OJSC Polyus Gold, Russia’s leading gold producer, today announced the inclusion of the company’s shares in the MSCI Emerging Markets index, effective 15 May.

Commenting on the event the company’s CEO Evgueni Ivanov said that Polyus Gold shares inclusion in the MSCI index enhances the company’s investment appeal among investors in the US and Western Europe. “The fact that company’s stocks have entered one of the most prestigious stock market indices is the demonstration of the high market credibility in the company stock performance and liquidity of the hares.

MSCI Emerging Markets index is constructed by a leading provider of equity, fixed income and hedge fund indices MSCI Barra (a division of Morgan Stanley) and serves as a performance benchmark and research tool for investors into emerging markets. The weight of a stock in the index is based on the company’s market capitalization and the volume of its free float. The MSCI EM also includes the stocks of Gazprom, Lukoil, Surgutneftegaz, RAO UES, NLMK, MTS, Vympelcom, Systema, Mechel and other.