This document is not a prospectus but an advertisement. Investors should not subscribe for any transferable securities referred to in this announcement except on the basis of information in a prospectus, which has been published in accordance with the Prospectus Directive.

Moscow, 18 December 2006 – OJSC Polyus Gold (‘Polyus Gold’), Russia’s leading gold producer, announced today that its American Depositary Receipts (ADRs), representing common shares of Polyus Gold, have been admitted to the Official List of the U.K. Listing Authority and to trading on the main market of the London Stock Exchange (LSE). Polyus Gold’s ADRs will be traded on the LSE under code “PLZL”.

No additional shares or ADRs of Polyus Gold were issued or offered in connection with the admission to listing and trading. The listing did not involve capital raising. Debevoise & Plimpton LLP acted as legal advisor to Polyus Gold in connection with the listing.

The shares of Polyus Gold are listed on the RTS Stock Exchange (code: PLZL) and the MICEX Stock Exchange (code: PLZL) in Moscow, Russia. Polyus Gold also has a Level 1 ADR program, with its ADRs trading in the over-the-counter (OTC) market in the United States.

Evgueni Ivanov, Chief Executive Officer of Polyus Gold, said:

“The year 2006 has been an important period of dynamic change for Polyus. Not only did we complete our spin-off from Norilsk Nickel, but also our shares were listed in Russia and a Level 1 ADR program was established with the ADRs trading on the OTC market and now listed on the main market of the LSE. Listing on the LSE opened up the exciting opportunity that our leading position in the Russian gold industry represents to investors from around the world and will facilitate wider ownership of Polyus shares among international institutional investors. We also welcome the greater transparency that the London Stock Exchange listing requires of our business, and are proud of the fact that we are the first Russian gold mining company to file an Independent Expert’s Report, an independent valuation of our properties, reserves and resources, prepared by Micon International”.

This announcement is only addressed to and directed at persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ("Qualified Investors"). In addition, in the United Kingdom, this announcement is being distributed only to, and is directed only at, (i) Qualified Investors who have professional experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") and Qualified Investors falling within Article 49(2)(a) to (d) of the Order, and (ii) Qualified Investors to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). This announcement must not be acted on or relied on (i) in the United Kingdom, by persons who are not relevant persons, and (ii) in any member state of the European Economic Area other than the United Kingdom, by persons who are not Qualified Investors. Any investment or investment activity to which this announcement relates is available only to (i) in the United Kingdom, relevant persons, and (ii) in any member state of the European Economic Area other than the United Kingdom, Qualified Investors, and will be engaged in only with such persons.

Neither the common shares of Polyus Gold or the ADRs have been, nor will be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States, absent registration or an exemption from registration.