Press Release 31 January 2022

PJSC Polyus

Announces launch of a buyback programme

PJSC Polyus (LSE, MOEX - PLZL) ("Polyus" or the "Company") announces today that on January 31, 2022 the Company's Board of Directors unanimously approved an open market buyback programme in respect of ordinary shares of the Company (the "Ordinary Shares") including Ordinary Shares represented by depositary receipts ("DRs", and the Ordinary Shares and DRs, together, the "Securities") (the "Programme"). The maximum aggregate amount of the Programme is set at USD 200 million, which in any case shall not exceed 1.4% of the Company's share capital.

The purchases of Securities under the Programme may be executed during a six-month period commencing today, or until the total number or total value of Securities purchased under the Programme reach the approved maximum amounts set forth above unless extended or terminated by the Company earlier. The Programme has been designed, and the purchases of Securities thereunder will be carried out, in compliance with applicable legal requirements. The purchases may continue during both open periods and any closed periods to which the Company is subject during the abovementioned period.

The purchases of Securities under the Programme will be conducted by a broker or brokers engaged by Polyus Service LLC, a direct wholly-owned subsidiary of the Company.

Any Securities acquired pursuant to the Programme will be used by the Company for general corporate purposes, including for the purposes of the Company's long-term incentive plans. Until cancellation or resale, the acquired Securities will retain all rights, including the right to receive dividends.

The information contained in this announcement is qualified or may be qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014, including where it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.

Polyus

Polyus is the world's fourth-largest gold mining company by production volumes and the largest gold miner in terms of attributable gold ore reserves. The Company has the lowest production costs among major global gold producers. Its principal operations are located in Siberia and the Russian Far East: Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).

Investor and Media contact

Victor Drozdov

Director Communications & Investor Relations (CIR)

+7 (495) 641 33 77

drozdovvi@polyus.com

Forward looking statements

This announcement may contain "forward-looking statements" concerning Polyus and/or Polyus group. Generally, the words "will", "may", "should", "could", "would", "can", "continue", "opportunity", "believes", "expects", "intends", "anticipates", "estimates" or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of Polyus' and/or Polyus group's operations. Many of these risks and uncertainties relate to factors that are beyond Polyus' and/or Polyus group's ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. Polyus and/or any Polyus group company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.

This document does not constitute or form part of an invitation or inducement to engage in investment activity with, or any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of, the Company, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of, or any investment in, the Polyus group.

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