Press Release                                                                   03 February 2023

PJSC Polyus

Update on Level I DR program

PJSC Polyus (LSE, MOEX: PLZL) ("Polyus", or the "Company") provides an update on its Level I depositary receipt ("DR") program.

Further to the Company's press release dated 02 February 2023, Polyus notifies that current stage of negotiations with the potential candidate for the position of a successor depositary in respect to its Rule 144A and Regulation S DR programs  additionally includes negotiations in respect of the Company's Level I DR program, which accounts for ca. 4% of the overall volume of the Company's depositary receipts.

Thus, in case of successful negotiations the new potential successor depositary shall cover all the outstanding DR programs of the Company.

Further updates will be provided to the market participants in due course.

Polyus

Polyus is a Top-5 global 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) Department

+7 (495) 641 33 77

drozdovvi@polyus.com

Forward looking statement

This announcement may contain "forward-looking statements" concerning Polyus and/or Polyus group. Forward-looking statements are generally identified by the words "will", "may", "should", "could", "would", "can", "continue", "opportunity", "believe", "expect", "intend", "anticipate", "estimate" or similar expressions. 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 expenditure, 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 difficult to predict accurately and which are beyond the control of Polyus and/or Polyus group. Therefore, undue reliance should not be placed on such statements, which speak only to 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.