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Date: 30 June 2010

Transaction announcement

The Board of KazakhGold Group Limited ("KazakhGold") and OJSC Polyus Gold ("Polyus Gold") are pleased to announce the proposed combination of KazakhGold and Polyus Gold (the "Proposed Combination"), which, if completed, would result in KazakhGold acquiring substantially all of the issued share capital of Polyus Gold, currently the indirect controlling shareholder of KazakhGold.

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