BSX Approves Listing Of Up To 40,460,000 Polyus Gold Participation Certificates

Hamilton, Bermuda, 3rd February 2006 - The Listing Committee of the Bermuda Stock Exchange (BSX) today announces the approval of the listing as of 18 January 2006 of up to 40,460,000 Polyus Gold Participation Certificates. The Listing Committee of the Bermuda Stock Exchange approved the listing of Polyus Gold aXess Certificates as requested by formal application made on 11 January 2006 and submitted on behalf of Deutche Bank AG, London Branch.

The issue is restricted to Qualified Investors and the Issuer is Deutche Bank AG London. The Listing Sponsors are Butterfield Fund Services Limited.

The Polyus Gold Participation Certificate gives the holder the right to receive Polyus shares when they are issued as a result of a proposed restructuring conducted under Russian corporate law. The Spin-Off generated, would be to have Polyus Gold, a spin-off company from the Parent, Norilsk Nickel, in which existing shareholders of the underlying shares of the Parent, as of a specified record date, are entitled to receive new shares, or ADR's, if any, of the Spin-Off Company, Polyus Gold. This proposed new Russian open joint stock company, would hold all the shares of Polus Group, Russia's largest Gold producer, currently a subsidiary of Norilsk Nickel, the Parent, in addition to 10 Billion Rubles or approximately $USD 352 million.

The Polyus Gold Participation Certificate is not offered to the general public of Bermuda, and the securities may only be transferred or otherwise disposed of only in accordance with the Restricted Marketing Provisions of the BSX's Listing Regulations which are for securities that are aimed at Qualified Investors, being individuals or institutions that invest either a minimum of $100,000 and/or otherwise meet one of the suitability tests defined by the Exchange.

Further Information:

Bloomberg information screen: ID EF2227199.
Bloomberg pricing: DMGWA8
Reuters pricing: DMGWA459

Bloomberg Ticker: DB546.BH