Notification of Major Interest in Shares

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

Petropavlovsk PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

X

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the notification obligation: iii

Polygon Global Partners LLP Reade Eugene Griffith

4. Full name of shareholder(s)

(if different from 3.):iv

n/a

5. Date of the transaction and date on which the threshold is crossed or reached: v

9 December 2014

6. Date on which issuer notified:

11 December 2014

7. Threshold(s) that is/are crossed or reached: vi, vii

5%

  8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of

Shares

Number of

Voting

Rights

Number of shares

Number of voting rights

% of voting rights x

Direct

xi

Direct

xii

Indirect

Direct

Indirect

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date xiii

Exercise/

Conversion Period xiv

Number of voting rights that may be

acquired if the instrument is exercised/ converted.

% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv,

xvi

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date xvii

Exercise/ Conversion period xviii

Number of voting rights instrument

refers to

% of voting rights xix,

xx

Borrow on contract for difference (GB0031544546)

10,744,033

Nominal

Delta

5.44%

Convertible bond

(XS0482875811)

2/18/2015

Until 2/10/2015

106,507

Nominal

Delta

0.05%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

10,850,540

5.49%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi

Reade Griffith holds a majority of the voting rights in Polygon Global Partners LLP.

Consequently, Polygon Global Partners LLP is a "controlled undertaking" in relation to Mr. Griffith.

Proxy Voting:

10. Name of the proxy holder:

N/a

11. Number of voting rights proxy holder will cease to hold:

N/a

12. Date on which proxy holder will cease to hold voting rights:

N/a

13. Additional information:

Polygon Global Partners LLP is the investment manager to a fund, Polygon Convertible Opportunity Master Fund, that holds the positions referred to in this notification.

14. Contact name:

Benjamin Rah

15. Contact telephone number:

+1 212 359 7356