NOTIFICATION OF MAJOR INTEREST IN SHARES

For filings with the FCA include the annex

For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

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

Petropavlovsk PLC

Company Number: 4343841

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

An event changing the breakdown of voting rights

Other (please specify):

Amended Transparency Directive coming into force

√

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

Sothic Capital European Opportunities Master Fund Limited

Gertjan Koomen

4. Full name of shareholder(s)  (if different from 3.):iv

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

26 November 2015

6. Date on which issuer notified:

27 November 2015

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

12%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

GB0031544546

349,022,525

349,022,525

347,534,872

347,534,872

10.60%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

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

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Contract For Differences

NR

NR

NR

1,487,653

Nominal

Delta

0.04%

Total Rate Return Swap

NR

NR

NR

13,350,000

Nominal

Delta

0.40%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

362,372,525

11.05%

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

Certain financial instruments are held by an investment fund for which Sothic Capital Management LLP is the discretionary investment manager, and certain financial instruments are held by Mr Gertjan Koomen in his personal capacity.

Sothic Capital Management (Cayman) Ltd is the parent undertaking of Sothic Capital Management LLP, and Mr Gertjan Koomen is the ultimate parent of Sothic Capital Management LLP through his ownership of Sothic Capital Management (Cayman) Ltd.

Mr Koomen and Sothic Capital Management LLP are therefore making an aggregated disclosure of their combined holdings.

Proxy Voting:

10. Name of the proxy holder:

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

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

13. Additional information:

Convertible bond position not anymore disclosable following Amended Transparency Directive

14. Contact name:

Didier Martineau. CEO Sothic Capital Management LLP

15. Contact telephone number:

+44 207 590 5402