NOTIFICATION OF MAJOR INTEREST IN SHARES

For filings with the FCA include the annex

For filings with issuer exclude the annex

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

Petropavlovsk PLC

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

An acquisition or disposal of voting rights

x

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):

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

Polo Company S.A.

Lamesa Group Holding S.A.

Lamesa Foundation

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 February 2016

6. Date on which issuer notified:

29 February 2016

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

3% in respect of Polo Company S.A.

6% in respect of Lamesa Group Holding SA and Lamesa Foundation

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

Ordinary shares ISIN: GB0031544546

483,992,987

483,992,987

0

0

0

0

0

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

n/a

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

Convertible bonds

ISIN: XS1201840326

£0.826 /

US$0.1253

18th March 2020

from 28 April 2015 to six days before maturity or call

169,791,575

Nominal

Delta

5.1794%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

169,791,575

5.1794%

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

Polo Company S.A. and Lamesa Holding S.A. are each direct wholly-owned subsidiaries of Lamesa Group Holding S.A., which in turn is wholly-owned by Lamesa Foundation.

Polo Company S.A. has a direct interest in, as the beneficial owner of, the shares set out in section 8A above.

Lamesa Holding S.A. is the holder of the convertible bonds set out in section 8C above.

Lamesa Group Holding S.A. and Lamesa Foundation each have an indirect interest in the shares held by Polo Company S.A. and the convertible bonds held by Lamesa Holding S.A. by virtue of their interests in Polo Company S.A. and Lamesa Holding S.A..

Proxy Voting:

10. Name of the proxy holder:

n/a

11. Number of voting rights proxy holder will ceaseto hold:

n/a

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

n/a

13. Additional information:

On 26 February 2016, Renova Asset Holding Ltd entered into an agreement to unconditionally acquire 483,992,987 ordinary shares in Petropavlovsk PLC from Polo Company S.A. As at the date of this notification, settlement of the shares pursuant to the transfer has not yet occurred. The position described in this notification is as at the date of settlement of the shares.

14. Contact name:

Mrs. Oxana Vasilieva

15. Contact telephone number:

+357 24692900