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

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):

A change in the delta of the convertible bonds disclosed in 8.C resulted in a reportable change in the total position.

x

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

D. E. Shaw & Co., L.P.

D. E. Shaw & Co. (London), LLP

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

DBMMA015 (only with respect to

shares listed in 8.A)

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

December 15, 2015

6. Date on which issuer notified:

December 17, 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

Ordinary Shares

117,609,333

117,609,333

117,609,333

3.59%

GB0031544546

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

n/a

March 2, 2016

n/a

14,000,000

Nominal

Delta

0.43%

Contract for Differences

n/a

May 16, 2016

n/a

125,000,000

3.81%

Convertible Bonds

n/a

March 18, 2020

April 28, 2015 to six business days before maturity or call.

148,370,096

4.53%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

404,979,429

12.35%

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

 Each of D. E. Shaw & Co., L.P. ("DESCO LP") and D. E. Shaw & Co. (London), LLP ("DESCO London") has provided this notification solely in its capacity as a discretionary investment manager. D. E. Shaw & Co., Inc. ("DESCO Inc.") is the general partner of DESCO LP and therefore a parent undertaking of DESCO LP and, indirectly, of DESCO London. By virtue of David E. Shaw's position as president and sole shareholder of DESCO Inc., he is also a parent undertaking of DESCO LP and, indirectly, of DESCO London.

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:

14. Contact name:

Kevin Krist

15. Contact telephone number:

+44 (0) 20 7409 4300