NOTIFICATION OF MAJOR INTEREST IN SHARES

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

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 the notification obligation: iii

Renova Asset Holding Ltd.

Renova Holding Ltd. TZ Columbus Services Limited (as trustee for Columbus

Trust)

4. Full name of shareholder(s)

(if different from 3.):iv

5. Date of the transaction and date on

which the threshold is crossed or reached: v

26 February 2016

6. Date on which issuer notified:

29 February 2016

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

14%

  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

Direct xi

Indirect xii

Direct

Indirect

Ordinary shares

ISIN: GB0031544546

0

0%

483,992,987

483,992,987

0

14.764%

0

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

n/a

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

n/a

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

483,992,987

14.764%

  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:

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:

Mr. Marco Montanari

15. Contact telephone number:

+1 (242) 326 2150