Notification of Major Interest in Shares

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):

Amendment superseding all TR-1 notifications since November 26, 2015. Please see section 13 below for additional detail.

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

Please see section 13

6. Date on which issuer notified:

March 15, 2016

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

11%, 10%

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 1, 2017

n/a

14,000,000

Nominal

Delta

0.43%

Contract for Differences

n/a

May 16, 2016

n/a

125,000,000

3.81%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

256,609,333

7.82%

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 ceaseto hold:

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

13. Additional information:

This TR-1 notification supersedes all TR-1 notifications by D. E. Shaw & Co., L.P. andD. E. Shaw & Co. (London), LLP relating to Petropavlovsk plc dated after November 26, 2015 (the "Recent Notifications"). Each of the Recent Notifications incorrectly included a position in convertible bonds in section 8C which is no longer disclosable following the implementation in the UK of Directive 2013/50/EU (of European Parliament and of the Council of 22 October 2013) on November 26, 2015 (the "UK Disclosure Rules"). The inclusion of the convertible bond position caused the number of voting rights and percentage of voting rights in Petropavlovsk plc reported in the Recent Notifications to be greater than required by the UK Disclosure Rules.

14. Contact name:

Kevin Krist

15. Contact telephone number:

+44 (0) 20 7409 4300