TR-1: 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

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

X

An event changing the breakdown of voting rights

Other (please specify):

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

May 10, 2017

6. Date on which issuer notified:

May 19, 2017

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

No change in overall position. Position in voting rights attached to shares has increased above 5%.

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

131,609,333

131,609,333

256,609,333

7.82%

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

Nominal

Delta

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:

The change in position that is the subject of this TR-1 notification is the result of the simultaneous acquisition of voting rights attached to shares of the issuer and disposal of a position of equivalent size in financial instruments with a similar economic effect to Qualifying Financial Instruments referencing shares of the issuer causing the percentage of voting rights attached to shares referenced in section 8.A above to cross 5%.

14. Contact name:

Kevin Krist

15. Contact telephone number:

+44 (0) 20 7409 4300