TR-1: Notification of Major Interest in Shares

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

Polymetal International 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):

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

Oleg Shuliakovskii

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

Staroak limited

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

2 November 2011

6. Date on which issuer notified:

3 November 2011

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

4.23% - on the date of admission to trading on the LSE's main market for listed securities

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

JE00B6T5S470

N/A

N/A

16,335, 275

4.23

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

16,335, 275

4.23

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

Staroak Limited holds 4.23% (16,335,275 shares) voting rights in Polymetal International plc.

Staroak Limited is controlled by Korment Limited (100%, 2000 shares).

Korment Limited is controlled by Mr. Oleg Shuliakovskii (100%, 1000 shares).

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:

N/A

14. Contact name:

Nikolay Zakharevich

15. Contact telephone number:

+7 921 942 21 48