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

Mr. Alexander Mamut

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

Vitalbond Limited

A&NN Capital Management Fund Limited

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

2 November 2011

6. Date on which issuer notified:

2 November 2011

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

10% - Holding is at 10.0% on date of admission to trading on the London Stock Exchange'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

38,740, 784

10.0

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

38,740,784

10.0

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

1) A&NN Capital Management Fund's direct holding in Polymetal International plc is 5.32 % (20,547,162 shares).

Alexander Mamut's direct holding in A&NN Capital Management Fund Limited is 1% (75 shares) and indirect holding is 99% (80,753 shares) through the following ownership chain:

- Iverna Limited's direct holding in A&NN Capital Management Fund Limited is 99% (80,753 shares).

- Alexander Mamut's direct holding in Iverna Limited (via trust declaration with Channel Trustee Limited) is 100% (1 share).

2) Vitalbond Limited's direct holding in Polymetal International plc is 4.71% (18,193,622 shares)

Alexander Mamut's indirect holding in Vitalbond Limited is 100% (2,500 shares) through the following ownership chain:

- Inure Enterprises Limited's direct holding in Vitalbond Limited is 100% (2,500 shares).

- Dawn Key Limited's direct holding in Inure Enterprises Limited is 100% (30,491,451 shares).

- A&NN Capital Management Fund's direct holding in Dawn Key limited is 20% (200 shares) and indirect holding is through the following ownership chain:

(a) A&NN Capital Management Fund's direct holding in Jeppe Assets Limited is 100%;

(b) Jeppe Assets Limited's direct holding in Dawn Key Limited is 20% (200 shares);

(c) A&NN Capital Management Fund's direct holding in Golden Nest Limited is 100%;

(d) Golden Nest Limited's direct holding in Dawn Key Limited is 20% (200 shares);

(e) A&NN Capital Management Fund's direct holding in Heathview Group Limited is 100%;

(f) Heathview Group Limited's direct holding in Dawn Key Limited is 20% (200 shares);

(g) A&NN Capital Management Fund's direct holding inBricket Hall Limited is 100%; and

(h) Bricket Hall Limited's direct holding in Dawn Key Limited is 20% (200 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:

Representative

Mrs. Marina Groenberg

15. Contact telephone number:

+7 459 285 89 43; +41 44 500 47 30