TR-1: Notification of Major Interest In Shares

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. Petr Kellner

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

Pearlmoon 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

20% - Holding is at 20.7% 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

79,840,437

20.7

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

79,840,437

20.7

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

Pearlmoon Limited's direct holding in Polymetal International plc is 20.7%.

PPF Group N.V.'s direct holding in Pearlmoon Limited is 100%.

Petr Kellner's direct holding in PPF Group N.V. is 80.88% and indirect holding in PPF Group N.V. is 13.37%.

PPF Holdings B.V.'s direct holding in PPF Group N.V. is 13.37%. PPF Holdings Limited's direct holding in PPF Holdings B.V. is 100%. Mr. Kellner's direct holding in PPF Holdings Limited is 100%.

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:

Lubomir Kral

15. Contact telephone number:

+420 2241 74067