TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underl y i ng issuer of existing shares to w h ich voting rights a re attached: ii

Petropavlov s k PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquis i tion or disposal of voting rights

An acquis i tion or disposal of qualif ying financ ial instruments which may result i n the acquis i tion of shares already issued to which voting rights are attached

An acquis i tion or disposal of instruments with similar eco nomic effect to qualifying financial instruments

X

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of pers on(s) subject to the notificat io n obligatio n: iii

Polygon Glob al Partners L LP Reade Eugene Griffith

4. Full name of shareholder(s)

(if diffe rent from 3.): iv

n/a

5. Date of the transaction and date on w h ich the threshold is crossed or reached: v

9 De cemb er 2014

6. Date on wh ich issu er notif ied:

11 De cem be r 2014

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

5%

8. Notified details:                                                                                                                                              

A: Voting rights attached to shares vii i , ix

Class/ty pe o f share s

if possi ble u s i ng the ISIN CODE

Situation prev ious to the trigge ring trans ac ti on

Resul ting situation a fte r the triggering transa ction

Num ber of

Shares

Num ber of

Voting

Rights

Num ber of shar es

Num ber o f v oting rights

% of  v oting rights x

Direc t

xi

Direc t

x ii

Indirect

Direc t

Indirect

B: Qualify i ng Financial Instruments

Resul ting situation a fte r the triggering transa ction

T y pe of financial instrument

Expiration date x iii

Exercise/

Conv ersion Period x i v

Num ber o f v oting rights th at m a y be

acquired if the instrument is exercis ed/ c onv erted.

% of v oting rights

C: Financial Instruments w i th similar economic effect to Qua lify i ng Financial Instruments xv ,

x v i

Resul ting situation a fte r the triggering transa ction

T y pe of financial instrument

Exercise price

Expiration date xv ii

Exercise/ Conv ersion period xv iii

Number o f v oting rights instru ment

refer s to

% of v oting rights x i x,

xx

Borrow o n contract for difference (GB0031 544 546)

10,744,03 3

Nom inal

Delta

5.44%

Con v ertible bond

(XS04828 75 811)

2/18/2015

Until 2/10/20 15

106,50 7

Nom inal

Delta

0.05%

Total (A+B+C)

Number o f v oting rights

Percen tage of v oting rig hts

10,850,540

5.49%

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

Reade Griffith holds a majority of the voting rights in Polygon Global Partners LLP.

Consequently, Polygon Global Partner s LLP is a "controlled undertaking" in relation to Mr. Griffith.

Proxy Voting:

10. Name of the proxy holder:

N/a

11. Number of voting ri ghts proxy holder w ill cease to hold:

N/a

12. Date on w hich proxy h o lder w i ll cease to hold voting rig hts:

N/a

13. Additional information:

Polygon Global Partners LLP is the inv estment manager to a fund, Polygon Conver tible Opportunity Master Fund, that holds the positions referred to in this notification.

14. Contact name:

Benjamin Rah

15. Contact telephone number:

+1 212 359 7356