Vesting of the 2014 performance share plan awards

Polymetal International plc (LSE, MOEX: POLY; ADR: AUCOY) (together with its subsidiaries – “Polymetal”, the “Company”, or the “Group”) is pleased to announce that the first tranche of awards under the Company’s Performance Share Plan (“PSP”), part of the Company’s Long-Term Incentive Plan, has vested.

During the first four-year performance period ending 22 April 2018 for the PSP awards made in 2014, Polymetal achieved a positive absolute Total Shareholder Return (“TSR”) of 22.5% and significantly outperformed a negative median TSR of 4.1% of the FTSE Gold Mines Index constituents. As a result, Polymetal ranked 18^th by TSR out of 44 index participants. Accordingly, the 2014 performance share awards have partially vested with 39.1% of the total awards being granted, which includes 33.4% vesting percentage based on the TSR performance and additional share awards for the dividend equivalent paid during the 4-year performance period.

848,857 ordinary shares were issued and distributed to participants of the PSP on 3 May 2018, representing 0.19% of the Company’s increased share capital. The newly issued shares have a market value of US$ 8.3 million, based on the closing price as of 3 May 2018.

Performance Share Plan

Under the PSP, awards are released following a four-year performance period (with an additional mandatory holding period of one year following vesting), subject to certain performance measures being met. The vesting of awards is based on the Company’s TSR measured against the TSR of the FTSE Gold Mines Index constituents, as well as the Company’s absolute TSR over the same performance period. The vesting conditions were set as follows:

• 0% vests for below median performance;

• 20% vests at median performance;

• 100% vests at top decile performance and above; and

• Straight line vesting in between median and top decile.

• No award vests if an absolute TSR is negative even if performance is above median.

No consideration is payable for the vesting of the awards by the beneficiaries.

“2018 is the first year of the PSP vesting for the awards granted in 2014 and I would like to thank all Company’s employees for their contribution to the above-median shareholder returns in the challenging macroeconomic and geopolitical conditions. I hope that holding shares in Polymetal will further enable our key employees to share our success and benefit from the Company’s long-term growth”, said Vitaly Nesis, Group CEO of Polymetal.

“I am pleased to witness the first PSP vesting, which was designed to reward the Company’s performance relative to the FTSE constituents and align the interests of management with the interests of our shareholders,” said Christine Coignard, the Chair of the Remuneration Committee of Polymetal.

Further to the 2014 award vesting, shares transferred to the Group CEO and Persons Discharging Managerial Responsibilities (“PDMRs”) are presented in the table below:

Further to the 2014 award vesting, outstanding awards under the PSP are:

Applications have been submitted to the London Stock Exchange and UKLA on the official list and awarded shares are expected to be admitted to trading on the London Stock Exchange on 8 May 2018. Together with the admission of the shares associated with the termination of the additional consideration at Kyzyl, which was also announced today, the total issued share capital of the Company will comprise 452,587,679 ordinary shares of no par value, each carrying one vote.

For more details on the PSP, please see Polymetal’s 2017 Annual Report and Accounts available on the Company’s website at www.polymetalinternational.com.