TR-1: Notification of major interest in shares Pan African Resources PLC (Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000) AIM Code: PAF JSE Code: PAN ISIN: GB0004300496 ("Pan African" or the “Company”) TR-1: Notification of major interest in shares Pan African received the following notification on Friday, 3 June 2016: “1. IDENTITY OF THE ISSUER OR THE UNDERLYING ISSUER OF EXISTING SHARES TO WHICH VOTING RIGHTS ARE ATTACHED: Pan African Resources Plc 2. REASON FOR THE NOTIFICATION: An acquisition or disposal of voting rights: Yes An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached: No An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments: No An event changing the breakdown of voting rights: No Other (please specify): No 3. FULL NAME OF PERSON(S) SUBJECT TO THE NOTIFICATION OBLIGATION: Old Mutual Plc 4. FULL NAME OF SHAREHOLDER(S) (IF DIFFERENT FROM 3.): N/A 5. DATE OF THE TRANSACTION AND DATE ON WHICH THE THRESHOLD IS CROSSED OR REACHED: 2 June 2016 6. DATE ON WHICH ISSUER NOTIFIED: 3 June 2016 7. THRESHOLD(S) THAT IS/ARE CROSSED OR REACHED: Fallen below 5% 8. NOTIFIED DETAILS: A: VOTING RIGHTS ATTACHED TO SHARES ----------------------------------------------------------------------------------------------------------------------------- ---------- Class/type of shares Situation previous to the triggering if possible using the ISIN CODE transaction Number of Shares Number of Voting Rights ------------------------------------------------------------------------------------------------------------------------------- -------- GB0004300496 92 124 124 92 124 124 --------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- -------------------------------- Resulting situation after the triggering transaction: ----------------------------------------------------------------------------------------------------------------------------- ---------- Number of Number of voting Number of voting % of voting Shares - rights - rights - rights Direct Direct Indirect Direct Indirect ---------------------------------------------------------------------------------------------------- ----------------------------------- 86 116 983 4.70% ----------------------------------------------------------------------------------------------------------------------------- ---------- B: QUALIFYING FINANCIAL INSTRUMENTS ----------------------------------------------------------------------------------------------------------------------------- ---------- Resulting situation after the triggering transaction ----------------------------------------------------------------------------------------------------------------------------- ---------- Type of financial Expiration Exercise/Conversion Number of voting % of instrument date Period rights that may be voting acquired if the rights instrument is exercised/converted ----------------------------------------------------------------------------------------------------------------------------- ---------- N/A N/A N/A N/A N/A ----------------------------------------------------------------------------------------------------------------------------- ---------- C: FINANCIAL INSTRUMENTS WITH SIMILAR ECONOMIC EFFECT TO QUALIFYING FINANCIAL INSTRUMENTS ----------------------------------------------------------------------------------------------------------------------------------- ---- Resulting situation after the triggering transaction --------------------------------------------------------------------------------------------------------------------------------------- Type of financial Exercise Expiration Exercise/ Number % of instrument price Date Conversion of voting voting Period rights rights instrument refers to ----------------------------------------------------------------------------------------------------------------------------- ---------- N/A N/A N/A N/A N/A N/A --------------------------------------------------------------------------------------------------------------------------------------- TOTAL (A+B+C) ----------------------------------------------------------------------------------------------------------------------------- ---------- Number of voting rights Percentage of voting rights ----------------------------------------------------------------------------------------------------------------------------- ---------- 86 116 983 4.70% --------------------------------------------------------------------------------------------------------------------------------------- 9. CHAIN OF CONTROLLED UNDERTAKINGS THROUGH WHICH THE VOTING RIGHTS AND/OR THE FINANCIAL INSTRUMENTS ARE EFFECTIVELY HELD, IF APPLICABLE: N/A 10. NAME OF THE PROXY HOLDER: N/A 11. NUMBER OF VOTING RIGHTS PROXY HOLDER WILL CEASE TO HOLD: N/A 12. DATE ON WHICH PROXY HOLDER WILL CEASE TO HOLD VOTING RIGHTS: N/A 13. ADDITIONAL INFORMATION: N/A 14. CONTACT NAME: Rose Coyle 15. CONTACT TELEPHONE NUMBER: Tel: + 44 (0)207 002 7503” Johannesburg 3 June 2016 JSE Sponsor One Capital CONTACT INFORMATION Corporate Office The Firs Office Building 1st Floor, Office 101 Cnr. Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0)11 243 2900 Facsimile: + 27 (0)11 880 1240 Registered Office Suite 31 Second Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0)207 796 8644 Facsimile: + 44 (0)207 796 8645 Cobus Loots Deon Louw Pan African Resources PLC Pan African Resources PLC Chief Executive Officer Financial Director Office: + 27 (0)11 243 2900 Office: + 27 (0)11 243 2900 Phil Dexter John Prior / Paul Gillam / James Black St James's Corporate Services Limited Numis Securities Limited Company Secretary Nominated Adviser & Joint Broker Office: + 44 (0)207 796 8644 Office: +44 (0)207 260 1000 Sholto Simpson Matthew Armitt / Ross Allister One Capital Peel Hunt LLP JSE Sponsor Joint Broker Office: + 27 (0)11 550 5009 Office: +44 (0)020 7418 8900 Julian Gwillim Daniel Thöle Aprio Strategic Communications Bell Pottinger PR Public & Investor Relations SA Public & Investor Relations UK Office: +27 (0)11 880 0037 Office: + 44 (0)203 772 2500 www.panafricanresources.com Date: 03/06/2016 12:00:00 Produced by the JSE SENS Department. 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