Sharenet Sites 
Sharenet Sites
Step-Down Margin Notification
Pan African Resources Funding Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 2012/021237/06)
Company code: PARI
Bond code: PARS01 ISIN: ZAG000192758
Bond code: PARS02 ISIN: ZAG000192766
("PAR Funding Company" or the "Issuer")
STEP-DOWN MARGIN NOTIFICATION
Noteholders are referred to the announcement released on SENS on 13 September 2023 wherein
Noteholders were advised of the Issuer's progress on its key performance indicators relative to its
baseline/benchmark targets, as verified by the independent external reviewer. Noteholders were
advised of the applicable margin adjustments in the said SENS announcement. For clarity, the
following Margin Adjustment Events have occurred:
Margin Adjustment Event applicable to PARS01
Noteholders are referred to Appendix 1 – "Additional terms and conditions relating to the PARS01
Notes – sustainability-linked bonds" contained in the applicable pricing supplement relating to the
PARS01 Notes and, using the terms defined therein, are advised that the Issuer has met all the
sustainability performance targets relevant to Target Observation Period 1 (i.e. SPT1), to the
satisfaction of the Sustainability Coordinator.
Accordingly, a Margin Adjustment Event has occurred in accordance with paragraph 1.11 of Appendix
1 of the applicable pricing supplement and the Initial Margin will be decreased by 4 basis points from
360 basis points to 356 basis points. In accordance with the terms of the PARS01 Note, this revised
Margin is applicable for the Interest Period commencing on 13 December 2023, and therefore
applicable to the Interest Payment dated 13 March 2024.
Margin Adjustment Event applicable to PARS02
Noteholders are referred to Appendix 1 – "Additional terms and conditions relating to the PARS02
Notes - sustainability-linked bonds" contained in the applicable pricing supplement relating to the
PARS02 Notes and, using the terms defined therein, are advised that the Issuer has met all
sustainability performance targets relevant to Target Observation Period 1 (i.e. SPT1), to the
satisfaction of the Sustainability Coordinator.
Accordingly, the Margin Adjustment Event has occurred in accordance with paragraph 1.11 of
Appendix 1 of the applicable pricing supplement and the Initial Margin will be decreased by 4 basis
points from 375 basis points to 371 basis points. In accordance with the terms of the PARS02 Note,
this revised Margin is applicable for the Interest Period commencing on 13 December 2023, and
therefore applicable to the Interest Payment dated 13 March 2024.
As noted in the SENS announcement dated 13 September 2023, the Sustainability Certificate, including
the KPI Auditor's reports are available on Pan African Resources Plc's website at:
https://www.panafricanresources.com/investors/domestic-medium-term-note-programme/
Rosebank
20 October 2023
Debt Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 20-10-2023 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
