Holding(s) in Company

For filings with the FCA include the annex For filings with issuer exclude the annex TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi 1. Identity of the issuer or the underlying issuerof existing shares to which voting rights are Pan African Resources Plcattached:ii 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 resultin the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect toqualifying financial instruments An event changing the breakdown of voting rights Other (please specify): Holding decreased below 6% threshold X 3. Full name of person(s) subject to the Coronation Asset Management (Pty) Ltdnotification obligation:iii 4. Full name of shareholder(s) (if different from 3.):iv 5. Date of the transaction and date onwhich the threshold is crossed or 12th March 2015reached: v 6. Date on which issuer notified: 12th March 2015 7. Threshold(s) that is/are crossed or 6%reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix Class/type Situation previous Resulting situation after the triggering transactionof to the triggeringshares transaction Number Number Number Number of voting % of voting rights xif possible of of of shares rightsusing Shares Votingthe ISIN Rights Direct Direct Indirect Direct IndirectCODE xi xii GB0004300496 115 053 714 109 219 191 5.97% B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial Expiration Exercise/ Number of voting % of votinginstrument Conversion Period xiv rights that may be rights date acquired if the xiii instrument is exercised/ converted. C: Financial Instruments with similar economic effect to Qualifying FinancialInstruments xv, xvi Resulting situation after the triggering transaction Type of financial Exercise Expiration Exercise/ Number of voting % of voting rightsinstrument price date Conversion period xviii rights instrument xix, xx xvii refers to Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 109 219 191 5.97% 9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi Proxy Voting: 10. Name of the proxy holder: Coronation Asset Management (Pty) Ltd 11. Number of voting rights proxy holder will ceaseto hold: 12. Date on which proxy holder will cease to holdvoting rights: 13. Additional information: 14. Contact name: Jamie Rowland 15. Contact telephone number: +27 21 680 2000 Note: Annex should only be submitted to the FCA not the issuer Annex: Notification of major interests in sharesxxii A: Identity of the persons or legal entity subject to the notificationobligation Full name (including legal form of legal entities) Coronation Asset Management (Pty) Ltd Contact address 7th Floor, MontClare Place, Corner of Campground(registered office for legal entities) and Main Roads, Claremont, South Africa, 7708 Phone number & email +27 21 680 2000, [email protected] Other useful information Coronation Asset Management (Pty) Ltd as(at least legal representative for legal persons) investment manager acts on behalf of various clients holding PAN/PAFLN in their portfolios B: Identity of the notifier, if applicable Full name Jamie Rowland Contact address 7th Floor, MontClare Place, Corner of Campground and Main Roads, Claremont, South Africa, 7708 Phone number & email +27 21 680 2000, [email protected] Other useful information Compliance Officer at Coronation Asset Management(e.g. functional relationship with the person or legal (Pty) Ltdentity subject to the notification obligation) C: Additional information For notes on how to complete form TR-1 please see the FCA website.