For filings with the FCA include the annexFor filings with issuer exclude the annexTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi1. Identity of the issuer or the underlying issuer Pan African Resources Plcof existing shares to which voting rights areattached:ii2 Reason for the notification (please tick the appropriate box or boxes):An acquisition or disposal of voting rightsAn acquisition or disposal of qualifying financial instruments which may resultin the acquisition of shares already issued to which voting rights are attachedAn acquisition or disposal of instruments with similar economic effect toqualifying financial instrumentsAn event changing the breakdown of voting rightsOther (please specify): Holding decreased below 9% and 8% thresholds X3. Full name of person(s) subject to the Coronation Asset Management (Pty) Ltdnotification obligation:iii4. Full name of shareholder(s) (if different from 3.):iv5. Date of the transaction and date onwhich the threshold is crossed or 10th October 2014reached: v6. Date on which issuer notified: 10th October 20147. Threshold(s) that is/are crossed or 9% and 8%reached: vi, vii8. Notified details:A: Voting rights attached to shares viii, ixClass/type Situation previous Resulting situation after the triggering transactionof to the triggeringshares transactionif possible Number Number Number Number of voting % of voting rights xusing of of of shares rightsthe ISIN Shares VotingCODE Rights Direct Direct xi Indirect xii Direct IndirectGB0004300496 166 880 826 140 538 942 7.68%B: Qualifying Financial InstrumentsResulting situation after the triggering transactionType of financial Expiration Exercise/ Number of voting % of votinginstrument date xiii Conversion Period xiv rights that may be rights acquired if the instrument is exercised/ converted.C: Financial Instruments with similar economic effect to Qualifying FinancialInstruments xv, xviResulting situation after the triggering transactionType of Exercise price Expiration Exercise/ Number of voting rights % of voting rightsfinancial date xvii Conversion period instrument refers to xix, xxinstrument xviii Nominal DeltaTotal (A+B+C)Number of voting rights Percentage of voting rights140 538 942 7.68%9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxiProxy Voting:10. Name of the proxy holder: Coronation Asset Management (Pty) Ltd11. Number of voting rights proxy holder willceaseto hold:12. Date on which proxy holder will cease to holdvoting rights:13. Additional information:14. Contact name: Jamie Rowland15. Contact telephone number: +27 21 680 2000Note: Annex should only be submitted to the FCA not the issuerAnnex: Notification of major interests in sharesxxiiA: Identity of the persons or legal entity subject to the notificationobligationFull name(including legal form of legal Coronation Asset Management (Pty) Ltdentities)Contact address 7th Floor, MontClare Place, Corner of Campground (registered office for legal entities) and Main Roads, Claremont, South Africa, 7708Phone number & email +27 21 680 2000, jrowland@coronation.co.zaOther useful information Coronation Asset Management (Pty) Ltd asat least legal representative for investment manager acts on behalf of variouslegal persons) clients holding PAN/PAFLN in their portfoliosB: Identity of the notifier, if applicableFull name Jamie RowlandContact address 7th Floor, MontClare Place, Corner of Campground and Main Roads, Claremont, South Africa, 7708Phone number & email +27 21 680 2000, jrowland@coronation.co.zaOther useful information Compliance Officer at Coronation Asset(e.g. functional relationship with the Management (Pty) Ltdperson or legal entity subject to thenotification obligation)C: Additional informationFor notes on how to complete form TR-1 please see the FCA website.