TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi1. Identity of the issuer or the underlyingissuer 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 rights XAn 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):3. Full name of person(s) subject to the Prudential Portfolio Managers (South Africa)notification obligation:iii (Pty) Limited4. Full name of shareholder(s) (if different from 3.):iv5. Date of the transaction and date onwhich the threshold is crossed or 31 October 2014reached: v6. Date on which issuer notified: 03 November 20147. Threshold(s) that is/are crossed or Below 5%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 transaction Number Number Number Number of voting % of voting rights xif possible of of of shares rightsusing Shares Votingthe ISIN Rights Direct Direct xi Indirect Direct IndirectCODE xiiGB0004300496 96,419,083 96,419,083 Below 5% Below 5% Below 5%B: Qualifying Financial InstrumentsResulting situation after the triggering transactionType of financial Expiration Exercise/ Number of voting % of votinginstrument Conversion Period rights that may be rights date xiv acquired if the xiii instrument is exercised/ converted.C: Financial Instruments with similar economic effect to Qualifying FinancialInstruments xv, xviResulting situation after the triggering transactionType of Exercise Expiration Exercise/ Number of voting % of voting rightsfinancial price date Conversion rights instrument xix, xxinstrument xvii period xviii refers to Nominal DeltaTotal (A+B+C)Number of voting rights Percentage of voting rightsBelow 5% Below 5%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: N/A11. Number of voting rights proxy holder will cease N/Ato hold:12. Date on which proxy holder will cease to hold N/Avoting rights:13. Additional information: We no longer have a notifiable interest. Owen Smith / James Todd14. Contact name: M&G Investment Management Limited15. Contact telephone number: 020 7004 4517 / 020 7548 2293