Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                                             
                                                                                                            
                                                                                                            
1. Identity of the issuer or the underlying                                                                 
issuer                                                              Pan African Resources Plc               
of existing shares to which voting rights are                                                               
attached:ii                                                                                                 
                                                                                                            
2. Reason for the notification (please tick the appropriate box or boxes):                                   
                                                                                                            
An acquisition or disposal of voting rights                                                  X   
                                                                                                            
An acquisition or disposal of qualifying financial instruments which may result                             
in the acquisition of shares already issued to which voting rights are attached                             
                                                                                                            
An acquisition or disposal of instruments with similar economic effect to                                   
qualifying financial instruments                                                                            
                                                                                                            
An event changing the breakdown of voting rights                                                            
                                                                                                            
Other (please specify):                                                                                     
                                                                                                            
3. Full name of person(s) subject to the                 Prudential Portfolio Managers (South Africa)       
notification obligation:iii                                             (Pty) Limited                       
                                                                                                            
4. Full name of shareholder(s)                                                                              
 (if different from 3.):iv                                                                                  
                                                                                                            
5. Date of the transaction and date on                                                                      
which the threshold is crossed or                                      31 October 2014                      
reached: v                                                                                                  
                                                                                                            
6. Date on which issuer notified:                                      03 November 2014                     
                                                                                                            
7. Threshold(s) that is/are crossed or                                     Below 5%                         
reached: vi, vii                                                                                            
                                                                                                            
8. Notified details:                                                                                        
                                                                                                            
A: Voting rights attached to shares viii, ix                                                                
                                                                                                            
Class/type   Situation previous             Resulting situation after the triggering transaction         
of           to the triggering                                                                              
shares       transaction                                                                                    
                                                                                                            
             Number             Number      Number     Number of voting           % of  voting rights x  
if possible  of                 of          of shares  rights                                            
using        Shares             Voting                                                                   
the ISIN                        Rights      Direct     Direct xi Indirect         Direct     Indirect    
CODE                                                             xii                                     
                                                                                                            
GB0004300496  96,419,083        96,419,083   Below 5%  Below 5%                   Below 5%              
                                                                                                            
                                                                                                            
                                                                                                            
B: Qualifying Financial Instruments                                                                         
                                                                                                            
Resulting situation after the triggering transaction                                                        
                                                                                                            
Type of financial          Expiration  Exercise/            Number of voting            % of voting         
instrument                             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 Financial                               
Instruments xv, xvi                                                                                         
                                                                                                            
Resulting situation after the triggering transaction                                                        
                                                                                                            
Type of            Exercise        Expiration Exercise/      Number of voting            % of voting rights    
financial          price           date    Conversion     rights instrument           xix, xx               
instrument                         xvii    period xviii   refers to                                         
                                                                                                            
                                                                                                            
                                                                                                            
                                                                                      Nominal          Delta
                                                                                                            
                                                                                                            
                                                                                                            
                                                                                                            
                                                                                                            
Total (A+B+C)                                                                                               
                                                                                                            
Number of voting rights                                 Percentage of voting rights                         
                                                                                                            
Below 5%                                                Below 5%                                            
                                  

                                                                          
9. Chain of controlled undertakings through which the voting rights and/or the                              
financial instruments are effectively held, if applicable: xxi                                              
                                                                                                            
                                                                                                           
                                                                                                            
                                                                                                            
                                                                                                            
Proxy Voting:                                                                                               
                                                                                                            
10. Name of the proxy holder:                                                     N/A                       
                                                                                                            
11. Number of voting rights proxy holder will cease                               N/A                       
to hold:                                                                                                    
                                                                                                            
12. Date on which proxy holder will cease to hold                                 N/A                       
voting rights:                                                                                              
                                                                                                            
                                                                                                            
                                                                                                            
                                                                                                            
13. Additional information:                                                                                 
                                                        We no longer have a notifiable interest.            
                                                                                                            
                                                        Owen Smith / James Todd                             
14. Contact name:                                                                                           
                                                        M&G Investment Management Limited                   
                                                                                                            
15. Contact telephone number:                           020 7004 4517 / 020 7548 2293