For filings with the FSA 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 issuer                        Pan African Resources Plc               
    of existing shares to which voting rights are                                    GB0004300496                     
    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                                    Old Mutual Plc                        
    notification obligation: iii                                                                                      
                                                                                                                      
    4. Full name of shareholder(s)                                                                                    
     (if different from 3.):iv                                                                                        
                                                                                                                      
    5. Date of the transaction and date on                                                                  04/05/2016
    which the threshold is crossed or                                                                                 
    reached: v                                                                                                        
                                                                                                                      
    6. Date on which issuer notified:                                                                       06/05/2016
                                                                                                                      
    7. Threshold(s) that is/are crossed or                                                             Fallen below 5%
    reached: vi, vii                                                                                                  
                                                                                                                      
    8. Notified details:                                                                                              
                                                                                                                      
    A: Voting rights attached to shares viii, ix                                                                      
                                                                                                                      
    Class/type of   Situation previous            Resulting situation after the triggering transaction                
    shares          to the triggering             <3%                                                                 
                    transaction                                                                                       
    if possible                                                                                                       
    using           Number            Number      Number        Number of voting       % of  voting rights x          
    the ISIN CODE   of                of          of shares     rights                                                
                    Shares            Voting                                                                          
                                      Rights      Direct        Direct xi   Indirect   Direct      Indirect           
                                                                            xii                                       
                                                                                                                      
                    92,283,958        92,283,958                            91,287,714                    4.98%       
    GB0004300496                                                                                                      
                                                                                                                      
    B: Qualifying Financial Instruments                                                                               
                                                                                                                      
    Resulting situation after the triggering transaction                                                              
                                                                                                                      
    Type of financial           Expiration Exercise/                 Number of voting           % of voting            
    instrument                            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 Financial                                     
    Instruments xv, xvi                                                                                               
                                                                                                                      
    Resulting situation after the triggering transaction                                                              
                                                                                                                      
    Type of financial  Exercise       Expiration Exercise/         Number of voting rights    % of voting rights         
    instrument         price          date    Conversion period instrument refers to       xix, xx                    
                                      xvii    xviii                                                                   
                                                                                                                      
    N/A                                                                                    Nominal        Delta       
                                                                                                                      
    Total (A+B+C)                                                                                                     
                                                                                                                      
    Number of voting rights                               Percentage of voting rights                                 
                                                                                                                      
    91,287,714                                            4.98%                                                       
                                                                                                                      
    9. Chain of controlled undertakings through which the voting rights and/or the                                    
    financial instruments are effectively held, if applicable: xxi                                                    
                                                                                                                      
                                                                                                                      
    N/A                                                                                                               
                                                                                                                      
    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:                                                                                       
                                                                                                                      
    14. Contact name:                                                              Rose Coyle                         
                                                                                                                      
    15. Contact telephone number:                                                0207 002 7503