Major Shareholders

Pan African Resources Capital Structure as at 31 December 2016:

Shares in issue
1,943,206,554
Percentage of AIM Securities not in public hands41.56%

Major Shareholder Information:

Shareholder
Shares
%ISC
Shanduka Gold436,358,05822.46
Allan Gray Investment Management367,459,48418.91
Truffle Asset Management107,684,2975.54
Fidelity International75,658,5213.89
Old Mutual Investment Group71,094,980
3.66