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PAN AFRICAN RESOURCES FUNDING COMPANY LIMITED - Step-down margin notification

Release Date: 07/10/2025 16:51
Code(s): PARS02 PARS03     PDF:  
Wrap Text
Step-down margin notification

Pan African Resources Funding Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 2012/021237/06)
Company code: PARI
Bond code: PARS02       ISIN: ZAG000192766
Bond code: PARS03       ISIN: ZAG000209834
("PAR Funding Company" or the "Issuer")

STEP-DOWN MARGIN NOTIFICATION

Noteholders are referred to the announcement released on SENS on 10 September 2025 wherein
Noteholders were advised of the Issuer's progress on its key performance indicators relative to its
baseline/benchmark targets, as verified by the independent external reviewer. Noteholders were
advised of the applicable margin adjustments in the said SENS announcement. For clarity, the
following Margin Adjustment Events have occurred:

Margin Adjustment Event applicable to PARS02

Noteholders are referred to Appendix 1 – "Additional terms and conditions relating to the PARS02
Notes - sustainability-linked bonds" contained in the applicable pricing supplement relating to the
PARS02 Notes and, using the terms defined therein, are advised that, save for KPI 1, the Issuer has
met all sustainability performance targets relevant to Target Observation Period 3 (i.e. SPT3), to the
satisfaction of the Sustainability Coordinator.

Accordingly, the Margin Adjustment Event has occurred in accordance with paragraph 1.11 of
Appendix 1 of the applicable pricing supplement and the Initial Margin will be decreased by 3 basis
points from 375 basis points to 372 basis points. In accordance with the terms of the PARS02 Note,
this revised Margin is applicable for the Interest Period which commenced on 15 September 2025,
and therefore applicable to the Interest Payment dated 15 December 2025.

Margin Adjustment Event applicable to PARS03

Noteholders are referred to Appendix 1 – "Additional terms and conditions relating to the PARS03
Notes – sustainability-linked bonds" contained in the applicable pricing supplement relating to the
PARS01 Notes and, using the terms defined therein, are advised that, save for KPI 1, the Issuer has
met all the sustainability performance targets relevant to Target Observation Period 1 (i.e. SPT1), to
the satisfaction of the Sustainability Coordinator.

Accordingly, a Margin Adjustment Event has occurred in accordance with paragraph 1.11 of Appendix
1 of the applicable pricing supplement and the Initial Margin will be decreased by 3 basis points from
305 basis points to 302 basis points. In accordance with the terms of the PARS03 Note, this revised
Margin is applicable for the Interest Period which commenced on 22 September 2025, and therefore
applicable to the Interest Payment dated 22 December 2025.

As noted in the SENS announcement dated 10 September 2025, the Sustainability Certificate, including
the KPI Auditor's reports are available on Pan African Resources Plc's website at:
https://www.panafricanresources.com/investors/domestic-medium-term-note-programme/

Rosebank
7 October 2025

Debt Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 07-10-2025 04:51:00
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