AFRE Corporation - Notice to Shareholders

Following the cautionary announcement, published on the 25th of January 2012, the Board advises that the discussions at shareholder level were concluded resulting in the National Social Security Council acquiring a controlling stake in Africa First ReNaissance Corporation Limited. The Board has also made the following announcements:

Resignations:
1. Mr Tawanda Nyambirai resigned as Chairman and Non-Executive Member of the Board.
2. Mrs Tracy Mpofu also resigned as a Non-Executive member of the Board.
3. Mr John Gould resigned as Non-Executive member of the Board.
4. Mrs Sibusisiwe Ndhlovu also resigned as Group Chief Executive Officer and Executive member of the Board.

Board Appointments
1. Mr Innocent Chagonda has been appointed as the Non-Executive Chairperson with immediate effect. Currently he is a Partner at Atherstone & Cook, Legal Practitioners and the current Board Chairman of the National Social Security Authority.

2. Mr James Mwaiyapo Matiza has been appointed as a Non-Executive board member. He is the General Manager of the National Social Security Authority.

3. Dr Christopher Urombo Hokonya, has been appointed as Non-Executive board member. Currently he is the Managing Partner of IBIS Resources.
 
4. Mr Douglas Hoto has been appointed as the Group Chief Executive Officer and Executive member of the board.   Prior to his appointment he was the Chief Executive Officer of Altfin Limited.