RETIREMENT OF MR. WILLIAM ERIO AS THE CHAIRMAN

OF THE BOARD OF ZEP-RE

MR. WILLIAM ERIO

The Board of Directors of ZEP-RE (PTA Reinsurance Company) hereby announces the retirement of Mr. William Erio, as the Chairman of the Board and as a director with effect from 28^th May 2021.

William Erio joined the ZEP-RE Board in 2006.  In 2013, he was elected as Chairman of the Board of Directors of ZEP-RE.  We are proud to state that he diligently and selflessly served the company for nine years.

Mr. William Erio who holds a Bachelor of Laws degree from the University of Dar-es-Salaam and a Master of Laws degree from the University of Hull brought immense value to the company in the many years he served as a director and Chairperson.  His extensive knowledge and experience in the financial services industry, social security and strategy have guided the growth of ZEP-RE across the continent.  Under this leadership and stewardship, ZEP-RE has cemented its industry leadership position and achieved several milestones that have shaped the Company’s strategy and progressive growth. The Company successfully ventured into new markets and has pioneered initiatives to withstand the current unprecedented business environment.

As Mr Erio steps down, he leaves ZEP-RE in a strong position to achieve its goal in becoming Africa’s reinsurer of choice through the delivery of enhanced value to our customers, shareholders, stakeholders, including regulators, and development partners in the markets where we serve.

ELECTION OF MS CHRISTABEL BANDA AS NEW

BOARD CHAIRPERSON

MS CHRISTABEL MICHEL BANDA

The Board of Directors is also pleased to announce the election of Ms Christabel Michel Banda, as the new Chairperson of the Board with effect from 29^th May 2021.  Ms Banda, Managing Director of ZSIC Life Limited (Zambia) was appointed as a Non-Executive Director of the Board in May 2019.

Prior to her current appointment, she served in various capacities in the private sector as an insurance, audit, and finance professional.  She spearheaded the set-up of the Insurers Association of Zambia and served as its first Executive Director.  She is currently the association’s President.

Ms Banda also serves as the Chairperson of the National Road Fund (Zambia) Agency.

An MBA holder from Cavendish College, Ms. Banda is a chartered insurer and a chartered accountant and her passion for improving insurance penetration levels in Zambia and Africa will no doubt pave way for great achievements at ZEP-RE.

The Board takes this opportunity to congratulate Christabel on her election as the Chairperson.

By Order of the Board

Miriam Magala

Company Secretary

June 2021