T-MORTGAGE LIMITED ANNOUNCES LAUNCH OF COMMERCIAL OPERATIONS IN TANZANIA

DAR ES SALAAM, TANZANIA JULY 19, 2008 – T-Mortgage, the first company in Tanzania dedicated exclusively to providing Tanzanians with mortgage products and services, announced today the launch of its operations and is open for business. As a mortgage company, T-Mortgage serves the needs of the growing residential property market by delivering customer focused, streamlined processes designed to make home buying as convenient and easy as getting a cell phone. Charles Inyangete, T-Mortgage Chief Executive Officer commented, "Over the past several years it has become apparent to me that the home ownership market in Tanzania is under served. The housing deficit is estimated to be 2 to 3 million units and increasing each year. We created T-Mortgage to help overcome this shortfall. As a company, we have one goal, helping Tanzanians easily acquire the home they desire. Home ownership in Tanzania is often a difficult and lengthy process, we are changing that model."

The T-Mortgage sales office, located in the Dar es Salaam City Centre at the Zambia High Commission Building Annex, is open Monday – Friday from 8:00am to 6:00pm and on Saturday's from 9:00am until 12:30pm. For customer convenience the sales team also arranges individual customer appointments outside of normal working hours. Chris Gumbe, Operations Director noted, "For us the customer comes first. We strive to make the home acquisition process understandable, transparent, quick and easy. Home ownership should be exciting, from filling out the application, to moving in, our customers deserve and receive the individual attention they need to make the home ownership experience easy and enjoyable."

The company also works directly with residential property developers to ensure their customers have the ability to easily get quality properties, allowing them to move in quickly, while paying for the home gradually over a 15 year period. This helps build a thriving residential property development industry by supporting developer sales to individuals. Salim Zagar, Panafra (T) President, who is responsible for working with property developers, remarked "Panafra, as a promoter and investor in T-Mortgage, has been impressed by the efforts the company is making to support property developers with products, processes, and services which encourage and enable an increased housing inventory to be made available to a wider segment of Tanzanians. As T-Mortgage operations expand we will always work to identify the highest quality developers so that our customers will experience a high level of pride of ownership in their new homes."

A customer segment that is often faced with additional challenges in buying a home in Tanzania is the Tanzania Diaspora. To help serve the needs of these customers, T-Mortgage is establishing a branch office in Houston, Texas. Pamela Karabina, T-Mortgage North American Business Development Manager said, "As a Tanzanian living abroad, I meet so many Tanzanians who dream of buying a house back home in Tanazania. I am so excited to now be able to assist them in doing so." The Houston branch office will work with Tanzanians in the US and Canada. The company is also in the process of establishing a second branch operation in London to serve the needs of Tanzanians in Europe.

To support its operations in Tanzania, T-Mortgage is working with local, regional and international investors and funding partners. John Tate, T-Mortgage Chief Financial Officer added," I am happy to be part of T-Mortgage, and I am especially encouraged to be helping customers in the lower and middle income categories struggling with high rents and limited options. By providing an easy and convenient way for these customers to "buy a house today, and pay for it over time" we make the dream of home ownership a reality today." From the beginning we have embraced a philosophy and community development perspective as we strive to deliver superior value to our Tanzanian customers. Our investors and partners share this philosophy and we look forward to working with all stakeholders as we strive to deliver superior value to our Tanzanian customers".

T-Mortgage is a mortgage company promoted by Integrated Risk and Investment Services ("IRIS") a Tanzanian based financial services consulting firm, and Pan African Management and Development Company, Inc. ("Panafra") a US-based management and development company. The company is engaged in providing mortgage products and services to individual home owners, property developers, and investors. Requests for information and inquires should be addressed to info@t-mortgage.com or inquires@panafra.com.