PANAFRA ENTERS INTO JOINT VENTURE TO BUILD RESIDENTIAL OWNER-OCCUPIED HOUSING IN TANZANIA

CINCINNATI, OH, October 5, 2007 – Pan African Management and Development Company, Inc., “Panafra”, announced today that it has entered into a joint venture with Mutual Developers Limited, a Tanzania real estate development company. The joint venture, Mutual Ventures Limited, will focus on constructing high quality affordable housing in Tanzania. The Company expects to break ground in October on its first project, a large development in the South Beach area of Dar es Salaam. The project will be constructed in 3 phases. John Tate, Panafra’s Chairman commented, “The Tanzanian housing market is estimated to have a 2 million unit shortfall, that is increasing by 200,000 units per year. With such a large unmet need in the marketplace we believe Mutual Ventures is positioned favorably to participate in this growing segment. Our local partners have the experience, expertise, and reputation to enable Mutual Ventures to gain a commanding share of the low and middle income housing market over the coming years.”

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Panafra is a management and development company that works with growing enterprises in Africa to provide financial, management, and market entry support in an effort to help raise living standards in the countries we do business in by increasing the economic reach and development of the local business sectors. We also provide investment opportunities for investors to participate in the rapid development taking place in sub-Saharan Africa. Requests for information and inquires should be addressed to inquiries@panafra.com.

Mutual Developers Limited (MDL) is a leading, innovative, inclusive and integrated real estate development company in Tanzania. It provides wider access to good quality and good value properties for a wide segment of the urban community in Tanzania and the region. MDL (see www.mutualdevelopers.com) with the support of the public sector in partnership is embarking on planned development of large areas in Temeke District on South of Dar es Salaam City as well affordable housing estates in various parts of Tanzania.