Financial Insight

LIMITED LATE BIRD TICKETS AVAILABLE UNTIL 24th MARCH We’re pleased to announce Misozi Hope Masengu, LLB, LLM, MCIArb , Managing Partner, Novus HM Legal Practitioners, as a Speaker at the Southern Africa Family and Business Forum to be held on 26th March 2026 including a golf morning on 27th March 2026, at Ciêla, Lusaka, a Tribute Portfolio Resort and Spa Misozi will share insights on Zambian Trust Law and how Trusts can be structured for family legacy and wealth protection. Join Frontier Markets Advisory, Henley & Partners - The Firm of Global Citizens® , Suntera Global , BDO Zambia Limited , DeaconCapital Asset Management LLP , Pangaea Agenda Asset Management, Novus HM Legal Practitioners and other sponsors, for Zambia's annual Family and Business Legacy Forum. This exclusive event will bring together family businesses, entrepreneurs and their advisors - a diverse group of private client professionals and experts - to discuss the issues and solutions facing businesses and family legacy planning. The forum will cover essential topics, including: • Succession planning for family businesses • Local and international investments • Dual citizenship and educating the next generation • Capital raising and exiting family businesses The event will facilitate knowledge sharing for entrepreneurs and their families and investors as well as building relationships between advisors and by extension, their clients. To register, click Family and Business Legacy Forum March 26-27 2026 – frontiermarketconsultants.com #generationalwealth #wealthmanagement #sucecssionplanning #Zambia #Familybusiness #IfYouKnowYouKnow

𝗙𝗜 𝗤𝗨𝗜𝗖𝗞 𝗧𝗔𝗞𝗘 “AI presents immense opportunities, but without proper governance, it can be prone to misuse .“ — Mr Chriciant Phalira, Director – Audit at KPMG Full conversation available on our YouTube Channel #FinancialInsight #ResponsibleAI #AIinZambia

𝐁𝐢𝐠 𝐅𝐨𝐮𝐫, 𝐎𝐧𝐞 𝐀𝐟𝐫𝐢𝐜𝐚 - 𝐀 𝐂𝐨𝐧𝐯𝐞𝐫𝐬𝐚𝐭𝐢𝐨𝐧 𝐰𝐢𝐭𝐡 𝐊𝐏𝐌𝐆'𝐬 𝐍𝐞𝐰𝐞𝐬𝐭 𝐓𝐚𝐱 𝐏𝐚𝐫𝐭𝐧𝐞𝐫 Financial Insight’s Clarence Chongo caught up with Mr. Benson Chalwe Mubanga, Tax Partner at KPMG Zambia , at Financial Insight’s Arcades Studios. He shared his journey from a bank trainee at Indo-Zambia Bank and a tax inspector at the Zambia Revenue Authority to becoming a newly appointed Partner at one of the Big Four firms, while also highlighting KPMG’s evolution into a unified One Africa Partnership, where engaging KPMG in Zambia connects you to the broader African firm. Benson spoke candidly about the discipline, sacrifice, and consistency required to rise through the ranks, encouraging young professionals to define their goals, seek mentorship, and take ownership of their path. He also reflected on the shifting professional landscape, emphasizing that upskilling in technology and AI is now essential to remain competitive. FULL EPISODE HERE: youtu.be/q0K2zL6WzXg #CareerGrowth #InsidersConversations #LeadershipJourney #FinancialInsight #Get2Know

𝗙𝗶 𝗤𝗨𝗜𝗖𝗞 𝗧𝗔𝗞𝗘 “Listing the company will allow us to bring in new capital and give Zambians the opportunity to participate as shareholders in Northwestern Energy.” – Andrew Kamanga, CEO, NWEC 📺 Full Episode on our YouTube Channel #FinancialInsight #Get2Know

Prospect Resources struck gold in Zimbabwe! Their lithium project, presented at Dealmakers Den, delivered massive returns. A testament to smart resource development. – Sam Hosack, CEO, Prospect Resources Limited 📺 Full Episode on our YouTube Channel #Investing #Lithium

𝐍𝐞𝐰 𝐈𝐝𝐞𝐧𝐭𝐢𝐧𝐭𝐲 𝐔𝐧𝐯𝐚𝐢𝐥𝐞𝐝 A defining moment for Aflife Holdings Limited as the new identity is officially unveiled, with the coverings coming off to reveal a bold symbol of the Group’s next chapter. Arenewed commitment to growth, clarity, and delivering integrated financial solutions across Zambia’s evolving wealth management space. Stay tuned for insights and conversations from the event #FinancialInsight #Get2Know

PRESS RELEASE - For immediate release 𝐀𝐟𝐥𝐢𝐟𝐞 𝐇𝐨𝐥𝐝𝐢𝐧𝐠𝐬 𝐔𝐧𝐯𝐞𝐢𝐥𝐬 𝐍𝐞𝐰 𝐈𝐝𝐞𝐧𝐭𝐢𝐭𝐲, 𝐑𝐞𝐧𝐚𝐦𝐞𝐬 𝐊𝐞𝐲 𝐒𝐮𝐛𝐬𝐢𝐝𝐢𝐚𝐫𝐢𝐞𝐬 Friday, 20 March 2026 Lusaka, Zambia – Aflife Holdings has unveiled a refreshed brand identity and announced new names for two of its subsidiaries, marking a new phase of growth for the Group as it strengthens its position in Zambia’s wealth management and financial services sector. The refreshed identity underscores Aflife’s commitment to partnering with individuals, institutions and businesses to grow and protect wealth, reinforcing its role as a partner in Building wealth. As part of the rebrand: ● African Life Financial Services will become Aflife Investments ● Benefits Consulting Services Limited (Bencon) will become Aflife Pensions Administration The name changes align the subsidiaries more closely with the Group’s integrated offering and provide greater clarity on the services they deliver. Importantly, the rebrand and name changes do not affect existing client relationships, services, contracts or operations. Clients will continue to receive the same trusted services from the same teams and leadership across the Group. Speaking at the launch in Lusaka, Aflife Holdings Group CEO, Muna Hantuba, said the refreshed identity reflects the company’s evolution and future ambitions. “For more than three decades, Aflife has partnered with clients to secure their financial future. This refreshed identity strengthens our commitment to being a trusted partner in wealth creation.” Guest of Honour Director Economic Management & Finance, Mr. Akapelwa Imwiko, welcomed the development, noting the important role financial institutions play in supporting economic growth. “Institutions such as Aflife play a vital role in mobilising long-term capital and strengthening Zambia’s financial ecosystem.” Founded in 1992, Aflife Holdings is a diversified financial services group providing investment management, pension administration, property investment and corporate advisory services to institutional and individual clients across Zambia. ---ENDS--- For further information please contact: Mwaka Nawa - Head of Marketing, Branding & PR Aflife Holdings Limited, 6th Floor, Mpile Office Park, Independence Avenue, Lusaka Mobile: +26 0961 888 482 Email: nawam@aflife.co.zm About Aflife Holdings Aflife Holdings is a diversified financial services group comprised of six strategic business units, namely; Aflife Investments Limited, Aflife Pension Administration Limited, Aflife Capital Zambia Limited (AfCap), Aflife Properties Limited (AfProp) and Zambian Home Loans (ZHL). The consortium is strategically poised to serve world class, diversified and professional wealth management, financial management, property development, mortgage finance and capital advisory services to both institutional and retail clients and other corporate entities of all types domestically and globally.

youtu.be/hethINH689I 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜𝐢𝐭𝐲 𝟏𝟎𝟏: Energy Contracts, Open Access & Dispute Resolution in Southern Africa Moderated by James Banda, Senior Partner at AMW & Co and Chairman of the Energy Regulation Board, this panel brought together four industry leaders to unpack the rapidly evolving energy sector in Zambia and the broader sub-Saharan region. Emmanuel Chilombo Kalenga, Managing Director of Enterprise Power, walked the audience through the electricity value chain, from generation and transmission to distribution, and shed light on FIDIC contract structures being applied to projects like the Kolwezi-Kalumbila 330kV interconnector between Zambia and the Democratic Republic of Congo (DRC). Martin Kasemuka, CEO of Lunzua Power Company, explored the contractual complexity of moving power across networks, highlighting wheeling agreements, use-of-system agreements, and the critical role of traders in managing risk between generators and consumers in an increasingly liberalised market. Fitzpatrick Kapepe, Director of Strategy and Business Development at Zesco Limited, demystified how electricity tariffs are structured, covering operations and maintenance, depreciation, debt servicing, and equity returns, and shared how financial model errors in one case led to arbitration over equity IRR miscalculations. Ana Hajduka Shields, CEO of Africa GreenCo / GreenCo Power Services and infrastructure lawyer qualified in England, Wales and New York, traced Zambia's open access journey from the Electricity Act of 2019 through Statutory Instrument 40 of 2024, drawing parallels with reforms in Namibia, South Africa, and BRICS nations, while stressing the growing role of regional power pools like SAPP in diversifying supply risk and keeping the lights on through Zambia's recent drought crisis. With over 14,000MW worth of PPAs signed in the last two years, all carrying Lusaka International Arbitration Centre clauses, the intersection of energy and dispute resolution has never been more relevant. #EnergyRegulation #FinanicialInsight #Get2Know

youtu.be/hethINH689I 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜𝐢𝐭𝐲 𝟏𝟎𝟏: Energy Contracts, Open Access & Dispute Resolution in Southern Africa Moderated by James Banda, Senior Partner at AMW & Co and Chairman of the Energy Regulation Board, this panel brought together four industry leaders to unpack the rapidly evolving energy sector in Zambia and the broader sub-Saharan region. Emmanuel Chilombo Kalenga, Managing Director of Enterprise Power, walked the audience through the electricity value chain, from generation and transmission to distribution, and shed light on FIDIC contract structures being applied to projects like the Kolwezi-Kalumbila 330kV interconnector between Zambia and the Democratic Republic of Congo (DRC). Martin Kasemuka, CEO of Lunzua Power Company, explored the contractual complexity of moving power across networks, highlighting wheeling agreements, use-of-system agreements, and the critical role of traders in managing risk between generators and consumers in an increasingly liberalised market. Fitzpatrick Kapepe, Director of Strategy and Business Development at Zesco Limited, demystified how electricity tariffs are structured, covering operations and maintenance, depreciation, debt servicing, and equity returns, and shared how financial model errors in one case led to arbitration over equity IRR miscalculations. Ana Hajduka Shields, CEO of Africa GreenCo / GreenCo Power Services and infrastructure lawyer qualified in England, Wales and New York, traced Zambia's open access journey from the Electricity Act of 2019 through Statutory Instrument 40 of 2024, drawing parallels with reforms in Namibia, South Africa, and BRICS nations, while stressing the growing role of regional power pools like SAPP in diversifying supply risk and keeping the lights on through Zambia's recent drought crisis. With over 14,000MW worth of PPAs signed in the last two years, all carrying Lusaka International Arbitration Centre clauses, the intersection of energy and dispute resolution has never been more relevant. #EnergyRegulation #FinanicialInsight #Get2Know

LIMITED LATE BIRD TICKETS AVAILABLE UNTIL 24th MARCH We’re pleased to announce Rashmi Sharma, CEO, @JewelofAfricaZM, as a Speaker at the Southern Africa Family and Business Forum to be held on 26th March 2026 including a golf morning on 27th March 2026, at Ciêla, Lusaka, a Tribute Portfolio Resort and Spa Check out Rashmi’s profile in our pre-event interview series where she shares her background and what she’ll cover at the Forum Join Frontier Markets Advisory, Henley & Partners -The Firm of Global Citizens, @sunteraglobal, @BdoZambia, DeaconCapital, Pangaea Agenda Asset Management Novus HM Legal Practitioners and other sponsors, for Zambia's annual Family and Business Legacy Forum. This exclusive event will bring together family businesses, entrepreneurs and their advisors - a diverse group of private client professionals and experts - to discuss the issues and solutions facing businesses and family legacy planning. The forum will cover essential topics, including: •Succession planning for family businesses •Local and international investments •Dual citizenship and educating the next generation •Capital raising and exiting family businesses The event will facilitate knowledge sharing for entrepreneurs and their families and investors as well as building relationships between advisors and by extension, their clients. To register, click Family and Business Legacy Forum March 26-27 2026 – frontiermarketconsultants.com #generationalwealth #wealthmanagement #sucecssionplanning #Zambia #Familybusiness #IfYouKnowYouKnow

𝗙𝗶 𝗤𝗨𝗜𝗖𝗞 𝗧𝗔𝗞𝗘 “SMEs have a marvelous opportunity in agroprocessing, but they need to come through ZAM and be part of the Proudly Zambian campaign.” – Peter Cotton, Trustee, ZAM 📺 Full Episode on our YouTube Channel #FinancialInsight #Get2Know

𝗙𝗶 𝗤𝗨𝗜𝗖𝗞 𝗧𝗔𝗞𝗘 “Open access allowed power traders to step in with liquidity, helping stabilize supply and move tariffs closer to cost reflective levels that can attract investment.” – Andrew Kamanga, CEO, NWEC 📺 Full Episode on our YouTube Channel #Get2Know

Policy Credibility Anchors Capital Formation and Market Depth in Emerging Economies Collette Mwansa Sijamba Head of Sustainability & Climate Change at Zesco Limited identifies policy credibility as the most critical lever for strengthening local capital markets, highlighting its role in building investor confidence, attracting capital, improving liquidity, and enabling the development of hedging mechanisms across emerging economies, a key theme from Global Banking & Markets 2026. In conversation with Mwelwa Kenneth @chibesakundam of Financial Insight in Cape Town, she reflects on broader panel perspectives around secondary market efficiency and risk management, while positioning Zambia’s energy sector within a wider transformation agenda focused on climate resilience, investment readiness, and increased private sector participation aligned with regional growth ambitions. @ZescoL #FinancialInsight #Get2Know

𝗣𝗥𝗘𝗦𝗦 𝗥𝗘𝗟𝗘𝗔𝗦𝗘 𝗙𝗢𝗥 𝗜𝗠𝗠𝗘𝗗𝗜𝗔𝗧𝗘 𝗥𝗘𝗟𝗘𝗔𝗦𝗘 FNB Zambia Launches 2026 Kopala Run, Targeting 8,000 Participants in Copperbelt’s Leading Wellness Run Lusaka, Zambia – 19 March 2026 FNB Zambia has officially launched the 2026 edition of the Kopala Run, set to take place on Saturday, 20th June 2026, in Kitwe on the Copperbelt. Now firmly established as one of Zambia’s most impactful community sporting events, this year’s edition is targeting 8,000 participants, up from over 6,200 runners recorded in 2025, reinforcing its position as a growing sports event promoting wellness, inclusion, and economic activity. Speaking during the official launch, FNB Zambia Chief Executive Officer, Ms. Kapumpe Chola, emphasized the significance of this year’s event as the Bank celebrates 17 years of presence in Zambia. “The Kopala Run is more than a race. As we celebrate 17 years of enabling progress in Zambia, we are proud to mark this milestone in motion, alongside the communities we serve. Each year, we are seeing more Zambians embrace wellness, connection, and opportunity. As we target 8,000 participants this year, we are building something that truly belongs to the people,” said Ms. Chola. Read more in the full article below.

𝗣𝗥𝗘𝗦𝗦 𝗥𝗘𝗟𝗘𝗔𝗦𝗘 GOVERNMENT STRENGTHENS MEASURES TO MITIGATE IMPACT OF MIDDLE- EAST CONFLICT ON PETROLEUM The global petroleum prices have significantly increased following ongoing geo-political conflicts in the Middle East, which have disrupted supply chains and heightened uncertainty on the international oil market. Prior to the escalation of the conflict, the average price of crude oil on the international market stood at approximately US$78 per barrel. This has since risen to about US$94 per barrel, exerting pressure on domestic fuel pricing structures. In response, Government has implemented targeted measures aimed at safeguarding national energy security and cushioning consumers from adverse price shocks. This is why in the month of March, no upward adjustments were made, despite petroleum prices across African markets by 30%. An inclusive approach has been adopted in addressing these challenges, with Government actively engaging key stakeholders across the petroleum value chain, including Oil Marketing Companies, transporters, and regional partners, to ensure coordinated and sustainable solutions. Among these measures is the successful revamping of three strategic petroleum storage depots in Mongu District (Western Province), Mansa District (Luapula Province) and Chipata District (Eastern Province), with a combined capacity of 20 million litres. This is in addition to the current storage in Ndola and Mpika. These facilities are critical in further enhancing the country’s fuel reserve system and ensuring steady supply across all regions. Government is also intensifying efforts to secure alternative sources of petroleum products to diversify supply chains, particularly should the current geopolitical tensions persist. In the meantime, the Ministry wishes to assure the nation that Zambia’s fuel supply remains stable, with adequate stocks to meet national demand. As of today, 19th March 2026, total available diesel stocks, a combining inland reserves and stocks in transit through Kigamboni, Dar es Salaam (Tanzania) stand at 285 million litres. Based on an average national daily consumption of 5 million litres, this represents approximately 56 days of cover. Read more in the full article below.

Eng. Malindi highlighted other key initiatives ZRL is undertaking to enhance operational efficiency and rolling stock capacity creation through hire and remanufacturing of locomotives and wagons. “In simple terms, Zambia Railways Limited today can be likened to a stool with three broken legs. These legs represent Rolling stock as the first leg, railway track infrastructure as the second leg and operational efficiencies as the third leg. For the stool to stand firm and balanced, all three legs must be fixed, comprehensively and simultaneously. This is the approach we are taking” said the Managing Director The ZRL Managing Director thanked the EU, the Government of the Republic of Zambia through the shareholder – the Industrial Development Corporation (IDC), the Board of Directors and other key stakeholders for the unwavering support to ZRL. Meanwhile, Pangaea Securities Chief Executive Officer Ceasar Siwale said the firm is fully committed to applying its expertise, networks and experience to ensure that the additional US$60 million target is successfully mobilized to support the EU-backed project. “We are particularly excited to be part of this journey with Zambia Railways Limited. Over the years, Pangaea has built a strong reputation as a trusted financial advisory firm specializing in infrastructure financing, capital mobilization and transaction structuring across the region. Our core strength lies in our ability to identify the right sources of capital, structure bankable transactions and engage effectively with a wide network of financiers,” said Mr. Siwale The European Union grant-funded track rehabilitation project was designed to rehabilitate critical sections of the railway infrastructure, with the objective of restoring safety, improving reliability and enhancing the overall efficiency of rail operations in Zambia. Issued by: Sombe Longwani - Ng’onga (Ms.) MANAGER PUBLIC RELATIONS Email: info@zrl.com.zm

Lusaka, Zambia – March 19, 2026 – Zambia Railways Limited (ZRL) has appointed Pangaea Securities as Transaction Advisor to raise US$60 million from Development Finance Institutions (DFIs) and the private sector, to compliment the €50 million grant provided to ZRL under the European Union (EU) Railway Sector Support Programme (RSSP) to rehabilitate critical sections of the ZRL railway infrastructure, signaling and communication systems. The financing support derives from ZRL’s Strategic Business Plan (SBP) for 2024 – 2028, aiming to increase annual freight haulage from 800 000 tonnes in 2024 to 2.6 million tonnes by 2028. The Phase 1 of the SBP involves a capital investment of USD 113 million to improve infrastructure and signalling systems. The RSSP forms part of Zambia’s broader objective to strengthen rail transport as a strategic national asset, improve freight efficiency, and enhance regional trade competitiveness and follows on from previous efforts to rehabilitate ZRL railway infrastructure, dating back to the 1980s, with support from multilateral donors. The improvements are expected to directly translate into increased revenues for ZRL, as operational efficiency and service reliability attract more customers and users of rail as a preferred mode of transport. The action will bolster railways’ competitive position in Zambia, potentially drawing more business and fostering economic development. Enhanced rail services will support Zambia’s economic growth by facilitating more efficient trade routes and promoting regional connectivity. Speaking during the contract signing ceremony between ZRL and Pangaea Securities, ZRL Managing Director Engineer Cuthbert Malindi described the partnership as a milestone in securing additional capital from funders required to deliver on the EU supported track rehabilitation project. Eng Malindi said railway transformation all over the world requires collaboration between public and private sector, and the partnership with Pangaea Securities demonstrates ZRL’s commitment to working closely with the private sector to unlock additional financing solutions. “By bringing on board Pangaea Securities, we are leveraging private sector expertise to help us optimally structure and mobilize the additional financing required to complement the EU grant. Partnering with Pangaea Securities allows us to structure bankable transactions, attract credible patient capital while accelerating the implementation of our rehabilitation agenda. Public-private collaboration is essential in bridging funding gaps and ensuring sustainability” noted the Managing Director

𝗣𝗥𝗘𝗦𝗦 𝗥𝗘𝗟𝗘𝗔𝗦𝗘 (𝗙𝗢𝗥 𝗜𝗠𝗠𝗘𝗗𝗜𝗔𝗧𝗘 𝗥𝗘𝗟𝗘𝗔𝗦𝗘) 𝗭𝗔𝗠𝗕𝗜𝗔 𝗥𝗔𝗜𝗟𝗪𝗔𝗬𝗦 𝗟𝗜𝗠𝗜𝗧𝗘𝗗 𝗔𝗣𝗣𝗢𝗜𝗡𝗧𝗦 𝗧𝗥𝗔𝗡𝗦𝗔𝗖𝗧𝗜𝗢𝗡 𝗔𝗗𝗩𝗜𝗦𝗢𝗥 𝗧𝗢 𝗥𝗔𝗜𝗦𝗘 𝗨𝗦𝗗𝟲𝟬 𝗠𝗜𝗟𝗟𝗜𝗢𝗡 𝗨𝗡𝗗𝗘𝗥 𝗧𝗛𝗘 𝗘𝗨 𝗚𝗥𝗔𝗡𝗧 𝗥𝗔𝗜𝗟𝗪𝗔𝗬 𝗧𝗥𝗔𝗖𝗞 𝗥𝗘𝗛𝗔𝗕𝗜𝗟𝗜𝗧𝗔𝗧𝗜𝗢𝗡 𝗣𝗥𝗢𝗝𝗘𝗖𝗧

EARLY BIRD TICKETS CLOSE TODAY 19th MARCH We’re pleased to announce Mark Luring, Director, Drake & Gorham Zambia, as a Speaker at the Southern Africa Family and Business Forum to be held on 26th March 2026 including a golf morning on 27th March 2026, at Ciêla, Lusaka, a Tribute Portfolio Resort and Spa Check out Mark’s profile in our pre-event interview series where he shares his background and what he’ll cover at the Forum. Join Frontier Markets Advisory, Henley & Partners -The Firm of Global Citizens, @sunteraglobal, @BdoZambia, DeaconCapital, Pangaea Agenda Asset Management Novus HM Legal Practitioners and other sponsors, for Zambia's annual Family and Business Legacy Forum. This exclusive event will bring together family businesses, entrepreneurs and their advisors - a diverse group of private client professionals and experts - to discuss the issues and solutions facing businesses and family legacy planning. The forum will cover essential topics, including: •Succession planning for family businesses •Local and international investments •Dual citizenship and educating the next generation •Capital raising and exiting family businesses The event will facilitate knowledge sharing for entrepreneurs and their families and investors as well as building relationships between advisors and by extension, their clients. To register, click Family and Business Legacy Forum March 26-27 2026 – frontiermarketconsultants.com #generationalwealth #wealthmanagement #sucecssionplanning #Zambia #Familybusiness #IfYouKnowYouKnow

𝗙𝗶 𝗤𝗨𝗜𝗖𝗞 𝗧𝗔𝗞𝗘 “The past year has been extremely difficult for agribusiness, with drought, high exchange rates, high interest rates, and load shedding all pushing costs beyond budget.” – Peter Cotton, Trustee, ZAM 📺 Full Episode on our YouTube Channel #Get2Know