PRESS STATEMENT BY LEGACY HOLDINGS ZAMBIA

PRESS STATEMENT BY LEGACY HOLDINGS ZAMBIA LIMITED ON THE PROPOSED "MOSI-OA-TUNYA HOTEL AND COUNTRY CLUB ESTATE PROJECT" IN LIVINGSTONE .
The Post, Friday April 21, 2006

Legacy Holdings Zambia Limited is a joint venture between the local tourism empowerment company, Tourism Investments Zambia Limited and the Legacy Group of South Africa. The Legacy Group of South Africa own and operate an international chain of 4 and 5 star hotels, bush lodges, and resorts including the 'iconic' 33-storey Michelangelo Towers at Nelson Mandela Square, in Sandton, Johannesburg. Further information on the Legacy Group can be found on their website at www.legacyhotels.co.za. On Friday the 10th of March 2006, the Board and Management of ZAWA approved the application by Legacy Holdings Zambia Limited for additional land in the Mosi-oa-Tunya National Park to develop the "Mosi-oa-Tunya Hotel and Country Club Estate Project. This hotel development is to be anchored by the following key components:
1. The 4 star "Mosi-oa-Tunya Hotel and International Conference Centre"
2. The 5 star "Queen Victoria Hotel.
3. The "Queen Victoria Country Club and Golf Estate" which will have an 18 hole golf course, luxury villas, health spa, gym, swimming pool, tennis and squash courts etc.
4. A Marina on the Zambezi River for the "HM Maramba" Boat Cruise and docking point for other boats.

The Road Map for the implementation of this project is now as follows:

- Signing of the Development Agreement between Legacy and the Zambian Government
- Commencement of the Project Environmental Impact Assessment which will run concurrently with the Detailed Design Work and the Bankable Feasibility Study,
- Project Financial Close,
- Construction Work and Procurement,
- Project Commissioning and commencement of operations in Zambia.

Legacy Holdings Zambia Limited intends to commission the "Mosi-oa-Tunya Hotel and Country Club Estate Project" in 2008 before the 2010 FIFA World Cup that will be hosted by South Africa. The project is expected to create 2000 jobs during construction and 1000 permanent jobs thereafter.

Legacy Holdings Zambia Limited is looking forward to working closely with the Government, the people of Zambia and all Stakeholders in order to realize this exciting project.

JJ Sikazwe, Chairman Legacy Holdings Zambia
Bart Dorrestein, Chairman Legacy Group