FirstAfrica Confirms Talks with BowLeven

The Directors of FirstAfrica and their financial advisers, N M Rothschild & Sons Limited, acknowledged the announcement Wednesday morning by BowLeven in relation to a possible offer for the entire issued share capital of FirstAfrica.

FirstAfrica confirmed that discussions with BowLeven in this regard are progressing. While it is possible that these discussions may lead to some form of transaction, FirstAfrica pointed out that there is no assurance such discussions will lead to a transaction being consummated or the ultimate form of any such transaction.

Further to the announcement of 9 November 2006, FirstAfrica said that it continues to review its current financial position. Its ordinary shares remain suspended on AIM.

FirstAfrica said that it will make further announcements in due course.

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