27 April, 2022

Zambeef Products PLC

("Zambeef" or the "Group")

HALF YEAR TRADING UPDATE

Zambeef (AIM: ZAM), the fully integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana, is pleased to provide the following update on trading.

The Group announces that for the full year ending 30 September 2022, revenue (reported in USD) is expected to be 10% above current market expectations, with EBITDA, EBIT and adjusted Profit Before Tax* being 15% - 25% ahead of current market expectations.

The half year period ended 31 March 2022 saw macroeconomic fundamentals stabilise. The exchange rate remained relatively stable and inflation steadily reduced. The delayed payment of non-interest-bearing government domestic arrears and a tight monetary policy resulted in constrained consumer spending, thereby impacting the Retail and Cold Chain Food business. Despite these headwinds, the Group is expected to post results ahead of market expectations, driven by a strong focus on cost control and favourable commodity pricing, particularly from higher soya bean prices from which the Cropping division is benefitting from.

In addition, a renewed focus in the financial year on price moderation, innovation, channel development and a sales execution strategy is expected to stimulate volume performance and, therefore, profitability during the second half of the financial year. Full year financial performance is also expected to benefit from the diversified portfolio of businesses in which we operate. Notwithstanding our expectations, the Russia - Ukraine conflict and its impact on input raw material costs remain of concern.

The Group's net debt** position as at 31 March 2022 was circa USD33million (31 March 2021: USD45million, 30 September 2021: USD42.7million).

The Group expects its results for the six-month period ended 31 March 2022 to be released by the end of June 2022. Shareholders are advised that the information contained in this Trading Statement has not been reviewed nor reported on by the external auditors.

*Adjusted Profit Before Tax (PBT) is defined as being adjusted for any unrealised foreign exchange gains or losses and any losses or gains made from asset disposals.

**Net debt is defined as cash and cash equivalents less bank loans and asset financing and excludes IFRS16 right of use lease liabilities.

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About Zambeef Products Plc

Zambeef Products plc is the largest integrated cold chain food products and agribusiness company in Zambia and one of the largest in the region, involved in the primary production, processing, distribution and retailing of beef, chicken, pork, milk, eggs, dairy products, fish, flour and stockfeed, throughout Zambia and the surrounding region, as well as Nigeria and Ghana.

It has 236 retail outlets throughout Zambia and West Africa.

The Company is one of the largest suppliers of beef in Zambia. Five beef abattoirs and three feedlots are located throughout Zambia, with a capacity to slaughter 230,000 cattle a year. It is also one of the largest chicken and egg producers in Zambia, with a capacity of 8.8m broilers and 22.4 million day-old chicks a year. It is one of the largest piggeries, pig abattoirs and pork processing plants in Zambia, with a capacity to slaughter 75,000 pigs a year, while its dairy has a capacity of 120,000 litres per day.

The Group is also one of the largest cereal row cropping operations in Zambia, with approximately 7,787 hectares of row crops under irrigation, which are planted twice a year, and a further 8,694 hectares of rainfed/dry-land crops available for planting each year.

www.zambeefplc.com

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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