Trading Statement

In accordance with the Lusaka Securities Exchange ("LuSE") Listings Requirements, the Board of Directors of Zambeef Products Plc (the "Company") hereby advises the Shareholders of the Company that the Total Basic Earnings per Share (EPS) for the half year financial period ended 31 March 2022 is expected to be 172% higher in Kwacha terms (228% higher in USD) than that of the corresponding half year period ended 31 March 2021.

The Company stated on 27 April 2022, that for the year ending 30 September 2022, revenue (reported in USD) was expected to be 10% above then market expectations, and EBITDA, EBIT and adjusted Profit Before Tax* were then expected to end 15% - 25% ahead of then market expectations (all reported in USD). The Group is pleased to confirm this remains the case.

The period saw relative macroeconomic stability with the exchange rate remaining relatively stable and inflation steadily reducing. Despite headwinds of constrained consumer spending and some input cost inflation, the Group remains on track for full year results ahead of previous market expectation driven by favourable commodity sales pricing in our Cropping division and continued focus on cost control.

As announced on 27 April 2022, the Group expects its results for the six-month period ended 31 March 2022 to be released by the end of June 2022. Accordingly, shareholders are advised to exercise caution when dealing in the Company's Securities until the publication of results. The shareholders are further 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.

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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 238 retail outlets throughout Zambia and West Africa.

The Company is one of the largest suppliers of beef in Zambia. Five beef abattoirs and five 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 it's 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 6,099 hectares of row crops under irrigation, which are planted twice a year, and a further 8,730 hectares of rainfed/dry-land crops available for planting each year.

www.zambeefplc.com