ZAMBEEF PRODUCTS PLC

FIRST CAUTIONARY ANNOUNCEMENT

In accordance with the Lusaka Securities Exchange ("LuSE") Listings Requirements, the Board of Directors ("the Board") of Zambeef Products plc (the "Company" or "Zambeef") wishes to remind its Shareholders that in 2016, British International Investment plc ("BII"), formally CDC Group Plc, acquired 52.6 million ordinary shares and 100,057,658 convertible redeemable preference shares ("Preference Shares") in Zambeef Products plc. The details of the transaction are as set out in the Company's announcement of 4 August 2016, and in the Investment Agreement which can be found on the Company's website.

16 September 2024 will be the eighth anniversary of BII's investment in the Company. After this date BII's conversion rights on their Preference Shares will increase materially, from currently one-for-one new ordinary share, to one for 3.0833 (recurring) new ordinary shares.

Accordingly, shareholders are advised to exercise caution when dealing in the Company's securities until further notice.

For further information, please visit www.zambeefplc.com or contact:

Zambeef Products plc                                                                                                   

Faith Mukutu, Chief Executive Office                                                                      Tel: +260 (0) 211 369003

Patrick Kalifungwa, Chief Financial Officer            

Autus Securities Limited (Sponsoring Broker)

Mataka Nkhoma (Sponsoring Broker)                                                                     Tel: +260 (0) 211 840 513

Cavendish Capital Markets Ltd (Nominated Adviser and Broker)             

Ed Frisby/Abigail Kelly (Corporate Finance)                                                          Tel: +44 (0) 20 7220 0500

Tim Redfern (ECM)        

Notes to Editors

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, 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 producers in Zambia, with a capacity of 8.8m broilers and 25.4 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 7,265 hectares of row crops under irrigation, which are planted twice a year, and a further 8,000 hectares of rainfed/dry-land crops available for planting each year.