Trading Statement

Share Code: ZAMBEEF

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 for the financial year ended 30 September 2023 is expected to be 306% and 272% higher (in Kwacha and US Dollar terms respectively) than that of the previous financial year ended 30 September 2022.

The Company reiterates the guidance provided in the Company's previous Trading Update of 7 November 2023, which included the following information, and therefore there is no change to the most recent market expectations as updated on 7 November 2023.

Extract from Trading Update of 7 November 2023:

"The Group's forward guidance on financial trading performance for the year ended 30 September 2023 is expected to be above market expectations, despite a challenging operating environment with revenue, gross profit and adjusted EBITDA* (all in USD) expected to be between 5-15% higher than market expectations.

Reported profit before tax (USD) is estimated to be c.30% higher than current market expectations. A higher taxation charge is expected to result in reported profit after tax below current market expectations but above the previous financial year.

The Group continued to see increasing demand for its products, supported by a price moderation approach, resulting in volume growth across most product categories. Lower than expected selling prices and higher input costs (which couldn't fully be passed on to the consumer), including fuel and electricity, put pressure on gross margins which moderated in the second half. During H2, the Group had strong performance enhanced by better overall cost control.

The exchange rate depreciated steadily in H1 however, was more turbulent in H2, beginning the financial year at K15.9/USD and ending the period at K21.31/USD."

The Company expects its results for the year ended 30 September 2023 to be released on 6 December 2023. 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 EBITDA is defined as earnings before interest, tax, depreciation, amortisation, impairments, loss on equity accounted investments, loss on disposal and net unrealised foreign exchange losses.