Further Cautionary Announcement

Further to the cautionary announcement dated 16 September 2024 and in accordance with the Lusaka Securities Exchange ("LuSE") Listings Requirements, shareholders are advised 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 was the eighth anniversary of BII's investment in the Company. After this date BII's conversion rights on their Preference Shares increased from a one-for-one new ordinary share, to a one for 3.0833 (recurring) new ordinary shares. Shareholders are advised that BII has not exercised their conversion right. However, should they exercise this right, a conversion of BII's Preference Shares into ordinary shares may have a material effect on the price of the Company's securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in the Company's securities.