Related Party Transactions

Zambeef (AIM: ZAM), the fully integrated cold chain food products and retail business with operations in Zambia, Nigeria and Ghana, announces details of the following related party transactions.

The following are details of trading by Zambeef with Java Foods Limited ("Java"), a company in which Katebe Monica Musonda, non-executive director of Zambeef, is an approximately 21% ordinary shareholder, and, was a director of until 16 July 2025. Java was a Related Party pursuant to the AIM Rules for Companies, and the following information is disclosed pursuant to AIM Rule 13.

• Sales of flour to Java, between November 2023 and July 2025 inclusive, this being a total of 2,240 tonnes, with a total sales value of ZMW43,256,300; and
• Purchases from Java of noodles (for subsequent sale in Zambeef's retail sales channel), between November 2023 and May 2025 inclusive (noting that there were no such purchases by Zambeef in June and July 2025), this being a total of 68 tonnes, with a total purchase value of ZMW2,059,881, together the "Transactions").

The sale of flour was conducted at the same price per tonne as that charged to Zambeef's other customers. All consideration has been received in cash. The aggregated Transactions were Related Party Transactions under the AIM Rules for Companies.

The independent directors of the Company for the purpose of the Transactions, being the whole Board other than Katebe Monica Musonda, consider, having consulted with the Company's nominated adviser, Cavendish Capital Markets Limited, that the terms of the Transactions are fair and reasonable insofar as its shareholders are concerned.