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 related party transactions pursuant to AIM Rule 13.

The Company entered into a six-month agreement for the supply of power on 28 January 2025, effective 1 February 2025 (the "Agreement") with Kanona Power Company Limited ("Kanona"), and this was followed by two addenda to the Agreement extending the term to 31 July 2026. Katebe Monica Musonda, Non-Executive Director of Zambeef, is also a shareholder and director of Kanona. Kanona is a Related Party pursuant to the AIM Rules for Companies, and the following information is disclosed pursuant to AIM Rule 13. For this purpose, the initial Agreement and the subsequent addenda (the "Transactions") are Related Party Transactions.

The Agreement is for the provision (sole supplier) of electricity to the Group's Mpongwe farms. The Agreement was amended on 30 July 2025, extending the term for an additional six months, and amended again on 1 December 2025, extending the term for a further additional six months through to 31 July 2026. In the first twelve-month period (February 2025 to January 2026 inclusive), purchases of electricity totaled USD4,987,459 (including taxes). The fixed pricing (excluding taxes) for 1 February 2026 onwards increased by 3.1852%. The Agreement is subject to a 30-day notice period given by either party.

Entering into the agreement for the supply of power provided an improvement in both pricing and reliability of supply.

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.