Related Party Transaction

Zambeef (AIM: ZAM), the fully integrated cold chain food products and retail business with operations in Zambia, Nigeria and Ghana, announces details of a related party transaction pursuant to AIM Rule 13.

The Company has on 14 October 2026 entered into a further eighteen-month agreement for the supply of power with Kanona Power Company Limited (“Kanona”), and this is in the form of an addendum (the “Addendum”) to the existing agreement (the “Agreement”) in place with Kanona as previously announced on 9 April 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 Addendum (the “Transaction”) is a Related Party Transaction. The following information is disclosed pursuant to AIM Rule 13.

The Addendum, together with the Agreement, provides electricity to the Group’s Mpongwe farms. The Addendum;

extends the term of the Agreement through to 31 January 2028,

fixes the price through to 31 July 2027, and

introduces a fixed price adjustment mechanism for the final six months to 31 January 2028.

The fixed-price adjustment mechanism applies on a straight-line basis against the increase or decrease in the US Producer Price Index (Series ID: WPUFD4131) for May 2027 (as released in June 2027) vs May 2026 (as released in June 2026). In the six months (1 February 2026 to 31 July 2026 inclusive), purchases of electricity under the Agreement totaled USD3,438,910 (including taxes). The Agreement remains subject to a 30-day notice period given by either party.

The independent directors of the Company, for the purpose of the Transaction, 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 Transaction are fair and reasonable insofar as its shareholders are concerned.