GENERAL TEXT AMENDMENT

The following amendments have been made to the 'Trading Statement' announcement released on 18 November 2021 at 8am under RNS No 8115S.

The Loss Per Share and Total Basic Earnings per Share was incorrectly stated as ZMW34.0 and ZMW55.89, respectively. The figures remain the same but the currency has been updated to reflect Total Basic Earnings per Share of 55.89 Ngwee compared to the prior years' Loss Per Share of 34.0 Ngwee.

All other details remain unchanged.

The full amended text is shown below.

ZAMBEEF PRODUCTS PLC

[Incorporated in the Republic of Zambia]

Company registration number: 31824

Share Code: ZAMBEEF

ISIN: ZM0000000201

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 2021 is expected to be 55.89 Ngwee compared to the Loss Per Share of 34.0 Ngwee in the corresponding period last year ended 30 September 2020. This represents c.264.3% growth in Earnings per share.

The company stated on 21 October 2021, that the Group was pleased to announce that "for the year ending 30 September 2021, revenue (reported in USD) is expected to be between 10% - 15% ahead of current market expectations, with EBITDA and EBIT being ahead by 10% - 12%. Adjusted Profit Before Tax* is expected to be 65 - 75% ahead of current market expectations." The Group reiterates its trading update as announced on 21 October 2021.

The appreciation of the Kwacha in the last quarter of the financial year resulted in an exchange gain and reduced interest costs on USD denominated loans and thus in an increased Profit after Tax.

As announced on 21 October 2021, the Group expects its audited results for the year ended 30 September 2021 to be released in December 2021. Shareholders are advised that the information contained in this Trading Statement has not been reviewed nor reported on by the external auditors.

*Adjusted Profit Before Tax (PBT) is defined as being adjusted for any unrealised foreign exchange gains or losses and any losses or gains made from asset disposals.

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