Update on Zambia Revenue Authority

ZAMBEEF PRODUCTS PLC

("Zambeef" or the "Group")

 Update on Zambia Revenue Authority

Zambeef (AIM:ZAM), the fully integrated agri-business with operations in Zambia, Nigeria and Ghana, notes that the Zambia Revenue Authority ("ZRA") is appealing the verdict of the Revenues Appeal Tribunal of 3rd November 2015. This is further to previous announcements in relation to the tax demand by the ZRA in respect of Zamanita. Zambeef will update on further developments in due course.

As announced previously, a full provision amounting to ZMW49 million (approximately US$9.7 million) was made in the accounts for the year ended 30 September 2012.

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For further information, please contact:

Zambeef Products plc Tel: +260 (0) 211 369 003

Francis Grogan, Joint CEO

Carl Irwin, Joint CEO

Strand Hanson Limited Tel: +44 (0) 20 7409 3494

Angela Hallett

James Spinney

Ritchie Balmer

Panmure Gordon Tel: +44 (0) 20 7886 2500

Dugald Carlean

Tom Salvesen

Peter Steel

Finncap Tel: +44 (0) 20 7220 0500

Joanna Scott

Raymond Greaves

Powerscourt Tel: +44 (0) 20 7250 1446

Nick Dibden

Sophie Moate

Nick Brown