In accordance with the provisions of the Securities (Registration of Securities) Rules, 1993 of the Securities Act, Cap 354 of the Laws of Zambia and the Listing Rules of the Lusaka Stock Exchange (“LuSE”), Zambeef (AIM: ZAM), the fully integrated agri-business with operations in Zambia, Nigeria and Ghana, announces that on 12 June 2015 it granted options (“Options”) under the Zambeef Products PLC 2012 Long Term Incentive Plan to certain executive directors and employees pursuant to the circular to shareholders dated 16 March 2015 and shareholder approvals obtained at the EGM, which took place on 8 April 2015.

The following Options were granted to executive directors of the Company:

The Options vest after three years and must be exercised within two years of vesting. The grant of the Options to the two Joint CEO’s is also subject to a 20 per cent. salary reduction. The Options can only be exercised if still employed by the Company, and are subject to a number of performance conditions, including;

1. If the share price reaches 40 pence, 25 per cent. of the Options become exercisable.
2. If the share price reaches 48 pence, a further 25 per cent. of the Options become exercisable.
3. If the share price reaches 56 pence, a further 25 per cent. of the Options become exercisable.
4. If the share price reaches 65 pence, the final 25 per cent. of the Options become exercisable.
5. Zambeef achieving a debt : equity (gearing) ratio of less than 35 per cent. and a current ratio of 1.5 in the audited accounts immediately prior to the exercising of the Options.
6. Zambeef generating free cash.

Options on the same terms over a further 825,000 shares in aggregate have been made to three other senior managers.

A further 6,430,000 Options in aggregate with an exercise price of 15 pence per share and without performance conditions were granted to 283 other employees of the Group. These Options have a three year vesting period and must be exercised within one year of vesting.

For further Information, please contact:

Further information can be found on www.zambeefplc.com

Issue date: 12 June 2015

Sponsoring Broker

First issued on 10 June 2015

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