Tiger Brands Limited – Dealing in securities

TBS 201709130037A
Dealing in securities

“Tiger Brands” or “the Company”
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080

Tiger Brands Limited 2013 Share Plan: Dealing in securities

In compliance with paragraphs 3.63 – 3.74 of the Listings Requirements of JSE Limited (“the
JSE”), shareholders are advised that Tiger Brands Limited (“the Company”) has offered
13,102 Share Appreciation Rights (“SARs”) to a director of a major subsidiary of the Company
(Tiger Consumer Brands Limited), P.W. Spies (“the Participant”). The offer was accepted on
13 September 2017.

SARs are allocated at an allocation price equal to the volume weighted average price of a
Tiger Brands share on the JSE over the 10 trading days immediately prior to the Offer Date
(“the Allocation Price”). Provided that the performance criteria are met, one-third of the SARs
allocation will vest on each of the third, fourth and fifth anniversary dates of the Offer Date (in
terms of the performance criteria, the number of SARs vesting in relation to the full number
allocated is proportionally reduced if Company financial performance targets are not met).

The Participant may elect to delay exercise of the SARs to some future date not exceeding the
sixth anniversary of the Offer Date. The value of the SARs which a Participant may exercise
will be calculated with reference to the difference between the closing price of a Tiger Brands
share on the date on which the Participant exercises his SARs and the Allocation Price. It is
the Company’s policy to settle the value of the SARs to the Participant in Tiger Brands shares.

The following are applicable to the above allocation:

– Class of underlying security to which rights attach Ordinary shares
– SARs Allocation Price per share R403,56
– Nature of transaction Off-market allocation of SARs
– SARs vesting period One-third of allocation on each of the third,
fourth and fifth anniversary dates of the
Offer Date
– Nature of interest Direct beneficial

In accordance with section 3.66 of the Listings Requirements the necessary clearance was
obtained to offer the abovementioned SARs.

13 September 2017

J.P. Morgan Equities South Africa Proprietary Limited

Date: 13/09/2017 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE’).
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