TIGER BRANDS LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT REGARDING DISCUSSIONS BETWEEN TIGER BRANDS AND DANGOTE INDUSTRIES LIMITED

FURTHER CAUTIONARY ANNOUNCEMENT REGARDING DISCUSSIONS BETWEEN TIGER BRANDS AND DANGOTE INDUSTRIES LIMITED

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


  FURTHER CAUTIONARY ANNOUNCEMENT REGARDING DISCUSSIONS BETWEEN TIGER BRANDS AND DANGOTE
  INDUSTRIES LIMITED (“DANGOTE”) IN RESPECT OF DANGOTE’S SHAREHOLDING IN DANGOTE FLOUR MILLS PLC
                                               (“DFM”)


   Shareholders are referred to the announcements dated 7 May 2012, 18 June 2012 and 4 July 2012 regarding discussions
   between Tiger Brands and Dangote (collectively, “the Parties”) in respect of Dangote’s shareholding in DFM.

   In the announcement dated 4 July 2012, shareholders were informed that the Parties had reached an in principle
   agreement regarding the terms of a potential transaction that would, if implemented, result in Tiger Brands acquiring
   63.35% of the total ordinary issued share capital of DFM from Dangote (“the Potential Transaction”). Shareholders were
   further advised that pursuant to reaching in principle agreement, the Parties had submitted the Potential Transaction and
   its terms to the Securities and Exchange Commission of Nigeria (“SEC”) for approval, in accordance with the regulatory
   requirements in Nigeria.

   Shareholders are advised that the Parties are currently engaging with the SEC in respect of their approval process. Should
   the SEC approve the Proposed Transaction and its terms, the Parties intend to sign a share sale and purchase agreement
   (“SSPA”). Upon signature of the SSPA, Tiger Brands will release a detailed terms announcement regarding the Potential
   Transaction at which time it is anticipated that the cautionary will be withdrawn.

   Accordingly, shareholders are advised to continue exercising caution when dealing in the Company’s securities until a
   further announcement is made.

Bryanston
16 August 2012

                                                          Sponsor
                                                J.P. Morgan Equities Limited

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