TIGER BRANDS LIMITED - Grant and acceptance of conditional share awards to a director of the Company

Grant and acceptance of conditional share awards to a director of the Company

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


Grant and acceptance of conditional share awards to a director of the Company, the
Company Secretary and directors of a major subsidiary of the Company, including a
Prescribed Officer

In compliance with paragraphs 3.63 - 3.74 of the Listings Requirements of JSE Limited,
shareholders are advised that Tiger Brands has offered Performance Vesting Shares ("PVS")
and, where applicable, Restricted Shares (“RS”) in terms of the Tiger Brands Limited 2013
Share Plan to a director of the Company, the Company Secretary and directors of a major
subsidiary of the Company, one of whom is a Prescribed Officer ("the Participants"),as set out
below.

Messrs Doyle, Maharaj and Monaisa did not participate in the annual award of PVS and RS in
December 2019 as they were subject to a voluntary imposed closed period (“Closed Period”)
related to the Company’s disposal of its Value-Added Meat Products business (“VAMP”). For
the same reason, a sign-on award of PVS could not be made to Mr Ralebepa who joined the
Company on 6 January 2020. The Closed Period was lifted following the release of the VAMP
transaction terms announcement on 17 August 2020 advising shareholders that the Company
had entered into sale of business agreements for the disposal of VAMP and, as a result, the
Company proceeded to offer PVS and RS to the Participants on 7 September 2020 (“Offer
Date”).

The offers were all accepted on 9 September 2020.

PVS are conditionally awarded with the final number of Tiger Brands ordinary shares (“Shares”)
settled after three years from the Offer Date. The number of Shares to be settled will range
from 0% to 200% of the conditional award dependent on the specific performance criteria for
the PVS being met. The determined number of PVS will be settled to the Participants in Shares
or in cash, at the Company’s sole and absolute discretion.

RS have been granted to the Company Secretary as specific retention shares. These Shares
vest after three years from the Offer Date and will be settled to the Participant in Shares or in
cash, at the Company’s sole and absolute discretion.

The following offers are applicable to this announcement:


 Name              Position                      No. of PVS      No. of RS       Deemed value
                                                  awarded         granted        of RS at Offer
                                                                                  Date (Rand)

 NP Doyle          Director and director of            65,880                -                 -
                   major subsidiary
 Y Maharaj         Director of a major                  27,320               -              -
                   subsidiary and
                   Prescribed Officer
 NJ Ralebepa       Director of a major                   3,930               -              -
                   subsidiary
 JK Monaisa        Company Secretary                     2,440        3,340       566,631.00



The following details are applicable to the above:

 - Class of underlying security to which PVS and RS        Ordinary shares
   rights attach
 - PVS Award Price per Share                               Rnil (not applicable)
 - RS Grant Price per Share                                Rnil (not applicable)
 - Nature of transaction                                   Off-market allocation of PVS and RS
 - PVS vesting period                                      Third anniversary of the Offer Date
 - RS vesting period                                       Third anniversary of the Offer Date
 - Nature of interest                                      Direct beneficial


In accordance with section 3.66 of the Listings Requirements, the necessary clearance was
obtained for acceptance of the abovementioned PVS and RS offers.


Bryanston
10 September 2020




Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited

Date: 10-09-2020 01:40:00
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