TIGER BRANDS LIMITED - Dealings in securities

Dealings in securities

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


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 Share
Appreciation Rights ("SARs"), Performance Vesting Shares ("PVS") and Restricted Shares to
the following directors of the Company, the Company Secretary and directors of major
subsidiaries of the Company ("the Participants"), as set out below. The offers were accepted
on 24 May 2016.

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 progressively reduced if Company financial performance targets are not met).
The Participants 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 a Participant exercises his SARs and the Allocation Price.
The Company, at its sole and absolute discretion, can decide to settle the value of the SARs
to the Participant in Tiger Brands shares or in cash.

PVS are conditionally awarded with the final number settled after three years from the Offer
Date dependent on the performance criteria set being met. The number of shares to be settled
will range from 0% to 300% of the conditional award. The determined number of PVS will be
settled to the Participant in shares or in cash, at the Company´s sole and absolute discretion.

Restricted Shares are granted on a basis linked to the receipt of an annual short-term
incentive bonus in respect of the financial year ended 30 September 2015. These shares vest
after three years from the Offer Date.

Name                Position                          No. of SARs       No. of PVS
                                                        allocated        awarded

NP Doyle            Director                             22,870            5,720
NG Brimacombe       Director of a major subsidiary        6,150            1,330
AG Kirk             Director of a major subsidiary       11,680            2,520
T Naidoo            Company Secretary                     1,030              190
Name                 Position                             No. of             Deemed value at
                                                          Restricted         grant date
                                                          Shares granted           (Rand)

NP Doyle             Director                             1,330              413 084.70
AG Kirk              Director of a major subsidiary       1,090              338 543.10
T Naidoo             Company Secretary                       50               15 529.50

The following are applicable to the above:

-   Class of underlying security to which rights attach    Ordinary shares
-   SARs Allocation Price per share                        R291.71
-   PVS Award Price per share                              Rnil (not applicable)
-   Restricted Share Grant Price per share                 Rnil (not applicable)
-   Nature of transaction                                  Off-market allocation of SARs, PVS and
                                                           Restricted Shares
- SARs vesting period                                      One-third of allocation on each of the third,
                                                           fourth and fifth anniversary dates of the
                                                           Offer Date
- PVS vesting period                                       Third anniversary of the Offer Date
- Restricted Shares 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 to offer the abovementioned SARs, PVS and Restricted Shares.


Bryanston
25 May 2016




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

Date: 25/05/2016 03:14:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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