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


Grant and acceptance of conditional share awards by directors
of the Company, the Company Secretary and directors of major
subsidiary of the Company

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") and Restricted Shares (“RS”)
in terms of the Tiger Brands Limited 2013 Share plan, to the
directors of the Company, the Company Secretary and directors
of major subsidiary (Tiger Consumer Brands Limited) of the
Company ("the Participants"), as set out below.

The offers were accepted on 15 December 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 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.

RS 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 2017. These shares vest after three years
from the Offer Date.

The Board or the Remuneration      Committee,    as   appropriate,
approved these share awards.
Name                 Position                  No. of
                                               SARs
                                               allocated

LC Mac Dougall       Director of                 8,990
                     the Company

NP Doyle             Director of                45,830
                     the Company

JK Monaisa           Company Secretary           3,130


Name             Position          No. of        No. of    Deemed value
                                   SARs          RS        of RS at
                                   allocated     granted   grant date
                                                           (Rand)

AG Kirk          Director of a     17,680        9,450     4,024,094.00
                 major
                 subsidiary

PW Spies         Director of a     17,710        7,270     3,095,784.00
                 major
                 subsidiary

The following are applicable to the above:

Class of underlying security to which
rights attach                         Ordinary shares

SARs Allocation Price per share                R414,45

Restricted Share Grant Price per share
                                               Rnil (not applicable)

Nature of transaction                          Off-market acceptance of SARs
                                               and RS

SARs vesting period                            One-third of allocation on
                                               each of the third,
                                               fourth and fifth anniversary
                                               dates of the Offer Date

RS vesting period                              Third   anniversary     of   the
                                               Offer Date

Nature of interest                             Direct beneficial
Bryanston
18 December 2017




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

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