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TBS - Tiger Brands Limited - Voluntary trading statement 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 VOLUNTARY TRADING STATEMENT Tiger Brands is satisfied that sufficient certainty exists with regard to its performance for the year ended 30 September 2011 to enable it to issue this trading statement. Shareholders are advised that, having considered the latest financial information in respect of the year ended 30 September 2011, it is expected that headline earnings per share ("HEPS") and earnings per share ("EPS") will reflect increases of between 10% and 15% and between 15% and 19% respectively, compared to the previous financial year. The differential in the rate of growth between HEPS and EPS is primarily due to an abnormal gain in 2011 arising from the recognition of the company`s equity interest in National Foods Holdings Limited of Zimbabwe, which was not previously accounted for. As advised previously to shareholders, Tiger Brands implemented its BEE Phase II transaction in October 2009. This transaction gave rise to a once- off charge amounting to R152,7 million after tax, which was disclosed as an abnormal item in the income statement for the year ended 30 September 2010. Excluding this amount, HEPS in 2011 is expected to show an increase of between 3% and 7% compared to the adjusted figure of 1 489.5 cents reported in respect of the previous financial year. The results for the year ended 30 September 2011 will be released on 23 November 2011 when a detailed analysis of the performance of the Company will be provided. The information in this trading statement has not been reviewed or reported on by the Company`s auditors. Bryanston 15 November 2011 Sponsor JP Morgan Equities Limited Date: 15/11/2011 09:12:08 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
