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terms announcement regarding the Potential Transaction at which time it is anticipated that the cautionary will be withdrawn.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 Date: 16/08/2012 09:45:00 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.