Tiger Brands Limited 2013 Share Plan: Dealing In Securities TIGER BRANDS LIMITED “Tiger Brands” (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 on 13 February 2013 (“the Offer Date”), Performance Vesting Share Appreciation Rights (“SARS”) and Performance Vesting Shares (“PVS”) to directors of the Company and directors of a major subsidiary of the Company (“the Participants”), as set out below. The offers were accepted on 6 March 2013. 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 for nil consideration 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. The SARS and PVS offered may be summarised as follows: Name Position No. Of SARS allocated No. Of PVS conditionally awarded P B Matlare Director 16 300 4 100 C F H Vaux Director 10 300 2 200 O Ighodaro Director 9 500 2 000 N Segoale Director of Major 10 300 2 200 Subsidiary N G Brimacombe Director of Major 10 000 2 200 Subsidiary I W M Isdale Company Secretary 5 300 1 000 and Director of Major Subsidiary The following are applicable to all of the above: - Class of underlying security to which rights attach ordinary shares - SARS Allocation Price per share R299.83 - PVS Award Price per share not applicable - Nature of transaction off market allocation of SARS and award of PVS - 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 and PVS. Bryanston 07 March 2013 Sponsor J.P. Morgan Equities South Africa Proprietary Limited Date: 07/03/2013 11:20:00 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.