Annual General Meeting Announcement : Modification to Special Resolution Number 1 Tiger Brands Limited Registration number 1944/017881/06 Incorporated in the Republic of South Africa Share code: TBS ISIN:ZAE000071080 (“Tiger Brands” or the “Company”) ANNUAL GENERAL MEETING ANNOUNCEMENT : MODIFICATION TO SPECIAL RESOLUTION NUMBER 1 Shareholders are referred to the notice that has been distributed to shareholders of the 69th annual general meeting of shareholders of Tiger Brands dated 13 December 2013 (the “Notice”), which meeting is to be held on Tuesday, 11 February 2014, at 14:00, at 3010 William Nicol Drive, Bryanston, 2021. Reference in particular is made to the proposed special resolution number 1 of the Notice relating to the authority to be granted to the directors under section 44 of the Companies Act (2008) to grant financial assistance for the purpose of, or in connection with, the subscription for or purchase of shares in the Company or a related or inter-related company (the “Resolution”). Certain institutional shareholders have indicated that they feel the authority sought by the Resolution should not be unlimited and that there should be a maximum aggregate value of any such financial assistance in any one year. Although the Company intended the authority to be broad taking into account, inter alia, the inherent solvency and liquidity protection contained in the Companies Act and other shareholder protections contained in the JSE Listings Requirements, it does acknowledge the concern raised by these shareholders. Accordingly, the Company will propose at the meeting of shareholders on 11 February 2014, a modification to special resolution number 1 by the inclusion of the following sentence at the end of the Resolution: “The authority granted under this special resolution number 1 is limited to financial assistance to a maximum per transaction of R500 million and an aggregate maximum value of R2.5 billion (being approximately 5% of the market capitalisation of the Company as at 28 January 2014) for any such transactions in any one year during which this authority is granted." Any existing proxy forms lodged by shareholders for the general meeting of shareholders of Tiger Brands on Tuesday, 11 February 2014 remain valid, unless revised proxy forms are lodged (which shareholders are entitled to do) in accordance with the procedures set out in the Notice. The record date for the meeting remains unchanged. 30 January 2014 Company Secretary I W M Isdale Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd Share registrars Computershare Investor Services (Pty) Limited, 70 Marshall Street, Johannesburg, 2001 Postal address PO Box 61051, Marshalltown, 2107, South Africa. Date: 30/01/2014 03:30:00 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.