Trading update for the four month period ended 31 January 2016 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 TRADING UPDATE FOR THE FOUR MONTH PERIOD ENDED 31 JANUARY 2016 The group achieved a 7% increase in turnover from continuing operations in the four month period ended 31 January 2016, compared with the corresponding prior period. Domestic sales volumes softened marginally as a result of increased levels of pricing pressure and a slow-down in consumer demand. With consumers under considerable financial pressure , the impact of the depreciating rand and rising soft commodity prices was only partially offset by price increases. The exports and international businesses delivered an improved underlying performance, benefiting from rand weakness and the turnaround of underperforming operations. Given the sustained weakness of the rand, the inflationary pressures on the group’s raw material cost base are likely to intensify over the balance of the year. In a constrained consumer environment where competition is intense, it is expected that trading conditions will remain challenging as the company seeks to pass through price increases. The company’s portfolio of market leading brands, together with a rigorous focus on cost control will help to mitigate these challenges. Furthermore, volumes and margins will continue to be managed judiciously to ensure long term sustainable profit growth. Shareholders are referred to the announceme nt issued on 14 December 2015 advising shareholders that Tiger Brands had reached agreement with Dangote Industries Limited (“DIL”) to dispose of its shareholding in Tiger Branded Consumer Goods plc of Nigeria (“TBCG”), subject to certain regulatory approvals. Shareholders are advised that the approvals of the South African Reserve Bank and the Securities and Exchange Commission of Nigeria have been obtained. The only remaining condition is the approval of the Nigerian Stock Exchange, which is expected shortly. A further announcement will be made once the transaction becomes unconditional. Bryanston 16 February 2016 Sponsor: J.P. Morgan Equities South Africa Proprietary Limited Date: 16/02/2016 02:00:00 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.