TIGER BRANDS LIMITED - Trading statement for the six months ended 31 March 2016

Trading statement for the six months ended 31 March 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 STATEMENT

Tiger Brands is satisfied that sufficient certainty exists with regard to its performance for the six month
period ended 31 March 2016 to enable it to issue this trading statement.

The group expects to report solid operating results for the period under review, reflecting a 9% increase
in turnover and 7% increase in operating income from continuing operations, notwithstanding the
significant cost push experienced from Rand weakness and the effects of the drought on soft
commodity prices, particularly within the Grains division.

As previously reported, Tiger Branded Consumer Goods Plc (“TBCG”), formerly Dangote Flour Mills, was
disposed of with effect from 25 February 2016. As a result, it has been reflected as a discontinued
operation for the period up to the date of its disposal, with the comparative information restated
accordingly.

 In terms of the JSE Limited Listings Requirements, companies are required to publish a trading
statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial
results for the period to be reported upon will differ by at least 20% from those of the previous
corresponding period. Accordingly, shareholders are advised that:

•   Total earnings per share (EPS) is expected to be between 1 023 cents and 1 065 cents or between
    23.0% and 28.0% higher than the 832 cents reported for the comparative period.

•   Total headline earnings per share (HEPS) is expected to be between 960 cents and 1 002 cents or
    between 12.5% and 17.5% higher than the 853 cents reported for the comparative period.

•   EPS from continuing operations (excluding TBCG) is expected to be between 1 002 cents and 1 049
    cents or between 5.0% and 10.0% higher than the 954 cents reported for the comparative period.

•   HEPS from continuing operations (excluding TBCG) is expected to be between 951 cents and 999
    cents or between 2.5% lower and 2.5% higher than the 975 cents reported for the comparative
    period, impacted by a significantly higher effective tax rate in the current period. In the
    comparative period, the tax charge in respect of continuing operations was significantly lower.


The information in this trading statement has not been reviewed or reported on by the Company's
auditors.
The Company will release its results for the six month period ended 31 March 2016 on Tuesday, 24 May
2016.

Bryanston
3 May 2016
Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited

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