Dealings in securities 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 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 Share Appreciation Rights ("SARs"), Performance Vesting Shares ("PVS") and Restricted Shares to the following directors of the Company, the Company Secretary and directors of major subsidiaries of the Company ("the Participants"), as set out below. The offers were accepted on 24 May 2016. 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 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. Restricted Shares are granted on a basis linked to the receipt of an annual short-term incentive bonus in respect of the financial year ended 30 September 2015. These shares vest after three years from the Offer Date. Name Position No. of SARs No. of PVS allocated awarded NP Doyle Director 22,870 5,720 NG Brimacombe Director of a major subsidiary 6,150 1,330 AG Kirk Director of a major subsidiary 11,680 2,520 T Naidoo Company Secretary 1,030 190 Name Position No. of Deemed value at Restricted grant date Shares granted (Rand) NP Doyle Director 1,330 413 084.70 AG Kirk Director of a major subsidiary 1,090 338 543.10 T Naidoo Company Secretary 50 15 529.50 The following are applicable to the above: - Class of underlying security to which rights attach Ordinary shares - SARs Allocation Price per share R291.71 - PVS Award Price per share Rnil (not applicable) - Restricted Share Grant Price per share Rnil (not applicable) - Nature of transaction Off-market allocation of SARs, PVS and Restricted Shares - SARs vesting period One-third of allocation on each of the third, fourth and fifth anniversary dates of the Offer Date - PVS vesting period Third anniversary of the Offer Date - Restricted Shares vesting period Third anniversary of the Offer Date - 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, PVS and Restricted Shares. Bryanston 25 May 2016 Sponsor: J.P. Morgan Equities South Africa Proprietary Limited Date: 25/05/2016 03:14:00 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.