TIGER BRANDS LIMITED - Dealings in securities

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 the
following Share Appreciation Rights ("SARs") and Performance Vesting Shares ("PVS") to LC
Mac Dougall, a director of the Company (“the Participant”):

-    Number of SARs allocated                              36,000
-    Number of PVS granted                                  8,160

The offer was accepted on 26 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 Participant 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 the 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.

The following are applicable to the above:

-   Class of underlying security to which rights attach    Ordinary shares
-   SARs Allocation Price per share                        R341.68
-   PVS Award Price per share                              Rnil (not applicable)
-   Nature of transaction                                  Off-market allocation of SARs and PVS
-   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
- 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
30 May 2016




Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited

Date: 30/05/2016 08:49:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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