Trading Statement Tiger Brands Limited (Incorporated in the Republic of South Africa) (Registration number 1944/017881/06) Share code: TBS ISIN: ZAE000071080 'Tiger Brands' or 'the Company' TRADING STATEMENT In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE Limited, shareholders are advised that Tiger Brands is satisfied that a reasonable degree of certainty exists with regard to its financial results for the year ended 30 September 2016 to enable it to issue this trading statement. 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. Shareholders are advised that: - Earnings per share (EPS) from total operations (including TBCG) is expected to be between 2 007 cents and 2 061 cents or between 88% and 93% higher than the 1 068 cents reported for the comparative period. - Headline earnings per share (HEPS) from total operations (including TBCG) is expected to be between 2 105 cents and 2 154 cents or between 18% and 21% higher than the 1 786 cents reported for the comparative period. - EPS from continuing operations (excluding TBCG) is expected to be between 1 958 cents and 2 055 cents or between 1% and 6% higher than the 1 930 cents reported for the comparative period. - HEPS from continuing operations (excluding TBCG) is expected to be between 2 091 cents and 2 154 cents or between an unchanged amount and 3% higher than the 2091 cents reported for the comparative period. 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 year ended 30 September 2016 on Wednesday, 23 November 2016. Bryanston 28 October 2016 Sponsor: J.P. Morgan Equities South Africa Proprietary Limited Date: 28/10/2016 09:30:00 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.