Updated trading statement 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 Updated trading statement In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE Limited (“JSE”), companies are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that its financial results for the forthcoming reporting period will differ by at least 20% from the previous corresponding reporting period. Accordingly, shareholders are referred to the trading statement released on the Stock Exchange News Service (“SENS”) on 16 August 2018 wherein Tiger Brands advised that headline earnings per share (“HEPS”) and earnings per share (“EPS”) for the year ended 30 September 2018 are expected to be more than 20% lower than the comparative period. With the reporting period closed, the Company has a clearer view of the expected full year results and a narrower range is set out below. As previously reported, Haco Tiger Brands (E.A) Limited (“Haco”), was disposed of with effect from 14 December 2017. As a result, it has been accounted for as a discontinued operation for the period up to the date of its disposal, with the comparative information restated accordingly. Shareholders are advised that the Company expects: - Earnings per share (EPS) from total operations (including Haco) to be between 421 cents and 517 cents lower or between 22% and 27% lower than the 1 915 cents reported for the comparative period. - Headline earnings per share (HEPS) from total operations (including Haco) to be between 540 cents and 648 cents lower or between 25% and 30% lower than the 2 161 cents reported for the comparative period. - EPS from continuing operations (excluding Haco) to be between 370 cents and 462 cents lower or between 20% and 25% lower than the 1 848 cents reported for the comparative period. - HEPS from continuing operations (excluding Haco) to be between 539 cents and 647 cents lower or between 25% and 30% lower than the 2 155 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 results for the year ending 30 September 2018 are expected to be released on SENS on or about 22 November 2018. Bryanston 9 November 2018 Sponsor JP Morgan Equities South Africa Proprietary Limited Date: 09/11/2018 08:30:00 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.