Announcement relating to the unbundling by Tiger Brands Limited of its entire shareholding in Oceana OCEANA GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1939/001730/06) JSE share code: OCE NSX share code: OCG ISIN: ZAE000025284 (“Oceana”) ANNOUNCEMENT RELATING TO THE UNBUNDLING BY TIGER BRANDS LIMITED (“TIGER BRANDS”) OF ITS ENTIRE SHAREHOLDING IN OCEANA Shareholders of Oceana (“Shareholders”) are referred to the Tiger Brands group audited results announcement for the year ended 30 September 2018 released on the Stock Exchange News Service of the JSE Limited today, 22 November 2018, in terms of which its shareholders were advised that the Tiger Brands board has decided to pursue an unbundling of its entire shareholding in Oceana (“the Proposed Unbundling”). Tiger Brands’ investments in its associates formed an integral part of its strategic review process and the decision by Tiger Brands was taken following a review of Oceana’s fit with the group’s core business undertakings. The approximate implementation date of the Proposed Unbundling is April 2019. The Oceana board of directors (“the Board”) intends to form a sub-committee of the Board to consider the implications and opportunities of the Proposed Unbundling and Shareholders will be updated accordingly, as appropriate. Oceana as an independently listed company on the JSE Limited Stock Exchange remains committed to its strategy and business plan. 22 November 2018 Cape Town Sponsor - South Africa: The Standard Bank of South Africa Limited Sponsor - Namibia: Old Mutual Investment Services (Namibia) Proprietary Limited Date: 22/11/2018 07:43:00 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.