TIGER BRANDS LIMITED - General repurchase of shares

General repurchase of shares 

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”)

GENERAL REPURCHASE OF SHARES

The Board of directors (“Board”) approved the general repurchase programme of the
Company’s ordinary shares in line with the general repurchase authority granted by
shareholders at the annual general meeting (“AGM”) of Tiger Brands held on 26
February 2026 (“General Repurchase Authority”).

Shareholders are advised that the Company has cumulatively repurchased 4,878,363
ordinary shares, representing 3.06% of the Company’s issued share capital (“Share
Repurchase”), in accordance with its General Repurchase Authority.

Details of the Share Repurchase

Salient details of the Share Repurchase are set out below:

Dates of the Share Repurchase                    8 June 2026 to 22 June 2026; and 16
                                                 September 2026 to 21 October 2026
Total number of shares repurchased               4,878,363 (3.06%)
Total value of the shares repurchased            R1,309,491,518
Lowest price per share repurchased               R239,71
Highest price per share repurchased              R295,14

To date, 4,878,363 shares have been repurchased and 3,494,029 shares were delisted
and cancelled, while the balance (being 1,384,334) shares shall be delisted and
cancelled on or about 28 October 2026. The number of shares held as treasury shares
is 10,380,732.

The Company may repurchase a further 6.94% (or 11,087,462) ordinary shares under its
General Repurchase Authority.

Statement by the Board

The Board confirms that it has considered the effect of the share Repurchases and
has applied the solvency and liquidity test in terms of the Companies Act.

Source of funds utilised

The Share Repurchase has been funded from the Company’s available cash resources.

Impact of the Share Repurchase on financial information

As at 21 October 2026, the Company’s cash balance decreased by R1,313,529,589 (these
amounts are inclusive of directly attributable costs) as a result of the Share
Repurchase. Consequently, the Company’s share capital and share premium will be
reduced by a similar amount.

The Share Repurchase was effected through the order book operated by the JSE, without
any prior understanding or arrangement between the Company and the counterparties.
Of the shares repurchased, 1,384,334 shares were repurchased during a prohibited
period pursuant to a repurchase programme that was put in place prior to the
commencement of the prohibited period, the full details of which were submitted to
the JSE in accordance with the JSE Listings Requirements.


Waterfall City
23 October 2026

Sponsor:
PSG Capital
Date: 23/10/2026 08:15:00
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