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 Grant and acceptance of conditional share awards by directors of the Company, the Company Secretary and directors of major subsidiary of the Company 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 Share Appreciation Rights ("SARs") and Restricted Shares (“RS”) in terms of the Tiger Brands Limited 2013 Share plan, to the directors of the Company, the Company Secretary and directors of major subsidiary (Tiger Consumer Brands Limited) of the Company ("the Participants"), as set out below. The offers were accepted on 15 December 2017. 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 proportionally reduced if Company financial performance targets are not met). The Participants 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 a 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. RS are granted on a basis linked to the receipt of an annual short-term incentive bonus in respect of the financial year ended 30 September 2017. These shares vest after three years from the Offer Date. The Board or the Remuneration Committee, as appropriate, approved these share awards. Name Position No. of SARs allocated LC Mac Dougall Director of 8,990 the Company NP Doyle Director of 45,830 the Company JK Monaisa Company Secretary 3,130 Name Position No. of No. of Deemed value SARs RS of RS at allocated granted grant date (Rand) AG Kirk Director of a 17,680 9,450 4,024,094.00 major subsidiary PW Spies Director of a 17,710 7,270 3,095,784.00 major subsidiary The following are applicable to the above: Class of underlying security to which rights attach Ordinary shares SARs Allocation Price per share R414,45 Restricted Share Grant Price per share Rnil (not applicable) Nature of transaction Off-market acceptance of SARs and RS SARs vesting period One-third of allocation on each of the third, fourth and fifth anniversary dates of the Offer Date RS vesting period Third anniversary of the Offer Date Nature of interest Direct beneficial Bryanston 18 December 2017 Sponsor: J.P. Morgan Equities South Africa Proprietary Limited Date: 18/12/2017 05:28:00 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.