Voluntary trading update for the 4 months to January 2018 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 VOLUNTARY TRADING UPDATE FOR THE 4 MONTHS TO JANUARY 2018 In line with the Company’s previously announced outlook for 2018, trading during the first four months of the financial year was characterised by intense competition in a low growth, value-driven consumer environment. Group revenue for the four months ended 31 January 2018 declined by 5%, compared with the corresponding period last year, driven by overall price deflation of 1% and volume declines of 4%. The decrease in revenue was aggravated by price deflation in some soft commodities and higher levels of discounting in the domestic business as the group seeks to manage its competitiveness on shelf. The overall volume decline was driven mainly by the Home and Personal Care categories and Exports. Home Care’s performance was impacted primarily by lower demand due to a delayed pest season and an unfavourable product mix, whilst Personal Care was negatively affected by increased competition and overall market contraction. The results of the Deciduous Fruit business have been particularly impacted by rand strength and the Export business continues to be negatively affected by foreign currency liquidity issues, tight credit management and the relative strength of the rand. The consolidated gross profit margin percentage has improved compared with the corresponding period last year, benefiting from a stronger exchange rate and lower raw material costs. This improvement has resulted in an increase in gross profit notwithstanding the decline in revenue. With regards to the protracted drought in the Western Cape, we have taken the necessary measures to ensure the sustainability of our operations and to mitigate supply challenges. Accordingly, all Western Cape manufacturing sites have, over the past three years, implemented fit-for-purpose plans for conservation, sourcing and building storage capacity. Consequently, provided there are no restrictions on the use of borehole water, we do not foresee supply disruptions at this stage. We also recognise the impact of the drought crisis on all stakeholders, including employees and the broader community and are working with our staff and NGOs to raise awareness around water optimisation and relief efforts. The Group’s performance for the remainder of the 2018 financial year is likely to be impacted by the slow start to the year. Any meaningful recovery remains dependent on an improved consumer environment which may be influenced by measures to be announced in the budget speech later today. We will continue to focus on driving cost saving initiatives while optimising product mix, applying tactical promotional activity to drive volume growth, whilst protecting margins, and working with our customers to drive channel and distribution growth. As previously reported, all suspensive conditions with regard to the disposal of Haco Tiger Brands (E.A.) Limited were fulfilled and the transaction was successfully concluded in December 2017. The information above has not been reviewed or reported on by the Company´s auditors. Bryanston 21 February 2018 Sponsor J.P. Morgan Equities South Africa Proprietary Limited Date: 21/02/2018 07:16:00 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.