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 Trading statement In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE Limited (“JSE”), Tiger Brands is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that its financial results for the period ending 30 September 2018 will differ by at least 20% from the prior comparative period. 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 accordingly advised that: - Earnings per share (EPS) from total operations (including Haco) is expected to be between 421 cents and 709 cents lower or between 22% and 37% lower than the 1915 cents reported for the comparative period. - Headline earnings per share (HEPS) from total operations (including Haco) is expected to be between 475 cents and 800 cents lower or between 22% and 37% lower than the 2161 cents reported for the comparative period. - EPS from continuing operations (excluding Haco) is expected to be between 407 cents and 684 cents lower or between 22% and 37% lower than the 1848 cents reported for the comparative period. - HEPS from continuing operations (excluding Haco) is expected to be between 474 cents and 797 cents lower or between 22% and 37% lower than the 2155 cents reported for the comparative period. The information above reflects: - A continuation of the challenging consumer and competitive environment, with ongoing volume and pricing pressures. - Significant cost increases derived from the adverse movement in the Rand, fuel price increases, labour settlements and higher administered costs, which have yet to be recovered in selling price increases. - The significant impact of the recall of products and suspension of operations involving certain of the Company’s Value Added Meats Processing facilities. There is no material change to the guidance previously published on SENS in respect of these matters. - Potential further impairments in respect of intangible assets in the Personal Care category. 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 16 August 2018 Sponsor JP Morgan Equities South Africa Proprietary Limited Date: 16/08/2018 08:33:00 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.