Trading Statement for the year ended 30 September 2019 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 FOR THE YEAR ENDING 30 SEPTEMBER 2019 Shareholders are hereby advised that, due to the unbundling of the Company’s interest in Oceana Group Limited (Oceana), with effect from 29 April 2019, a reasonable degree of certainty exists that the total earnings per share (EPS) of the Company for the year ending 30 September 2019, will be more than 20% (or more than 291.5 cents) higher than the amount of 1 457.7 cents per share reported in the previous year. The unbundling of the Company’s interest in Oceana gave rise to an unrealised fair value gain of R1 630.4 million through the income statement. This gain has no impact on headline earnings per share as it has been excluded for headline earnings purposes. A further trading statement will be issued as soon as there is a reasonable degree of certainty as to the likely range within which the Company's earnings per share will increase compared to the previous year. The information above has not been reviewed or reported on by the Company´s auditors. Bryanston 22 May 2019 Sponsor J.P. Morgan Equities South Africa Proprietary Limited Date: 22/05/2019 07:32:00 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.