Tiger Brands Progresses Portfolio Optimisation Initiatives 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 TIGER BRANDS PROGRESSES PORTFOLIO OPTIMISATION INITIATIVES As part of the strategic review conducted by the Board in 2017, the role of Value Added Meat Products (VAMP) within the Group’s portfolio had been earmarked for further evaluation, given the business’ unique value chain and the perishable nature of its underlying products. The unfortunate events of 2018, which led to the temporary closure of the manufacturing facilities, delayed this evaluation. With the business having re-opened at the beginning of the 2019 financial year, the Board considered it appropriate to initiate the review, which confirmed that the VAMP business was not an ideal fit within the Tiger Brands portfolio and that consideration be given to exiting the category by way of a disposal. As such, on 6 November 2019, following receipt of several indicative offers, the Board approved commencement of a formal due diligence process. Upon completion of this process, including the submission of binding offers by potential buyers, all disposal options will be further evaluated. The Company will issue further communication as the process reaches key milestones. The above actions do not, in any way, affect Tiger Brands’ commitment to the Class Action legal process which is currently underway. A status update related to the Class Action was released on SENS on 17 April 2019. Similarly, a thorough review of Deli Foods in Nigeria was conducted. Despite significant management effort, the business continued to incur losses. Following a thorough evaluation of all alternatives, the Board approved the cessation of operations of Deli Foods, which commenced with effect from 22 October 2019. All formalities relating to the closure are expected to be completed within the next few months. The impact of the closure of Deli Foods on Tiger Brands’ net asset value and headline earnings per share is not material. The above initiatives are below JSE transaction thresholds and disclosed for information purposes. Bryanston 8 November 2019 Sponsor J.P. Morgan Equities South Africa Proprietary Limited Date: 08/11/2019 08:55:00 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.