TIGER BRANDS LIMITED - GENERAL REPURCHASE OF SHARES BY THE COMPANY

GENERAL REPURCHASE OF SHARES BY THE COMPANY

Tiger Brands Limited
Incorporated in the Republic of South Africa
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080
("Tiger Brands" or "Company")

GENERAL REPURCHASE OF SHARES BY THE COMPANY

In compliance with paragraph 11.27 of the Listings Requirements of the JSE
Limited, shareholders are advised that, at the close of business on 16
September 2025, the Company has cumulatively repurchased 5,420,969 ordinary
shares ("Repurchased Shares"), in accordance with the general authority
granted by shareholders at the Company's annual general meeting held on 20
February 2025 ("AGM") ("Repurchase"). The Repurchased Shares represent
3.006% of the Company's issued shares at the date of the AGM, being
180,327,980 ordinary shares.

The details of the Repurchase are set out below:

    Dates of Repurchase:                         12 March 2025 to 9 May
                                                 2025; and 23 July 2025 to
                                                 16 September 2025

    Number of Repurchased Shares:                5,420,969 (3.006%)

    Lowest repurchase price per share:           R260,53

    Highest repurchase price per share:          R299,99

    Average repurchase price per share:          R278,61

    Total value of the Repurchased Shares:       R1,510,362,229

The Company may repurchase a further 6.994% (or 12,611,829) ordinary shares
under the general authority granted at its AGM.

To date, 4,563,554 Repurchased Shares were delisted and cancelled by 31
July 2025, while the balance (being 857,415) shares shall be delisted and
cancelled on or about 23 September 2025. The number of shares held as
treasury shares is 10,814,725.

The board of directors of Tiger Brands has considered the effect of the
Repurchase and is of the opinion that, for a period of 12 months following
the date of the Repurchase:

•     the Company and group will be able in the ordinary course of business to
      repay their debts;
•     the assets of the Company and the group will be in excess of the
      liabilities of the Company and the group. For this purpose, the assets
      and liabilities were recognized and measured in accordance with the
      accounting policies used in the latest audited annual group financial
      statements;
•     the share capital and reserves of the Company and the group will be
      adequate for ordinary business purposes;
•   the working capital of the Company and the group will be adequate for
    ordinary business purposes; and
•   the Company and the group have completed a solvency and liquidity test
    and since the test was performed, there have been no material changes to
    the financial position of the group.

The Repurchase has been funded from the Company's available cash resources.
As at 16 September 2025, the Company's cash balance decreased by
R1,510,362,229.07. Consequently, the Company's share capital and share
premium will be reduced by R542,096.90 whilst the retained income will be
reduced by an amount of R1,509,820,132.17 (these amounts are inclusive of
directly attributable costs).

The Repurchase was effected through an order book operated by the JSE,
without any prior understanding or arrangement between the Company and the
counter parties. Accordingly, the Company has complied with paragraph
5.72(a) of the Listings Requirements. Any repurchases effected during the
prohibited period, as defined in the Listings Requirements, were executed
pursuant to a repurchase programme prior to the prohibited period in
accordance with the Listings requirements.



Waterfall City
18 September 2025
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited

Date: 18-09-2025 10:02:00
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