TIGER BRANDS LIMITED - Grant and acceptance of conditional share awards to directors of the Company

Grant and acceptance of conditional share awards to directors of 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 the “Company”)


Grant and acceptance of conditional share awards to directors of the Company, the
company secretary and directors of a major subsidiary of the Company

In compliance with paragraphs 3.63 - 3.74 of the Listings Requirements of JSE Limited,
shareholders are advised that Tiger Brands has, on 4 December 2020 (“Offer Date”), offered
Performance Vesting Shares ("PVS") and, where applicable, Restricted Shares (“RS”) in terms
of the Tiger Brands Limited 2013 Share Plan to directors of the Company, the company
secretary and directors of a major subsidiary of the Company. (“Participants"), as set out below.

The offers were all accepted on 8 December 2020.

PVS are conditionally awarded with the final number of Tiger Brands ordinary shares (“Shares”)
settled after three years from the Offer Date. The number of Shares to be settled will range
from 0% to 200% of the conditional award dependent on the specific performance criteria for
the PVS being met. The determined number of PVS will be settled to the Participants in Shares
or in cash, at the Company’s sole and absolute discretion.

RS have been granted to the company secretary as retention shares. These Shares vest after
three years from the Offer Date and will be settled to the Participant in Shares or in cash, at the
Company’s sole and absolute discretion.

The following offers are applicable to this announcement:


 Name                 Position                           No. of PVS        No. of RS        Deemed value
                                                          awarded           granted           of at Offer
                                                                                             Date (Rand)

 NP Doyle             Director and director of                 59,930                   -   12,237,106.70*
                      major subsidiary
 Y Maharaj            Director of a major                      25,000                   -    5,104,750.00*
                      subsidiary
 NJ Ralebepa          Director of a major                      20,610                   -    4,208,355.90*
                      subsidiary
 DS Sita              Director and director of a             31,680**                   -    6,468,739.20*
                      major subsidiary
 JK Monaisa           Company Secretary                          1,710            2,340         826,969.50*


* Deemed value determined by applying the closing price of a Share on the Offer Date (i.e. R204.19 per Share) to
the total number of PVS and RS awarded/granted (i.e. it is assumed that 100% of the PVS awarded will be settled
upon vesting)
** Includes 9,700 PVS awarded as a “sign on” allocation
The following details are applicable to the above:

 - Class of underlying security to which PVS and RS     Ordinary shares
   rights attach
 - PVS Award Price per Share                            Rnil (not applicable)
 - RS Grant Price per Share                             Rnil (not applicable)
 - Nature of transaction                                Off-market allocation of PVS and RS
 - PVS vesting period                                   Third anniversary of the Offer Date
 - RS vesting period                                    Third anniversary of the Offer Date
 - Nature of interest                                   Direct beneficial


In accordance with section 3.66 of the Listings Requirements, the necessary clearance was
obtained for acceptance of the abovementioned PVS and RS offers.


Bryanston
9 December 2020




Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited

Date: 09-12-2020 02:58:00
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