TIGER BRANDS LIMITED - Grant and acceptance of conditional share awards to directors of the Company, of a major subsidiary of the Company

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

In compliance with paragraphs 3.63 - 3.74 of the Listings Requirements of JSE
Limited, shareholders are advised that Tiger Brands has, on 10 December 2025
("Offer Date"), offered Performance Vesting Shares ("PVS") and Restricted
Shares ("RS") in terms of the Tiger Brands Limited 2013 Share Plan to directors
of   the  Company,   its   major   subsidiary   and   the   company   secretary
("Participants").

The offers were accepted by the Participants on 11 December 2025.

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 are granted on a basis linked to the receipt of an annual short-term
incentive bonus in respect of the financial year ended 30 September 2025. The
grant to the company secretary also includes RS granted as retention shares.
The RS vest after three years from the Offer Date and will be settled to the
Participants 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 at
                                        awarded     granted   Offer Date (Rand)

TN Kruger       Director of the          57,620      29,676     R31,190,860.80*
                Company and of a
                major
                subsidiary

TA Govender     Director of the
                Company and of a
                major
                subsidiary               21,230      18,318     R14,130,500.40*

NJ Ralebepa     Director of a
                major
                subsidiary               11,850       6,984      R6,729,388.20*

JK Monaisa      Company Secretary         1,240       4,624      R2,095,207.20*
 * Deemed value determined by applying the closing price of a Share on the
Offer Date (i.e. R357.30 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)

The following details are applicable to the above:

-   Class of underlying security to which     Ordinary shares
    PVS and RS 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
-   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.

Waterfall City
12 December 2025

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

Date: 12-12-2025 01:05:00
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