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 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.