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

1. INTRODUCTION

In compliance with paragraph 11.27 of the Listings Requirements of the JSE
Limited ("JSE") (“Listings Requirements”), the Company advises its
shareholders that, at the close of business on 23 June 2022, it has, in a
series of transactions, cumulatively repurchased 3.04% or 5 768 836 ordinary
shares (“Repurchase”), in accordance with the general authority granted by
shareholders at the Company’s annual general meeting held on 16 February
2022 ("General Authority"). The details of the Repurchase are set out in the
table hereunder.

2. DETAILS OF THE REPURCHASE OF ORDINARY SHARES


Repurchase periods:                        21 February 2022 to 31 March
                                           2022; and
                                           15 June 2022 to 23 June 2022

Highest repurchase price per share:        R170.47

Lowest repurchase price per share:         R137.88

Number and percentage of shares            5 768 836 (3.04%)
repurchased:

Total value of shares repurchased          R898 727 910
(excluding costs):

The number and percentage of shares        3 722 110 (1.96%)
outstanding in relation to the maximum
number of shares which may be
repurchased under the General
Authority:

The majority of the repurchased shares were cancelled and their listing
removed between 2 February and 22 June 2022, whilst the balance of the shares
shall be cancelled on or about 29 June 2022.

The total number of shares held as treasury shares by a major subsidiary of
the Company, is 10 326 758. These treasury shares were acquired during the
2004, 2005 and 2008 financial years.
3. STATEMENT BY THE BOARD

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 Repurchase:
• the Company and its subsidiaries ("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.

4. SOURCE OF FUNDS

The Repurchase has been funded from internal cash resources.

5. FINANCIAL INFORMATION

As at 23 June 2022, the Company’s cash balance decreased by R901 497 254.
Consequently, the Company’s share capital and share premium will be reduced
by R123 603 130, whilst the retained income will be reduced by an amount of
R777 894 124 (these amounts are inclusive of directly attributable costs).

6. COMPLIANCE WITH PARAGRAPH 5.72 OF THE LISTINGS REQUIREMENTS

The Repurchase was effected through an order book operated by the JSE and
done 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.

Bryanston
24 June 2022

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