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”)

NOTICE OF CHANGE TO CHIEF EXECUTIVE OFFICER & EXECUTIVE
DIRECTOR AND VOLUNTARY TRADING STATEMENT FOR THE 12 MONTHS
ENDED 30 SEPTEMBER 2023

Following the Board’s annual review of the Company’s strategy,
the Board concluded that new leadership was required to
respond to the challenges currently facing the Company.
Shareholders are advised, in accordance with section 3.59 of
the JSE Limited Listings Requirements, that the Board of
Directors (“Board”) and Mr Noel Doyle have jointly agreed that
Noel will step down as chief executive officer (“CEO”) of the
Company and accordingly as executive director and member of
the social, ethics and transformation committee.

During his tenure as CEO, Noel and his team were required to
navigate the challenges of Covid 19, civil unrest, global
supply changes and high levels of inflation. In this period
the Company’s underlying operating profit trajectory was
stabilised and there have been many significant improvements
in key internal operating metrics. The Board thanks Noel for
his contribution over 20 years of service with Tiger Brands
and wishes him well for the future.

After a targeted process to identify a suitable successor, the
Board is pleased to announce that Mr Tjaart Kruger has been
appointed as CEO and executive director of the Company
effective 1 November 2023. Tjaart is a CA (SA) with a PMD from
Harvard Business School and has more than 30 years’ leadership
experience at multiple leading South African FMCG companies.
He sharpened his career through previous experience at Tiger
Brands, where he fulfilled the role of managing director of
the pharmaceuticals and grains divisions over the period 2001
– 2007 and his most recent leadership role serving as CEO of
Premier Foods over the period 2011 – 2021, where he
successfully led Premier Foods’ expansion and growth strategy.

Noel will remain available to Tiger Brands until 31 March 2024
to facilitate a proper handover.

Tjaart has signed a 26-month contract with Tiger Brands. The
Board believes that this appointment will provide certainty to
the Company, the market and other key stakeholders and
accelerate the execution of the Company’s strategy and value
creation for shareholders. The Board will commence a process
to identify a suitable successor for the CEO role in due
course to ensure an orderly transition at the end of Tjaart’s
tenure.

The Board congratulates Tjaart on his appointment and looks
forward to his contribution to the Company and the Board.

Voluntary Trading Statement for the year ended 30 September
2023

Group operating income for the year ended 30 September 2023
will end lower than FY22. The ongoing challenges of fully
recovering higher input costs persisted in the second half
resulting in marginally lower volumes.

This, together with the year-on-year impact of incremental
retrenchment costs of approximately R100 million proved too
significant to be offset by the group’s cost reduction
initiatives, which will end ahead of the R460 million target
previously guided.

Good performances from Beverages, Home & Personal Care, Tiger
Food Services Solutions (previously Out of Home), Exports and
Deciduous Fruit were more than offset by poor performances in
Rice, Bakeries (despite recording volume growth), Groceries
and Snacks & Treats, with the latter two businesses operating
in categories marked by absolute volume declines.

Despite lower operating income, group earnings were supported
by better-than-expected growth in income from associates.

Shareholders are accordingly advised that:

  •   Earnings per share (EPS) from total operations for the
      year ending 30 September 2023 is expected to decline by
      between -9% and -2% (or between -159 cents and -35 cents)
      than the 1 762.2 cents reported in FY22.
  •   Headline earnings per share (HEPS) from total operations
      for the year ending 30 September 2023 is expected to
      differ by between -5% and +2% (or between -85 cents and
      +34 cents) than the 1 702.4 cents reported in FY22.

The variation of the EPS range when compared to the range
provided for HEPS, is due to the non-recurrence of certain
capital profit items accounted for in EPS, which were excluded
from HEPS, in FY22.
The financial information above has not been reviewed or
reported on by the Company´s auditors.

Tiger Brands’ results for the year ended 30 September 2023 are
expected to be released on SENS on or about 1 December 2023.

20 October 2023

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