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 a director 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 18 December 2023
(“Offer Date”), offered Performance Vesting Shares ("PVS") and Restricted
Shares (“RS”) in terms of the Tiger Brands Limited 2013 Share Plan to a
director of a major subsidiary of the Company and the company secretary
(“Participants").

The offers were accepted by the Participants on 18 December 2023.

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 one of the Participants 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 of at
                                       awarded     granted    Offer Date (Rand)

NJ Ralebepa     Director of a
                major
                subsidiary              20,550           -       R4,095,204.00*

JK Monaisa      Company Secretary        2,140       2,930       R1,010,349.60*

* Deemed value determined by applying the closing price of a Share on the
Offer Date (i.e. R199.28 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
PVS & 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
19 December 2023

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