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, directors 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 19 December 2022 (“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, directors of a major subsidiary of the Company
and the company secretary(“Participants").

The offers were accepted by the Participants on 19 December 2022.

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 Participants as retention shares.
These Shares 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      No. of   Deemed value of
                                    PVS         RS      at Offer Date
                                 awarded     granted        (Rand)

NP Doyle    Director and          64,530        -      R14,040,437.40*
            director of a
            major
            Subsidiary
NJ Ralebepa Director of a         26,990        -      R5,872,484.20*
            major
            subsidiary
DS Sita     Director and          41,880        -      R9,112,250.40*
            director of a
            major
            Subsidiary
JK Monaisa  Company                2,300       3,150   R1,185,811.00*
            Secretary

* Deemed value determined by applying the closing price of a
Share on the Offer Date (i.e. R217.58 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 Ordinary shares
       which 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 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
20 December 2022

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