Tiger Brands Limited (JSE:TBS) News - Update on Deciduous Fruit

                                                                                                   
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”)

UPDATE ON DECIDUOUS FRUIT

Shareholders are referred to Tiger Brands’ unaudited group results for the six months ended
31 March 2022 in which the Company indicated the termination of a structured disposal
process of its Deciduous Fruit business. Following this announcement, engagements with
key stakeholders regarding the future of this business commenced. This included
consultations with permanent and seasonal employees, in line with the Labour Relations Act,
1995 (LRA).

In recent weeks, a significant number of parties have expressed an interest in further
discussions on the possible acquisition of the business. However, the conclusion of any
transaction would not take place in time for any successful buyer to put the required
preparations in place to process the forthcoming season’s crop.

In order to facilitate this process, Tiger Brands engaged, on an urgent basis, key partners
including organised labour, employees and members of the Canning Fruit Producers
Association. Together, these stakeholders have been able to agree a compact which will
allow Tiger Brands to extend operations for a further season.

Whilst the processing and marketing of deciduous fruit can be adversely impacted by
weather conditions, foreign exchange rates and global pricing dynamics, the terms agreed
upon will contribute to significantly mitigating the risk of operating losses in the forthcoming
season.

Moreover, the extension of operations on a mutually beneficial basis allows for a possible
transaction that may result in a long-term, sustainable solution for Tiger’s deciduous fruit
processing business, in turn preserving the 250 permanent and 4 300 seasonal jobs,
sustaining the broader local economy and supporting livelihoods across the value chain.

The Company will explore all options while assessing the viability of current interest in the
facility. In parallel processes, it will continue engagements with relevant Provincial and
National Government departments as well as talks with potential buyers who are able to
meet the working capital requirements of the business and have a long-term commitment to
ensure the sustainability of the South African deciduous fruit processing industry.

Tiger Brands commends the flexibility, open-mindedness, and good faith exhibited by all
parties in reaching this agreement.

Bryanston
12 July 2022

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

Date: 12-07-2022 10:12:00
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