Tiger Brands : Update on Deciduous Fruit

1

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