TIGER BRANDS LIMITED - Correction of conditional share award information previously published on 12 December 2025

Correction of conditional share award information previously published on 12 December 2025

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”)

Correction of conditional share award information previously published on 12
December 2025

Shareholders are referred to the SENS announcement published on 12 December
2025 which contained information regarding offers made to and accepted by
directors of the Company, its major subsidiary and the company secretary
(“Announcement").

Shareholders are advised that there was an error in calculation in relation
to the amount of Performance Vesting Shares ("PVS”) conditionally awarded to
one of the participants, namely Mr TA Govender. The calculation error arose
due to an administrative error in the calculation which used the incorrect PVS
multiple attributable to Mr TA Govender.

The corrected information is set out below:


Name              Position                No. of PVS    No. of RS       Deemed value at
                                             awarded      granted     Offer Date (Rand)

TA Govender       Director of the             28,300       18,318       R16 656 611.40*
                  Company and of a        Previously                         Previously
                  major subsidiary       incorrectly                        incorrectly
                                        published as                       published as
                                             21,230)                    R14,130,500.40)


* Deemed value determined by applying the closing price of a Share on the offer date
of 10 December 2025 (i.e. R357.30 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).

A rectification agreement has been entered into between the Company and Mr TA
Govender to rectify the error in the original offer, with effect from 11
December 2025, being the date on which the original offer was accepted.

Shareholders are advised that no new award is being made or granted, nor is
one required. The rectification agreement simply gives effect to the correction
of a calculation error.

All other information contained in the Announcement remains unchanged and
correct.

Waterfall City
25 September 2026

Sponsor:
PSG Capital
Date: 25/09/2026 04:30:00
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