TIGER BRANDS LIMITED
“Tiger Brands”
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080

The trading environment in which the Company operates continues to be characterised by a sustained slowdown in consumer spending and rapidly declining food inflation.

The trading performance for the four months ended 31 January 2010 is reflective of this market contraction, resulting in an overall decline in sales volumes which is expected to begin to reverse only in the second half of the calendar year. Turnover has been particularly impacted by price deflation on the Company’s staple product categories such as wheat, rice and maize.

The results for 2010 are expected to benefit from the recent acquisition of the Crosse & Blackwell mayonnaise business, reduced debt levels and lower interest rates when compared to the prior year.

Despite the difficult trading conditions, headline earnings per share, before taking into account the once-off IFRS 2 charges relating to the recently concluded BEE Phase II transaction, are expected to show satisfactory growth in real terms for the year ending 30 September 2010.

Bryanston
Date: 16 February 2010

Sponsor:
JP Morgan Equities Limited