Statement re Results of Odd-Lot Offer

Tiger Brands Limited

(Incorporated in the Republic of South Africa)

(Registration number 1944/017881/06)

(Share code: TBS ISIN: ZAE000023560)

(Share code: TBSP ISIN: ZAE000023578)

('Tiger Brands')

Implementation and results of the odd-lot offer

1. Implementation of the odd-lot offer

Ordinary shareholders are advised that the odd-lot offer to ordinary
shareholders, who held fewer than 100 ordinary shares in Tiger Brands ('odd-lot
holders') at 16:00 on Friday, 25 October 2002 ('odd-lot holdings'), has been
duly implemented.

2. Results of the odd-lot offer

The total number of ordinary shares, made available by those odd-lot holders
who elected to sell their odd-lot holdings and by those who failed to make an
election and who were therefore deemed to have sold their odd-lot holdings, is
82 603 ordinary shares which have been repurchased by Tiger Brands, in terms of
a specific authority granted at the general meeting held on Tuesday, 8 October
2002, at R70.60 per ordinary share (being the offer price of R67.23 per
ordinary share plus a 5% premium) for a total consideration of R5 831 772.
These ordinary shares will be cancelled, delisted and restored to the status of
authorised ordinary share capital.

The total number of ordinary shares purchased by those odd-lot holders who
elected to purchase sufficient additional ordinary shares to increase their
odd-lot holdings to holdings of 100 ordinary shares is 28 307 ordinary shares
which have been issued by Tiger Brands for a cash consideration of R1 903 080,
in terms of a specific authority granted at the general meeting held on
Tuesday, 8 October 2002, at R67.23 per ordinary share. The listing of these
ordinary shares has been approved by the JSE Securities Exchange South Africa.

3. Odd-lot holders who hold certificated ordinary shares

In respect of those odd-lot holders who hold certificated ordinary shares and
who elected to purchase additional ordinary shares, new share certificates (if
requested) will be posted, against surrender of existing documents of title, on
Monday, 28 October 2002. Cheques and electronic transfers in respect of the
sale of odd-lot holdings will be posted to the relevant odd-lot holders or
effected on or from Monday, 28 October 2002, by post or first class mail
(United Kingdom) or electronic banking, at the risk of such odd-lot holders and
against surrender of their relevant documents of title.

All odd-lot holders who elected to sell their odd-lot holdings or who failed to
make an election and who were therefore deemed to have sold their odd-lot
holdings and who have not submitted their relevant documents of title to either
the South African transfer secretaries, Computershare Investor Services
Limited, Ground Floor, 70 Marshall Street, Johannesburg, 2001 (PO Box 1053,
Johannesburg, 2000) or the United Kingdom transfer secretaries, Computershare
Investor Services plc, PO Box 82, The Pavilions, Bridgewater Road, Bristol,
BS99 7NH, are reminded to do so in order for their payments, in respect of
their sold odd-lot holdings, to be released or effected. These odd-lot holders
are also reminded that their documents of title will no longer be good for
trading after Friday, 25 October 2002.

4. Odd-lot holders who hold dematerialised ordinary shares

Any movement in the number of ordinary shares held and amounts payable/
receivable by an odd-lot holder who has dematerialised his/her ordinary shares,
as a result of the implementation of the odd-lot offer, will be automatically
updated and debited/credited in the odd-lot holder's account with the Central
Securities Depository Participant or broker selected by that odd-lot holder on
Monday, 28 October 2002.

Sandton

28 October 2002

Financial adviser and transaction sponsor

ING INVESTMENT BANKING

Corporate law advisers and consultants

Edward, Nathan & Friedman

(Registration number 1999/026464/07)

www.enf.co.za

Joint sponsor

CAZENOVE