Group

Grains

Consumer Brands

Exports and International

TIGER BRANDS LIMITED

FINAL RESULTS PRESENTATION TO INVESTORS
for the year ended 30 September 2011

Group

Grains

Consumer Brands

Exports and International

Agenda
Strategic Review Financial Analysis

Business Performance - Grains

Business Performance - Consumer Brands

Business Performance International

Outlook

Group

Grains

Consumer Brands

Exports and International

Strategic Review
Peter Matlare Chief Executive Officer

Group

Grains

Consumer Brands

Exports and International

Where we are today

The South African economic environment has become increasingly challenging
o Competition is fierce as local and multi-national competitors and retailers battle for market share o Cost inflation has re-emerged due to global soft commodity price increases over recent months o The rapidly changing customer environment places demands on our go-to-market approach where we need to adapt in order to succeed

Tiger Brands performed well in terms of financial and brand strength despite challenging circumstances We are managing costs in order to enhance our competitiveness Expansion into rest of Africa and other emerging markets creates an opportunity for growth

Group

Grains

Consumer Brands

Exports and International

Economic context for performance 2011 challenging global and domestic environment
IMF global outlook downgraded

International markets remain in turmoil and growth forecasts have been lowered with negative impact on the Rand Africa growth remains buoyant, but some vulnerabilities emerge South Africa economic growth slowed to 1.3% in 2011Q2 and outlook remains muted

SA

Unemployment remains high and labour unrest disrupted services and manufacturing during the year

Group

Grains

Consumer Brands

Exports and International

Household consumption expenditure drops. Consumer confidence slows.

Household expenditure decelerates
10.0% 7.5% 5.0% 2.5%
0.0% -2.5% -5.0% 91 93 95 97 99 01 03 05 07
CCI (rhs)

35 25 15 5
-5 -15 -25 09 11
Real household consumption expenditure

Consumers remain under pressure and consumer confidence falls to a 2 year low Real household expenditure slows Durable goods sales still growing on the back of low interest rates

Y.o.Y. % change

Non-durable goods expenditure slows

7.5 5.0

Non-durable goods expenditure remains muted

Higher food prices, fuel and energy inflation will continue to constrain volume growth

2.5

percent

0.0

-2.5

-5.0

-7.5 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 qoq annualized % change yoy % change

Group

Grains

Consumer Brands

Exports and International

FMCG market volumes contract as inflation increases

Total market growth (volume & value) Categories in which Tiger Brands participates Source: Nielsen

Price inflation in FMCG markets rises to +4.2% for 3 months to September 2011 Low levels of disposable income and lack of consumer confidence is reflected in market volume declines FMCG categories in which Tiger Brands participates show increasing declines in volume sales from (0.4%) 12mm to (4.5%) in the 3 months to September 2011 Consumers expand their brand purchasing repertoire

Total South Africa: Category VOLUME and VALUE Growth Trends

4.0 3.0 2.0 1.0 -1.0 -2.0 -3.0 -4.0 -5.0

3.2 1.9 0.3 -0.4

-2.4

Mat LY vs Mat TY

6mm Curr vs 6mm YA

3mm Curr vs YA

-4.5

Category Value Growth

Category Volume Growth

Group

Grains

Consumer Brands

Exports and International

The changing retail landscape

The Customer landscape has and continues to undergo significant change, which impacts on Brand manufacturers and marketers Consolidation & globalisation The race for retail space Changing shopper habits Category thought leadership Search for enhanced margins

Group

Grains

Consumer Brands

Exports and International

Brand performance
Source: Nielsen Volume (packs) Shares 12mm to Sept 2011 HOMECARE Position In Category

PERSONAL CARE

CULINARY

GRAINS

BABY

CONFECTIONERY

CPM BEVERAGES

Insecticides Aircare Sanitary Cleaners Face Care Hand & Body Hair Care Hair Styling Deodorants Bath Care Tomato sauce Canned Tomato prods Baked Beans Canned Vegetables Pasta Jam Peanut Butter Mayonnaise/salad cream Rice Bread RTE Cereals Hot Cereals Baby Care Homogenous Baby Food Baby Cereal Countlines Slabs Sugar sweets Boxed Assortments Chilled Processed Meats Sports Drinks Liquid Concentrates

1 3 2 2 2 3 1 4 4 1 1 1 1 1 1 1 1 1 2 3 1 2 1 2 3 3 1 1 1 1 1

Tiger Brands retains No 1 or 2 position across most of the categories in which we participate Our leading brands received recognition through various awards in 2011:
Sunday Times Top Brands awards: South Africas no 1 Favourite Brand No 1 in Tinned Food No 1 Essential Food 11 years running 4th in SA favourite brand No 2 Essential Food

No 3 Tinned Food (And top in Beeld Iconic Brand award)

Group

Grains

Consumer Brands

Exports and International

Salient features
Turnover Operating income EPS HEPS 6% 8% 17.5% 13% (6% normalised)

10

Group

Grains

Consumer Brands

Exports and International

HEPS (cents) year ended September

1,600

1 575

1,550

1,500

1 490
+13%

1,450

1,400

1 393

+6% Excl. BEE

1,350

1,300 2010 2010 (excl BEE) 2011

11

Group

Grains

Consumer Brands

Exports and International

Total distributions cents per share

850

800

791 746
+6.0%

750

700

650

600 2010 2011

12

Group

Grains

Consumer Brands

Exports and International

Financial Analysis
Funke Ighodaro Chief Financial Officer

Group

Grains

Consumer Brands

Exports and International

Income statement for the year ended September

% 2010 Change

Rm

2011

Turnover Operating Income Income from investments Net financing costs Income from Associates Profit before taxation and abnormal items Income tax expense Profit after taxation before abnormal items

20,430 3,245 19 (64) 265 3,465 (1,002) 2,463

19,316 3,015 19 (83) 252 3,203 (876) 2,327

6 8 22 5 8 (14) 6

14

Group

Grains

Consumer Brands

Exports and International

Income statement for the year ended September

% Change 6

Rm Profit after taxation before abnormal items Abnormal items Tax on abnormal items Net profit for the year Attributable to: Ordinary shareholders Non Controlling Interests EPS (cents) HEPS (cents) HEPS (cents) excluding once-off empowerment transaction costs in 2010

2011 2,463 127 (12) 2,578 2,584 (6) 1,629 1,575 1,575

2010 2,327 (188) 36 2,175 2,192 (17) 1,386 1,393 1,490

19
18 65 18 13 6
15

Group

Grains

Consumer Brands

Exports and International

Abnormal items for the year ended September

Rm

2011

2010

Equity accounted take-on gain - National Foods Holdings Zimbabwe Recognition of pension fund surpluses Empowerment transaction costs BEE Phase II

91 44 -

1 (188)

Other
Total

(8)
127

(1)
(188)

16

Group

Grains

Consumer Brands

Exports and International

Reconciliation between profit for the year and headline earnings

Rm 2011 2010

Profit attributable to ordinary shareholders

Adjusted for: Equity accounted take-on gain - National Foods Holdings Zimbabwe Associates - goodwill impairment Other Total headline earnings

2,584 (91) 5 2,498

2,192 9 3 2,204

17

Group

Grains

Consumer Brands

Exports and International

Turnover by operating segment

Rm Total DOMESTIC OPERATIONS Grains - Milling and Baking - Other Grains Consumer Brands - Groceries - Snacks & Treats - Beverages - Value Added Meat Products - Out of Home - HPCB Other FMCG Exports and International - Exports* - International Operations - Deciduous Fruit - Inter-group Sales
* Includes Davita with effect from 31 May 2011

2011 20,430 18,049 8,349 6,192 2,157 9,704 3,423 1,734 1,029 1,419 295 1,804 (4) 2,381 712 822 962 (115)

2010 19,316 17,494 8,085 5,849 2,236 9,417 3,167 1,726 1,083 1,385 269 1,787 (8) 1,822 370 504 1,086 (138)

% Change 6 3 3 6 (4) 3 8 (5) 2 10 1 (50) 31 92 63 (11) (16)

18

Group

Grains

Consumer Brands

Exports and International

Contribution to turnover
2011
Intergroup sales -1% International operations 4% Exports 3% HPCB 9% Deciduous Fruit 5% Intergroup International sales -1% operations 3% Exports 2% HPCB 9% OOH 1% OOH 1% VAMP 7% VAMP 7% Deciduous Fruit 5%

2010

Beverages 6%
Beverages 5%

Snacks & Treats 9%

Grains 41%

Snacks & Treats 9% Groceries 17%

Grains 42%

Groceries 17%

2011 Group turnover: R20,4 billion

2010 Group turnover: R19,3 billion

19

Group

Grains

Consumer Brands

Exports and International

Operating income before abnormal items

Operating Income Rm Total Domestic operations Grains - Milling and Baking - Other Grains Consumer Brands - Groceries - Snacks & Treats - Beverages - Value Added Meat Products - Out of Home - HPC Other Exports and International - Exports* - International Operations - Deciduous Fruit
* Includes Davita with effect from 31 May 2011

% Change 8 2 4 1 16 17 (17) (16) (18) 9 (1) (11) 704 215 44 49

% Operating margins 2011 15.9 17.2 20.9 22.3 16.9 15.0 15.3 11.3 9.2 8.5 23.4 25.2 8.8 23.9 10.0 (4.5) 2010 15.6 17.4 20.7 23.3 14.0 15.5 14.1 13.6 10.4 10.6 23.6 25.7 1.3 12.7 11.3 (7.8)

2011 3,245 3,036 1,746 1,382 364 1,457 524 195 94 121 69 454 (168) 209 170 82 (43)

2010 3,015 2,989 1,678 1,364 314 1,463 446 235 112 147 63 459 (151) 26 54 57 (85)

20

Group

Grains

Consumer Brands

Exports and International

Contribution to operating income

2011
International operations 3% Exports 4% Other -5% Deciduous Fruit -1% International operations 2% Exports 2% Other -5% Deciduous Fruit -3%

2010

HPCB 15% HPCB 14%

OOH 2% VAMP 4% Beverages 3% Snacks & Treats 6% Grains 54% Groceries 16%

OOH 2% VAMP 5% Beverages 4%

Snacks & Treats 8% Groceries 15%

Grains 55%

21

Group

Grains

Consumer Brands

Exports and International

Group balance sheet as at September

Rm
Assets Property, plant & equipment Intangibles Investments Current Assets Net cash

2011
3,317 3,826 2,360 6,187 15,690

2010
2,586 1,986 1,717 5,774 41 12,104 8,316 285 474 3,029 12,104

Equity and Liabilities Ordinary Shareholders Equity Non-controlling Interests Net Debt Non-current Liabilities Current Liabilities

9,869 377 1,671 676 3,097 15,690

22

Group

Grains

Consumer Brands

Exports and International

Key statistics as at September

2011 Net (Debt)/Cash (Rm) Net Debt/Equity % Working capital per R1 turnover (cents) Net interest cover (times) Operating income margin % Effective tax rate before abnormal items % (1,671) 16 21.8 50.9 15.9 31.3

2010 42 N/A 20.7 36.9 15.6 29.7

23

Group

Grains

Consumer Brands

Exports and International

Cashflow statement for the year ended September

Rm
Cash operating profit Working capital requirements

2011
3,777 (173)

2010
3,493 (113)

Cash generated from operations

Dividends received net of financing costs Taxation paid

3,604
107 (1,046)

3,380
67 (821)

Cash available from operations

Capital distributions and dividends Capital expenditure

2,665
(1,230) (818)

2,626
(1,180) (634)

Acquisitions
Other items Net increase/(decrease) in cash and cash equivalents Effects of exchange rate movements Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year

(2,112)
(81) (1,576) 56 508 (1,012)

(475)
10 347 (11) 172 508

24

Group

Grains

Consumer Brands

Exports and International

Capital expenditure and commitments

Rm Capital expenditure - Replacement - Expansion

2011 818 387 431

2010 634 363 271

Capital commitments - contracted - approved

421 299 122

817 547 270

25

Group

Grains

Consumer Brands

Exports and International

Grains
Thabi Segoale Business Executive

Group

Grains

Consumer Brands

Exports and International

Grains
Key performance highlights

Performance drivers

Net sales
EBIT Operating margin Key market dynamics

+3.3%
+4.1% 20.9%

Expanded Albany market universe Cost containment interventions

Increased contribution of value-added products

Price inflation

Extra-ordinary competitive landscape Raw materials & other cost pushes exacerbated by ZAR:USD exchange rate H2 trading was a lot tougher than anticipated: o Demand remained muted o Sustained deep price discounting by competitors Shifts in consumer buying patterns

Stable operational efficiencies

27

Group

Grains

Consumer Brands

Exports and International

Maize and Wheat Milling

Satisfactory performance Price inflation drives top line growth

Volumes negatively impacted by extraordinary competitive landscape

Strong performance: o Albany, Consumer Premixes & Ace Instant New Hennenman mill on track for December 2012

28

Group

Grains

Consumer Brands

Exports and International

Albany
Triumph over challenging trading landscape Volumes contract by 3.9% driven by widened price gaps in top-end retail Top-end retail Albany market share stats: 12mm Sep 2011 o Maintained No 1 market share in value o Lost 1.1% points in volume share o Regained No 1 volume share position for 3mm Sep 2011 Sold to a wider market universe to maintain volume leverage Albany Durban & Pietermaritzburg delivering a shift in product quality & efficiencies

NEW

29

Group

Grains

Consumer Brands

Exports and International

Tastic
Tastic grows category consumption

Positive momentum maintained

Tastic gains share in a static market Strong global price inflation during Q4 11

Tastic wins No 1 brand in Essential Foods

category* Price inflation expected to slow category

growth
Stable outlook for business performance

*2011 Sunday Times Markinor Top Brands Awards

30

Group

Grains

Consumer Brands

Exports and International

Breakfast Cereals
Convenient/affordable offers drive growth

Category volume growth improves (+1% - 12mm Mar 11 vs +3.8% - 12 mm Sep 2011)
Star performance from Ace Instant (+12% volume) & Jungle Oats Instant (+15% volume) Leading market shares maintained

Innovation products deliver >R150m of new sales during 2011

New tastes, flavours and value-added offerings to drive future volume & value growth

31

Group

Grains

Consumer Brands

Exports and International

Summary
Stable fundamentals withstand market challenges

Satisfactory performance in FY 11
Re-establish volume growth momentum Enhancing consumer value is core to our future success

Progress on strategic priorities

o Contribution of value-added products shifts 10% points since 2008 o Progress on widening market universe o Progress on re-aligning business model

32

Group

Grains

Consumer Brands

Exports and International

Consumer Brands
Phil Roux Business Executive

Group

Grains

Consumer Brands

Exports and International

2nd Half
Steady progress

Key challenges Low market growth Low cost competition Top End Grocer (TEG) growth rate and share loss

Action Revenue growth management Cost reduction and efficiency focus Broader channel focus

34

Group

Grains

Consumer Brands

Exports and International

2nd Half
Steady progress

EBIT performance
1st Half Groceries Snacks & Treats *- 6,5% *- 41,7% 2nd Half *+ 56,4% *+ 31,2% FY *+ 17,5% *- 16,9%

HPCB
OOH Enterprise Beverages L&AF

*- 4,1%
*- 7,0% *- 6,0% *+ 1,1% R44,5m (Loss)

*+ 2,0%
*+ 24,4% *- 31,0% *- 58,5% R1,2m (Profit) *

*- 1,2%
+ 9,2% *- 17,9% *- 16,0% R43,3m (Loss)

35

Group

Grains

Consumer Brands

Exports and International

Groceries
Good recovery

Volume
Volume + 6,0% Beans Peanut Butter Mayonnaise +15% +14% + 7%

EBIT

+ 17,5%

Channel Strategy

Pasta
Tomato Sauce

+ 3%
+ 3%

Value Drivers

Price management
Costs and efficiency improvements Brand strength

36

Group

Grains

Consumer Brands

Exports and International

KOO is South Africas Favourite Brand!

2011 South Africas Favourite Brand Top brand in Canned Foods (Sunday Times) Top brand in Canned Foods (Beeld Iconic Brands) 2nd Favourite Brand 3rd Favourite Brand

2010 2009

37

Group

Grains

Consumer Brands

Exports and International

Snacks & Treats

Solid progress

Net sales
EBIT Market Volume Contraction
(12mm Nielsen)

Flat
-16,9% -6%

Cost base reduced Management changes Margin correction Growth plans Innovation commercialized

a a a a a

38

Group

Grains

Consumer Brands

Exports and International

Snacks & Treats

April to August 2011/2010

Net Sales

+ 8,0%

GM
EBIT EBIT %

+ 16,3%
+ 156,5% 13,0% vs 5,5% (R87m vs R34m)

39

Group

Grains

Consumer Brands

Exports and International

Beverages
Challenging times Net Sales

- 5,0%

EBIT

- 16,0%

Performance inhibitors Winter volumes Price management Loss making categories

Capacity optimisation

Management action Lower breakeven point Revenue Growth Management (RGM) disciplines Dairy Fruit Blends (DFB) portfolio strategy
Manufacturing architecture

40

Group

Grains

Consumer Brands

Exports and International

Beverages
Core brand performance
55

Market Share Volume

54.1 52.2

2011 Volume +10% 48.1

MAT LY 12mm

54

51.4
MAT TY

53 52 51 50 49 48 Jun July

51.1

50.4

August

Sep

56 54 52 50 48 46

Volume Share
53.8 54.0

Nielsen 12mm

49.8

12mm 2YA

12mm PY

12mm CY

41

Group

Grains

Consumer Brands

Exports and International

HPCB
Top-line challenged Net sales
Homecare Personal care Baby care (Nutrition + 7%) - 2,1% - 1,3% + 6,3% EBIT Full Year - 8,0% EBIT 1st Half - 19,9%

Healthy margins
19,4% 26,5% 29,3%

Performance inhibitors Reorganization Strong competition Homecare market contraction Strike action

42

Group

Grains

Consumer Brands

Exports and International

HPCB: Baby category

Challenging Times Performance drivers Innovation Consumer insight & understanding Category leadership with trade partners Growth of Purity Master Brand Focus on Channel specific activation

Challenges Entry of numerous competitors Dealer own brand growth (Wellbeing) Contracting markets

43

Group

Grains

Consumer Brands

Exports and International

HPC
Priorities Personal care R/margin focus Core brand renovation Status brand integration TEG channel growth Homecare Defend and grow insecticides Strengthen Jeyes brand position Relaunch key segments Interrogate cost base / Broaden procurement scope

Increased brand investment Trawl for acquisitions

44

Group

Grains

Consumer Brands

Exports and International

Enterprise
Fierce low cost competition Net sales EBIT + 2,5% - 17,9%

EBIT Margin

8,5%

Challenges Low cost branded competition Private label growth Lowering of entry barriers

45

Group

Grains

Consumer Brands

Exports and International

Enterprise
Strategic review completed Priorities Share recovery in key segments Cost and efficiency focus Invest in brand and price position Redefine channel strategy Anticipated Outcome Margin compression short / medium term Volume and share recovery Strengthened brand equity Sustained performance (+ Cash + EVA)

46

Group

Grains

Consumer Brands

Exports and International

Langeberg & Ashton Foods

The fruits ripen 1st Half EBIT R44,5m loss Full Year R43,3m loss

Driving Forces - 2012

Fully contracted Double digit price increases

Euro zone challenged

Exchange rate

47

Group

Grains

Consumer Brands

Exports and International

Consumer Brands
In summary

Clear improvements, but WIP Market / categories will remain highly competitive Strong, resilient and leading brands Management agility required in challenging times Restoring competitiveness No 1 priority

48

Group

Grains

Consumer Brands

Exports and International

Tiger Brands International

Neil Brimacombe Business Executive

Group

Grains

Consumer Brands

Exports and International

Tiger Brands: Africa Footprint

Traction in priority zones

Mali

Niger

Davita footprint complementary Route to market capability improving

Sudan

Burkina Faso Nigeria Cameroon

Uganda

Ethiopia

Gabon

Kenya

DRC

Tanzania
Angola

Zambia

On shore manufacturing Export territories

Namibia Zimbabwe

South Africa

50

Group

Grains

Consumer Brands

Exports and International

TIGER BRANDS INTERNATIONAL : EXPORTS Tiger Brands International: Exports (incl. Davita)
Continued good progress Net sales EBIT
* Davita 4 months

R712.0m* (2010: R370.4m) R170.2m* (2010: R53.6m)

Growth drivers Strong demand from Zimbabwe, Zambia and Mozambique

Improved distributor network and route to market

Achievement of key price points for key categories such as pasta, mayonnaise and rice Efficient supply chain and rapid replenishment

Increased brand awareness through effective and focused marketing investment

Challenges Rand strength during the year Low cost competition particularly in West Africa
51

Group

Grains

Consumer Brands

Exports and International

TIGER BRANDS INTERNATIONAL : EXPORTS Tiger Brands International: Exports

Continued investment in core brands

52

Group

Grains

Consumer Brands

Exports and International

Tiger Brands International: Davita Trading

Performance in line with expectations

Growth drivers Existing distributors remain committed and the order book is strong

New geographies and new distributors

Business integration is underway and synergies are being pursued

Challenges Rand strength for the greater part of 2011 Counterfeit products Capacity constraints on Jolly Jus

Management Action

Action taken Addressed for 2012

53

Group

Grains

Consumer Brands

Exports and International

Tiger Brands International: Davita Trading TIGER BRANDS INTERNATIONAL : DAVITA TRADING
Building on distribution base and managing POS critical

54

Group

Grains

Consumer Brands

Exports and International

Tiger Brands International: Haco Tiger Brands, Kenya

Accelerating growth

Net sales
EBIT

R216.0m
R 21.8m

+14.0%
+ 8.5%

Growth drivers Key category volume growth Significant progress in regional exports Focused support of core brands, increased marketing investment

Challenges Strong Rand negatively impacting on currency translation Second half inflation gathering momentum

55

Group

Grains

Consumer Brands

Exports and International

Tiger Brands International: Chococam, Cameroon TIGER BRANDS INTERNATIONAL : CHOCOCAM, CAMEROON
Continued progress Net sales EBIT R326.7m R 41.5m + 3.9% + 13.4%

Growth drivers
Major brands renovation completed and re-launched Facilities upgrade - continued progress in operational efficiencies Selling wider and deeper Pleasing growth in domestic market

56

Group

Grains

Consumer Brands

Exports and International

Tiger Brands International: Chococam, Cameroon TIGER BRANDS INTERNATIONAL : CHOCOCAM, CAMEROON
Continued progress

Selling wider and deeper Route to market capability strengthened Continued investment

57

Group

Grains

Consumer Brands

Exports and International

Tiger Brands International: Chococam, Cameroon TIGER BRANDS INTERNATIONAL : CHOCOCAM, CAMEROON
Investing for future growth

Outlook for 2012 remains positive Continuous facility upgrade and capex deployment will ensure high service level and improve productivity

Innovation projects in new product sectors

Positive procurement position

58

Group

Grains

Consumer Brands

Exports and International

Tiger Brands International: EATBI, Ethiopia

Positive progress investment on track Net sales EBIT R 91.9m (4 months) R 6.9m

Growth drivers

Strong consumer demand

Mix, price and cost management Efficiencies program beginning to benefit Distributor management initiative

Challenges Weakening currency margin impact Raws / packaging sourcing lead times Supply disruptions Skills gap being addressed
59

Group

Grains

Consumer Brands

Exports and International

Tiger Brands International: Deli Foods, Nigeria

Investment on track Net sales EBIT R 187.7m R 11.8m (5 months)

Growth drivers Significant efficiency improvements Mix premium innovation launched Excellent distributor relationships Joint procurement progress

Challenges Significant prime cost push in first half of calendar year

Price recovery limited by Naira note size

Critical mass
60

Group

Grains

Consumer Brands

Exports and International

Tiger Brands International: UAC Foods, Nigeria (Tiger 49%)

Start up challenges Net sales R 245.2m* (5 months)

EBIT
* 100%

R 28.5m*

Growth drivers Excellent procurement progress Strong demand for Gala Sausage Roll

Challenges Capacity constraints in snacking Loss-making in Dairies Cost push and price recovery Intensely competitive environment

61

Group

Grains

Consumer Brands

Exports and International

Tiger Brands International

In summary

A key strategic growth vector

An emphasis on fix, optimise, and grow

Continuing to bed down / integrate acquisitions

Leverage new capabilities / drive synergies

Acquisitions remain a key theme

62

Group

Grains

Consumer Brands

Exports and International

Towards 2012
Challenging year ahead

Pressure on the consumer not letting up Food inflation on the rise Increased focus on cost base for competitiveness Strengthen our strategic alliances Continued acquisitions on the continent

63

Group

Grains

Consumer Brands

Exports and International

Disclaimer
Certain statements in this presentation may be defined as forward looking statements within the meaning of the United States Securities legislation. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements may be identified by words such as expect, believe, anticipate, plan, estimate, intend, project, target, predict, outlook and words of similar meaning. Forward looking statements are not statements of fact but statements by the management of Tiger Brands Group based on its current estimates, projections, beliefs, assumptions and expectations regarding the groups future performance. No assurance can be given that forward-looking statements will prove to be correct and undue reliance should not be placed on such statements. The risks and uncertainties inherent in the forward-looking statements contained in this presentation include, but are not limited to: domestic and international business and market conditions; changes in the domestic or international regulatory and legislative environment in the countries in which the Group operates or intends to operate; changes to domestic and international operational, economic, political and social risks; changes to IFRS and the interpretations, applications and practices subject thereto as they apply to past, present and future periods; and the effects of both current and future litigation. The company undertakes no obligation to update publically or release any revisions to these forward-looking statements contained in this presentation and does not assume responsibility for any loss or damage whatsoever and howsoever arising as a result of the reliance of any party thereon, including, but not limited to, loss of earnings, profits, or consequential loss or damage. 64