DISCLOSURES ON
REMUNERATION MATTERS

DIRECTORS’ AND PRESCRIBED OFFICERS’ EMOLUMENTS AND INTERESTS

Executive directors' remuneration (R000)

The executive directors' remuneration for the year ended 31 March 2017 was as follows: 

Name  Cash 
package 		 Cash 
bonus*		 Retirement 
and medical 
contributions 		 Total 
         
PH Staude  8 799  6 626  1 276  16 701 
MH Munro  4 880  2 884  727  8 491 
  13 679  9 510  2 003  25 192 
 
The executive directors' remuneration for the year ended 31 March 2016 was as follows: 
         
Name  Cash package  Cash 
bonus*		 Retirement 
and medical 
contributions 		 Total 
         
PH Staude  8 799  2 772  1 240  12 811 
MH Munro  4 626  1 198  684  6 508 
  13 425  3 970  1 924  19 319 
         
The requirement to include prescribed officers is covered by the above executive directors, as they exercise effective management and control. 

* Bonuses are reported to match the performance and quantum earned to the applicable financial period. 
 
Executive directors' share incentive gains:         
      2017  2016 
         
PH Staude      7 010  3 662 
MH Munro      2 348  2 160 
      9 358  5 822 
         
Details of the executive directors' share-based instruments granted and exercised are contained here. 
 

Non-executive directors' remuneration (R000)

  12 months to 31 March 2017  12 months to 31 March 2016 
             
Name  Fees  Other  Total  Fees  Other  Total 
             
SM Beesley  334  339  673  345  153  498 
F Jakoet  363  300  663  345  285  630 
J John  363  356  719  317  337  654 
RP Kupara  363  178  541  345  169  514 
TN Mgoduso  363  123  486  319  116  435 
N Mjoli-Mncube  363  463  826  317  403  720 
SG Pretorius  363  417  780  345  286  631 
TA Salomão  363    363  285    285 
CB Sibisi  1 282  236  1 518  1 218  224  1 442 
  4 157  2 412  6 569  3 836  1 973  5 809 
             
In the table above, "Fees" relate to the services as directors on the board and "Other" relates to fees paid for services as
committee members. 
             
Declaration of full disclosure             
             
Other than the remuneration disclosed in this note, which was paid by the company, no consideration was paid to or by any third-party, or by the company itself, in respect of services of the company's directors, as directors of the company, during the year ended 31 March 2017. 
             
Interest of directors of the company in share capital 
 
The aggregate holdings as at 31 March 2017 of those directors of the company holding issued ordinary shares of the company are detailed below. Holdings are direct and beneficial except where indicated otherwise. 
             
Name          2017  2016 
             
Executive directors:             
PH Staude          386 328  340 787 
MH Munro          138 136  122 935 
          524 464  463 722 
Non-executive director:             
F Jakoet          -  5 068 
             

EMPLOYEE SHARE INCENTIVE SCHEMES

Details of awards in terms of the company’s share incentive schemes: 

Share Appreciation Right Scheme 2005

Under the share appreciation right scheme, participating employees are awarded the right to receive shares equal to the difference between the exercise price and the grant price, less income tax payable on such difference. The employee therefore participates in the after tax share price appreciation in the company. The vesting of the right is conditional on the achievement of Tongaat Hulett performance levels over a performance period. 

Expiring
seven years from 		 Grant 
price 
Rand 		 Fair 
value 
Rand 		 Number of 
rights 
31 March 2016 		 Granted  Exercised  Lapsed/ 
forfeited 		 Number of 
rights 
31 March 2017 
               
22 May 2009  75,06  12,54  501 334    501 334     
31 May 2010  97,49  20,00  641 207    182 440    458 767 
31 May 2011  90,42  17,50  758 863    67 092    691 771 
29 May 2012  110,21  21,73  899 909    101 582  5 438  792 889 
29 May 2013  126,85  24,30  1 375 555      1 375 555   
26 May 2014  121,93  23,96  1 576 335      51 023  1 525 312 
28 May 2015  128,54  23,68  1 745 458      58 090  1 687 368 
6 June 2016  113,41  28,06    1 582 792    46 708  1 536 084 
      7 498 661  1 582 792  852 448  1 536 814  6 692 191 
               
The estimated fair value costing of these outstanding share appreciation rights was determined using the binomial tree valuation model and non-market performance conditions, based on the following significant inputs: 
 
Strike price  The grant price, as noted above. 
Expected option life  80 months (assume contractual plus a leaving percentage of 5%). 
Risk-free interest rate  8,51% (2015: 7,96%; 2014: 7,78%, 2013: 6,73%, 2012: 7,26%, 2011: 7,95% and 2010: 7,71%). 
Expected volatility  Expected volatility of 29% (2015: 22,51%; 2014: 27,57%, 2013: 28,34%, 2012: 28,51%, 2011: 30% and 2010: 26,78%) is based on historical volatility determined by the statistical analysis of daily share price movements over the past three years. 
Expected dividends  The measurement of the fair value of the share appreciation rights did not take into account dividends, as no dividend payment was expected. A continuous dividend yield of 2,6% was used for the 2016 award (2015, 2014, 2013 and 2012: 2,6%,
2011: 2,75% and 2010: 2,5%). 
Weighted average share price  As above. 
Expected early exercise  Early exercise is taken into account on an expectation basis. 
Time constraints  Three years from grant date. 
Performance (vesting) conditions  An increase in headline earnings per ordinary share as determined by the Remuneration Committee. Retesting of the performance condition is not allowed with effect from the 2010 award. 
Non-market performance conditions  Growth in headline earnings per share. 
Market performance conditions  No market conditions. 
Weighted average remaining life:   
Expected  2016: 74 months, 2015: 62 months, 2014: 50 months, 2013: 26 months, 2012:
26 months, 2011: 14 months and 2010: 2 months. 
Contractual  84 months. 


Long Term Incentive Plan 2005 

Under the long term incentive plan participating employees are granted conditional awards. These awards are converted into shares on the achievement of performance conditions over a performance period. 

Expiring
three years from 		 Grant price 
Rand 		 Fair value 
Rand 		 Number of 
conditional 
awards 
31 March 2016 		 Granted  Settled  Lapsed/ 
forfeited 		 Number of 
conditional 
awards 
31 March 2017 
               
29 May 2013  126,85  49,22  530 670    527 486  3 184   
26 May 2014  121,93  51,79  571 266      18 232  553 034 
28 May 2015  128,54  57,82  559 899      18 502  541 397 
6 June 2016  113,41  60,28    576 207    17 303  558 904 
      1 661 835  576 207  527 486  57 221  1 653 335 
 
The estimated fair value costing of these outstanding conditional share awards was determined using the Monte Carlo Simulation model and non-market performance conditions, based on the following significant inputs: 
 
Expected option life  34 months (assume contractual plus a leaving percentage of 5%). 
Expected dividends  The measurement of the fair value of the conditional share awards did not take into account dividends, as no dividend payment was expected. A continuous dividend yield of 2,6% was used for these awards. 
Weighted average share price  As above. 
Time constraints Three years from grant date. 
Performance (vesting) conditions  2016 award: 25% of the award will be subject to the TSR condition, 25% to the
ROCE condition, 25% to a sugar production condition and 25% will be subject to the land conversion cash generation condition. No retesting of the performance conditions is allowed. 
  2014 and 2015 awards: 25% of the award will be subject to the TSR condition, 25% to the ROCE condition, 25% to a sugar production condition and 25% will be subject to the large land deals of the company condition. No retesting of the performance conditions is allowed. 
Non-market performance conditions  2016 award: ROCE, sugar production and the land conversion cash generation conditions. 2014 and 2015 awards: ROCE, sugar production and the large land deals conditions. 
Market performance conditions  Total shareholder return (TSR). 
Weighted average remaining life:   
Expected  2016: 26 months, 2015: 14 months and 2014: 2 months. 
Contractual  36 months. 

Long Term Incentive Plan 2005 - Retention Awards 

Under the long term incentive plan participating employees are granted conditional awards which are converted into shares after the required service period is completed.

Expiring
four years from 		 Grant price 
Rand 		 Fair value 
Rand 		 Number of 
conditional 
awards 
31 March 2016 		 Granted  Settled  Lapsed/ 
forfeited 		 Number of 
conditional 
awards 
31 March 2017 
16 November 2012  126,71  92,88  72 442    70 406  2 036   
11 March 2013  139,39  102,18  15 000    15 000     
29 May 2013  126,85  92,99  98 390      1 039  97 351 
26 May 2014  121,93  89,38  139 767      3 418  136 349 
28 May 2015  128,54  94,23  179 642      3 487  176 155 
6 June 2016  113,41  102,07    155 931    10 968  144 963 
      505 241  155 931  85 406  20 948  554 818 
               
The estimated fair value costing of these outstanding conditional share awards was based on the following significant inputs: 
 
Expected option life  46 months (assume contractual plus a leaving percentage of 5%). 
Expected dividends  The measurement of the fair value of the conditional share awards did not take into account dividends, as no dividend payment was expected. A continuous dividend yield of 2,6% was used. 
Weighted average share price  As above. 
Time constraints  Four years from grant date. 
Performance (vesting) conditions  There are no performance (vesting) conditions other than the passage of time. 
Non-market performance conditions  No non-market conditions. 
Market performance conditions  No market conditions. 
Weighted average remaining life:   
Expected  June 2016: 38 months, May 2015: 26 months, May 2014: 14 months and
May 2013: 2 months. 
Contractual  48 months. 

Deferred Bonus Plan 2005 

Under the deferred bonus plan participating employees purchase shares in the company with a portion of their after-tax bonus. These pledged shares are held in trust by a third-party administrator for a qualifying period, after which the company awards the employee a number of shares in the company which matches those pledged shares which are then released from trust. 

Expiring
three years from 		 Grant price 
Rand 		 Fair value 
Rand 		 Number of 
conditional 
awards 
31 March 2016 		 Granted  Settled  Forfeited  Number of 
conditional 
awards 
31 March 2017 
               
29 May 2013  126,85  100,49  63 630    63 630     
26 May 2014  121,93  96,60  75 950      2 785  73 165 
25 May 2015  131,27  103,99  63 502      2 593  60 909 
30 May 2016  113,06  104,47    46 335    1 871  44 464 
      203 082  46 335  63 630  7 249  178 538 
               
The estimated fair value costing of the outstanding deferred bonus share awards was based on the following significant inputs: 
         
Expected option life  34 months (assume contractual plus a leaving percentage of 5%). 
Expected dividends  The measurement of the fair value of the deferred bonus shares did not take into account dividends, as no dividend payment was expected. A continuous dividend yield of 2,6% was used. 
Weighted average share price  As above. 
Time constraints    Three years from grant date. 
Performance (vesting) conditions  There are no performance (vesting) conditions other than the passage of time. 
Non-market performance conditions  No non-market conditions. 
Market performance conditions  No market conditions. 
Weighted average remaining life:   
Expected  2016 award: 26 months, 2015 award: 14 months and 2014 award: 2 months. 
Contractual  36 months. 
               
The deferred bonus shares were purchased by the participating employees on 3 June 2016 in respect of the 2016 award. (2015 award purchased 1 June 2015 and the 2014 award purchased 2 June 2014). 
               

Interest of executive directors of the company in share-based instruments 

Share Appreciation Right Scheme 2005 

Name  Expiring 
seven years 
from 		 Grant 
price 
Rand 		 Fair 
value 
Rand 		 Number of 
rights 
31 March 
2016 		 Granted  Exercised  Lapsed  Number of 
rights 
31 March 
2017 		 Performance 
condition 
and time 
constrained 
                     
PH Staude  22 May 2009  75,06  12,54  91 120    91 120       
  31 May 2010  97,49  20,00  74 289        74 289   
  31 May 2011  90,42  17,50  87 397        87 397   
  29 May 2012  110,21  21,73  65 845        65 845   
  29 May 2013  126,85  24,30  104 578      104 578     
  26 May 2014  121,93  23,96  115 081        115 081  115 081 
  28 May 2015  128,54  23,68  123 414        123 414  123 414 
  6 June 2016  113,41  28,06    111 172      111 172  111 172 
        661 724  111 172  91 120  104 578  577 198  349 667 
                   
MH Munro  22 May 2009  75,06  12,54  30 857    30 857       
  31 May 2010  97,49  20,00  23 638        23 638   
  31 May 2011  90,42  17,50  28 669        28 669   
  29 May 2012  110,21  21,73  22 439        22 439   
  29 May 2013  126,85  24,30  34 476      34 476     
  26 May 2014  121,93  23,96  47 818        47 818  47 818 
  28 May 2015  128,54  23,68  52 248        52 248  52 248 
  6 June 2016  113,41  28,06    49 654      49 654  49 654 
        240 145  49 654  30 857  34 476  224 466  149 720 
                   
Long Term Incentive Plan 2005 
                   
Name  Expiring 
three years 
from 		 Grant 
price 
Rand 		 Fair 
value 
Rand 		 Number of 
conditional 
awards 
31 March 
2016 		 Granted  Settled  Lapsed  Number of 
conditional 
awards 
31 March 
2017 		 Performance 
condition 
and time 
constrained 
PH Staude  29 May 2013  126,85  49,22  47 660    13 107  34 553     
  26 May 2014  121,93  51,79  49 144        49 144  49 144 
  28 May 2015  128,54  57,82  46 660        46 660  46 660 
  6 June 2016  113,41  60,28    47 766      47 766  47 766 
        143 464  47 766  13 107  34 553  143 570  143 570 
                   
MH Munro  29 May 2013  126,85  49,22  15 709    4 320  11 389     
  26 May 2014  121,93  51,79  20 420        20 420  20 420 
  28 May 2015  128,54  57,82  19 753        19 753  19 753 
  6 June 2016  113,41  60,28    21 334      21 334  21 334 
        55 882  21 334  4 320  11 389  61 507  61 507 
                   

Deferred Bonus Plan 2005

Name  Expiring
three years
from 		 Grant 
price 
Rand 		 Fair 
value 
Rand 		 Number of 
conditional 
awards 
31 March 
2016 		 Granted  Delivered  Number of 
conditional 
awards 
31 March 
2017 		 Conditional 
awards 
time 
constrained 
PH Staude  29 May 2013  126,85  100,49  14 720    14 720     
  26 May 2014  121,93  96,60  17 451      17 451  17 451 
  25 May 2015  131,27  103,99  13 405      13 405  13 405 
  30 May 2016  113,06  104,47    9 301    9 301  9 301 
        45 576  9 301  14 720  40 157  40 157 
                 
MH Munro  29 May 2013  126,85  100,49  4 821    4 821     
  26 May 2014  121,93  96,60  5 539      5 539  5 539 
  25 May 2015  131,27  103,99  4 114      4 114  4 114 
  30 May 2016  113,06  104,47    3 092    3 092  3 092 
        14 474  3 092  4 821  12 745  12 745 

The deferred bonus shares were purchased by the participating employees on 3 June 2016 in respect of the 2016 award. (2015 award purchased 1 June 2015 and the 2014 award purchased 2 June 2014). 

The share awards were made and exercised at various times and the average share price for the period was R122,68 (2016: R112,38). 

The share incentive gains made by directors are reflected here. 

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