Feedback on engagement with shareholders Clover Industries Limited (Incorporated in the Republic of South Africa) (Registration number 2003/030429/06) NSX Ordinary Share code: CLN Ordinary Share code: CLR ISIN No: ZAE000152377 (“Clover” or “the Company”) FEEDBACK ON ENGAGEMENT WITH SHAREHOLDERS Further to the announcement released on SENS on 1 December 2017 relating to Clovers’ invitation to shareholders to engage with the Company on the remuneration policy and the implementation of the remuneration policy, shareholders are advised that the telephone conference took place on Monday, 11 December 2017 as follows: 1. one shareholders, holding approximately 17% of voteable shares (on behalf of its clients) in Clover, participated in the telephone conference (“participating shareholder”). It should be noted that the participating shareholding voted in favour of the Company’s remuneration policy at the recent annual general meeting of the Company held on Tuesday, 28 November 2017; 2. the participating shareholder raised certain concerns regarding the Company’s disclosure of the implementation of the remuneration policy (specifically relating to the short-term incentive scheme) and the quantum relating to the base pay of certain executives. The Company will further engage with the participating shareholder in this regard early in 2018; 3. the Clover Milk Producers Trust (who holds approximately 12.4% of voteable shares in Clover) who voted against Clover’s remuneration policy was not able to partake in the telephone conference and has requested that the Company engage with them early in 2018 about their concerns; and 4. Clover has further undertaken to formally table all concerns raised or to be raised by its shareholders at its next remuneration committee meeting for consideration. Johannesburg 12 December 2017 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) NSX Sponsor IJG SECURITIES Date: 12/12/2017 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.