Dealing in Share Appreciation Rights (“SARs”) by directors Clover Industries Limited Incorporated in the Republic of South Africa (Registration No. 2003/030429/06 Ordinary Share code: CLR ISIN N0: ZAE000152377 ("Clover") DEALINGS IN SHARE APPRECIATION RIGHTS ("SARs") BY DIRECTORS Director : J H Vorster Company : Clover Industries Limited Date of transaction : 17 March 2015 Nature of transaction : Exercise of SARs which are subsequently equity settled in accordance with the Restated Clover Share Appreciation Rights Plan Class of securities : SARs in respect of ordinary shares Number of SARs exercised : 3 058 133 Allocation price : R4.67 SAR strike price : R19.84 Total value of transaction : R46 391 872 Total number of shares issued : 2 338 300 ordinary shares of 5 cents each at an issue price of R19.84 per share Nature of interest : Direct beneficial Clearance obtained : Yes Transaction completed : Off market Director : J H Vorster Company : Clover Industries Limited Date of transaction : 17 March 2015 Nature of transaction : Exercise of SARs which are subsequently equity settled in accordance with the Restated Clover Share Appreciation Rights Plan Class of securities : SARs in respect of ordinary shares Number of SARs exercised : 821 256 Allocation price : R11.00 SAR strike price : R19.84 Total value of transaction : R7 259 912.32 Total number of shares issued : 365 923 ordinary shares of 5 cents each at an issue price of R19.84 per share Nature of interest : Direct beneficial Clearance obtained : Yes Transaction completed : Off market Director : L J Botha Company : Clover Industries Limited Date of transaction : 17 March 2015 Nature of transaction : Exercise of SARs which are subsequently equity settled in accordance with the Restated Clover Share Appreciation Rights Plan Class of securities : SARs in respect of ordinary shares Number of SARs exercised : 1 628 760 Allocation price : R4.67 SAR strike price : R19.84 Total value of transaction : R24 708 279.68 Total number of shares issued : 1 245 377 ordinary shares of 5 cents each at an issue price of R 19.84 per share Nature of interest : Direct beneficial Clearance obtained : Yes Transaction completed : Off market Director : L J Botha Company : Clover Industries Limited Date of transaction : 17 March 2015 Nature of transaction : Exercise of SARs which are subsequently equity settled in accordance with the Restated Clover Share Appreciation Rights Plan Class of securities : SARs in respect of ordinary shares Number of SARs exercised : 404 063 Allocation price : R11.00 SAR strike price : R19.84 Total value of transaction : R3 571 914.24 Total number of shares issued : 180 036 ordinary shares of 5 cents each at an issue price of R19.84 per share Nature of interest : Direct beneficial Clearance obtained : Yes Transaction completed : Off market Director : C P Lerm (Dr) Company : Clover Industries Limited Date of transaction : 17 March 2015 Nature of transaction : Exercise of SARs which are subsequently equity settled in accordance with the Restated Clover Share Appreciation Rights Plan Class of securities : SARs in respect of ordinary shares Number of SARs exercised : 818 253 Allocation price : R4.67 SAR strike price : R19.84 Total value of transaction : R12 412 896 Total number of shares issued : 625 650 ordinary shares of 5 cents each at an issue price of R19.84 per share Nature of interest : Direct beneficial Clearance obtained : Yes Transaction completed : Off market Director : C P Lerm (Dr) Company : Clover Industries Limited Date of transaction : 17 March 2015 Nature of transaction : Exercise of SARs which are subsequently equity settled in accordance with the Restated Clover Share Appreciation Rights Plan Class of securities : SARs in respect of ordinary shares Number of SARs exercised : 1 119 Allocation price : R11.00 SAR strike price : R19.84 Total value of transaction : R9 900.16 Total number of shares issued : 499 ordinary shares of 5 cents each at an issue price of R19.84 Nature of interest : Direct beneficial Clearance obtained : Yes Transaction completed : Off market Director : J H F Botes (Dr) Company : Clover S.A. Proprietary Limited Date of transaction : 17 March 2015 Nature of transaction : Exercise of SARs which are subsequently equity settled in accordance with the Restated Clover Share Appreciation Rights Plan Class of securities : SARs in respect of ordinary shares Number of SARs exercised : 456 968 Allocation price : R4.67 SAR strike price : R19.84 Total value of transaction : R6 932 195.20 Total number of shares issued : 349 405 ordinary shares of 5 cents each at an issue price of R19.84 per share Nature of interest : Direct beneficial Clearance obtained : Yes Transaction completed : Off market Director : J H F Botes (Dr) Company : Clover S.A. Proprietary Limited Date of transaction : 17 March 2015 Nature of transaction : Exercise of SARs which are subsequently equity settled in accordance with the Restated Clover Share Appreciation Rights Plan Class of securities : SARs in respect of ordinary shares Number of SARs exercised : 330 723 Allocation price : R11.00 SAR strike price : R19.84 Total value of transaction : R2 923 582.72 Total number of shares issued : 147 358 ordinary shares of 5 cents each at an issue price of R19.84 per share Nature of interest : Direct beneficial Clearance obtained : Yes Transaction completed : Off market Johannesburg 17 March 2015 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 17/03/2015 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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