Voluntary trading statement for the six months ended 31 December 2015 Clover Industries Limited (Incorporated in the Republic of South Africa) (Registration number 2003/030429/06) Ordinary Share code: CLR NSX Ordinary Share code: CLN ISIN No: ZAE000152377 (“Clover” or “the Group” or “the Company”) VOLUNTARY TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2015 Clover is pleased to report that revenue has increased by between 5.8% and 10.8% for the six months ended 31 December 2015. Shareholders are further advised that, for the six months ended 31 December 2015 (“period”), the Company expects headline earnings to be between 7.9% and 12.9% higher than that for the six months ended 31 December 2014 (“comparative period”), and earnings to be between 1.0% below and 4.0% higher. Headline earnings per share (“HEPS”) for the period is expected to be between 4.7% (5.14 cents) and 9.7% (10.60 cents) higher than HEPS of 109.22 cents reported for the comparative period. Further, earnings per share (“EPS”) for the period is expected to be between 3.9% (4.57 cents) below and 1.1% (1.32 cents) higher than EPS of 117.76 cents reported for the comparative period. HEPS and EPS is less than headline earnings and earnings, as the weighted number of shares increased as a result of equity settled share appreciation rights that were exercised by management, during the previous financial year. National milk flow in South Africa remained much higher on a month-on-month basis during 2015, compared to prior year periods (with the exception of December 2015). This national oversupply of raw milk inevitably impacted negatively on local market prices, which were further affected by very low international dairy commodity prices during the calendar year. Clover’s unique milk procurement system (CUMPS) successfully maintained a balance between the Company’s milk intake and market demand (sales), although downwards pressure on overall market prices impacted the secondary industry as a whole. Clover’s selling price decreases in the market were to a large extent absorbed by extensive cost cutting initiatives and increased efficiencies across the Group. The increasing ramifications of a protracted drought across some areas of the country resulted in a shortage of feed and an increase in on-farm costs, which may necessitate further increases in selling prices. The loss of principal income was largely mitigated by increased sales of existing and new products, as well as income from a new principal contract entered into. Overall Clover’s brands traded in line with expectations, buoyed by solid demand during the festive season and effective cost management. Where necessary, Clover adjusted its price premium to successfully defend its market share in some categories. The severe heat wave and draught conditions resulted in an exceptional performance of the beverage portfolio. The majority of newly launched products also traded above expectations, with value added products not exposed to dairy price fluctuations performing especially well. Results were consequently pleasing considering the milk surplus experienced during the reporting period, as well as the loss of a major principal’s income. Clover's redesigned strategy since listing and management’s ability to rapidly adapt to market changes enabled the Company to employ numerous levers to mitigate the major effects of cyclicality in the business. The Company expects to release its interim financial results for the six months ended 31 December 2015 on SENS on or about 2 March 2016. The financial information on which this trading statement is based has not been reviewed and reported on by the Company’s external auditors. Johannesburg 1 February 2016 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 01/02/2016 11:00:00 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.