Renewal of cautionary announcement 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: ZAE000152371 (“Clover” or "the Company") RENEWAL OF CAUTIONARY ANNOUNCEMENT Shareholders are referred to the: - - cautionary announcement released on the Stock Exchange News Service (“SENS”) on 5 December 2016; - renewal of cautionary announcement released on the SENS on 20 January 2017; and - renewal of cautionary announcement released on the SENS on 30 January 2017. In the abovementioned announcements shareholders were advised that Clover is in the process of restructuring its business to give effect to its stated objective of developing higher margin, value added products in dairy and other related food categories and to eliminate its exposure to the cyclicality of its low margin business in future (the "Restructure"). Shareholders are advised that the Restructure is ongoing. Pursuant to the approval of the board of Clover, the new entity being Dairy Farmers of South Africa Proprietary Limited (“DFSA”) have been formed. Clover and the prospective management of DFSA are currently in discussions pertaining to the finalisation of appropriate transaction agreements. Accordingly, shareholders are advised to continue to exercise caution when dealing in the Company's securities until a full announcement is made once the transaction agreements have been signed. Johannesburg 13 March 2017 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) NSX Sponsor IJG SECURITIES Attorneys Werksmans Date: 13/03/2017 02:00:00 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.