Results of the scrip distribution and the cash dividend alternative Clover Industries Limited (Incorporated in the Republic of South Africa) Registration number: 2003/030429/06 Tax number: 9657/002/71/4 JSE Ordinary Share code: CLR NSX Ordinary Share code: CLN ISIN No: ZAE000152377 (“Clover” or “the Company”) RESULTS OF THE SCRIP DISTRIBUTION AND THE CASH DIVIDEND ALTERNATIVE Shareholders are referred to the Company’s unaudited interim financial results for the six months ended 31 December 2016, released on the Stock Exchange News Service on 1 March 2017 and in the press on 2 March 2017 in which they were advised of the Company’s declaration of an interim distribution for the six months ended 31 December 2016 from retained earnings of 24.21000 cents per share, by way of the issue of fully-paid Clover ordinary shares with a par value of 5 cents per share (“the Scrip Distribution”) or a cash dividend alternative to ordinary shareholders (“Shareholders”) recorded in the register of the Company at the close of business on the Record Date, being Friday, 21 April 2017 (“the Record Date”). As set out in the announcement, Shareholders not electing to receive the Cash Dividend in respect of all or part of their shareholding were entitled to receive that number of Scrip Distribution Shares determined in the ratio of 1.2682 Scrip Distribution share for every 100 ordinary shares held on the Record Date. Where a Shareholder’s entitlement to Scrip Distribution Shares, calculated in accordance with the above ratio, gave rise to a fraction of a new ordinary share, such fraction of a new ordinary share was rounded down to the nearest whole number, resulting in allocations of whole ordinary shares and a cash payment for the fraction. The applicable cash payment was determined with reference to the volume weighted average price ("VWAP") of an ordinary Clover share traded on the JSE on Wednesday, 19 April 2017, (being the day on which an ordinary Clover share begins trading ‘ex’ the entitlement to receive the Scrip Distribution or the Cash Dividend alternative), discounted by 10%. The applicable cash payment was announced on SENS on Thursday, 20 April 2017. In terms of the Scrip Distribution, 482 617 new ordinary shares were issued today to Shareholders who did not elect to receive the Cash Dividend in respect of all or part of their shareholding, resulting in a capitalisation of the distributable retained profits of the Company of R9,213,158.53. Shareholders recorded in the register of the Company at the close of business on the Record Date holding 152 294 689 ordinary shares elected to receive the gross Cash Dividend of 24.21000 ZAR cents per ordinary share, resulting in a total gross Cash Dividend of R36,870,544.21, which was paid out of the distributable retained profits of the Company. Share certificates, where applicable, were dispatched to certificated Shareholders at their own risk, and the Cash Dividend payments were made/Central Securities Depository Participant/broker accounts of dematerialised Shareholders were credited, today. Johannesburg 24 April 2017 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) NSX Sponsor IJG SECURITIES Attorneys Werksmans Date: 24/04/2017 01:00:00 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.