Allocation and acceptance of share appreciation rights (“SARS”) by Chief Financial Officer Designate 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: ZAE000152377 ALLOCATION AND ACCEPTANCE OF SHARE APPRECIATION RIGHTS (“SARS”) BY CHIEF FINANCIAL OFFICER DESIGNATE In accordance with the approved Restated Clover Share Appreciation Rights Plan (2010), 1 000 000 SARs in respect of ordinary shares were allocated on 1 November 2017(“Allocation Date”) to and accepted off market by Mr. FF Scheepers (Chief Financial Officer Designate) on the same date at an allocation price of R13.56 per SAR, which is based on the volume weighted average price of an ordinary share on the JSE over the seven trading days immediately prior to the Allocation Date. The transaction value is nil as at the Allocation Date. The SARs may be exercised as follows: - up to one third of the SARs allocated may be exercised on or after the third anniversary of the Allocation Date; - up to two thirds of the SARs allocated may be exercised on or after the fourth anniversary of the Allocation Date, to the extent that they have not been exercised previously; and - all the SARs allocated may be exercised on or after the fifth anniversary of the Allocation Date, to the extent that they have not been exercised previously. All SARs which have vested must be exercised on or before the fifth anniversary of the Allocation Date relating to such allocation of SARs. No performance criteria need to be met before the SARs vest as the allocation is retention based. Clearance for the allocation and acceptance has been granted and the nature of the interest is direct beneficial. Johannesburg 3 November 2017 Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) NSX Sponsor IJG Securities Date: 03/11/2017 08:08:00 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.