Allocation and acceptance of share appreciation rights (“SARS”) by executive directors and other executives 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 ("the Company") ALLOCATION AND ACCEPTANCE OF SHARE APPRECIATION RIGHTS (“SARs”) BY EXECUTIVE DIRECTORS AND OTHER EXECUTIVES In accordance with the approved Restated Clover Share Appreciation Rights Plan (2010), the following annual (top-up) SARs were allocated on 12 September 2018(“Allocation Date”) to executive directors and other executives of the Company on 12 September 2018 at an allocation price of R15.57 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 being 11 September 2018). EXECUTIVE DIRECTORS Mr JH Vorster Total number of SARs allocated and accepted: 1 195 682 Allocation Price: R 15-57 Allocation Date: 12 September 2018 Deemed value of transaction: R18 616 –768 - 74 Mr FF Scheepers Total number of SARs allocated and accepted: 547 781 Allocation Price: R 15-57 Allocation Date: 12 September 2018 Deemed value of transaction: R8 528 950 - 17 OTHER EXECUTIVES Mr JHF Botes Total number of SARs allocated and accepted: 459 926 Allocation Price: R 15-57 Allocation Date: 12 September 2018 Deemed value of transaction: R7 161 047 - 82 Mr H Lubbe Total number of SARs allocated and accepted: 455 598 Allocation Price: R 15-57 Allocation Date: 12 September 2018 Deemed value of transaction: R7 093 660 -86 Mr MM Palmeiro Total number of SARs allocated and accepted: 465 075 Allocation Price: R 15-57 Allocation Date: 12 September 2018 Deemed value of transaction: R7 241 217 - 75 Mr J van Heerden Total number of SARs allocated and accepted: 453 118 Allocation Price: R 15-57 Allocation Date: 12 September 2018 Deemed value of transaction: R7 055 047 - 26 All of the SARs allocated may be exercised on or after the third anniversary of the Allocation Date. The SARs will only vest on the date referred to above if the applicable performance criteria as determined by the Group Remuneration Committee (“Remco”) have been met. All SARs which have vested must be exercised by the Executive Director and/or other Executives on or before the fifth anniversary of the Allocation Date relating to such allocation of SARs. In respect of each SAR exercised, the Executive Director and/or other Executive will be entitled to be settled, with such number of ordinary shares as could be acquired on the JSE at the fair market value (being the volume weighted average price of an ordinary share on the JSE over the seven trading days immediately prior to the exercise date) on date of exercise of the SAR (“Fair Market Value”) using a cash amount equal to A, where A is calculated in accordance with the following formula - A = (B – C) where - A = the Due Amount; B = the Fair Market Value of an ordinary share on the date on which such SAR is exercised; C = the Allocation Price of such SAR, provided that the Due Amount shall never be less than Rnil; provided further that Remco may, instead of settling an Executive Director and/or Executive as aforesaid, determine that he shall be paid a cash amount equal to A in the aforegoing formula. Approval for the acceptance of the individual allocations has been given, all interests are direct, beneficial and all transactions occurred off-market. Neither the Executive Directors nor the other Executives exercised discretion in their acceptance of the individual allocations, which are granted in terms of annual top-up allocations forming part of their remuneration packages. Johannesburg 21 September 2018 Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) NSX Sponsor Mercantec Capital Namibia Proprietary Limited Date: 21/09/2018 12:00:00 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.