CLOVER INDUSTRIES LIMITED - Feedback on engagement with shareholders

Feedback on engagement with shareholders

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: ZAE000152377
(“Clover” or “the Company”)

FEEDBACK ON ENGAGEMENT WITH SHAREHOLDERS

Further to the announcement released on SENS on 1 December 2017 relating
to Clovers’ invitation to shareholders to engage with the Company on the
remuneration policy and the implementation of the remuneration policy,
shareholders are advised that the telephone conference took place on
Monday, 11 December 2017 as follows:

 1. one shareholders, holding approximately 17% of voteable shares (on
    behalf of its clients) in Clover, participated in the telephone
    conference (“participating shareholder”). It should be noted that
    the participating shareholding voted in favour of the Company’s
    remuneration policy at the recent annual general meeting of the
    Company held on Tuesday, 28 November 2017;

 2. the participating shareholder raised certain concerns regarding the
    Company’s disclosure of the implementation of the remuneration
    policy (specifically relating to the short-term incentive scheme)
    and the quantum relating to the base pay of certain executives. The
    Company will further engage with the participating shareholder in
    this regard early in 2018;

 3. the Clover Milk Producers Trust (who holds approximately 12.4% of
    voteable shares in Clover) who voted against Clover’s remuneration
    policy was not able to partake in the telephone conference and has
    requested that the Company engage with them early in 2018 about
    their concerns; and

 4. Clover has further undertaken to formally table all concerns raised
    or to be raised by its shareholders at its next remuneration
    committee meeting for consideration.


Johannesburg
12 December 2017

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

NSX Sponsor
IJG SECURITIES

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