Update on the Clover Scheme: replacement B-BBEE shareholder CLOVER INDUSTRIES LIMITED MILCO SA PROPRIETARY LIMITED Incorporated in the Republic of South Africa Incorporated in the Republic of South Africa (Registration number : 2003/030429/06) (Registration number : 2018/610365/07) JSE Ordinary Share code: CLR ("Milco SA") NSX Ordinary Share code: CLN ISIN: ZAE000152377 ("Clover") UPDATE ON THE CLOVER SCHEME: REPLACEMENT B-BBEE SHAREHOLDER Shareholders are referred to the Stock Exchange News Service (“SENS”) announcements relating to the acquisition by Milco SA of all the issued shares in Clover (“Clover Scheme”), the last of which was released on SENS on 19 July 2019. The boards of Clover and Milco SA are pleased to confirm that Brimstone Investment Corporation Limited (“Brimstone”) has secured a suitable replacement broad-based black economic empowerment investor (“Replacement B-BBEE Shareholder”) to acquire Brimstone’s interest in Milco SA, in order to facilitate Brimstone’s exit from its participation in the Clover Scheme. The Replacement B-BEE Shareholder is BEEMilk Proprietary Limited, an entity representing a consortium of investors comprising Khulasande Capital Trust through its fund manager Khulasande Capital III Proprietary Limited, Global Capital Empowerment Fund and Ubisi Proprietary Limited. Johannesburg 26 July 2019 Sponsor to Clover RAND MERCHANT BANK (A division of FirstRand Bank Limited) NSX Sponsor to Clover Merchantec Capital Namibia Financial adviser and investment bank to Milco SA RAND MERCHANT BANK (A division of FirstRand Bank Limited) Financial adviser to The Central Bottling Company HSBC Legal adviser to Clover Werksmans Legal adviser to Milco SA ENS Africa Date: 26/07/2019 02:05:00 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.