Clover Scheme: Competition Tribunal approval with conditions 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) NSX Ordinary Share code: CLN (“Milco SA”) JSE Ordinary Share code: CLR ISIN: ZAE000152377 (“Clover”) CLOVER SCHEME: COMPETITION TRIBUNAL APPROVAL WITH CONDITIONS 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 20 September 2019. The boards of Clover and Milco SA wish to announce that the Competition Tribunal of South Africa has approved the Clover Scheme subject to a number of conditions which relate to: - the continued procurement of bulk juice concentrate from local processors; - employment, specifically with regard to restricting retrenchments and ensuring future job creation; and - information sharing protocol for directors. The parties to the Clover Scheme (“the Parties”) have agreed that, notwithstanding the conditions attached by the Competition Tribunal of South Africa to its approval, the Clover Scheme condition precedent requiring competition authority approval, has been fulfilled. The Parties are, however, assessing the impact of the deviation by the Competition Tribunal from the conditions proposed by the Parties and reserve their right to appeal the conditions in due course, but any such appeal will have no impact on the implementation of the Clover Scheme. As soon as Clover and Milco SA have certainty on the fulfilment of the sole remaining Clover Scheme condition precedent, being the issue of the Takeover Regulation Panel compliance certificate pursuant to regulation 102(13) of the Companies Regulations, 2011, a joint finalisation announcement will be released on SENS, setting out the remaining salient dates and times pertaining to the implementation of the Clover Scheme. Johannesburg 26 September 2019 Sponsor to Clover RAND MERCHANT BANK (A division of FirstRand Bank Limited) NSX Sponsor to Clover MERCHANTEC CAPITAL NAMIBIA Legal adviser to Clover WERKSMANS 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 Milco SA ENS AFRICA Date: 26/09/2019 03:15:00 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.