Dear Colleague, A new Microequities research report on Australian neutraceuticals company Clover Corporation remains positive with a Buy recommendation and price objective of 51 cents (currently 37 cents). Microequities writes that: Clover continues to maintain organic growth through new product development.

Clover management have identified a potential pipeline of $25m of new products the Company will bring to the market over the next 18-30 months.

Clover are also continuing to increase the number of customers it supplies to in Asia as well as increasing volumes to those clients. Report Overview
* Sales growth skewed towards 2nd half of FY11 * Gross Margins improvement continues as Clover focuses on encapsulated powders and introduces new product lines * Strong ($25m AUD) pipeline of products to be released in next 18-30 months * Outlook for FY12 is strong * Slow start to CPI relationship in the Americas * FFI divestment on-going * Possible interim dividend for FY11 Please refer to the attached report for further information. Media Enquiries: If you are interested in scheduling an interview with Clover Corporation executive management, please contact me on 0410 987 513 or email Radha Belapurkar Manager | Media and Investor Relations Mobile: 0410 987 513 ________________________________________________________ [cid:image001.gif@01CB9791.DC46CA30] Level 3, 63 William Street East Sydney - NSW - 2010 Australia Tel: +612 9331 0655 Fax: +612 9331 0644 www.fortbridge.com ________________________________________________________
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