GLOBAL ASSET MANAGEMENT LIMITED - Trading Statement

Trading Statement

GLOBAL ASSET MANAGEMENT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2002/003192/06)
Share Code: GAM ISIN: ZAE000173498
("the Company” or “the Group”)

TRADING STATEMENT

In terms of paragraph 3.4(b) of the JSE Listings Requirements, companies are required to
publish a trading statement as soon as they are satisfied that a reasonable degree of
certainty exists that the financial results for the period to be reported on will differ by at least
20% from the financial results for the previous corresponding period or a profit forecast
previously provided to the market in relation to such period.

The decision by the board of directors (“Board”) to focus the Group on renewable and waste
to energy businesses and to reduce the Company’s effective shareholding in its asset
finance business, as first announced on SENS on 14 August 2018, has impacted the financial
results of the Company for the year ended 30 November 2018 (“Reporting Period”), as the
asset finance business has been accounted for as a discontinued operation, due to loss of
control, effective 1 February 2019. Accordingly, shareholders are advised as follows:

1.   Basic and diluted (loss)/earnings per share
     The combined loss per share from total operations is expected to be (64.3) cents (2017:
     earnings per share of 10.8 cents) for the Reporting Period, representing a decrease of
     695% compared to the prior year ended 30 November 2017 (“Prior Year”). However, a
     large component of the loss per share for the Reporting Period related to the
     discontinued operations. Accordingly, the following additional information is presented:

     -   Loss per share from continuing operations is expected to be (10.7) cents (2017: (0.7)
         cents), representing a decrease of 1 429% compared to the Prior Year; and
     -   Loss per share from discontinued operations is expected to be (53.6) cents (2017:
         earnings per share of 11.5 cents), representing a decrease of 566% compared to the
         Prior Year.

2.   Basic and diluted headline (loss)/earnings per share
     The combined headline loss per share from total operations is expected to be (0.8) cents
     (2017: earnings per share of 6.0 cents) for the Reporting Period, representing a decrease
     of 113% compared to the Prior Year. The following additional information is presented:

     -   Headline loss per share from continuing operations is expected to be (5.7) cents
         (2017: (5.9) cents), representing an improvement of 3% compared to the Prior Year;
         and
     -   Headline earnings per share from discontinued operations is expected to be
         4.9 cents (2017: 11.9 cents), representing a decrease of 59% compared to the Prior
         Year.

The financial information on which this trading statement is based has not been reviewed
and reported on by the Company’s auditors. The Company expects its results for the period
ended 30 November 2018 to be released on SENS on or about 12 March 2019.

By order of the Board

Johannesburg
8 March 2019

Designated Advisor
 Arbor Capital Sponsors Proprietary Limited

Date: 08/03/2019 11:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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