Change statement and notice of annual general meeting GLOBAL ASSET MANAGEMENT LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2002/003192/06) Share Code: GAM ISIN: ZAE000173498 ("Global" or “the company”) CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING Shareholders are advised that the audited results for Global for the year ended 30 November 2012, have been finalised and contains the following modifications to the comparative results for the year ended 30 November 2011 and the headline earnings reconciliation for the year ended 30 November 2012 as contained in the reviewed results which were published on 1 March 2013. In computing the estimated tax loss as at 30 November 2012, it was noted that the deferred tax asset and the deferred tax liability for the 2011 financial year were incorrectly disclosed. This was due to a calculation error in the timing difference between the accounting charge and the taxation charge. The change results in a decrease in the deferred tax asset by R7 395 600, and a decrease in the deferred tax liability by R7 395 600. The correction does not change net asset value nor profit for the year. Consequently there is no impact on net asset value, earnings, headline earnings, creditors or shareholders. Accordingly extracts of the amended results, compared to previously published reviewed results are set out below: Condensed consolidated statement of financial position (prior year) Audited Audited 30-Nov-11 30-Nov-11 R’000 R’000 Assets Non-current assets Deferred tax 16 389 23 785 Total assets 386 774 394 170 Non-current liabilities Deferred tax 38 821 46 217 Total equity and liabilities 386 774 394 170 In computing the headline earnings reconciliation as at 30 November 2012, it was noted that the headline earnings for the 2012 financial year were incorrectly disclosed. This was due to the capital gain on the sale of investment being included gross instead of net of tax. The change results in an increase in headline earnings. The correction does not change net asset value nor attributable earnings for the year. Accordingly extracts of the amended results, compared to previously published reviewed results are set out below: Headline earnings reconciliation 2012 2012 Audited Published R’000 R’000 Attributable earnings 10 751 10 751 Other comprehensive income – fair value adjustment (799) (799) Capital gain on the sale of investment (1 751) (2 554) Headline earnings 8 201 7 398 Per share information Headline earnings per share (cents) 327.56 295.49 Weighted average shares in issue 2 503 660 2 503 660 Fully diluted headline earnings per share (cents) 23.43 21.14 Fully diluted shares (assumed in prospectus) 35 000 000 35 000 000 NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the Annual General Meeting of the Company will be held at 09:00 on Thursday, 23 May 2013 at IOM House, 6 St Giles Street, Kensington, Randburg. The board of directors of the Company has determined that the record date for the purpose of determining which shareholders of the Company are entitled to receive notice of this annual general meeting is Thursday, 28 March 2013 and the Annual Report will be posted to shareholders on Friday, 5 April 2013. The record date for purposes of determining which shareholders of the Company are entitled to participate in and vote at the annual general meeting is Friday, 17 May 2013. Accordingly, only shareholders who are registered in the register of members of the Company on Friday, 17 May 2013 will be entitled to participate in and vote at the annual general meeting. Johannesburg 27 March 2013 Sponsor Arcay Moela Sponsors (Pty) Limited Date: 27/03/2013 03:17:00 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.