Dealings by employees of the Designated Advisor GLOBAL ASSET MANAGEMENT LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2002/003192/06) ("Global" or “the Company”) Share Code: GAM ISIN: ZAE000173498 DEALINGS BY EMPLOYEES OF THE DESIGNATED ADVISOR In compliance with paragraphs 21.28 and 3.63 to 3.74 of the Listings Requirements of the Johannesburg Stock Exchange (“JSE”), the following information relating to trades in the ordinary shares of the Company by employees of the Designated Advisor are disclosed: Name of employee Daniel Ross Company Arbor Capital Sponsors Proprietary Limited Date of transaction: 12 July 2016 Number of shares: 2 500 Class of securities: Ordinary shares Nature of transaction: Purchase Price per share: R2.00 Nature of interest: Direct Beneficial Extent of interest: 0.00% Value of transaction: R5 000.00 How traded: Off market Clearance obtained: Yes Name of employee Martha Dlamini Company Arbor Capital Sponsors Proprietary Limited Date of transaction: 12 July 2016 Number of shares: 2 500 Class of securities: Ordinary shares Nature of transaction: Sale Price per share: R2.00 Nature of interest: Direct Beneficial Extent of interest: 0.00% Value of transaction: R5 000.00 How traded: Off market Clearance obtained: Yes Name of employee Rose Molamudi Company Arbor Capital Sponsors Proprietary Limited Date of transaction: 12 July 2016 Number of shares: 2 500 Class of securities: Ordinary shares Nature of transaction: Sale Price per share: R2.00 Nature of interest: Direct Beneficial Extent of interest: 0.00% Value of transaction: R5 000.00 How traded: Off market Clearance obtained: Yes Johannesburg 12 July 2016 Designated Advisor Arbor Capital Sponsors Proprietary Limited Date: 12/07/2016 12:36:00 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.