Proposed waiver of mandatory offer, posting of circular and notice of general meeting GLOBAL ASSET MANAGEMENT LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2002/003192/06) Share Code: GAM ISIN: ZAE000173498 ("Global") PROPOSED WAIVER OF MANDATORY OFFER, POSTING OF CIRCULAR AND NOTICE OF GENERAL MEETING Circular Further to the announcements made on 29 June 2016 and 29 September 2016, shareholders are advised that a circular to shareholders detailing the proposed waiver by independent shareholders of a potential mandatory offer following the subscription by African Rainbow Capital Proprietary Limited (“ARC”) for Global shares at R2.07 per share, and the signing of a Voting Pool Agreement, has been finalised and approved by the Takeover Regulation Panel. The Voting pool Agreement has been signed by ARC, certain directors of Global and other key shareholders resulting in the Voting Pool controlling more than 50% of Global’s issued share capital. The circular, including a notice of General Meeting, has been posted to shareholders. The circular will be available for inspection at Global’s registered offices and on Global’s website from the date of posting until the date of the General Meeting. General Meeting The General Meeting will be held at 10h00 on Thursday, 15 December 2016 at IOM House, 6 St Giles Street, Randburg. Salient Dates and Times The salient dates and times as set out in the circular are as follows: Record date to determine which Global Shareholders Friday, 11 November 2016 are entitled to receive the Circular Circular posted to Global Shareholders and announced on Wednesday, 16 November 2016 SENS Representations to the TRP regarding the Waiver to be Friday, 2 December 2016 made by Last day to trade in order to be eligible to vote at the Tuesday, 6 December 2016 General Meeting Record date to vote at the General Meeting Friday, 9 December 2016 Last date to lodge forms of proxy for the General Meeting Tuesday, 13 December 2016 by 10h00 on General Meeting of shareholders to be held at 10h00 Thursday, 15 December 2016 on Announcement regarding the granting of exemption Thursday, 15 December 2016 from obligation to make a mandatory offer by TRP Results of the General Meeting to be announced on Thursday, 15 December 2016 SENS Results of the General Meeting to be announced in the Monday, 19 December 2016 press By order of the board Johannesburg 18 November 2016 Designated Advisor Arbor Capital Sponsors Proprietary Limited Date: 18/11/2016 03:32:00 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.