Restatement of Interim Results and Trading Statement 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”) RESTATEMENT OF INTERIM RESULTS AND TRADING STATEMENT Restatement of interim results Shareholders are referred to the interim results announcement for the six months ended 31 May 2016, published on SENS on 29 June 2016, and are advised that, pursuant to further technical interpretation in accordance with IFRS as part of the year end audit procedures, the previously reported surplus on the partial disposal of a subsidiary should be recognised in Equity as opposed to Other Income. Accordingly, the Condensed Statement of Comprehensive Income and the Condensed Statement of Changes in Equity are restated below: Condensed statement of comprehensive income Restated Published Unaudited Unaudited 6 months ended 6 months ended 31 May 2016 31 May 2016 R’000 R’000 Revenue 86 208 86 208 Cost of sales (58 696) (58 696) Gross profit 27 512 27 512 Other income 152 5 923 Operating expenses (11 054) (11 054) Operating profit before interest 16 610 22 381 Interest received 166 166 Finance costs (15 439) (15 439) Profit before taxation 1 337 7 108 Taxation (318) (1 611) Profit for the period 1 019 5 497 Total comprehensive Income 1 019 5 497 Per share information: Basic earnings per share (cents) 1.9 10.3 Headline earnings per share (cents) 1.9 1.9 Headline earnings reconciliation: Basic earnings 1 019 5 497 Adjusted for: Profit on partial disposal of a subsidiary (net of taxation) - (4 478) Headline earnings 1 019 1 019 The adjustment does not impact on the previously published headline earnings per share. Condensed statement of changes in equity Published Common Attributable Non- Unaudited Share Control Retained to equity controlling Total 6 months ended capital reserve income holders interest equity 31 May 2016 R’000 R’000 R’000 R’000 R’000 R’000 Balance at 30 November 2014 34 795 (6 941) 84 214 112 068 - 112 068 Total comprehensive income - - 6 785 6 785 - 6 785 Total changes - - 6 785 6 785 - 6 785 Balance at 30 November 2015 34 795 (6 941) 90 999 118 853 - 118 853 Share issue 23 236 - - 23 236 1 904 25 140 Total comprehensive income - - 5 497 5 497 - 5 497 Total changes 23 236 - 5 497 28 733 1 904 30 637 Balance at 31 May 2016 58 031 (6 941) 96 496 147 586 1 904 149 490 Restated Common Attributable Non- Unaudited Share Control Retained to equity controlling Total 6 months ended capital reserve income holders interest equity 31 May 2016 R’000 R’000 R’000 R’000 R’000 R’000 Balance at 30 November 2014 34 795 (6 941) 84 214 112 068 - 112 068 Total comprehensive income - - 6 785 6 785 - 6 785 Total changes - - 6 785 6 785 - 6 785 Balance at 30 November 2015 34 795 (6 941) 90 999 118 853 - 118 853 Share issue 23 236 - - 23 236 - 23 236 Transaction with non-controlling interest - - - - 1 904 1 904 Surplus on partial disposal of a subsidiary - - 6 021 6 021 - 6 021 Total comprehensive income - - 1 019 1 019 - 1 019 Total changes 23 236 - 7 040 30 276 1 904 32 180 Balance at 31 May 2016 58 031 (6 941) 98 039 149 129 1 904 151 033 It has further been confirmed as part of the audit procedures that no deferred taxation is required to be provided on the above surplus on partial disposal of a subsidiary. Trading Statement In terms 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 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. Whilst the results of the asset finance business continue to be profitable despite tough trading conditions in 2016, the group is still incurring operating costs on young businesses in the group in line with the long term strategy of Global, which businesses are expected to only start generating solid revenues during 2017. Accordingly, the Group expects to incur a loss for the year ended 30 November 2016. Shareholders are accordingly advised as follows: - the loss per share is expected to be between breakeven and a loss of (2.9) cents per share for the year ended 30 November 2016, which will be between 100% and 120% lower than the prior year’s earnings per share of 14.7 cents; and - the headline earnings per share is expected to be between 0.8 and (0.8) cents per share for the year ended 30 November 2016, which will be between 90% and 110% lower than the prior year’s headline earnings per share of 16.1 cents per share. The net asset value per share is expected to exceed 270 cents per share, which will be higher than the prior year’s net asset value per share of 258.1 cents per share. The financial information on which this trading statement is based has not been reviewed or reported on by the company’s auditors. By order of the board 22 February 2017 Designated Advisor Arbor Capital Sponsors Proprietary Limited Date: 22/02/2017 04:35:00 Produced by the JSE SENS Department. 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