Appointment of Two Non-Executive Directors 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”) APPOINTMENT OF TWO NON-EXECUTIVE DIRECTORS Global is pleased to announce the appointment of Mrs Brenda Matyolo and Mr Machiel Reyneke as non-executive directors with effect from 19 July 2017 pursuant to the nomination thereof by African Rainbow Capital Proprietary Limited (“ARC”), as announced on 24 May 2017. Mrs Matyolo is a qualified Ontological Coach and holds a National Diploma in Accounting and Management Development Program Diploma with Unisa School of Business Leadership. Brenda has diverse experience in building effective teams, managing projects, stakeholder management, growing SMME’s to deliver shareholder value, transformation of supplier chains and assisting organisations to embrace as well as integrate South Africa’s codes of good practice on broad based black economic empowerment in doing business. Brenda joined ARC in June 2016 as the Chief Operations Officer. Mr Reyneke is a qualified Chartered Accountant (SA). During his career he has held various, finance–related positions, including Financial Director of Santam Limited where he has served as a board member and sub-committee member of various group companies. Machiel joined ARC in July 2015 and is currently the Executive Director of mergers and acquisitions. By order of the board Johannesburg 20 July 2017 Designated Advisor Arbor Capital Sponsors Proprietary Limited Date: 20/07/2017 03:15:00 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.