Terms of Rights Offer Announcement in Respect of Renounceable Rights Offer and Withdrawal of Cautionary Announcement 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”) TERMS OF RIGHTS OFFER ANNOUNCEMENT IN RESPECT OF THE GLOBAL RENOUNCEABLE RIGHTS OFFER AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT Shareholders are referred to the announcement published on 26 January 2018 wherein it was announced that the Company had decided to raise capital, pending board approval, by way of a rights offer in order to fund the expansion of its waste to energy business, particularly its plastic waste to energy business and the subsequent renewal of cautionary announcement published on 9 March 2018. Further to these announcements, shareholders are advised that the Company intends to raise up to R67 235 340 by way of a renounceable rights offer (“Rights Offer”), in terms of which Global will offer a total of 36 740 623 authorised but unissued ordinary shares of no par value (“Rights Offer Shares”) at a subscription price of R1.83 per rights offer share in the ratio 0.5 (50:100) rights offer shares for every Global share held by shareholders at the close of business on the record date for the rights offer. The aforementioned Rights Offer Share price represents a premium to the prevailing 30- day volume weighted average price of the ordinary shares as at 3 May 2018. The Rights Offer price is at a substantial discount to the net asset value and tangible net asset value of 264.7 cents per share and 211.9 cents per share respectively. The allocation of Rights Offer Shares will be that Global shareholders will not be allocated a fraction of a Rights Offer Share and as such any entitlement to a fraction of a Right which: - is less than one-half of a Rights Offer Share, will be rounded down to the nearest whole number; or - is equal to or greater than one-half of a Rights Offer Share but less than a whole Rights Offer Share will be rounded up to the nearest whole number. The Rights Offer Shares shall rank pari passu with the existing issued ordinary shares of Global. Rationale for the Rights Offer Global has continued to build up its renewable energy businesses, namely Plastics Green Energy Proprietary Limited (“PGE”) and Enviroprotek Proprietary Limited (“EPT”). To facilitate the final steps in the business development for both PGE and EPT, the Board of Global Asset Management has approved the rights issue for ordinary Global shares, to ensure the availability of adequate equity funding for both businesses. Non-renounceable rights and Excess share applications Shareholders will be able to sell or renounce their rights and will they be able to apply for any excess Rights Offer Shares not taken up by Global shareholders in accordance with their right to subscribe for the Rights Offer shares. Foreign jurisdictions The Rights Offer does not constitute an offer in any jurisdiction in which it is illegal to make such an offer and the circular and form of instruction should not be forwarded or transmitted in any territory other than where it is lawful to make such an offer. Salient dates Salient dates will be announced in a declaration announcement in due course. The Rights Offer circular containing full particulars of the Rights Offer will be distributed to Shareholders during May 2018. Withdrawal of cautionary announcement Shareholders are referred to the cautionary announcement released on 9 March 2018 advising shareholders of the proposed Rights Offer. Accordingly, the cautionary is withdrawn and caution is no longer required to be exercised when dealing in the Company’s securities By order of the Board Johannesburg 3 May 2018 Designated Advisor Arbor Capital Sponsors Proprietary Limited Date: 03/05/2018 05:04:00 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.