Dealings Announcement by a Director and an Approved Executive of the Designated Advisor 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”) DEALINGS ANNOUNCEMENT BY A DIRECTOR AND AN APPROVED EXECUTIVE OF THE DESIGNATED ADVISOR In compliance with the Listings Requirements of the Johannesburg Stock Exchange, shareholders are advised that Niels Penzhorn, Chief Executive Officer of Global, elected to follow his rights to subscribe for new Global ordinary shares, as detailed below, pursuant to the rights offer by Global, the terms of which were announced on SENS on 3 May 2018 and further detailed in the circular to shareholders dated 7 June 2018. In addition, Michelle Krastanov, an approved executive of Arbor Capital Sponsors Proprietary Limited has also followed her rights. Details are set out below: Name of director N Penzhorn Company Global Designation Chief Executive Officer Nature of transaction Following of rights in terms of the rights issue Date of transaction 29 June 2018 Number of securities 546 448 Percentage (post issue of rights) 0.73% Class of securities Ordinary shares offered in terms of the rights issue Price per share 183 cents Total value of transaction R1 000 000 Nature of interest Indirect beneficial Name of Approved Executive M Krastanov Company Arbor Capital Sponsors Proprietary Limited Designation Approved Executive Nature of transaction Following of rights in terms of the rights issue Date of transaction 29 June 2018 Number of securities 2 500 Percentage (post issue of rights) 0.00% Class of securities Ordinary shares offered in terms of the rights issue Price per share 183 cents Total value of transaction R4 575 Nature of interest Direct beneficial By order of the Board Johannesburg 3 July 2018 Designated Advisor Arbor Capital Sponsors Proprietary Limited Date: 03/07/2018 03:45:00 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.