Renewal 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”) RENEWAL OF CAUTIONARY ANNOUNCEMENT Shareholders are referred to the detailed cautionary announcement relating to the potential disposal by Global of LFS Assets Proprietary Limited (“Disposal”) and the further renewal of cautionary announcement relating to the Company’s proposed delisting by way of a scheme of arrangement in terms of section 114 of the Companies Act, No. 71 of 2008 (“Proposed Delisting”), as published on 18 December 2018. The terms of the Disposal are still in the process of being finalised. Additionally, the Independent Board, as defined in the previous announcement, continues to finalise the terms of the Proposed Delisting. A firm intention announcement will be published on SENS and in the press in due course and will include, inter alia, the salient dates relating to the Proposed Delisting. The Disposal and the Proposed Delisting may, if successfully concluded, have a material effect on the price of Global’s securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in their Global securities until a full announcement in respect of the Disposal and/or the Proposed Delisting is made and the cautionaries in these regards are withdrawn. Johannesburg 29 January 2019 Designated Advisor Arbor Capital Sponsors Proprietary Limited Date: 29/01/2019 08:00:00 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.