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 renewal of cautionary announcement published on SENS on 26 September 2018 (“Announcement”) which detailed the basis on which the board of directors of Global had resolved to proceed with the Company’s proposed delisting, which is to be implemented by way of a scheme of arrangement in terms of section 114 of the Companies Act, 71 of 2008 (“Proposed Delisting”). The Independent Board, as defined in the 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 Proposed Delisting may have a material effect on the price of Global’s securities and, accordingly, shareholders are advised to continue to exercise caution when dealing in their Global securities until a further announcement is made and the cautionary is withdrawn. By order of the Board Johannesburg 7 November 2018 Designated Advisor Arbor Capital Sponsors Proprietary Limited Date: 07/11/2018 11:29:00 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.