Results of Mandatory Offer by ARC to Global Shareholders GLOBAL ASSET MANAGEMENT LIMITED UBI GENERAL PARTNER PROPRIETARY LIMITED (Incorporated in the Republic of South Africa) (Incorporated in the Republic of South Africa) (Registration number: 2002/003192/06) (Registration number: 2016/224437/07) Share Code: GAM ISIN: ZAE000173498 on behalf of the ARC Fund ("Global") (“ARC”) RESULTS OF THE MANDATORY OFFER BY ARC TO GLOBAL SHAREHOLDERS Terms used in this announcement shall bear the same meaning as set out in the circular referred to below. Shareholders are referred to the Joint Firm Intention Announcement released on SENS and published in the press on 11 March 2019 and 12 March 2019, respectively, and the circular posted to Global shareholders on 28 March 2019 relating to, inter alia, the Mandatory Offer required to be made to Global shareholders by ARC. The Mandatory Offer closed at 12:00 on Friday, 17 May 2019. Shareholders are hereby advised that, in terms of the Mandatory Offer, ARC received acceptances from Global shareholders holding a total of 11 000 Global shares, constituting approximately 0.01% of the current issued ordinary share capital of Global. Prior to the Mandatory Offer and as disclosed in the Circular, ARC held 45.30% of the issued share capital of Global at the Last Practicable Date. Subsequent to the closing of the Mandatory Offer, ARC holds approximately 45.31% of the issued share capital of Global. Johannesburg 20 May 2019 Designated Advisor Arbor Capital Sponsors Proprietary Limited Date: 20/05/2019 12:35:00 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.