Gam

This document is confidential and intended solely for the use of the person to whom it is given or sent

and may not be reproduced, copied or given, in whole or in part, to any other person.

Citywire Benelux Forum 2013

European Equities

Niall Gallagher Investment Director

GAM

Introduction

● 15 years experience investing in equities

● Highly active, unconstrained approach

– Concentrated

– Bottom-up, Research down

– No index constraint

Strategy managed Dates managed

BlackRock European Dynamic Fund Sep 03 – Oct 06

BlackRock European Growth Fund May 05 – Oct 06

T. Rowe Price Europe ex UK Fund Mar 07 – Apr 09

T. Rowe Price European Fund Mar 07 – Apr 09

GAM European Equities Since Nov 09

GAM Star

Continental

Europe Equity

EUR 474.8m

GAM Star

European

Equity

EUR 61.6m

GAM European Equities: EUR 536.4m

GAM AuM:

Source: GAM as at 31 Mar 2013 2

GAM Star Continental European Equity – EUR Performance from 30 Nov 2009 to 28 Mar 2013

Presented as supplemental information only. Please refer to the relevant GIPS compliant report and the GIPS supplemental text.

Past performance is not indicative of future performance. Performance is provided net of fees.

Source: GAM, MSCI 3 3

GAM Star European Equity – EUR Performance from 30 Nov 2009 to 28 Mar 2013


Past performance is not indicative of future performance. Performance is provided net of fees.

Source: GAM 4

Process overview

● Bottom up unconstrained approach

– Primarily large cap investor with some exposure to mid and small caps

● Aim for detailed understanding of each position

– High conviction research driven stock selection

– Focussed portfolio of 30 – 50 stocks

– Long-term (3 – 5 year) investment horizon

● Absolute, cash-flow based valuation approach augmented by a range of

multiples incorporating entire capital structure

– Free Cash Flow Equity / Enterprise Value %

– EV/Sales

– EV/CE

– EV/EBIT

– Analysis of all metrics vs long-term historical range

● Quality ‘bias’

– Preference for High Return on Capital Employed businesses

– Preference for strong Free Cash Flow generation

– Requirement for robust balance sheets

● Portfolio construction techniques aim to maximise risk-adjusted returns and

reduce risk concentrations

Return target (net) Benchmark + 300 – 400bps pa

Typical tracking error 4 – 6% pa

Implied information

ratio 0.75

Active Share >85%

Peer group comparison Achieve first quartile ranking

5

High conviction, fundamentally driven investing

Source: GAM

There is no guarantee that targets will be achieved.

Allocations and holdings are subject to change.

High conviction focused portfolio

GAM

Star Continental

European

Equity

Active

Sh

are

Tracking Error

Low

High Low

Hig

h

0

0

Diversified

stock picks

Closet

indexing

Factor

Bets

Concentrated

stock picks

Pure indexing

An active style:

• Bottom up focus and totally

unconstrained approach

• Fundamentally driven stock selection

with a high emphasis on

diversification

• Produces a highly active,

concentrated but diversified portfolio

6

Medium

Mediu

m

Investment team Managing Pan European and Continental European long-only strategies

James Davidson

Head of Investment

Administration

– 23 years’ experience

– Joined GAM in 1997

John Paul Hodder-Williams

Head Dealer



Supported by two additional members of the dealing team

Trading and Administration

Niall Gallagher

Investment Director



– Responsible for all portfolio decisions

James Wigley

Investment Analyst



Source: GAM as at 31 Mar 2013

Swetha Ramachandran

Investment Analyst

– 13 years’

experience

– Joined GAM

in 2012

7

8

How to think about investing in this environment

● In a developed world characterised by low growth focus on companies that possess

– Good revenue growth prospects, ideally indexed to Global Nominal GDP

– High Return on Capital Employed (ROCE)

– High Free Cash Flow conversion

– Strong balance sheets

9

How to find growth?

● Geographic positioning of companies

– Presence in growth markets vs no growth markets

– Total geographic composition of revenues

● Industry / technological positioning

– Innovation and evolution

– Market leadership

– Barriers to entry

● Structural vs cyclical growth

– Growth does not just imply defensiveness

– Many attractive global growth companies have embedded cyclicality



GAM Star European Equity

GAM Star European Equity Investments Top 10 holdings (of 37) as at 28 Mar 2013

Source: GAM

Allocations and holdings are subject to change. Presented as supplemental information only. Please refer to the relevant GIPS compliant report and the GIPS supplemental text.

11 11

GAM Star European Equity Investments

Stock % Overweight

Schindler Holding-Part Cert 4.8

Paddy Power 4.7

Swatch Group 3.8

Ryanair Holdings 3.7

Gas Natural 3.6

Wirecard 3.6

Fresenius 3.3

Atlas Copco Ab-A Shs 3.1

Continental AG 3.0

LVMH Moet Hennessy Louis Vuitton 3.0

12 12

Stock % Underweight

Nestle -3.2

HSBC Holdings -2.7

Vodafone Group -1.9

BP -1.8

SANOFI -1.7

Royal Dutch Shell A -1.7

Glaxosmithkline -1.6

Total Sa -1.4

Siemens AG -1.2

Royal Dutch A -1.2

Most overweight and underweight stocks versus MSCI Europe as at 28 Mar 2013

Source: GAM/UBS PAS


13


Sector % Overweight

Consumer Durables & Apparel 8.9

Capital Goods 5.8

Software & Services 5.6

Health Care Equipment & Services 5.5

Automobiles & Components 3.9

Consumer Services 3.8

Transportation 2.6

Household & Personal Products 2.1

Technology Hardware & Equipment 1.2

Retailing 0.8

13

Most overweight and underweight sectors versus MSCI Europe as at 28 Mar 2013

Sector % Underweight

Banks -8.2

Materials -5.7

Telecommunication Services -5.5

Insurance -5.4

Pharmaceuticals, Biotechnology & Life

Sciences -5.3

Food, Beverage & Tobacco -3.1

Diversified Financials -2.3

Media -1.9

Food & Staples Retailing -1.7

Real Estate -1.0

Source: GAM/UBS PAS


GAM Star European Equity Investments Industry Analysis as at 28 Mar 2013

Source: GAM, MSCI Note: Totals may not add to 100% due to rounding of data at source.


14 14

GAM Star European Equity Investments Geographic Analysis as at 28 Mar 2013



15 15

16


16

GAM Star European Equity

MSCI Europe Index

Market cap quintile as at 28 Mar 2013

Source: GAM/FactSet


0 10 20 30 40 50 60 70

MC Quintile 1: 23921.9 - 180028.8

MC Quintile 2: 11200.1 - 23212.8

MC Quintile 3: 6338.1 - 11083.4

MC Quintile 4: 4440.1 - 6303.6

MC Quintile 5: 329.0 - 4375.3

17


17

Style analysis as at 28 Mar 2013

Source: GAM/UBS PAS


Sty

le w

eig

hts



GAM Star Continental European Equity

GAM Star Continental European Equity Investments Top 10 holdings (of 40) as at 28 Mar 2013

Source: GAM


19 19

20

GAM Star Continental European Equity Investments Most overweight and underweight stocks versus MSCI Europe ex UK as at 28 Mar 2013

Source: GAM/UBS PAS



Stocks % Overweight

Paddy Power 4.7

Schindler Holding-Part Cert 4.3

Swatch Group 3.8

Ryanair Holdings 3.6

Fresenius 3.5

Wirecard AG 3.4

Gas Natural 3.3

Continental AG 3.1

Kone 3.0

Saipem Spa 2.7

Stocks % Underweight

Nestle -4.8

SANOFI -2.5

Total SA -2.1

Siemens -1.9

Bayer -1.8

Banco Santander SA -1.5

Unilever -1.4

Novo Nordisk A/s-B -1.4

Allianz -1.3

Eni Spa -1.2

GAM Star Continental European Equity Investments

21 21

Most overweight and underweight sectors versus MSCI Europe ex UK as at 28 Mar 2013

Source: GAM/UBS PAS



Sectors % Overweight

Consumer Durables & Apparel 6.1

Capital Goods 5.4

Health Care Equipment & Services 5.3

Software & Services 5.0

Consumer Services 4.4

Automobiles & Components 4.1

Household & Personal Products 2.6

Media 2.4

Transportation 1.9

Commercial & Professional Services 0.9

Sectors % Underweight

Pharmaceuticals, Biotechnology & Life

Sciences -7.7

Banks -6.2

Insurance -5.8

Food, Beverage & Tobacco -4.9

Materials -3.8

Diversified Financials -3.2

Telecommunication Services -2.7

Food & Staples Retailing -1.3

Energy -1.2

Real Estate -0.9

GAM Star Continental European Equity Investments Industry Analysis as at 28 Mar 2013



22 22

GAM Star Continental European Equity Investments Geographic Analysis as at 28 Mar 2013

Source: GAM, MSCI Note: Totals may not add to 100% due to rounding of data at source. 23


23

24


24

Market cap quintile as at 28 Mar 2013

GAM Star Continental European Equity

MSCI Europe ex UK Index

Source: GAM, FactSet



0 10 20 30 40 50 60 70

MC Quintile 1: 21732.1 - 180028.8

MC Quintile 2: 10821.5 - 21612.1

MC Quintile 3: 6492.3 - 10721.9

MC Quintile 4: 4336.6 - 6431.5

MC Quintile 5: 329.0 - 4308.7

25


25 Source: GAM, UBS/PAS



Style analysis as at 28 Mar 2013



Stock Ideas

Gas Natural

31 Mar 03 to 28 Mar 13

Gas Natural Spanish Utility

Reference to a security is not a recommendation to buy or sell that security

Source: Thomson Reuters

Quasi regulated electric/gas assets in Spain & Latam

Regulatory risk under control

Growth prospects in LNG supply & Latam networks

Strong balance sheet

Outstanding free cash flow generation

Decent returns 11% ROE, 10% ROIC

Valuation

— 10x PE, 7.5% FCFE/EV, 15% FCFE 2014

— Dividend yield 6.2%, >2x covered

— Leverage 3x

— Market Cap / EV only 45%

Extraordinary value opportunity for long–term oriented investors

27

Continental

31 Mar 2003 to 28 Mar 2013

Continental Automotives Tyres and Parts



Excellent tyre business – replacement tyres have controlled

distribution & strong pricing power.

Well positioned in auto parts – strong growth & margin

potential in powertrain.

High pre-tax ROIC c.20% despite goodwill burden – tangible

returns substantially higher.

Strong reinvestment opportunities to drive growth.

Balance sheet getting stronger after heavy debt burden

following 2007 acquisition

Potential to reduce interest costs substantially over next few

years as refinance & deleverage.

Significant shareholder overhang creates value opportunity.

Valuation

— 8x PE 2014

— 7% FCFE/EV 2014

Significant value opportunity for long–term oriented investors

28

Duerr

31 Mar 03 to 28 Mar 13

Duerr Automotive Paint Shop Systems



Global #1 for automotive paint shop systems

Dominant player in Chinese market

Emerging market auto penetration drives growth

Prepayments and low capex lead to high ROIC

Significant opportunity from monetising installed base

Net cash balance sheet


Excellent returns 39% ROIC 2011

Valuation

— 10% FCFE/EV 2014

— Dividend yield 2.8%.

Extraordinary wealth creation for long–term oriented investors

29

Paddy Power

31 Mar 03 to 28 Mar 13

Paddy Power Traditional sports 'bookmaker'


Source: Thomson Reuters 30

Betting shops in Ireland and UK

Expansion into online sports bookmaking

and online gaming

— Acquired largest online sports bookmakers in

Australia

Online now 80% of profits

Mobile internet and expansion into Italy

Canada and Australia offer huge growth potential

Financial metrics

— 53% Return on Capital Employed in 2011

— Net cash of EUR 136m at end of 2011

— 10 year EPS compound annual average growth

rate of 18%

— Share price performance of almost 27x in 12 years


Schindler

31 Mar 03 to 28 Mar 13

Schindler Global Elevator Installed Base



2nd largest installed base of elevators globally

Installed base provides highly stable earnings

Emerging market urbanisation drives growth

Prepayments ensure high ROIC

Significant long term margin upside

Over CHF2bn of net cash for acquisitions available


Excellent returns >100% ROIC

Valuation

— 7.5% FCFE/EV 2014

— Dividend yield 1.5%

— 20% discount to peer Kone


31

Elekta

31 Mar 03 to 28 Mar 13

Elekta Radiation Therapy Equipment



Global duopoly in radiation therapy equipment

Significant barriers to entry due to high switching costs

Installed base provides stable recurring revenue base

Demographic tailwind of aging population

Very low penetration rates today in emerging markets

Outstanding growth opportunities

Excellent returns >30% ROIC

Valuation

— 5% FCFE/EV 2014

— Dividend yield 1.3%


32

Henkel

31 Mar 2003 to 28 Mar 2013

Henkel German HPC and Adesives



Global adhesive market leader – adhesives is a GDP plus

growth industry

Strong consumer brands e.g. Schwarzkopf, Persil – steady

growth

Long term restructuring – margins have doubled over 10

years – and still rising

Working capital focus has reduced capital intensity – more

gains to go for.

High ROIC and should continue to grow with further

restructuring

Rising capex indicates high level of re-investment

opportunities within the business

Rapidly deleveraging with balance sheet capacity to make

acquisitions – strong track record

Valuation attractive 2014 – unleveraged PE of 15.4x,

7% FCFE/EV. Ords at 15% discount to Prefs.


33

Inditex

31 Mar 03 to 28 Mar 13

Inditex Largest clothing retailer in the world


Source: Thomson Reuters 34

Key brands:

— Zara, Zara Home, Massimo Dutti, Pull & Bear,

Bershka, Oysho, Stradivarius, Uterque

Significant global expansion over last 10 years

— Spain was 46% of revenues in 2003 and 27% of

revenues in 2012

— Growth in fast growing countries

Financial metrics

— 28% Return on Capital Employed (lease adjusted)

— 10 year compound growth of 16%

— 5 year compound sales growth of 11%

— €3.5bn net cash on balance sheet as of last

reporting period

— Shares up 7x since IPO in 2001




The Case for Europe

Some ‘older’ common views on European equities

● Low economic growth prospects for European economies

● Significant sovereign and financial sector stresses

● Weak policymaking infrastructure

● Unquantifiable tail risks

European equities are uninvestable

36

2012 confounded expectations

● Eurozone did not fall apart

● Policymakers were not useless

● Banks did not go bust

● Significant bounce in European equities

Is the asset class still investable?

Have we missed the rally?

37

38

Valuation (1)

● Point valuation metrics are still cheap versus history but have expanded from the lows

● Trailing PE ratio of 13.6x versus 40 year average of 15x

● Forward PE ratio of 11.6x versus 25 year average of 14x

● Trailing Price Book ratio of 1.6x versus 37 year average of 1.8x

Source: Morgan Stanley (European Strategy Team) as at 31 Dec 2012

Valuation (2)

● Normalised valuation metrics are much cheaper

● Shiller / CAPE ratio of 12.6x versus 32 year average of 17.5x

● Very large discount to US equities on normalized metrics

– 33% discount on CAPE vs. a 32 year average of 8% discount

Source: Morgan Stanley (European Strategy Team) as at 31 Dec 2012 39

Shiller PE Europe vs US

Shiller PE From 30 Nov 1979 to 31 Dec 2012

Note: European inflation data is based on market cap weighted aggregation of constituent country inflation rates.

Source: MSCI, OECD, various national sources, Haver, Morgan Stanley Research - European Strategy Team 40

Valuation (3)

● Cross asset valuations are even cheaper still

● (Close to) record low valuation versus sovereign bonds

● (Close to) record low valuation versus European corporate bonds

41

Market Dividend Yield/Gilt Yield From 15 Jan 1965 to 11 Jan 2013

Source: Citigroup 42

European Corporate Bond Yield/Earnings Yield From 30 Dec 1988 to 11 Jan 2013

Source: Citigroup 43

Valuation (4)

● Valuations are still cheap but not as cheap as they were

● Some re-rating still likely on valuation alone

● Earnings growth and recovery increasingly important

Stock selection will be key

44

Some perspective on European equities

● European equities are global not local

– 50% of revenues are from outside of Europe

– 30% of revenues are from emerging markets

– Significantly less exposure to € currency than assumed

● European equity market is not homogeneous

– Significant divergences in ‘geographic exposures’ within the market

– Some sectors / stocks are almost completely global

– Some sectors / stocks are almost completely local

● In many industries European companies are the global leaders

Europe is not a good proxy for European equities

45

Revenue composition for Europe

46 Source: Redburn Securities

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1990 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 2015

Europe Japan USA and Canada Other Americas Asia ex Japan Rest of World

Economic context in which we invest

● Global economic growth forecast by IMF and other forecasters at 3–3.5%

● Broadly, in line with long-term averages although subject to frequent revision

● Significant regional divergences

– Global growth primarily led by emerging economies

– Emerging economies strong(er)

– Developed economies weak(er)

– US economy somewhere in between

47

48

Very significant economic divergence within Europe

● Northern and Central Europe are heavily exposed to global trends

– Strong export sectors and core competitive advantage

– Stronger fiscal positions

● Virtuous feedback loops

– Record levels of employment → decent wage growth

– Decent wage growth → strong domestic demand

– Strong domestic demand → improving fiscal positions

● Monetary policy is increasingly set for peripheral Europe

– Interest rates too low for northern Europe

– Exchange rate very competitive for northern Europe

49

Focus on the current account – % of GDP

Source: Citigroup September 2012 Global Economic Outlook and Strategy

2011 2012 2013

US -3.1 -3.0 -3.1

UK -1.9 -2.4 -1.4

Euro area 0.0 0.5 0.4

Strong Europe

Germany 5.7 5.7 4.0

Switzerland 15.0 12.2 11.6

Sweden 6.5 6.7 6.9

Denmark 6.5 5.5 5.4

Netherlands 9.0 9.6 9.6

Weak Europe

France -2.2 -1.7 -0.9

Italy -3.2 -1.7 -1.3

Spain -3.5 -1.4 -1.8

Portugal -8.1 -4.9 -2.8

Greece -9.6 -6.6 -2.1

Ireland 1.1 -0.1 1.7



Appendix

Niall Gallagher

Investment Director

Niall Gallagher is an Investment Director responsible for European markets. Prior to joining

GAM in November 2009, Niall worked as a portfolio manager managing Pan-European equities

and Continental European equities at T. Rowe Price for two years. Before that, he was at

BlackRock for nine years, where he worked as an investment analyst before managing both

continental European and pan-European equity strategies. He began his career as an

economist at the Bank of England. Niall holds a BA in Economics from Manchester

Metropolitan University and an MSc in Economics and Finance from Warwick University, and is

a CFA Charterholder. He is based in London.

51

52

GIPS Supplemental Information

All GAM's discretionary assets have been allocated to appropriate GIPS

composites. GAM's funds often are structured as investment pools with

underlying currency classes and it is at the investment pool level that GIPS

composite allocations have been made. Supplemental information shown in

GAM's materials, including performance, geographic/industrial asset

allocations, attribution details and other statistical analyses are based on a

sample account of the relevant composite that represents the management

style. Other accounts in the composite may have slightly different portfolio

characteristics. In some cases sample accounts have history that pre-dates

GAM's compliance with GIPS of 30 June 1996. Indices other than the

benchmark are sometimes used in presentations for illustrative purposes.

Please refer to the relevant GIPS compliant report.

GAM Continental European Equity Composite (G026)

Composite Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD

Composite Returns % 11.24 18.92 34.23 20.67 10.20 -35.98 26.80 16.34 -10.66 35.87 6.92

Benchmark Returns* % 19.49 13.60 28.30 22.00 5.94 -42.20 29.77 9.56 -11.63 20.66 4.75

Composite Standard Dev 3Yr % 16.35 13.82 10.13 8.74 9.68 14.96 17.74 18.75 16.36 14.53 14.42

Benchmark Standard Dev 3Yr % 22.68 20.06 12.73 8.52 9.35 16.89 21.25 22.08 18.71 14.57 14.49

Number of Portfolios in Composite < 6 < 6 < 6 < 6 < 6 < 6 < 6 < 6 < 6 < 6 < 6

High Return % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Low Return % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Composite Asset value (DEXm) 12 14 84 77 124 75 67 192 232 343 442

Total Firm Assets (DEXm) 21,464 27,844 46,881 51,702 51,833 28,205 34,412 42,284 36,395 38,443 40,325

1: Established in 1983, GAM delivers active investment management to private clients, institutions and intermediaries. All GAM's assets are included in the GIPS definition of the firm, except for clients who set up separately-managed accounts which are administered by an independent third party for their fixed income hedge strategy and/or currency hedge strategy.

2: GAM claims compliance with the Global Investment Performance Standards ('GIPS®') and has prepared and presented this report in compliance with the GIPS standards. GAM has been independently verified from 1 January 1996 through 31 December 2011. In May 2009, GAM acquired Augustus Asset Managers Limited ('Augustus') and subsequently claims compliance for a single firm representing the combined business. Having determined that the GIPS portability criteria were satisfied, the pre and post acquisition performance records of Augustus are linked. Augustus has been subject to independent verification testing from 1 January 2000, the date from which Augustus performance results are first displayed. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

3: The composite consists of actively managed portfolios of European equities (excluding the United Kingdom). Mid to large capitalisation stocks are selected from attractive sectors based on existence of or potential for above average Cash Flow Return on Investment.

4: Derivatives may be used in the portfolios to gain market exposure as well as for hedging purposes. Further details are available on request in the relevant product documentation. 5: Composite results are presented gross of investment management fees and net of trading expenses and net of withholding taxes on dividends, capital gains and interest. Benchmarks are gross of withholding taxes on

dividends. 6: The composite was created in Nov 2002 and applied retrospectively. 7: The maximum investment management fee for accounts is 1.5% per annum. Management fees may vary by product and jurisdiction. 8: High and low returns (for those constituents present in the composite throughout each period) are presented above to demonstrate dispersion within the composite. Dispersion information is only required by GIPS where there

are 6 or more portfolios in the composite. 9: From 01 Dec 2009 Niall Gallagher took over as manager from John Bennett. 10: The benchmark shown is MSCI Europe ex UK Index. 11: DEX - The reporting currency for this composite is EUR. Prior to Dec 1998, this composite was denominated in DEM. 12: Policies for valuing portfolios, calculating performance and preparing compliant presentations are available on request. 13: In 2005 GAM changed its methodology for calculating its Total Firm Assets (TFA) to follow the principles and guidelines of FINMA, resulting in TFA as of Nov 2005 increasing by 38%. In May 2009, GAM acquired Augustus

resulting in an increase of 22% in TFA and a change in the Firm definition to incorporate an exclusion of certain assets as detailed above. GAM's TFA before these exclusions were $53,251m. GAM discloses its TFA on a quarterly basis. Current data is as at 31 Dec 2012.

14: FX rates used for valuation of funds and portfolios within the composite are those at 23:00 hours GMT. FX rates for benchmark and composition calculation are those at 16:00 hours GMT.

GAM has prepared and presented this report

in compliance with the Global Investment

Performance Standards (GIPS®). A

complete list and description of composites is

available on request.

Source: GAM as at 28 Feb 2013

* The benchmark shown is for comparative

purposes only. The composite is not

managed to a specific benchmark.

There is no guarantee that targets will be

achieved.

53

GAM European Equity Composite (G025)

Composite Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD

Composite Returns % 13.72 16.76 28.56 20.56 6.60 -38.85 26.94 11.26 -9.71 30.76 5.57

Benchmark Returns* % 15.76 12.65 26.68 20.18 3.17 -43.29 32.55 11.75 -7.51 18.09 3.85

Composite Standard Dev 3Yr % 16.81 15.20 10.92 7.90 9.22 15.21 18.20 18.91 15.91 13.69 13.63

Benchmark Standard Dev 3Yr % 20.15 17.85 11.31 7.37 8.73 16.22 20.21 20.84 16.98 13.00 12.89

Number of Portfolios in Composite < 6 < 6 < 6 < 6 < 6 < 6 < 6 < 6 < 6 < 6 < 6

High Return % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Low Return % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Composite Asset value (DEXm) 581 647 874 1,255 1,412 718 406 277 190 52 54

Total Firm Assets (DEXm) 21,464 27,844 46,881 51,702 51,833 28,205 34,412 42,284 36,395 38,443 40,325

1: Established in 1983, GAM delivers active investment management to private clients, institutions and intermediaries. All GAM's assets are included in the GIPS definition of the firm, except for clients who set up separately-managed accounts which are administered by an independent third party for their fixed income hedge strategy and/or currency hedge strategy.

2: GAM claims compliance with the Global Investment Performance Standards ('GIPS®') and has prepared and presented this report in compliance with the GIPS standards. GAM has been independently verified from 1 January 1996 through 31 December 2011. In May 2009, GAM acquired Augustus Asset Managers Limited ('Augustus') and subsequently claims compliance for a single firm representing the combined business. Having determined that the GIPS portability criteria were satisfied, the pre and post acquisition performance records of Augustus are linked. Augustus has been subject to independent verification testing from 1 January 2000, the date from which Augustus performance results are first displayed. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

3: The composite consists of actively managed portfolios of European equities (including the United Kingdom). Stocks are selected from attractive sectors primarily on a cash-flow based valuation approach and the fundamental long- term growth prospects of the business.

4: Derivatives may be used in the portfolios within the composite to gain market exposure as well as for hedging purposes. Please note that further detail is available on request. 5: Composite results are presented gross of investment management fees and net of trading expenses and net of withholding taxes on dividends, capital gains and interest. Benchmarks are gross of withholding taxes on

dividends. 6: The maximum investment management fee for accounts is 1.5% per annum. Management fees may vary by product and jurisdiction. 7: The composite was created in Nov 2002 and applied retrospectively. 8: High and low returns (for those constituents present in the composite throughout each period) are presented above to demonstrate dispersion within the composite. Dispersion information is only required by GIPS where there

are 6 or more portfolios in the composite. 9: From 01 Dec 2009 Niall Gallagher took over as manager from John Bennett. 10: The benchmark shown is MSCI Europe Index. 11: DEX - The reporting currency for this composite is EUR. Prior to Dec 1998, this composite was denominated in DEM. 12: Policies for valuing portfolios, calculating performance and preparing compliant presentations are available on request. 13: In 2005 GAM changed its methodology for calculating its Total Firm Assets (TFA) to follow the principles and guidelines of FINMA, resulting in TFA as of Nov 2005 increasing by 38%. In May 2009, GAM acquired Augustus

resulting in an increase of 22% in TFA and a change in the Firm definition to incorporate an exclusion of certain assets as detailed above. GAM's TFA before these exclusions were $53,251m. GAM discloses its TFA on a quarterly basis. Current data is as at 31 Dec 2012.

14: FX rates used for valuation of funds and portfolios within the composite are those at 23:00 hours GMT. FX rates for benchmark and composition calculation are those at 16:00 hours GMT.

GAM has prepared and presented this report

in compliance with the Global Investment

Performance Standards (GIPS®). A

complete list and description of composites is

available on request.

Source: GAM as at 28 Feb 2013

* The benchmark shown is for comparative

purposes only. The composite is not

managed to a specific benchmark.

There is no guarantee that targets will be

achieved.

54

Disclaimer

Source: GAM unless otherwise stated. (Unless otherwise noted, where shown, performance is shown net of fees, on a NAV to NAV basis).

This material is confidential and is intended solely for the use of the person or persons to whom it is given or sent and may not be reproduced, copied or given, in whole or in

part, to any other person. Nothing contained herein constitutes investment, legal, tax or other advice nor is it to be solely relied on in making an investment or other decision. It

is not an invitation to subscribe and is by way of information only.

The fund is a sub-fund of GAM Star Fund plc. GAM Star Fund plc is an Irish umbrella fund with segregated liability between sub-funds. GAM Star Fund plc is authorised as a

UCITS pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No.352 of 2011) and is a recognised

scheme in the UK under the Financial Services and Markets Act 2000. The fund is managed by GAM Fund Management Limited which is regulated by the Central Bank of

Ireland.

Subscriptions will only be received and shares or units (‘Shares’) issued on the basis of the current prospectus for the fund. Copies of the fund’s prospectus, Key Investor

Information Documents (KIID) and financial statements can be obtained free of charge from GAM Fund Management Limited, George ’s Court, 54-62 Townsend Street, Dublin

2, from the centralising agent for France, BNP Paribas Securities Services, 66 rue de la Victoire, 75009 Paris, from its representative in Switzerland GAM Anlagefonds AG,

Klausstrasse 10, CH - 8034 Zurich, from the information agent in Germany Bank Julius Baer Europe AG, An der Welle 1, D-60322 Frankfurt am Main ,from the information

agent in Austria, UniCredit Bank Austria, Schottengasse 6 - 8, A-1010 Vienna. Paying Agent in Switzerland is State Street Bank GmbH, Zurich Branch, Beethovenstrasse 19,

CH-8027 Zurich. Shares are not available for sale in any state or jurisdiction in which such sale would be prohibited.

The Shares of the fund have not been registered under the US Securities Act of 1933, as amended (the “Securities Act”), and the fund is not registered under the US

Investment Company Act of 1940, as amended (the “Company Act”). Accordingly, unless an exemption is available, such shares may not be offered, sold or distributed in the

United States or to US persons. However, pursuant to an exemption from registration under the Securities Act and the Company Act, the shares may be sold or resold in the

United States or to certain qualified US investors in transactions that do not constitute a public offering.

The views expressed herein are those of the manager at the time and are subject to changes. The price of Shares may go down as well as up and the price will depend

on fluctuations in financial markets outside GAM's control, as a result an investor may not get back the amount invested. Past performance is not indicative of

future performance and reference to a security is not a recommendation to buy or sell that security. Prices quoted refer to accumulation Shares unless otherwise stated.

Historic data may be subject to restatement from time to time.

In the United Kingdom, this material has been issued and approved by GAM London Ltd, 12 St James's Place, London SW1A 1NX, authorised and regulated by the Financial

Conduct Authority.

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