Gam star emerging equity citywire nordic final

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GAM Star Emerging EquityCitywire Luxembourg | 26 April 2012

Tim LoveInvestment DirectorGAM

2

GAM Star Emerging EquityKey features

Investment objective Seeks to achieve long-term capital appreciation by investing in a diversified portfolio of emerging market equities

Investment manager Tim Love, GAM

Index for comparison iShares MSCI Emerging Markets ETF

Fund type Irish-domiciled UCITS

Inception date 19 March 2012

Base currency USD

Currency classes available* USD, GBP, EUR, CHF, JPY, SEK, SGD, NOK, DKK, CNY

Minimum subscription Ordinary shares: USD 10,000 or currency equivalent

Subscriptions / Redemptions Daily, no notice required

Investment manager and sponsor fees1 Institutional class: 0.90% paOrdinary class: 1.50% pa

Performance fee 10% over iShares MSCI Emerging Markets ETF on a high watermark basis

Source: GAM. * Certain classes may be subject to minimum funding requirements.

1 Excludes administration and custodian fee - please see Prospectus for further details on fees.

3

GAM Star Emerging EquitySummary

Multi-faceted investment approach

● Blends proprietary bottom-up tools, with extensive, unique data set, top-down thematic overlay and timing

● Repeatable process to capture frequent EM valuation mispricings that arise as markets mature

Outstanding EM equities team

● Over 40 years’ combined investment experience and over 15 years working together

● 20+ year track-record of identifying and harnessing mispricings in emerging markets

Daily dealing UCITS fund

● Long only, UCITS-compliant fund seeking to maximise returns relative to iShares MSCI Emerging Markets ETF

● No front load or exit fees applied by GAM

Ideal platform for EM equities

● GAM’s scale, stability and infrastructure enable team to focus solely on investing

● GAM’s performance-driven philosophy and culture fully aligned with team’s approach and strategy

The time is right for EM equities

● EM equity valuations are cheap compared to historic level, EM bonds and developed markets

● Potential for EM equities to double in three years supported by structural and cyclical drivers

4

Investment team

● Successfully managed both regional and global emerging market funds, long only and long/short for over 20 years (refer to Appendix for detailed track record)

● Unique insights and knowledge garnered from working on both buy and sell side– This experience has driven the inputs into the team’s proprietary VMR model

● Support from GAM’s extensive global infrastructure and resources enables team to focus on investments– Global dealing desk, risk, compliance, operations, sales, marketing and client service– Daily interaction and debate with GAM’s global and regional investment teams

Tim Love, Investment Director26 years’ investment experience

● Buy side includes:– CQS/Oceanwood– Cazenove– Mercury/MLIM– HSBC

● Sell side includes:– Deutsche Bank– ING Barings

Joaquim Nogueira, Investment Manager15 years’ investment experience

● Buy side includes:– CQS/Oceanwood– Cazenove

● Sell side includes:– Deutsche Bank– ING Barings

Over 40 years’ combined emerging markets expertise working together since 1996

Source: GAM as at 29 February 2012

IrevnaDedicated consulting relationship

since 2003

Excellent analysis of proprietary

models at micro and macro levels Consistent data management and

robust operational assistance Alpha generative analytical output

5

The team believes that EM equities offer opportunities from…

● Frequent valuation mispricings due to regulatory, political, geopolitical, credit and structural change as they grow and mature

● Market perception that lags reality regarding the

rate of improvement in corporate governance, better regulatory reform and EM market liquidity facilitating increasing use of more sophisticated investment tools

● Positive long term tailwinds from both structural and cyclical factors

Therefore, we…

● Apply a consistent and repetitive process to identify and exploit opportunities as they materialise

● Blend experienced qualitative analysis with investment modelling tools within a repeatable, systematic approach

● Blend bottom-up and top-down inputs to identify sector/country thematic drivers and the stocks best positioned to benefit from them

Investment philosophyEmerging markets are now mainstream, not marginal

Frequent mispricings in emerging markets and a further narrowing of the discount for corporate governance versus global developed markets

6

● Conduct weekly regression on universe of stocks

– By regional sectors, countries and currencies

– Aggregate to global – Relative and absolute

metrics– ‘Traffic light’ system for

valuations

● Add to extensive and proprietary EM data set

● Complete proprietary VMR model (Value, Momentum, Risk) to rank countries

● Use ‘Timing sheet’ to harness intra-asset class information for optimal entry/exit timing

● Consolidate top-down, bottom-up and timing views in ‘Weekly Cockpit’ to guide portfolio construction

● Complete financial data template for each undervalued company

● Meet companies for in-depth drill down on operating data and management issues

● Cross reference with sector analyst / cross-capital structure research

Investment process overview

Proprietary screening

Stock analysis

Top-down overlay and portfolio construction

Structured and repeatable investment approach

Universe: ~850 companies Portfolio: ~100 companies

Identifies the 40 most undervalued and 40 most

overvalued stocks globally

Identifies anomalies and best risk/ return

opportunities

Determines country weights and stock over/

underweights for portfolio

Step 1: Step 2: Step 3:

Data on: ~300 companies

7

Proprietary investment tools

“1-5” Screens• EM vs Global• Country• Currency• Yield ratio• All charts• Top 40 under-/overvalued

Stock templates• Valuation multiples, ratios and margins• Historical statements• Estimates revisions• Segmentation and credit• Macro• Relative valuation vs. peers• Valuation charts

Qualitative input

and analysis

GAM Star Emerging

Equity

Step 1: Proprietary screens Step 2: Stock analysis

Step 3: Top-down overlay and portfolio construction

Dashboard as on 28/02/2012Overall Z-score -0.14

Indicators Last Price 1 day chg 1 wk chg1 month

chg3 month

chg

Z-score of 1 day

chg

Z-score of 1 wk

chg

Z-score of 1 month

chg

Z-score of 3 month

chgCombined

Z-score

EquitiesMSCI ACWI 332.44 0.48 0.62 4.65 15.51 0.48 0.04 0.73 1.46 0.68

iShares MSCI ETF 41.95 1.21 0.53 4.20 17.64 0.89 0.01 0.54 - 0.48

iShares FTSE/Xinhua China 25 Index Fund 40.29 1.46 0.90 1.74 16.68 1.01 0.08 0.20 0.59 0.47

iShares MSCI Korea 58.93 0.92 -0.39 1.71 14.21 0.76 -0.18 0.04 0.74 0.34

CBOE SPX Volatility Index 17.96 -1.26 -1.26 -3.08 -44.10 -0.23 0.03 -0.19 -1.19 -0.40

CurrencyUSD Index 78.27 -0.38 -0.98 -0.80 -1.25 -0.88 -0.81 -0.27 -0.18 -0.54

Korean WON 1124.43 -0.43 0.15 0.11 -2.59 -1.08 -0.01 0.05 -0.50 -0.38

Brazilian Real 1.70 -0.64 -1.06 -2.37 -8.57 -1.26 -0.42 -0.42 -0.80 -0.73

AUD/JPY 86.63 -0.10 1.89 5.97 12.15 -0.54 0.62 1.15 1.09 0.58

CreditGeneric US Govt 10yr Bond Yield 1.94 0.90 -5.65 2.74 -1.58 0.33 -0.85 0.59 0.10 0.04

XOver CDSI Generic 5Y 567.37 -2.34 -0.58 -6.19 -29.09 -0.67 -0.01 -0.52 -1.19 -0.60

EMBI+ Sovereign Yields 5.30 -0.64 -1.78 -5.76 -11.01 -0.92 -0.63 -1.16 -0.92 -0.91

EMBI+ Sovereign Spread 325.32 -1.25 0.58 -10.42 -17.86 -0.45 0.09 -0.98 -0.76 -0.53

Commodities/cyclicalCopper 3 mth Future 8600.00 0.75 1.79 0.88 14.74 0.48 0.33 -0.04 0.48 0.31

Gold 1784.23 0.94 1.43 2.60 4.20 1.06 0.45 0.07 -0.10 0.37

Oil Spot 106.55 -1.85 0.67 7.02 8.49 -1.72 -0.10 0.69 0.25 -0.22

BBA USD LIBOR 0.49 -0.33 -1.04 -11.54 -6.80 0.59 -0.91 -0.95 -0.10 -0.34

Baltic DRY Index 738.00 1.10 4.53 1.65 -59.20 0.55 0.73 0.18 -1.54 -0.02

Korean Exports 41348.94 - - -15.48 -11.29 - - -1.97 -0.96 -1.46

New Indicators (GS)USD SWAP SPREAD ANN 2 YR 28.00 -6.67 -5.08 -13.85 -48.62 -1.47 -0.48 -0.54 -2.06 -1.14

EURUSD 3 Month ATM Implied Volatility 10.79 -0.74 -1.73 -10.77 -33.34 -0.10 -0.15 -0.93 -1.07 -0.56

Goldman Sachs FX Growth Index 101.21 0.09 0.06 0.83 1.49 0.52 0.08 1.12 1.05 0.69

EUR BASIS SWAP 1YR -57.25 -3.38 -3.21 -7.66 -44.69 -0.92 -0.44 -0.45 -0.65 -0.61

Markit iTraxx SovX Western Europe index 342.82 -1.12 1.14 6.00 -2.19 -0.77 0.07 -0.06 -1.12 -0.47

Markit CDX Emerging Markets Index 250.69 -0.58 -0.93 -5.59 -24.09 -0.23 -0.08 -0.41 -0.74 -0.36

Markit CDX North America High Yield Index 541.72 -0.73 -5.07 -3.38 -31.66 -0.29 -0.53 -0.29 -1.47 -0.65

Markit CDX North America Investment Grade Index 93.65 -1.86 -4.10 -6.70 -33.64 -0.89 -0.48 -0.62 -1.20 -0.80

US LIBOR OIS Spread 37.12 0.30 -3.23 -19.50 -10.79 0.68 -1.03 -0.82 -0.44 -0.40

Value+Momentum+Risk Scorecard (VMR)Aggregate Relative VMR Previous Month

VMR Deviation Target VMR

Score Rec % ($%) Rec Target

1 Russia 1.2 Overweight + 82 38.1 Underweight -10.9 2 China 0.9 Overweight + 60 32.5 Overweight 30.7

3 Colombia 0.4 Overweight + 24 23.4 Neutral 17.7 4 Mexico 0.0 Neutral + 2 17.8 Overweight 24.0 5 South Africa 0.0 Neutral + 1 17.5 Overweight 23.5

6 Korea 0.0 Neutral + 1 17.5 Underweight 11.0 7 Hungary -0.1 Modest U/w - 7 16.0 Overweight 21.8 8 Brazil -0.1 Modest U/w - 8 15.8 Overweight 21.4 9 India -0.5 Underweight - 38 9.0 Overweight 23.4

10 Malaysia -0.5 Underweight - 39 8.8 Underweight 7.4 11 Indonesia -0.5 Underweight - 40 8.3 Neutral 17.3

12 Peru -0.6 Underweight - 43 7.7 Overweight 27.9 13 Poland -0.6 Underweight - 47 6.4 Underweight 0.3 14 Turkey -0.7 Underweight - 52 4.6 Underweight 11.9 15 Taiwan -0.8 Underweight - 54 3.9 Underweight 12.0

16 Chile -0.9 Underweight - 59 2.0 Overweight 29.4 17 Czech Republic -1.3 Underweight - 72 -4.6 Underweight 7.5 18 Thailand -1.4 Underweight - 76 -7.4 Underweight 11.1 19 Philippines -2.2 Underweight - 89 -20.8 Underweight 8.5

VMR Scorecard Timing sheet Weekly cockpit

Overview

Source: GAM


Why Emerging Market equities now?

9

EM equities should follow EM bonds through old highsEM equities currently at c. 20% discount to their previous highs, EM bonds at over 40% premium

Source: Bloomberg

Price of EM bonds and equities to 29 Feb 2012

Previous high of MSCI Emerging Markets Index attained on 31 Oct 2007 (USD 1,337.63) based on capital returns only. Price as at 29 Feb 2012 was USD 1079.44. Previous peak price for JP Morgan EMBI was attained on 31 Aug 2008 (USD 415.73). Price as at 29 Feb 2012 was USD 594.02.

MSCI Emerging Markets Index in USDJP Morgan EMBI Global Composite Index in USD

0

$200

$400

$600

$800

$1000

$1200

$1400

$1600

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11

EM equities are laggards to their peak multiples and to bond markets

10

The search for yield

● EM equities benefit from– Higher than normal dividend yields– Strong free cash flow yields– Attractive positive carry trade opportunities

● These are driven by a number of factors

Push and pull drivers for EM equity inflows

Pull factors

● Attractive yields in EM:– Earnings per share (EPS) yield of

c. 8.5% and equity cash flow (CF) yields 15.2%

● Equity dividend yield c. 3.0%

● Positive carry trades for EM currencies – Especially BRL, MXN, HUF, INR, AUD

Push factors

● Opportunity cost yield:– QE2 driving down short rates for those

looking for low risk annuity returns

● Bond to equity yield ratios favour equities: – 3.3% EM bond yields vs 15.2% EM

equity cash flow yield

● Fears of inflation reducing the attraction of bonds

Source: GAM, Bloomberg as at 1 Mar 2012.

11

EM equities climbing a wall of worryDon’t fight the Fed. Attractive Yields to Own history and Bonds.

Source: GAM, Bloomberg, MSCI as at 1 Mar 2012

Search for yield supports EM equities

0.00 2.00 4.00 6.00 8.00 10.00

Jap 2 yr JGBUS 3 month T bills

Jap 10 Yr JGBGerman 10 yr BundUS 10 Yr Treasury

MSCI ACWI DYMunis

EM CorporatesEM Sovereign

US Corp HYMSCI ACWI EY

MSCI EM EY

Annual Yield (%)

EM equities cheap vs. EM bonds

-16%

-12%

-8%

-4%

0%

4%

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11

MSCI EM EPS yield spread to the JPM EMBI bond yield

EM Earnings yield atclose to 16-year highs vs. EM bond yields

EM dividend yield discount to US 10yr has gone

MSCI EM dividend yield less 10-year US Treasury yields

-6%-5%-4%-3%-2%-1%0%1%2%3%

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11

EM equities at early stage of recovery

80%

100%

120%

140%

160%

180%

200%

0 50 100 150 200 250 300 350 400 450 500 550

MSCI EM 2004/2006 (Mar-04 to May-06)MSCI EM 2011/2012 (Aug-11 to Mar-12)

Days

12

GS forecasts for GDP growth and currencies (vs. USD): 20-year CAGR

Source: IMF, MSCI, Goldman Sachs Global ECS Research estimates, March 2012.

Superior prospective real GDP and FX appreciation expectationsEM should command a ‘Premium for Growth’

-4%

-2%

0%

2%

4%

6%

8%

10%

Indi

a

Phi

lippi

nes

Chi

na

Mal

aysi

a

Rus

sia

Indo

nesi

a

Tur

key

Mex

ico

Tha

iland

Bra

zil

Sou

th A

fric

a

Isra

el

Kor

ea

Hon

g K

ong

Spa

in

Sin

gapo

re

Uni

ted

Kin

gdom

Uni

ted

Sta

tes

Fra

nce

Can

ada

Italy

Aus

tral

ia

Ger

man

y

Japa

n

Sw

itzer

land

FX appreciation Real GDP growth (local currency)

13

Why Emerging Markets equities now?

● Valuations for EM equities are now cheap relative to…– Historic levels: currently significantly off former highs – Emerging market bonds: equity cash flow yields and dividend yields can satisfy investors’ ‘search for yield’– Developed market equities: EM GDP growth of ~7%pa vs DM GDP growth of ~1.4%pa, ie a ‘premium for growth’

● Secular tailwinds will continue regardless of market cycles– Demographics: younger and growing populations vs developed markets– Affluence: rise of new middle and wealthy classes in most key markets – Technological innovation: faster adoption of new architecture and ‘leapfrogging’ accelerate advancement– Improved credit ratings: gives consistent capital access, currency appreciation and carry trade potential– Global distribution: all major GEM countries except Taiwan now members of World Trade Organisation*

● Cyclical drivers will evolve over the medium-term– Sustained capital appreciation: driven by forward-looking real GDP and FX appreciation expectations– Strong source of yield: from high dividends, free cash flow yields, positive carry currencies and bond/ equity yield rates– M&A prospects: based on enviable net income growth on strong balanced sheets

With current tailwinds, many emerging market equity markets have the potential to double by 2015

Source: GAM as at 1 Mar 2012. The views are those of the manager at the time of publication and are subject to change.

* The Russian Federation was approved for membership in December 2011.

14

EM equities at compelling valuationsCheap historic, cheap relative and with P/E expansion to come


EM premium/discount to global P/E

-60%

-40%

-20%

0%

20%

40%

90 92 94 96 98 00 02 04 06 08 10 12

MSCI EM premium (forward P/E) to MSCI World

0%

20%

40%

60%

80%

100%

0-5 5-7 7-9 9-11 11-13 13-15 15-1717-19 19-21 21-23 23-25 25-27 27-29

Distribution of P/E multiples within EM

Today

4%

6%

8%

10%

12%

14%

16%

18%

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12

MSCI EM earnings yield JPM EMBI yield

-5%

0%

5%

10%

15%

90 92 94 96 98 00 02 04 06 08 10

EM equity risk premium

Trading at discount to global forward P/Es Trading on low historic absolute multiples

Cheap versus EM bonds Equity risk premium reductions fuel P/E re-rating

P/E

15

EM equities are a recent price laggard to developed marketsEM equities have de-levered and are currently behind global equities

EM not burdened by huge levels of debt EM have significantly de-leveraged

EM equities have tended to outperform global… …but EM equities currently lagging


Net debt /equity ratio

MSCI Emerging Markets Index in USD: rolling six-monthperformance relative to MSCI World Index in USD

0%

20%

40%

60%

80%

100%

120%

140%

Japan Italy France UK US Germany Spain EM

Ratio of public debt to GDP

0%

20%40%

60%80%

100%120%

140%

88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11e12e

Latin America Asia EMEA

-60%

-40%

-20%

0%

20%

40%

60%

80%

88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12YTD

MSCI Emerging Markets Index in USD MSCI World Index in USD

-20%

-10%

0%

10%

20%

30%

40%

01 02 03 04 05 06 07 08 09 10 11 12YTD

16

Themes

● Middle income growth– Housing, brands, automobiles and white goods– Trading software and gaming

● M&A– Surplus of cash and pent up M&A activity leading to consolidation, eg stock exchanges and oil reserve plays

● China– Close to the end of the tightening cycle?– Upcoming elections lead to medium-term soft landing?– Official 7.5% GDP target for 2012 is a floor, not a target

● Oil and oil related complex– Beneficiaries of rising oil price, oil service companies– Uranium, fertiliser

● Frontier markets– Liquidity, valuations opportunities

Diverse growth drivers provide ample opportunity set for investors

The views are those of the manager at the time of publication and are subject to change.

17

Why GAM Star Emerging Equity?

● Frequent mispricing opportunities arise as emerging markets grow and mature

● EM have superior thematic growth opportunities (demographics, middle income) vs developed markets

● EM have better corporate governance, more liquidity and investment sophistication than often perceived

Philosophy

● Over 40 years’ combined investment experience and over 15 years working together

● Successful record of managing EM equities portfolios for 20+ yearsTeam

● Long only, UCITS-compliant, daily dealing emerging market equities fund with ~10 currency classes

● Seeks to deliver superior long-term outperformance versus the iShares MSCI Emerging Markets ETF

● No front load or exit fees applied by GAM

Product

● EM equities have the potential to double over the next three years1

● EM equities currently at ~20% discount to old highs; EM bonds are at ~40% premium2

● Current themes: middle income growth, M&A activity, China, oil/oil related complex, frontier markets

Outlook

Process● Consistent and repeatable blend of fundamental bottom-up and top-down analysis

● Proprietary valuation models based on unique and extensive data set

Right time, team, platform and approach

Source: GAM as at 1 Mar 2012.1 The views expressed are of the manager at the time and are subject to change. There is no guarantee that forecasts will be achieved.2 Previous high of MSCI Emerging Markets Index attained on 31 Oct 2007 (USD 1,337.63) based on capital returns only. Price as at 29 Feb 2012 was USD 1079.44. Previous peak price for JP Morgan EMBI was attained on 31 Aug 2008 (USD 415.73). Price as at 29 Feb 2012 was USD 594.02.


Appendix

19

● Conduct weekly regression on universe of stocks

– By regional sectors, countries and currencies

– Aggregate to global – Relative and absolute

metrics– ‘Traffic light’ system for

valuations

● Add to extensive and proprietary EM data set

● Complete proprietary VMR model (Value, Momentum, Risk) to rank countries

● Use ‘Timing sheet’ to harness intra-asset class information for optimal entry/exit timing

● Consolidate top-down, bottom-up and timing views in ‘Weekly Cockpit’ to guide portfolio construction

● Complete financial data template for each undervalued company

● Meet companies for in-depth drill down on operating data and management issues

● Cross reference with sector analyst / cross-capital structure research

Investment process overview

Proprietary screening

Stock analysis

Top-down overlay and portfolio construction

Structured and repeatable investment approach

Universe: ~850 companies Portfolio: ~100 companies

Identifies the 40 most undervalued and 40 most

overvalued stocks globally

Identifies anomalies and best risk/ return

opportunities

Determines country weights and stock over/

underweights for portfolio

Step 1: Step 2: Step 3:

Data on: ~300 companies

20

Proprietary investment tools

“1-5” Screens• EM vs Global• Country• Currency• Yield ratio• All charts• Top 40 under-/overvalued

Stock templates• Valuation multiples, ratios and margins• Historical statements• Estimates revisions• Segmentation and credit• Macro• Relative valuation vs. peers• Valuation charts

Qualitative input

and analysis

GAM Star Emerging

Equity

Step 1: Proprietary screens Step 2: Stock analysis




chg3 month

chg

Z-score of 1 day

chg

Z-score of 1 wk

chg

Z-score of 1 month

chg

Z-score of 3 month

chgCombined

Z-score


iShares MSCI ETF 41.95 1.21 0.53 4.20 17.64 0.89 0.01 0.54 - 0.48





Korean WON 1124.43 -0.43 0.15 0.11 -2.59 -1.08 -0.01 0.05 -0.50 -0.38

Brazilian Real 1.70 -0.64 -1.06 -2.37 -8.57 -1.26 -0.42 -0.42 -0.80 -0.73

AUD/JPY 86.63 -0.10 1.89 5.97 12.15 -0.54 0.62 1.15 1.09 0.58






Gold 1784.23 0.94 1.43 2.60 4.20 1.06 0.45 0.07 -0.10 0.37

Oil Spot 106.55 -1.85 0.67 7.02 8.49 -1.72 -0.10 0.69 0.25 -0.22

BBA USD LIBOR 0.49 -0.33 -1.04 -11.54 -6.80 0.59 -0.91 -0.95 -0.10 -0.34

Baltic DRY Index 738.00 1.10 4.53 1.65 -59.20 0.55 0.73 0.18 -1.54 -0.02

Korean Exports 41348.94 - - -15.48 -11.29 - - -1.97 -0.96 -1.46




EUR BASIS SWAP 1YR -57.25 -3.38 -3.21 -7.66 -44.69 -0.92 -0.44 -0.45 -0.65 -0.61






Value+Momentum+Risk Scorecard (VMR)Aggregate Relative VMR Previous Month

VMR Deviation Target VMR

Score Rec % ($%) Rec Target

1 Russia 1.2 Overweight + 82 38.1 Underweight -10.9 2 China 0.9 Overweight + 60 32.5 Overweight 30.7

3 Colombia 0.4 Overweight + 24 23.4 Neutral 17.7 4 Mexico 0.0 Neutral + 2 17.8 Overweight 24.0 5 South Africa 0.0 Neutral + 1 17.5 Overweight 23.5

6 Korea 0.0 Neutral + 1 17.5 Underweight 11.0 7 Hungary -0.1 Modest U/w - 7 16.0 Overweight 21.8 8 Brazil -0.1 Modest U/w - 8 15.8 Overweight 21.4 9 India -0.5 Underweight - 38 9.0 Overweight 23.4

10 Malaysia -0.5 Underweight - 39 8.8 Underweight 7.4 11 Indonesia -0.5 Underweight - 40 8.3 Neutral 17.3

12 Peru -0.6 Underweight - 43 7.7 Overweight 27.9 13 Poland -0.6 Underweight - 47 6.4 Underweight 0.3 14 Turkey -0.7 Underweight - 52 4.6 Underweight 11.9 15 Taiwan -0.8 Underweight - 54 3.9 Underweight 12.0

16 Chile -0.9 Underweight - 59 2.0 Overweight 29.4 17 Czech Republic -1.3 Underweight - 72 -4.6 Underweight 7.5 18 Thailand -1.4 Underweight - 76 -7.4 Underweight 11.1 19 Philippines -2.2 Underweight - 89 -20.8 Underweight 8.5

VMR Scorecard Timing sheet Weekly cockpit

Overview

Source: GAM

21

● Analyse data using extensive, proprietary database with over 15 years’ history– Specialist external company cleans accounting data – extension of team, working together since 2003– 'Cleansed' data enriches quality and consistency of company information– Database predates MSCI Emerging Markets by five years

● Fundamental filter on universe of ~850 stocks in MSCI Emerging Markets Index weekly – Apply multiple perspectives, ie regional sectors, global sectors, countries etc– Assess each view on absolute basis, and relative to current and long-term

historical levels – Summarise key valuation metrics using traffic light system (red, amber, green)

– Price/Earnings– Price/Book– Price/Cashflow

● Results in ranked universe of stocks according to proprietary valuation score ('Z-score')– Scores based on comparison to GEM average and stock’s own 3-year historic average– Identifies top 40 overvalued and top 40 undervalued stocks globally– Incorporate yield ratio, currency (Real Effective Exchange Rate) and third party momentum analysis

● Consider opportunistic positions from outside the benchmark eg attractive IPOs, small caps

Step 1: Proprietary screeningBottom-up regression analysis focuses team on most undervalued stocks

– Price/Sales– Dividend Yield– ROE

Overweight stocks ‘in the lower tail’ and underweight

stocks ‘in upper tail’

Fre

quen

cy

Valuations

Most undervalued

stocks

Most overvalued

stocks

Maximises focus, time efficiency and quality of output

22

Step 2: Stock analysis

● Conduct intensive company due diligence on top 40 undervalued stocks using comprehensive analytical template– Completed on approximately 300 names to date– Comparing companies on like for like basis to highlight anomalies

● Complemented with over 400 management meetings per year– Approximately 50% conducted in the region where company is based

Analysis of company templates focuses on:

● Reviewing historic and prospective balance sheet, income and cashflow statements

● Comparing absolute and historic valuation multiples to their own history and peer group

● Monitoring recent consensus revisions of financial statements

● Examining recent credit ratings

● Analysis of debt schedules

Management meetings focus on:

● Corporate governance

● Top line growth and inventory/sales

● Operating margins

● Operating and financial leverage

● Earnings per share growth

● CAPEX / EBITDA

● Dividend payouts and free cash flow yields

● Barriers to entry

● Expected catalysts/regulatory news

Intensive analysis based on company financials and meetings with management

23

Step 3: Top down analysis and portfolio construction

● Team has developed and evolved a proprietary VMR (Value, Momentum, Risk) framework in line with EM market evolution:

● Consider in context of country-specific macro factors (credit ratings, currency, GDP factors, bond yields, inflation, etc)

● Bring together bottom-up stock views with in top-down analysis in ‘Weekly Cockpit’ to size positions and country exposures– Positive stock + negative VMR = overweight stock, hedge currency– Negative stock + positive VMR = underweight/zero stock, overweight currency

Proprietary overlay to optimise country allocations

MomentumValue Risk

● Implied volatility

● Earnings volatility

● Cash return on capital invested (CROCI)

● RAI

● Liquidity

● Real Effective Exchange Rate (REER)

● Yield ratio

● Technicals

● Earnings revisions

● Economics

● Cash return on capital invested (CROCI) momentum

● Exogenous factors

● Quant model

● 12mth forward multiples

● Cash return on capital invested (CROCI)

EM liquidity flows

● Domestic EM pension fund flows

1980s 1990s 2000s 2015(e)

24

Step 3: Top-down overlay and portfolio constructionWeekly ‘timing sheet’: an intra-asset class indicator aids timing, sizing and currency overlay



chg3 month

chg

Z-score of 1 day

chg

Z-score of 1 wk

chg

Z-score of 1 month

chg

Z-score of 3 month

chgCombined

Z-score


iShares MSCI ETF 41.95 1.21 0.53 4.20 17.64 0.89 0.01 0.54 - 0.48





Korean WON 1124.43 -0.43 0.15 0.11 -2.59 -1.08 -0.01 0.05 -0.50 -0.38

Brazilian Real 1.70 -0.64 -1.06 -2.37 -8.57 -1.26 -0.42 -0.42 -0.80 -0.73

AUD/JPY 86.63 -0.10 1.89 5.97 12.15 -0.54 0.62 1.15 1.09 0.58






Gold 1784.23 0.94 1.43 2.60 4.20 1.06 0.45 0.07 -0.10 0.37

Oil Spot 106.55 -1.85 0.67 7.02 8.49 -1.72 -0.10 0.69 0.25 -0.22

BBA USD LIBOR 0.49 -0.33 -1.04 -11.54 -6.80 0.59 -0.91 -0.95 -0.10 -0.34

Baltic DRY Index 738.00 1.10 4.53 1.65 -59.20 0.55 0.73 0.18 -1.54 -0.02

Korean Exports 41348.94 - - -15.48 -11.29 - - -1.97 -0.96 -1.46




EUR BASIS SWAP 1YR -57.25 -3.38 -3.21 -7.66 -44.69 -0.92 -0.44 -0.45 -0.65 -0.61






25


● Diversified portfolio of c. 100 stocks– Top 20 stocks typically c 50% of the portfolio– Position sizes driven by conviction and liquidity– Subject to UCITS 5/10/40 rule

● Invests in best ideas across EMEA, Asia and Latin America

● Target tracking error c. 5-8% pa

● Limited currency hedging

● Derivatives typically used for efficient portfolio management only

● Highly liquid: ~90% of portfolio could be unwound in2-3 days with little price impact

● Turnover: ~300%, use of program trades and discount brokers

Diversification is the only free lunch

Source: GAMAllocations and holdings are subject to change.

Example: Weekly cockpit portfolio construction tool

There is no guarantee that targets will be achieved.


Fund and selective stock analysis

27

Name % of Fund

China Mobile 3.4

Gazprom 3.0

Samsung Electronics 2.8

Petrobras Petroleo Brasileiro 2.4

America Movil 2.2

Vale 2.1

Lukoil 1.9

Sberbank 1.7

Hyundai Mobis 1.7

CNOOC 1.7

Total 22.9

GAM Star Emerging Equity InvestmentsTop 10 holdings (of 128) as at 30 Mar 2012


28

Financials 19.3%

Energy 18.1%

Materials 14.2%Information Technology 12.0%

Telecom Services 9.9%

Consumer Disc 9.9%

Consumer Staples 7.7%

Industrials 5.5%Net Current Assets 1.7%

Other 1.8%

GAM Star Emerging Equity InvestmentsIndustry breakdown as at 30 Mar 2012


29

China 18.8%

Brazil 16.1%

Korea, Republic of 14.7%Russian Federation 10.7%

South Africa 8.0%

Taiwan 7.6%

Mexico 6.4%

Indonesia 3.8%

Net Current Assets 1.7%

Other 12.4%

GAM Star Emerging Equity InvestmentsGeographic allocation as at 30 Mar 2012


30

2

4

6

8

10

12

14

16

18

2006 2007 2008 2009 2010 2011

Parkson Retail Group Ltd

Source: Thomson Reuters Datastream

Investment Case

● Play on global and domestic brands with high end department store and distribution in China

● Exposure to the rising Chinese consumer sector and middle class wealth effect

● Good entrance point at attractive valuations

● Favoured by changes in tax and regulatory environments

Ticker 3368 HK

Industry Retail

Headquarters Beijing, China

Key activitiesParkson Retail Group Ltd operates a national network of department stores in the People's Republic of China

GAM Star Emerging EquityStock Example: Parkson Retail Group Ltd (1.00% in the portfolio; 0.05% in MSCI Emerging Markets index)*

Reference to a security is not a recommendation to buy or sell that security.* Stock holding weight as at 20 Mar 2012

Initial purchaseMarch 2012

Share price performance (HKD) 30 Dec 2005 to 29 Feb 2012

31

20000

25000

30000

35000

2006 2007 2008 2009 2010 2011

AngloGold Ashanti Limited


Investment Case

● Natural South African hedge against inflation and further systemic risk

● Strong operational, financial and credit rating strength

● Exceptional entrance point at depressed valuations

Ticker ANG SJ

Industry Mining

Headquarters Johannesburg, South Africa

Key activities

AngloGold Ashanti Limited is a holding company for a group of companies which explore for and mine gold internationally

GAM Star Emerging EquityStock Example: AngloGold Ashanti Limited (1.16% in the portfolio; 0.39% in MSCI Emerging Markets index)*



Share price performance (ZAr) 30 Dec 2005 to 29 Feb 2012

32

8

10

12

14

16

18

2006 2007 2008 2009 2010 2011

America Movil SAB de C.V.


GAM Star Emerging EquityStock Example: America Movil SAB de C.V. (2.20% in the portfolio; 1.28% in MSCI Emerging Markets index)*


Investment Case

● Capitalising on strong Mexican broadband and pay-TV growth

● Strong balance sheet for capex and 4G rollout

● Strong buy-back programme support and reasonable yield

Ticker AMXL MM

Industry Telecommunication Services

Headquarters Mexico City, Mexico

Key activities

America Movil provides wireless communications in 18 countries across Latin America. It also offers fixed-line phone, Internet and pay-TV services


Share price performance (MXN)30 Dec 2005 to 29 Feb 2012


Why Emerging Markets now?

34

Global balance accelerates shift towards emerging markets

100

90

80

70

60

50

40

30

20

10

01990 1995 2000 2005 2010 2015 2020

Developed

Emerging

Forecast

Source: AT Kearney, Bloomberg, BP, dotMobi, Fortune, IMF, UBS, UN, World Bank, World Steel Association, WTO¹ Purchasing power parity² Foreign direct investment

Economies share of world GDP (%)

At market exchange rates

Emerging economies world share

2010 (%)

0 25 50 75 100

PopulationMobile-phone subsForex reservesSteel consumptionCopper consumptionCO2 emissions

Motor-car salesOil consumptionGDP at PPP¹Inward FDI²ExportsFixed InvestmentImportsRetail salesGDP at market rates

Stockmarket cap.Consumer spendingOutward FDI²Financial assetsFortune Global 500

Public sector debt

EM GDP will soon overtake the developed world

35

● EM equities are still under-represented in global equity indices against their GDP weights.

● EM equities could represent 55% of global market cap by 2030. Presently they are 13% of Global Equity Indexes (within the MSCI ACWI) on a free float basis. Ex free float it would be 33% presently.

Source: IMF, MSCI, Goldman Sachs Global ECS Research estimates, September 2010

2010

2020 (e)

2030 (e)

37%

31%

49%

44%

59%55%

0%

10%

20%

30%

40%

50%

60%

70%

GDP Market Cap

EM

sh

are

of

wo

rld

Why Emerging Market equities? EM equities are still under-represented in global equity indices

36

EM equities climbing a wall of worryDon’t fight the Fed

EM equities at early stage of recovery EM equities cheap vs. EM bonds

Search for yield supports EM equities EM dividend yield discount to US 10yr has gone


0.00 2.00 4.00 6.00 8.00 10.00

Jap 2 yr JGBUS 3 month T bills

Jap 10 Yr JGBGerman 10 yr BundUS 10 Yr Treasury

MSCI ACWI DYMunis

EM CorporatesEM Sovereign

US Corp HYMSCI ACWI EY

MSCI EM EY

Annual Yield (%)

-16%

-12%

-8%

-4%

0%

4%

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11

MSCI EM EPS yield spread to the JPM EMBI bond yield

EM Earnings yield atclose to 16-year highs vs. EM bond yields

MSCI EM dividend yield less 10-year US Treasury yields

-6%-5%-4%-3%-2%-1%0%1%2%3%

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11

80%

100%

120%

140%

160%

180%

200%

0 50 100 150 200 250 300 350 400 450 500 550

MSCI EM 2004/2006 (Mar-04 to May-06)MSCI EM 2011/2012 (Aug-11 to Mar-12)

Days

37

Distribution of world population 2010 Distribution of world market cap 2010

Developed

Emerging 86%

14%

Source: IMF, assuming 1.5% annual population growth for the 2030 Population extrapolation in column 5 above, Oct 2010.

Total Population

Urban Population Urban Pop %

Cities >10m

2030 Pop based on 34%

Growth

Urban Pop Added assuming 75%

urbanization

Number of 10m Pop Cities Equivalent

US 304 246.2 81% 2 407 59 6Mexico 110 84.4 77% 1 147 26 3Brazil 191 162.6 85% 2 256 30 3Argentina 40 35.6 90% 1 53 4 0UK 60 54 90% 1 80 6 1Russia 142 103.6 73% 1 190 39 4Turkey 75 51.1 68% 1 101 24 2Egypt 77 33.1 43% 1 103 44 4Iran 71 48.3 68% 1 95 23 2Nigeria 114 68.6 60% 1 153 46 5China 1,331 559.2 42% 3 1,784 779 78India 1,136 329.3 29% 3 1,522 812 81Pakistan 165 59.3 36% 1 221 106 11Bangladesh 147 38.2 26% 1 197 109 11Japan 128 84.7 66% 2 172 44 4S Korea 48 39 81% 1 65 9 1Philippines 86 55 64% 1 115 31 3Indonesia 228 114.1 50% 1 306 115 12

25 2,007 201

Emerging 13%

Developed 87%

Urbanisation – 100 more cities the size of ‘New York or London’ within 20 yearsPositive secular tailwinds

38

Large EM countries will underpin commodity demand for some timeGiven population sizes, steel intensity in China and India indicates explosive growth potential

Source: Global Insight, IMF, OECD, IISI, USGS, JFK.

39

Emerging markets: “All change” dynamicsEmergence of a less US centric array of global growth engines

Source: GAM, March 2012

1

-6

-4

-2

0

2

4

6

8

10

2005 2006 2007 2008 2009 2010 2011

World EM US Euro

GDP growth (YOY%)

-12

-10

-8

-6

-4

-2

0

2

2005 2006 2007 2008 2009 2010 2011

World EM US Euro

Budget as % of GDP

Current 10 Years AgoDEVELOPED Debt % of GDP Budget % of GDP S&P (Cur) Debt % of GDP Budget % of GDP S&P (Old)United States 69.4 -8.2 AA+u 62.4 0.9 AAAJapan 208.2 -8.9 AA-u 154.6 -6.3 AAAUnited Kingdom 79.5 -8.1 AAAu 51 0.8 AAAFrance 85.5 -7.1 AA+u 68.8 -1.5 AAAGermany 81.5 -4.3 AAAu 64.2 -3.1 AAAG5 Average 104.82 -7.3 80.2 -1.8EMSouth Korea 22.9 0.8 A 13.8 4.3 B+China 16.3 -1.7 AA- 30.1 -2.3 BBBTaiwan 34.9 -0.1 AA-u 30.5 -0.2 AAIndia 51.6 -7.3 BBB-u 59.7 -7.0 BBMalaysia 57.9 -5.4 A- 45.5 -5.5 BBB-Turkey 42.4 -1.7 BB 78.7 -12.1 B-Russia 8.7 0.5 BBB 34.1 3.0 SDSouth Africa 35.6 -4.4 BBB+ 38.2 -1.0 BBBrazil 36.5 -2.4 BBB 54.83 -2.9 B+Mexico 37.5 -2.3 BBB 23.1 -0.6 BBTop EM Avg 34.4 -2.4 9 of 10 IG 40.9 -2.4 2 of 10 IG***IG - Investment grade

Debts, budgets and credit ratings

40

Look out for the unwindReflation trades, positive carry trades and short USD way too correlated

Source: Bloomberg, end September 2010.

Reflation: HK property vs. commodities

QE2: commodities vs. USD

Positive carry: AUD vs. EM


Team and track record

42

Biographies

Tim Love (26 years’ investment experience) is the Investment Director responsible for GAM's emerging market equity strategies. Prior to joining GAM in February 2012, Tim was a senior portfolio manager at CQS/Oceanwood where he managed long/short emerging markets equities. Prior to this, he managed a global long/short equity fund at Cazenove Capital Management. Previously, Tim held sell-side positions as head of global equity strategy at Deutsche Bank, head of strategy for global emerging markets at SG Securities Ltd, and head of emerging markets strategy and research at ING Baring Securities Ltd. Before that, he managed emerging market equities portfolios at BlackRock (formerly Merrill Lynch Investment Managers) and at HSBC Asset Management. Tim holds a BA in Accountancy and Politics and trained as a chartered accountant at Pricewaterhouse. He is based in London.

Joaquim Nogueira (15 years’ investment experience) is an Investment Manager in GAM's Emerging Markets Equity team. Prior to joining GAM in January 2012, Joaquim was a portfolio manager at CQS/Oceanwood where he worked on long/short emerging market equities with Tim Love. Prior to this, he worked with Tim on a global long/short equity fund at Cazenove Capital Management. Previously, Joaquim worked on the sell-side as director of global equity strategy in the global emerging markets equity strategy team at Deutsche Bank, and as vice-president of global emerging markets strategy at SG Securities Ltd. He began his career on the sell-side as a senior analyst at ING Baring Securities Ltd in 1996, working with Tim Love on the global sector and Latin American strategy and research team. Joaquim holds an MBA from Cass Business School, and an MSc in Mathematics with a specialisation in probabilities and statistics from the Instituto Superior Tecnico in Lisbon. He is based in London.

43

Biographies

Irevna

Irevna is a leading research and analytics outsourcing service provider. GAM’s Emerging Markets Equity team has maintained a dedicated consulting relationship with Irevna since 2003. By utilising resources at Irevna, GAM’s Emerging Markets Equity team is able to maximise its time efficiency and quality of output.

Irevna provides the team with a number of services including:

● Excellent analysis of proprietary models at micro and macro levels

● Consistent data management and robust operational assistance

● Alpha generative analytical output.

Irevna is a division of CRISIL, India's leading ratings, research, risk and policy advisory company.

44

Track record – Long onlyLong only equity funds previously managed by Tim Love

Fund performance (simple) for period of tenure

Source: MLIM, MSCI, Mariner Fund Group, Thomson Reuters.

Past performance is not indicative of future performance. Performance is provided net of fees. Prior experience is shown for information purposes only and does not indicate the past or future performance of GAM Star Emerging Equity, which has different objectives and will invest under different economic conditions.

30 Nov 1993 to 31 Dec 1996:

MLIM: MLIIF Emerging Markets “A” (net)

● Long EM equity mandate

● Outperformed MSCI EM index by 10.5%

MLIIF Emerging Markets “A”

MSCI Emerging MarketsIndex in USD

-20%

10%

0%

10%

20%

30%

19.1%

8.6%

1994 1995 1996

Mariner North America

S&P 500 Index in USD● Long only North American equity fund

● NAFTA focus ie allocated to US, Canada and Mexico

● Barron’s Best Global Fund of the Year, 1993

31 Dec 1986 to 31 Mar 1993:

Mariner Fund Group (subsidiary of HSBC): North America Fund (net)

2.6

18

.1

32

.9

-2.4

37

.2

9.2

5.25.2

16

.6

31

.7

-3.1

30

.5

7.6

4.4

-10%

0%

10%

20%

30%

40%

87 88 89 90 91 92 93YTD

45

Track record – Long/short

31 Dec 2009 to 30 Sep 2011:

A CQS global multi-strategy fund (net)

● Long/short EM equity carve out from global portfolio***

● Outperformed iShares MSCI Emerging Markets ETF by 10.4%

Emerging market equity funds previously managed by Tim Love and Joaquim Nogueira

31 May 2008 to 30 Nov 2009:

Oceanwood: Emerging Markets Absolute Return Fund (net)

● Long/short EM equity fund**

● Consistent, positive absolute returns during 2008

● Outperformed iShares MSCI Emerging Markets ETF by 28.2%

Fund performance (simple) for period of tenure

Source: Cazenove Capital Management (Cazenove), Oceanwood Capital (Oceanwood), CQS, Citco, MSCI. *The Cazenove carve-out of audited fund track record; Assumes 50% of NAV in EM during the entire period and portfolio was fully invested. The carve-out is an unaudited record calculated by Cazenove in good faith, however Cazenove takes no responsibility for the accuracy of the data, or of GAM’s use or reference to it. ** The Oceanwood record Oct 08 - Nov 09 represents audited fund returns. From Jun-Sep 08 returns are prior to external fund launch and are of an unaudited internal portfolio that was fully invested. Oceanwood takes no responsibility for the accuracy of the data, or of GAM’s use of reference to it. ***Ernst & Young performed specific testing procedures in relation to the CQS track record for the period Jan 09 – Sept 11 and identified no exceptions.

Past performance is not indicative of future performance. Performance is provided net of fees. Prior experience is shown for information purposes only and does not indicate the past or future performance of GAM Star Emerging Equity, which has different objectives and will invest under different economic conditions.

31 May 2006 to 31 Dec 2007:

Cazenove: Worldwide Absolute Return Fund (net)

● Long/short EM equity carve-out from global portfolio*

● 50% strategic allocation to EM throughout period

● Generated absolute performance of 19.9% pa

60.4%

33.3%

0%

20%

40%

60%

80%

2006 2007

Cazenove WorldwideAbsolute Return Fund

iShares MSCI Emerging Markets ETF in USD

-5.0%

-15.4%-10%

0%

10%

20%

2010

CQS EM Equity Record(Ernst & Young)


2011

8.5%

-19.7%

-50%

-30%

-10%

10%

2008

Oceanwood Emerging Markets Absolute Return Fund


2009

46

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 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 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, simplified prospectus and financial statements can be obtained free of charge from GAM Fund Management Limited, George’s Court, 54-62 Townsend Street, Dublin 2. Shares are not available for sale in any state or jurisdiction in which such sale would be prohibited. The fund is not registered for public distribution in Germany, Austria and Switzerland and no public marketing may be carried out for it in these jurisdictions.

The fund mentioned herein is not authorised or registered for public sale in Asia Pacific. Therefore, no public marketing must be carried out for it in Asia Pacific. In Hong Kong, this material is restricted to professional investors (as defined in the Securities and Futures Ordinance (Cap 571)) only. In other countries in Asia Pacific, this material should only be distributed in accordance with the applicable laws in the relevant jurisdiction. In Japan, the Fund mentioned herein shall not be disclosed publicly pursuant to the Financial Instruments and Exchange Law (the ‘FIEL’) nor registered for public sale or private placement pursuant to the Law on Investment Trusts and Investment Companies. Therefore, none of the shares of the Fund mentioned herein may not be solicited in Japan or to residents in Japan. This document is intended for circulation to professional, institutional and/or qualified investors only. Any person who received this document is not allowed to distribute this document to residents in Japan nor communicate to residents in Japan about the Fund mentioned in this document.

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 fund does not have the security of capital which is characteristic of a bank deposit. 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 Services Authority.

Gam star emerging equity citywire nordic final

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