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This site is intended only for persons located who are eligible to view its content. Accordingly, this site should be viewed only by financial intermediaries and institutional investors in accordance with applicable laws and the terms and the terms and conditions below. This site is not intended to be, nor permitted to be, viewed by or used by end investors in the GAM funds or the clients of any financial intermediaries which distribute the GAM funds (or funds associated with GAM).

Please only use this site where you are appropriately licenced to carry out investment services/product marketing activities or you have verified that you are otherwise exempt from holding such a licence. You acknowledge that you are not permitted to access this site if to do so would be in breach of any laws and that by viewing this site you are confirming your compliance on an ongoing basis with these terms and conditions and all applicable laws and regulations.

Source: GAM unless otherwise stated. This site is confidential and intended solely for your use and may not be reproduced, copied or given, in whole or in part, to any other person. This site is aimed at eligible sophisticated, professional, eligible, institutional and/or qualified investors in accordance with applicable laws who have the knowledge and financial sophistication to understand and bear the risks associated with the investments described. 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. You acknowledge that the content of this site is not intended as an offer or solicitation with respect to the purchase or sale of any security, is not an invitation to subscribe and is for informational purposes only. The content of this site is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. The views contained are as of the date they are made and may not reflect the views any time thereafter. These views are not, and should not be construed as, investment advice. 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. Holdings and allocations are subject to change. Historic data may be subject to restatement from time to time. This is not an invitation to invest in any GAM product or strategy. Investments in any fund should only be made after a thorough reading of the current prospectus, offering memorandum, the articles of association, the current annual and semi-annual reports (the “legal documents”) and all other offering documentation relating to the relevant fund, as well as after consulting independent specialist financial and tax advice and performing due diligence. Copies of legal documents can be obtained in hard copy and free of charge from your GAM representative. Any mentioned funds and sub-funds may not be registered for sale in the jurisdiction in which or you are resident, or in any jurisdiction at all. Therefore, no active marketing may be carried out for them where to do so would be in breach of applicable laws. Subscriptions will only be received and shares or units issued on the basis of the current fund prospectus or other fund offering documentation. None of the shares, units or interests of the products mentioned in this site have been registered under the US Securities Act of 1933, as amended (the “Securities Act”), and none of the products mentioned in this site are registered under the US Investment Company Act of 1940, as amended (the “Company Act”). Accordingly, unless an exemption is available, such shares, units or interests 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, such shares, units or interests may be sold or resold in the United States or to certain qualified US investors in transactions that do not constitute a public offering. In addition, certain GAM products are closed to all US investors. Historic data may be subject to restatement from time to time. Opinions, estimates and other information in this site may be changed or withdrawn without notice. GAM is not under any obligation to update or keep current this information. To the maximum extent permitted by law, GAM Investments (including all GAM group affiliates) make no representation whatsoever as to the truth, accuracy, completeness, adequacy or reasonableness of any of the information contained in or accessed from this site, nor do any of them accept any liability whatsoever for any loss or damage of any kind arising out of the use of all or part of such. The content of this site have not been reviewed or approved by any regulatory authority. You are advised to exercise caution in relation to the contents of this site. Certain laws and regulations impose liabilities which cannot be disclaimed. This disclaimer shall in no way constitute a waiver or limitation of any rights a person may have under such laws and/or regulations. GAM has not independently verified the information from other sources and no assurance can be given as to whether such information is accurate, true or complete and GAM makes no warranty, expressed or implied, regarding such information. Every effort has been made to ensure the accuracy of information provided, but GAM cannot be held responsible for any errors or omissions. This site may mention sub-funds of GAM Star Fund p.l.c., registered office at George’s Court, 54-62 Townsend Street, Dublin 2, Ireland, an umbrella investment company with variable capital and segregated liability between the sub-funds, incorporated under the laws of Ireland and authorised by the Central Bank of Ireland (CBI) as a UCITS Fund in accordance with the Directive 2009/65/EC. The Management Company of GAM Star Fund p.l.c. is GAM Fund Management Limited, George’s Court, 54-62 Townsend Street, Dublin 2, Ireland. This site may also mention one or several sub-funds of GAM Funds domiciled in Luxembourg, registered office at 25, Grand-Rue, L-1661 Luxembourg, each an umbrella investment company with variable capital and segregated liability between the sub-funds, incorporated under the laws of Luxembourg and authorised by the CSSF as a UCITS Fund in accordance with the Directive 2009/65/EC. The Management Company of such GAM Funds is GAM (Luxembourg) S.A., with address 25, Grand-Rue, L-1661 Luxembourg. HONG KONG: In Hong Kong, this material is restricted to Institutional Professional Investors only meaning those persons falling under paragraphs (a) to (i) of the definition of “professional investor” in section 1 of Part 1 of Schedule 1 to the Securities and Futures Ordinance (the SFO) and the regulations thereunder. AUSTRALIA: The information in this site is for general information only and only for investors classified as a wholesale client under the Corporations Act 2001 (Cth) and Corporations Regulations 2001 (Cth). This information has been prepared without taking into account the objectives, financial situation or needs of investors. Before making an investment decision, prospective investors should make their own enquiries and evaluations they consider to be appropriate to determine the suitability of any investments and should seek all necessary financial, legal, tax and investment advice. Shares/units in the funds/trusts described in this site are not available for sale in any jurisdiction in which such sale would be prohibited. The content of this site does not constitute an offer, solicitation or recommendation to subscribe for shares/units in the funds/trusts described herein and is by way of information only. It is intended solely for the use of the person who has been given this information and may not be reproduced or distributed to any other person. Subscriptions will only be received and shares/units issued on the basis of the current Fund Prospectus/Trust Scheme Particulars. Past performance is not indicative of future performance. All investments carry risk. The price of shares/units and the income from the funds/trusts can go down as well as up and may be affected by changes in rates of exchange. An investor may not get back the amount invested. Whilst every effort has been made to ensure the accuracy of the financial information herein, its accuracy, reliability or completeness is not guaranteed. All opinions and estimates in this information are subject to change without notice. The financial services are provided to Australian wholesale clients by GAM International Management Limited (GIML) and its representatives. GIML is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) in respect of the financial services it provides to wholesale clients, and is not authorised to provide financial services to retail clients in Australia. GIML is regulated by the Financial Conduct Authority under the laws of the United Kingdom, which differ from Australian laws. GIML has filed a notice pursuant to ASIC Class Order CO 03/1099 and is exempt from registration in Australia in respect of the financial services it provides to wholesale clients in Australia. ASIA PACIFIC: In other countries in Asia-Pacific not specifically mentioned herein, access to this site is intended only for circulation to eligible professional, institutional and/or qualified investors (as defined or otherwise similarly described in your jurisdiction) and only to the extent permitted by applicable laws and regulations. UNITED KINGDOM: As far as UCITS described herein are recognised schemes under section 264 of the Financial Services and Markets Act 2000: Copies of the legal documents can be obtained in English, free of charge, from the Facilities Agent GAM Sterling Management Limited, 8 Finsbury Circus, London EC2M 7GB (authorised and regulated by the FCA) or on the internet at www.funds.gam.com. Investments in the funds are not protected by the Financial Services Compensation Scheme. Within the UK, this material has been issued and approved by GAM London Ltd, 8 Finsbury Circus, London EC2M 7GB, authorised and regulated by the Financial Conduct Authority. Important information about hedge funds: Hedge fund strategies are speculative and are not suitable for all investors, nor do they represent a complete investment program. GAM hedge fund products are only available to qualified investors who are comfortable with the substantial risks associated with investing in hedge funds. Many of the investment programs are speculative and entail substantial risks. An investment in hedge fund strategies includes the risks inherent in an investment in securities, as well as specific risks associated with limited liquidity, the use of leverage, short sales, options, futures, derivative instruments, investments in non-US securities, “junk” bonds and illiquid investments.  Investors should recognise that they will bear asset-based fees and expenses at the fund of hedge fund level, and indirectly, fees, expenses and performance-based compensation of the investment funds in which these funds of hedge funds invest.  In addition, the overall performance of fund of hedge fund products is dependent not only on the investment performance of individual managers, but also on the ability of a GAM investment manager to allocate assets amongst such managers on an ongoing basis.  There can be no assurances that an investment strategy (hedging or otherwise) will be successful or that a manager will employ such strategies with respect to all or any portion of a portfolio. Hedge fund strategies may be leveraged and the volatility of the price of their interests may be great.  Investors could lose some or all of their investments.  Investing in securities of foreign issuers involves special risks including currency rate fluctuations, political and economic instability, foreign taxes and different auditing and reporting standards. These risks are greater in emerging market countries. The investment funds in which GAM fund of hedge fund products invest can be highly illiquid, are not required to provide periodic reporting or valuation information to investors and may involve complex tax strategies. GAM makes no representation that an investment in any GAM fund of hedge fund product will provide transparency as GAM cannot fully monitor the leverage of underlying funds and their day-to-day activity.  The use of leverage may cause an underlying portfolio to liquidate positions when it may not be advantageous to do so in order to satisfy its obligations or to meet segregation requirements. Leverage, including borrowing, may cause a portfolio to be more volatile than if the portfolio had not been leveraged. Within the UK, this site has been approved by GAM London Ltd, 8 Finsbury Circus, London, EC2M 7GB, authorised and regulated by the Financial Conduct Authority. GAM Hong Kong Limited, GAM Japan Limited, GAM Australia Investment Pty Ltd and their affiliates do not intend to provide investment, legal or tax advice through this site and do not represent that any fund/trust mentioned is available to or suitable for any investor. For the avoidance of doubt these terms and conditions apply to this entire site’s webpages including the videos contained therein. Please contact your GAM representative or professional advisers should you have any queries.