GAM : 2020 results and review presentation

Results and Review Strategy Update

Full Year 2020

18 February 2021

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Agenda

Speakers

Content

Peter Sanderson Group CEORichard McNamara Group CFO

1

2020 Review

2

2020 Financial results

3

Strategy update and outlook

4

Q&A

5

Appendix

2020 REVIEW

Peter Sanderson, Group CEO

2020 Review

Financial performance impacted by pandemic - good progress on strategy

• • Group AuM of CHF 122bn, down 8% since FY 2019

  Results

  Efficiency

  Transparency

  Growth

• • AuM and revenues significantly impacted by the global pandemic

• • Underlying pre-tax loss of CHF 14.9m, down from CHF 10.5m profit in FY 2019

• • Delivered CHF 71.6m of cost savings

• • Continued investment in our platform

• • Several equity portfolios migrated to SimCorp platform

• • Published first Sustainability Report

• • Enhanced transparency regarding management company service business

• • Enhanced communication with all stakeholders throughout pandemic

• • Strong performance in equities; good recovery in fixed income

• • Q4 2020 saw first net inflows since mid-2018

• • New leadership in distribution, sustainable investing and strengthened investment specialist team

Financial targets

Appropriate financial targets, but time frame reassessed due to Covid-19 impact

CHF 100m

Underlying pre-tax profit

30%

Operating margin

45-50%

Compensation ratio

Financial targets

• • Targets unchanged but delayed from FY 2022 to FY 2024 due to Covid-19 impact

Further efficiency gains expected

• • Reduction in fixed personnel costs and general expenses of approximately CHF 15m in FY 2021

• • Completion of SimCorp in 2021

Focus on asset and revenue growth

Investment performance

Performance recovering from Covid-19 driven market volatility in Q1 2020

% of fund AuM outperforming the benchmark

% of fund AuM outperforming Morningstar peer group

86%

31.12.2019

31.03.2020

30.06.2020

30.09.2020

31.12.2020

31.12.2019

31.03.2020

30.06.2020

30.09.2020

31.12.2020

3 years

5 years

Source: GAM 1 % of investment management AuM in fundsoutperforming their respective benchmark(excluding mandatesand segregated accounts). Three and five -year investment performance asat 31.12.2020 based on applicable AuM of CHF 23.8bn and CHF 21.6bn respectively. 2 The assets under management analysed refer to onshore open-ended funds. The peer group comparison isbased on 'industry-standard' Morningstar Direct Sector Classification. For consistency purposes, the share class preferences in Morningstar have been set to capture the institutional share class (where available) or the cheapest retail share class fo r each and every fund in a given peer group.

Spotlight equity performance

Selected strategies - approximately 63% of total equity capability by AuM

Positioning in Morningstar

Quartile rank

Relative returns vs index (%)

AUM (USD m)FundM* ratingActive share (%)Sector AuM (USD bn)

1-Y

3-Y

5-Y

1-Y

3-YEQUITY

GAM MS Emerging Equity

GAM Star Japan Leaders

GAM Star Continental European Equity

GAM Star Disruptive Growth

GAM Swiss Sustainable Companies

GAM Star European Equity

GAM UK Equity Income

GAM MS Swiss

GAM MS Swiss S&M Cap

GAM MS Asia Focus

GAM MS China Evolution

1'189

• **** 73 352

  668

• ***** 84 92

  606

• **** 80 77

  555

• 92 367

  503

• ***** 57 18

  417

• **** 84 254

  245

• *** 74 71

  219

• **** 50 6

  206

• ***** 60 4

  195

• ***** 73 98

  120

• **** 62 57

1st quartile

2nd quartile

Source: Morningstar Direct, data to end December 2020. AUM in USD millionsto end December 2020. Performance shown for representative UCITS fund for each strategy.

5-Y

3rd quartile

Assets under management and net flows

AuM in IM stabilised and growth in PLF

Investment management (in CHF bn)

0.3

Netflows

Q1 2020

Q2 2020

Q3 2020

Investment management (in CHF bn)

Q4 2020

AuM

35.7

35.5

33.9

35.9

Q1 2020

Private labelling (in CHF bn)

Q2 2020

Q3 2020

Q4 2020

0.4
(3.4)
Q3 2020	Q4 2020
Private labelling (in CHF bn)
86.5	86.1
Q3 2020	Q4 2020

Q1 2020

1.2

1.4

Q1 2020

Q2 2020

Q2 2020

Net flow drivers of select strategies

A diverse range of strategies generating net inflows in Q4 2020

Net flow drivers in Q4 2020 (in CHF m)

364

GAM Greensill GAM Star Credit

GAM Star Cat	GAM Star	GAM Star	GAM Emerging GAM Star Japan	GAM Star	GAM Swiss	GAM Systematic
Supply Chain	Bond	Emerging	Continental	Markets Equity Leaders	Disruptive	Sustainable	Alt. Risk Premia
Finance	Market Rates	European Equity	Growth	Companies	Plus (AU)
Fixed income	Systematic
Source: GAM	10

Equity

Opportunities

Absolute return

Management company services

CHF 114.1bn of combined assets - serviced by 165 FTEs

Combined management company service AuM (inCHF bn)

114.1

86.1

28.0

Third-party managed fundsGAM funds

Significant scale and in-house competency

• • Management company services to private labelling clients and to internal GAM funds

• • Combined AuM of CHF 114.1bn

• • Servicing approximately 78% of GAM funds

• • Total of 165 FTEs in client-facing, control, support and operations roles

Track record

• • 320+ funds launched - 28-year track record

• • Operating more than 213 funds for 50+ private labelling clients

• • Operating in key jurisdictions, such as Luxembourg,

  Ireland, Switzerland, UK and Italy

Attractive revenue diversifier for GAM

• • Average fee margin of 4.1bps on serviced AuM

• • Pricing driven by service provision not by the level of AuM

• • Top 10 clients generating ~91% of AuM and ~65% of revenue, all remaining clients representing only ~9% of AuM but ~35% of revenue

Note: GAM Holding AG continuesto report private labelling asseparate business. No full P&L iscurrently being published for ManCo services. All data asat 31.12.2020.

FY 2020

FINANCIAL RESULTS

Richard McNamara, Group CFO

FY 2020 Financial summary

Reduction in AuM impacts revenues and profitability

(in CHF m, except where indicated)	2020	2019 Change1
Net management fees and commissions	230.4	317.1 (27%)
of which investment management	196.5	284.9 (31%)
of which private labelling	33.9	32.2 5%
Net performance fees	2.8	12.8 (78%)
Net fee and commission income	233.2	329.9 (29%)
Net other expenses	(4.0)	(3.7) (8%)
Income	229.2	326.2 (30%)
Expenses	244.1	315.7 (23%)
Underlying (loss) / profit before taxes	(14.9)	10.5	n.m.
Underlying income tax expense	-	5.6 n.m.
Underlying net (loss) / profit	(14.9)	4.9	n.m.
IFRS net loss	(388.4)	(3.5) n.m.
Diluted underlying EPS (CHF)	(0.10)	0.03 n.m.
Operating margin	(4.7%)	4.3% (9.0pp)
AuM investment management (CHF bn)	35.9	48.42 (26%)
AuM private labelling (CHF bn)	86.1	84.3 2%

• 1 Relative percentage change, exceptfor the operating margin whichreflectsthe absolutechangein percentagepoints(pp).

• 2 Including CHF 0.3bn of money market funds, which GAM agreed to sell to ZKB asannouncedwith the H1 2019 resultsand which we re sold in Q4 2020.

Management fee margin1

Fee margins mainly impacted by asset mix

Investment management (in bps)

63.6

62.1

2016

2017

2018

2019

2020

• • Investment management full year margin at 51.8bps up from 51.3bps at HY 2020, and down from 54.2bps in FY 2019 due to asset mix

• • In line with the industry, we continue to see frictional pricing pressure of 0.5-1bps per annum

• • Exit margin in line with FY20 average margin of approximately 52bps

1 Average management feemargin forinvestment managementand private labelling business.

Private labelling (in bps)

7.4

2016

2017

2018

2019

2020

• • Private labelling full year margin increased due to asset mix at different margins compared to the average margin

• • Exit margin at 3.7bps

Expenses

Expense reductions achieved across all categories and CHF 65m target exceeded

(in CHF m, except where indicated)

2020	2019 Change in CHFChange in %
Fixed personnel expenses1	118.3	139.9 (21.6) (15%)Driven by headcount reduction 57.1 (24.9) (44%) Portfolio manager contractual arrangements remainunchanged. Reduction driven by lower revenues and profitability. 197.0 (46.5) (24%) 99.6 (24.6) (25%)Driven by lower consulting services, lower transportation costs and lower discretionary spend 19.1 (0.5) (3%) 315.7 (71.6) (23%)
Variable personnel expenses2	32.2
Personnel expenses	150.5
General expenses	75.0
Depreciation and amortisation	18.6
Expenses	244.1
Headcount (FTEs)3	701	817 (116.0) (14%) Impact from restructuring measures
Compensation ratio (%)	64.5%	59.7% n.a. 4.8ppAuM and revenue decline only partially offset by cost savings

1 Includessalariesand other personnel expenses. 2 Includesdiscretionary and contractual bonusesas well as share-based payment expenses. 3 Full-time equivalentsas at 31.12.

Efficiency programme

Substantial rightsizing with total cost reductions of CHF 130m in two years

Total expenses (in CHF m)

Total cost savings of

373.5

~CHF 130m in two years

FY 2018

FY 2019

FY 2020

FY 2021

1 Total fixed costsinclude fixed personnel expenses, general and admin expensesas well as depreciationand amortisation expen ses.

Variable personnel expenses

Total fixed costs1

IFRS net loss

IFRS net loss mainly driven by impairment of legacy goodwill

2020	2019
Underlying (loss) / profit before taxes	(14.9)	10.5
Acquisition-related items1	19.8	(12.5)
Non-recurring items2	(402.4)	3.2
IFRS (loss) / profit before taxes	(397.5)	1.2
Income tax (credit) / expense	(9.1)	4.7
IFRS net loss	(388.4)	(3.5)
Underlying effective tax rate (%)	0.0	53.3
Impairment charge on the Group's

goodwill of CHF 373.7m was recognised in the first half of 2020 along with the IMCC impairment charge, mainly related to the acquisition of GAM SystematicFinancial liability in respect of future performance fees reduced to CHF 10.4m from CHF 35.3 in FY 2019

Underlying effective tax rate not meaningful until profits normalise

Abbreviations: IMCC = Investment management and client contracts.1 Itemswhich are an accounting consequence of completed acquisitions, not directly relating to the operating activitiesof the acquired business. 2 Items which arise out of a business decision or an event outside the control of the business, resulting in a significant gain or loss being recognised in the P&L, which are not expected to be of a recurring nature.

Capital management

Cash and capital impacted by restructuring and financial performance

Cash and capital

• • Cash and capital levels remain robust compared to

  H1 2020

• • No external debt

• • Legal entity simplification providing ability to further enhance capital buffers

• • Ensuring allocation of capital is optimised across regulated and non-regulated activities

Cash and adjusted tangible equity¹ (in CHF m)

328

316

197

185

174

178

Shareholder returns

• • No dividend proposed for FY 2020 given underlying net loss

• • Long-term dividend policy unchanged, targeting at least 50% of underlying net profit to be distributed to shareholders

• • Focus on organic growth and enhanced capital buffers

31.12.18

30.06.19

Net cash

31.12.19

30.06.20

Adjusted tangible equity 2

1 Detailedbridgeson net cash and adjusted tangible equity can be found in theappendix on pages49 and 50. 2 Adjusted tangible equity isdefined asequity excluding goodwill and other intangible assetsas well asthe financial liability relating to 40% of future GAM Systematic performance feeswhich only materialiseswhen a corresponding asset is recognised.

189

31.12.20

STRATEGY UPDATE AND OUTLOOK

Peter Sanderson, Group CEO

Strong conviction in our future

Tilting our strategic efforts towards growth

Strategy on track - Building strong foundation for growth

Positioning - Rebuilding reputation - strong portfolio of products with focus on growth

Performance - Solid operational performance - strong investment performance

Platform - New operating infrastructure and strong bench of new and existing talent

Growth focus - Firm fully focused on clients, new distribution strategy and new sustainable products

Distribution strategy

Innovation, diversification and differentiation

• • Embed sustainability across our actively managed product range

  Optimise product platform

  Refocus client coverage

• • Ensure all products offer value for money

• • Strengthen investment specialist function

• • Develop thematic products

• • Build UK and expand in Asia

• • Enhance coverage of global strategic clients

• • Develop strategic partnerships with our clients

• • Optimise use of technology to ensure excellence in client communications

  Transform client experience

• • Clearly articulate our active approach to sustainable investment

• • Embed client-centred approach in all our activities

• • Deepen our relationships with consultants

  Build global consultant coverage

• • Strengthen field consultant engagement

• • Enhance coordination across regions

An active approach to sustainable investment

Positioning GAM in a USD 37 trillion1 market growth opportunity

Product strategy

Increase AuM growth in sustainable investments

Further embed ESG considerations across investment teams and strategies

USD 37 trillion1 market of sustainable investments

Position GAM as a leader on sustainable investment standards and themes for our firm and clients

Foster sustainability across GAM, aim for highest standards

1 According to Bloomberg asat 31.12.2020.

Corporate lever

Design a distinctive and successful set of sustainable products

Regulatory changes offering opportunity for competitive advantage

Establish GAM as a leader on corporate sustainability including on key issues such as diversity and inclusion in line with our values

Strategic priorities 2021

All eyes on growth

• • Implement new distribution strategy and drive AuM growth

• • Launch a range of sustainable investment strategies

  Growth

  Efficiency

  Transparency

• • Invest in new investment specialist team

• • Continue to deliver strong investment performance

• • Leverage new and empower existing talent

• • Foster new leadership culture - bring all of GAM to our clients

• • In FY 2021, additional savings of CHF 15m in fixed personnel costs and general expenses

• • All investment portfolios on SimCorp in 2021¹

• • Capitalise on efficiency gains and start realising operating leverage

• • Legal entity simplification and optimisation of capital utilisation

• • Financial targets set for 2024

• • Alignment of performance and remuneration across the business

• • Increased focus on sustainability - aspire to be at leading edge of best practice

1 Except for GAM Systematic Cambridge.

Outlook

• • GAM well-positioned to service client demand as world emerges from pandemic

  Outlook 2021

  Financial targets

• • Expect the market environment to remain volatile

• • Client demand to remain resilient

• • Focus on growth and further business simplification

FY 20241

• • Underlying pre-tax profit of CHF 100m

• • Operating margin of 30%

• • Compensation ratio of 45-50%

1 Subject to market conditions.

Q&AAPPENDIX

Assets under management

Investment management (in CHF bn)

48.4 1

31.12.2019

Private labelling (in CHF bn)

(10.6)

(0.9)Net flows

0.9

Sale

Market performance

(0.4)

3.9

(1.9)FX impact

(1.7)

35.9

31.12.2020

84.3

86.1

31.12.2019

Net flows

Market performance

FX impact

31.12.2020

1 Including CHF 0.3bn of money market funds, which GAM agreed to sell to ZKB asannouncedwith the H1 2019 resultsand which we re sold in Q4 2020.

AuM development by capability

Investment management (in CHF bn)

1 Including CHF 0.3bn of money market funds, which GAM agreed to sell to ZKB asannouncedwith the H1 2019 resultsand which we re sold in Q4 2020.

Investment performance

Performance recovering from Covid-19 driven market volatility in Q1 2020

% of AuM outperforming benchmark1

3-year	5-year
31.12.2020	30.09.2020	30.06.2020	30.06.2020	31.03.2020	31.12.2019
Fixed income	6%	15%	32%	33%	3%	89%
Absolute return	39%	40%	39%	49%	41%	50%
Equity	61%	46%	39%	57%	52%	43%
Systematic	32%	0%	34%	71%	79%	81%
Alternatives	58%	23%	51%	0%	0%	13%
Total	23%	22%	34%	39%	17%	78%
3-year	5-year
31.12.2020	30.09.2020	30.06.2020	31.03.2020	31.12.2019	31.12.2020	30.09.2020	30.06.2020	31.03.2020	31.12.2019
Fixed income	49%	49%	49%	15%	14%	49%	23%	49%	55%	97%
Absolute return	44%	52%	37%	77%	42%	55%	36%	18%	18%	13%
Equity	67%	62%	49%	35%	64%	86%	84%	85%	82%	70%
Systematic	17%	85%	100%	100%	100%	100%	100%	100%	100%	100%
Alternatives	0%	0%	100%	100%	0%	0%	0%	100%	100%	0%
Total	56%	55%	52%	22%	27%	61%	42%	57%	60%	86%

Source: GAM 1 % of investment management AuM in fundsoutperforming their respective benchmark(excluding mandatesand segregated accounts). Three and five -year investment performance asat 31.12.2020 based on applicable AuM of CHF 23.8bn and CHF 21.6bn respectively. 2 The assets under management analysed refer to onshore open-ended funds. The peer group comparison isbased on 'industry-standard' Morningstar Direct Sector Classification. For consistency purposes, the share class preferences in Morningstar have been set to capture the institutional share class (where available) or the cheapest retail share class fo r each and every fund in a given peer group.

IM fee margin by capability1

Capability margins largely stable

Management fee margin by capability1 (in bps)

Fixed iIncome

57

57

58

FY 2019

H1 2020

FY 2020

Absolute Return Absolute return

FY 2019

H1 2020

FY 2020

1 Average management fee margin for investment management.

Equity Equity

70

67

67

FY 2019

H1 2020

Alternatives Alternatives

FY 2020

39

40

43

FY 2019

Systematic Systematic

62
49	50

FY 2019

H1 2020

Multi asset Multi asset

FY 2020

H1 2020

FY 2020

21

20

20

FY 2019

H1 2020

FY 2020

AuM and net flows by capability

Investment management AuM by capability (in CHF bn)

31.12.16	30.06.17	31.12.17	30.06.18	31.12.18	30.06.19	31.12.19	30.06.20	31.12.20
Fixed income	20.8	27.4	37.1	38.6	29.2	27.1	25.8	17.6	17.1
Equity	12.5	11.0	12.6	12.5	8.7	7.1	7.2	5.8	6.9
Multi asset	9.6	9.1	9.5	9.3	7.7	7.8	7.8	7.2	7.5
Systematic	3.8	3.7	4.7	4.6	4.2	4.5	4.4	2.8	2.9
Alternatives	5.2	4.9	4.9	5.0	4.4	4.2	2.1	1.3	0.7
Absolute return	16.3	16.1	15.6	14.4	1.9	1.4	1.1	0.8	0.8
Total	68.2	72.2	84.4	84.4	56.1	52.1	48.4	35.5

1

1

35.9

Investment management net flows by capability (in CHF bn)

35'858.9

H2 2016 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 H2 2019 H1 2020	H2 2020
Fixed income Equity 1.3 6.0 7.9 2.8 (8.2) (3.3) (1.8) (5.7) (1.7) (2.2) - - (1.9) (2.8) (0.5) (0.8) Multi asset Systematic Alternatives Absolute return (1.4) (0.9) (0.1) (0.1) (0.9) (0.4) (0.4) (0.2) (0.2) (0.1) 0.2 0.3 (0.1) (0.2) (0.2) (0.9) - (0.3) (0.3) 0.4 (0.6) (0.4) (0.3) (0.7) (3.1) (0.6) (1.0) (0.8) (1.4) (0.5) (0.3) (0.2)	(0.9) (0.2) (0.4) - (0.6) -
Total (5.1) 1.9 6.7 2.6 (13.1) (7.6) (3.5) (8.5)	(10.6)

1 Including CHF 0.3bn of money market funds, which GAM agreed to sell to ZKB asannouncedwith the H1 2019 resultsand which we re sold in Q4 2020.

AuM by product type

Investment management AuM by product type (in CHF bn)

31.12.16	30.06.17	31.12.17	30.06.18	31.12.18	30.06.19	31.12.19	30.06.20
Luxembourg SICAVs	19.0	20.5	23.5	22.8	14.6	14.1	12.4	8.3	7.4
Segregated accounts	17.4	15.3	15.7	15.2	10.1	9.1	8.1	6.3	6.3
Ireland UCITS	14.3	18.9	26.1	26.7	16.5	15.3	15.9	11.2	12.4
Offshore	6.6	6.0	5.9	6.5	2.4	2.4	2.4	2.1	2.2
Swiss fund	6.4	6.6	6.9	6.7	6.3	6.4	4.8	4.0	4.3
OEICs/unit trusts	1.7	1.4	1.1	1.1	1.0	0.9	0.8	0.5	0.5
AIF	-	-	-	0.1	0.3	1.3	2.0	1.5	1.3
FCP RAIF	-	-	0.2	0.2	0.2	0.3	0.3	0.3	0.2
LPs & LLCs	2.8	3.5	5.0	5.1	4.7	2.3	1.7	1.3	1.3
Total	68.2	72.2	84.4	84.4	56.1	52.1	48.4 1	35.5 1

31.12.20

35.9

Source: GAM Abbreviations: SICAV = Société d'Investissement à Capital Variable;UCITS = Undertakingsfor Collective Investmentsin Transferable Securities; OEIC = Open - ended Investment Company; AIF = Alternative Investment Fund; FCP = FondsCommune de Placement; RAIF = Reserved AlternativeIn vestmentFund (Luxembourg);

LP = Limited Partnership; LLC = Limited Liability Company

1 Including CHF 0.3bn of money market funds, which GAM agreed to sell to ZKB asannouncedwith the H1 2019 resultsand which we re sold in Q4 2020.

AuM and net flows by client segment

Investment management AuM by client segment (in CHF bn)

Investment management net flows by client segment (in CHF bn)

31.12.16	30.06.17	31.12.17	30.06.18	31.12.18	30.06.19	31.12.19	30.06.20	31.12.20
Intermediaries	28.4	31.7	40.6	41.8	27.4	23.9	23.0	16.1	18.3
Institutional clients	34.0	35.4	38.5	37.6	24.7	24.5	21.8	16.5	14.7
Private clients	5.8	5.1	5.3	5.0	4.0	3.7	3.6	2.9	2.9
Total	68.2	72.2	84.4	84.4	56.1	52.1	48.4 1	35.5 1	35.9
H1 2018	H2 2018	H1 2019	H2 2019	H1 2020	H2 2020
2.7	(9.8)	(4.5)	(0.3)	(4.8)	0.1
0.2	(2.8)	(2.5)	(2.7)	(3.5)	(1.9)
(0.3)	(0.5)	(0.6)	(0.5)	(0.2)	(0.3)
2.6	(13.1)	(7.6)	(3.5)	(8.5)	(2.1)
33

H2 2016	H1 2017	H2 2017
Intermediaries	(2.2)	2.3	5.9
Institutional clients	(2.2)	0.3	1.0
Private clients	(0.7)	(0.7)	(0.2)
Total	(5.1)	1.9	6.7
Source: GAM

1 Including CHF 0.3bn of money market funds, which GAM agreed to sell to ZKB asannouncedwith the H1 2019 resultsand which we re sold in Q4 2020.

Private labelling AuM breakdowns

By fund domicile (in CHF bn, except where indicated)

31.12.16 30.06.17 31.12.17 30.06.18 31.12.18 30.06.19 31.12.19 30.06.20	31.12.20
Switzerland Rest of Europe 31.7 20.8 33.1 26.0 33.6 40.7 34.2 45.2 33.3 42.8 36.4 47.6 34.5 33.7 49.8 50.2	34.9
51.2
Total 52.5 59.1 74.3 79.4 76.1 84.0 84.3 83.9	86.1

By asset class (in CHF bn)

31.12.16 30.06.17 31.12.17 30.06.18 31.12.18 30.06.19 31.12.19 30.06.20	31.12.20
Fixed income Equity 23.5 21.4 28.6 22.7 Money market Alternative 2.5 5.1 2.5 5.3 34.8 24.7 2.7 12.1 39.3 25.4 2.8 11.9 37.6 22.7 4.3 11.5 41.9 25.5 4.1 12.5 42.5 41.9 23.0 23.3 4.2 4.4 14.6 14.3	47.1 20.6 3.4 15.0
Total 52.5 59.1 74.3 79.4 76.1 84.0 84.3 83.9	86.1

Our ManCo client segments

Three main client segments with specific needs

Segments Client needs

1. Asset owners

2. Asset managers

3. Wealth managers

• • Access to best-in-class third-party investment managers

• • Enhanced reporting

• • Distribution support

• • Access to distribution networks

• • Solution development

• • Life-cycling products for next generation clients

Client solution

Network

• • Contractual and legal connectivity to over 90+ external investment managers

• • In-depth expertise regarding the selection and due diligence process of PLF partners

• • Performance, risk and ESG reporting

Enhanced distribution support

• • International registrations for

  EU and global distribution

• • Capital introduction services

• • Marketing support services

• • Access to GAM's global distribution network

Innovation for next gen clients

• • Fund of mandates

• • ESG and engagement services offering

• • Access to thematic and alternative investment management expertise

CHF 114.1bn of serviced AuM (in CHF bn)

Asset ow nersAsset managers

Over 50 clients on our ManCo solutions platform (no of clients)

GAM investment managementWealth managers

Note: GAM Holding AG continuesto report private labelling asseparate business. No full P&L iscurrently being published for ManCo services. All data asat 31.12.2020.

Our ManCo service offering

Client-oriented solutions across the investment value chain

Our clients' challenges

Our solutions across the value chain

Focus on investment management & distribution, outsource non-core services

Basic services

• Regulated and licensed corporate structure, adequately capitalised • Risk management and investment controlling • Compliance and oversight of delegated activities • Regulatory reporting • Domiciliation and fund secretary

Finding and building the optimal fund structure

Fund structuring

• Project and lifecycle management • Fund legal and tax structuring • Setup of new fund structures and implementation of changes to existing structures

Growing the asset base

Distribution and marketing services

• International registration and regulator notification • Fund factsheets, KIIDs, w ebsites, fund performance and ESG reporting • Capital introduction services • Tax reporting

Addressing ESG, hedging and IM challenges

Investment management services

• Proxy voting and engagement services • Share class currency hedging • Investment management of the fund by GAM

Gaining efficiency through access to a reliable and global

custody partner

Custody, fund admin and transfer agency

• Oversight and service quality monitoring of the outsourced fund administration and transfer agency function • Access to w orld leading custodian

ManCo growth initiatives

Select initiatives based on collaboration between IM and PLF

Fund of mandates for institutional asset owners

• • Consolidated tailored UCITS-platform for pension funds

• • Flexible allocation to best-in-class external investment managers and GAM strategies

• • Comprehensive performance, risk and ESG reporting

• • Easy access to external investment managers for liquid and illiquid asset classes

  Fund of mandates for wealthmanagers

  Asset managers in non-EU markets

  Sustainable investing Italy

• • Flexible selection of managers and capital allocation to strategies

• • Homogenisation of investment funds infrastructure and MiFID regulation

• • Offering successful strategies to European investors

• • Navigating the fragmented European regulation

• • Entering new markets through a single-point-of-contact (one-stop-shop, turn-key)

  investment funds platform

• • Sustainable investments in the Italian real economy (eg renewable energy)

• • Leveraging the capabilities of the existing Clean Energy One fund

• • Fund hosting supported by capital raising activities from the local GAM sales team

Key figures

Investment management (in CHF, except where indicated)

Net management fees and commissions (m)	36.1
Net performance fees (m)	-
Net fee and commission income (m)	36.1
Assets under management at the end of the period (bn)	52.5
Average assets under management (bn)	48.9
Net flows (bn)	4.3
Management fee margin (bps)	7.4
Source: GAM

FY 2016	H1 2017	H2 2017	FY 2017	H1 2018	H2 2018	FY 2018	H1 2019	H1 2020	H2 2020
Net management fees and commissions (m)	434.4	218.7	245.1	463.8	261.6	192.0	453.6	148.3	104.6	91.9	196.5
Net performance fees (m)	3.0	19.3	24.8	44.1	2.3	2.2	4.5	5.4	0.8	2.0	2.8
Net fee and commission income (m)	437.4	238.0	269.9	507.9	263.9	194.2	458.1	153.7	105.4	93.9	199.3
Assets under management at the end of the period (bn)	68.2	72.2	84.4	84.4	84.4	56.1	56.1	52.1	35.5	1	35.9	35.9
Average assets under management (bn)	68.3	70.0	79.0	74.7	85.5	69.1	76.8	55.0	40.8	34.7	37.9
Net flows (bn)	(10.7)	1.9	6.7	8.6	2.6	(13.1)	(10.5)	(7.6)	(3.5)	(11.1)	(8.5)	(2.1)	(10.6)
Total fee margin (bps)	64.1	68.0	68.3	68.0	61.7	56.2	59.6	55.9	57.4	56.6	51.7	54.1	52.5
Management fee margin (bps)	63.6	62.5	62.1	62.1	61.2	55.6	59.1	53.9	54.4	54.2	51.3	52.9	51.8
H1 2017	H2 2017	FY 2017	H1 2018	H2 2018	FY 2018	H1 2019	H2 2019	FY 2019	H1 2020	H2 2020
19.7	20.1	39.8	23.8	18.0	41.8	17.4	14.8	32.2	18.4	15.5
-	-	-	-	-	-	-	-	-	-	-
19.7	20.1	39.8	23.8	18.0	41.8	17.4	14.8	32.2	18.4	15.5
59.1	74.3	74.3	79.4	76.1	76.1	84.0	84.3	84.3	83.9	86.1
56.4	69.5	63.3	76.9	78.6	77.6	81.4	84.7	83.0	82.0	85.0
4.5	11.2	15.7	6.7	1.6	8.3	2.4	(1.3)	1.1	2.6	(3.0)
7.0	5.8	6.3	6.2	4.6	5.4	4.3	3.5	3.9	4.5	3.6

Private labelling (in CHF, except where indicated)

1 Including CHF 0.3bn of money market funds, which GAM agreed to sell to ZKB asannouncedwith the H1 2019 resultsand which we re sold in Q4 2020.

Performance fees

Other fixed income and non-directional equity strategies as main drivers

Performance fee eligible assets and performance fees (in CHF)

5.0bn

31.12.2019

31.12.2020

12.8m

2.8m

Abbreviation: HWM = High-water mark, the performance levelsat which the fund last generated performance fees.

Unconstrained fixed income

Global macro/managed futures

Non-directional equity

Other fixed income strategies

Systematic

Other

Net performance fees

Performance fee eligible assets and income

Performance fee eligible assets¹ (in CHF bn)

Unconstrained fixed income Global macro/managed futures Non-directional equity

Other fixed income strategies Systematic

Other

Performance fee eligible assets

Net performance fees (in CHF m)

31.12.16

30.06.17

31.12.17

30.06.18

31.12.18

30.06.19

31.12.19

30.06.20

31.12.20

17.6

5.9

2.4

6.2

3.7

6.6

1.3

6.2

2.9

-

1.4

-

16.5

-

-

1.7

1.6

1.1

0.6

0.4

0.3 0.1

2.7

2.3

1.9

1.1

0.8

0.7 0.6

1.9

2.2

2.2

1.5

1.5

1.4 1.2

2.4

2.8

2.3

2.1

2.2

1.7 1.0

1.6

1.8

1.8

1.4

1.1

0.9 0.8

17.3

15.5

6.7

6.0

5.0

3.7

H1 2016

H2 2016

H1 2017

H2 2017

H1 2018

H2 2018

H1 2019

H2 2019

H1 2020

H2 2020

Unconstrained fixed income Global macro/managed futures Non-directional equity

Other fixed income strategies Systematic

- - - 1.0

Other

Net performance fees

0.1

1.2

0.6

- 0.2

1.0

1.8

-

0.1

11.3

-

0.4

19.3

0.4

4.3

0.4

0.1

2.5

0.6

24.8

1.0

21.9

1.1

0.1

(0.7)

2.3

0.4

1.2

0.4

-

1.0

0.1

2.2

0.2

0.1

- -

1.8

0.2

(0.3)

1.1

5.4

- -

4.4

- - 0.1 0.4

- - - -

4.2 0.1

2.7 0.7

2

7.4

0.8

• 1 Excludesperformance fee eligible assetsfor which 100% of generated performance feesare paid to external partners.

• 2 H1 2019 and H1 2020 include prior year adjustments.

Performance fee eligible assets analysis

Performance fee eligible AuM (CHF bn)

No. of PF eligible funds/mandates

Performance fees FY 2020 (CHF m)

AuM on 31.12.2020 generating performance fees in FY 2020 (CHF bn)

AuM with potential crystallisation in H1 20212 (CHF bn)

AuM with potential crystallisation in H2 2021 (CHF bn)

No. of funds/mandates with potential crystallisation in H1 20213

No. of funds/mandates with potential crystallisation in H2 2021

AuM at or above high-water mark/benchmark as at 31.12.2020 (CHF bn)

AuM within 5% of high-water mark/benchmark as at 31.12.2020 (CHF bn)

0.1

1

0.0

0.0

0.1

0.0

1

0

0.0

0.2

Performance fee range

10%Frequency

Bi-annuallyMethodology

High-water mark & benchmark

• 1 Mainly representingstrategiesmanagedby externalfund managers, forwhich performancefeesare shared between these managersand GAM.

• 2 FY 2020 includingCHF 0.6bn AuM with quarterly crystallisationdates(31.03/30.06/30.09/31.12). These AuM are excluded fromH2 2020.

• 3 H1 2020 including3 fundsand mandateswith quarterly crystallisationdates(31.03/30.06/30.09/31.12). These fundsand mandatesare excludedfrom H2 2020.

Key performance fee eligible strategies

As at 31.12.2020

FundAuM

(CHF bn)

% (below)/

above HWM

Crystallisation date

Performance fee rateLast HWM date

GAM Systematic Core Macro (Cayman) fund Managed accounts

Alternative Risk Premia

0.4 0.3 0.2

(1%) 0% 11%Quarterly Various 30.06

10% Various 15%

30.09.2019

Various 28.06.2019

Systematic

GAM Systematic Multi Strategy fund GAM Systematic Core Macro GAM Systematic Dynamic Credit Total AuM

0.1 0.1 0.0 1.1

(19%) 0% (2%)

Various 30.06 30.06

10% / 15% / 20% / 30%1 10% 10%

31.12.2019

03.03.2020 28.06.2019

Global macro/

GAM Star Global Rates

managed futures Total AuM

0.1 0.1

(0%)

30.06

10%

30.06.2017

Non-directional

GAM Absolute Return Europe Equity GAM Star (Lux) - European Alpha Star (Lux) - Merger Arbitrage

0.1 0.1 0.1

(8%) (10%) (1%)

30.06 31.12 31.12

10% 15% 15%

05.01.2018 31.12.2015 31.12.2019

equity

GAM Talentum Europe L/S Other Non-Directional Equity Managed accounts

Total AuM

0.1 0.1 0.0 0.5

(4%) 20% 21%

31.12 Various 31.12

20% 10% / 15% / 20% 20%

10.05.2019

Various 31.12.2017

Abbreviation: HWM = High-water mark.

1 30%appliesonce performanceexceeds10% on one specific share class.

General expenses

(in CHF m)

2020	2019	Change	Comments
Occupancy	5.6	8.0	(30%)	Lower maintenance and utility costs
Technology and communication	15.2	19.0	(20%)	Lower maintenance and support costs
Data and research	20.6	20.7	(0%)
Professional and consulting services	8.3	18.1	(54%)	Lower level of consulting utilised
Marketing and travel	7.0	13.9	(50%)	Lower travel and event expenses
Administration	5.5	7.0	(21%)	Driven by lower AuM levels in IM
Other general expenses	12.8	12.9	(1%)
General expenses	75.0	99.6	(25%)
Source: GAM

Operating margin and compensation ratio

(in CHF m)

2016	2017	2018	2019	2020
Net fee and commission income	473.5	547.7	499.9	329.9	233.2
Net other (expenses) / income	5.1	2.2	0.3	(3.7)	(4.0)
Income	478.6	549.9	500.2	326.2	229.2
Personnel expenses	246.2	264.6	239.6	197.0	150.5
General expenses	102.9	106.1	127.7	99.6	75.0
Depreciation and amortisation	9.4	6.7	6.2	19.1	18.6
Expenses	358.5	377.4	373.5	315.7	244.1
Operating margin1	24.3%	31.1%	25.3%	4.3%	(4.7%)
Compensation ratio2	52.0%	48.3%	47.9%	59.7%	64.5%
Source: GAM

• 1 Net fee and commission income minusexpensesdivided by net fee and commission income.

• 2 Personnel expensesdividedby net fee and commission income.

Basic and diluted underlying EPS

(in million shares, except where indicated)

2016	2017	2018	2019
Weighted average number of shares in issue	162.0	160.0	159.7	159.7	159.7
Weighted average number of treasury shares held	4.3	3.0	4.3	4.2	3.1
Weighted average number of shares outstanding for basic EPS	157.7	157.0	155.4	155.5	156.6
Dilution driven by share-based compensation plans	0.1	1.8	1.2	1.5	4.7
Weighted average number of shares outstanding for diluted EPS	157.8	158.8	156.6	157.0	161.3
Underlying net profit (CHF m)	94.2	137.1	98.2	4.9	(14.9)
Basic underlying EPS (CHF)	0.60	0.87	0.63	0.03	(0.10)
Diluted underlying EPS (CHF)	0.60	0.86	0.63	0.03	(0.10)
Source: GAM	45

Currency split - revenues, expenses and AuM

Group income1

FY 2020

Group expenses2

FY 2020

Investment management AuM as at 31.12.2020

USD

EUR

GBP

CHF

Other

• 1 Percentage splitsare estimatedbased upon the currency exposure of the underlying AuMon which the revenuesare earned.

• 2 Percentage splitsare estimated based upon the transactional currency, exceptfor contractual bonuseswhich follow the same b asisasrevenue.

Group balance sheet

(in CHF m)

31.12.16	31.12.17	31.12.18	31.12.19
restated	restated	restated
Cash and cash equivalents	353	374	328	316
Seed capital investments	84	84	68	46	23
Other assets	205	271	207	260	230
Goodwill and other intangible assets	1'878	1'852	725	713	296
Assets	2'520	2'581	1'328	1'335	820
Current liabilities	255	328	305	259	189
Non-current liabilities	431	340	142	201	157
Equity	1'834	1'913	881	875	474
Liabilities & equity	2'520	2'581	1'328	1'335	820
Adjusted tangible equity1	107	166	185	197
Source: GAM

1 Adjusted tangible equity isdefined asequity excluding goodwill and other intangibleassets as well asthe financial liability relatingto 40% of future Cantab performance fees which only materialiseswhen a corresponding asset is recognised.

Net cash

(in CHF m)

(14.9)

(9.7)

315.8

(3.5)

18.6

(6.8)

(28.6)

270.9

Net cash 31.12.2019

2020 underlying net loss

Acquisition-related Share repurchasesdeferred consideration paymentfor share-based schemesNet seed capital sales

FX impactChanges in net assets and other impacts

Net cash 31.12.2020

Adjusted tangible equity1

(in CHF m)

(388.4)

373.7

31.7

7.8

(28.9)

(3.0)

11.1

(1.2)

(11.3)

188.7

Adjusted tangible equity 31.12.2019

IFRS net loss FY 2020

Impairment of goodwill

Amortisation/ impairment of IMCCsFinance charges on discounted liabilities

Revaluation Remeasurementof GAM Systematic financial liabilityof pension liabilityShare-based payment expenses

FX impactOther imp acts

Adjusted tangible equity 31.12.2020

Abbreviation: IMCCs= Investment management and client contracts.

1 Adjusted tangible equity isdefined asequity excluding goodwill and other intangible assets as well asthe financial liability relating to 40% of future GAM Systematic performance feeswhich only materialiseswhen a corresponding asset is recognised.

Corporate calendar and contacts

Forthcoming events

21 April 2021	Q1 2021 Interim management statement
29 April 2021	Annual General Meeting 2021
4 August 2021	Half-year results 2021
21 October 2021	Q3 2021 Interim management statement

Group Communications and Investor Relations

Charles Naylor	Jessica Grassi	Kathryn Jacques	Ute Dehn Christen
Head of Group Communications	Investor Relations Officer	Senior Communications Manager	Senior Communications Manager
and Investor Relations	T [phone]	T [phone]	T [phone]
[phone]	j e s s i ca.g rassi @g am.co m	ka th ryn .j a cq u e s @ga m.com	[e-mail]
ch a rl e s .n a yl o r@ga m.com

Cautionary statement on forward-looking information

This presentation by GAM Holding AG ('the Company') does not constitute an invitation or offer to acquire, purchase or subscribe for securities.

This presentation by the Company includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations and projections about the Company's future results of operations, financial condition, liquidity, performance, prospects, strategies, opportunities and the industry in which it operates. Forward-looking statements involve all matters that are not historical facts. The Company has tried to identify those forward-looking statements by using words such as 'may', 'will', 'would', 'should', 'expect', 'intend', 'estimate', 'anticipate', 'project', 'believe', 'seek',

'plan', 'predict', 'continue' and similar expressions. Such statements are made on the basis of assumptions and expectations which, although the Company believes them to be reasonable at this time, may prove to be erroneous.

These forward-looking statements are subject to risks, uncertainties, assumptions and other factors that could cause the Company's actual results of operations, financial condition, liquidity, performance, prospects or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. Important factors that could cause those differences include, but are not limited to: changing business or other market conditions, legislative, fiscal and regulatory developments, general economic conditions, and the Company's ability to respond to trends in the financial services industry. Additional factors could cause actual results, performance or achievements to differ materially. The Company expressly disclaims any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation and any change in the Company's expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.

www.gam.com