Why Private Markets?

Disclosure: For pre-marketing purposes with European institutional clients only. GFML is marketing the strategy, with the specific investment vehicle to be determined at a later date. This document provides information on investment strategies or investment ideas to potential professional investors domiciled or with a registered office in the European Union in order to test their interest in an AIF or sub-fund of an AIF which is not yet established. Accordingly, this document is not intended for circulation to any other investors. As the AIF or sub-fund of an AIF is not yet established, that AIF or sub-fund has not been notified, registered or approved in accordance with local law and/or regulations implementing the EU AIFM Directive. The information contained herein does not constitute and is not intended to constitute an offer or placement to potential investors to invest in the shares of an AIF or a sub-fund of an AIF and accordingly should not be construed as a prospectus or offering document. This document provides a high-level summary only of investment strategies or investment ideas and does not define the terms and conditions relating to investment in an AIF or sub-fund of an AIF which will be included in the definitive offering document and other materials and agreements relating to such an AIF or sub-fund of an AIF. This document does not constitute a subscription form or similar document whether in a draft or a final form for the subscription or acquisition of shares in an AIF or sub-fund of an AIF. No legally binding terms are created herein or shall be created until definitive documentation is executed and delivered in accordance with any applicable law. The information set forth herein has been obtained or derived from sources believed by [GAM Fund Management Limited] (“GAM”) to be reliable. However, GAM does not make any representation or warranty, expressed or implied, as to the information’s accuracy or totality, nor can it accept any responsibility for errors in this document. GAM, its officers, employees or agents shall not accept any liability whatsoever for any loss at all arising from any use of this document or its contents, or otherwise arising in connection therewith. The information contained in this document shall not be considered to contain legal, tax or other advice, nor does GAM recommend that the contents serve as the basis for any investment decision. This document has been provided to you solely in order to test your interest in an AIF or sub-fund of an AIF which is not yet established and does not constitute an offer or a solicitation for an offer, or any advice or recommendation to purchase any securities or other financial instruments, and may not be construed as such. Any recipient of this document who intends as a result of this document to apply for shares in an AIF or sub-fund of an AIF which is not yet established are reminded that any such application should be made solely on the basis of the information contained in the offering document of that AIF or sub-fund of an AIF which may be different than the information contained in this document. This document is being provided by GAM or on its behalf on a confidential basis and is intended exclusively for the use of the person to whom it has been provided by GAM or on its behalf, and it is not to be copied, reproduced or redistributed under any circumstances or in any form whatsoever, to any other person in whole or in part.