Given the extraordinary market conditions that are currently taking place, we wanted to provide you with our latest thoughts regarding fund performance.

GAM Star Credit Opportunities (EUR)

Prices of subordinated debt continued to correct during the week ending 27 March. The EUR fund recovered over the week, gaining back more than 3.5%. We remain confident the right actions have been taken and that we are moving in the right direction. From a credit standpoint our views on the structure, positioning and outlook for the EUR fund remain unchanged. Valuations of our securities remain attractive in our view with some of our EUR AT1 CoCos yielding almost 15% to next call in a year and credit fundamentals remain rock solid.

On 27 March, the European Central Bank (ECB) issued a recommendation to European banks to refrain from paying dividends to shareholders as well as to conduct share buybacks, at least until 1 October 2020. This decision has no impact on payments of interest made on AT1 CoCos, Tier 2 bonds as well as preference shares but will impact the income on the 6.5% Rabobank perpetual held in the fund as this security has been issued under Basel II as an CET1 instrument (and not an AT1 instrument).

GAM Star Credit Opportunities (GBP)

Prices of subordinated debt continued to correct during the week ending 27 March. The GBP fund recovered over the week, gaining back more than 5.5%. We remain confident the right actions have been taken and that we are moving in the right direction. From a credit standpoint our views on the structure, positioning and outlook for the GBP fund remain unchanged. Valuations of our securities remain attractive in our view with some of our EUR AT1 CoCos yielding almost 15% to next call in a year and credit fundamentals remains rock solid.

On March 27 the European Central Bank (ECB) issued a recommendation to European banks to refrain from paying dividends to shareholders as well as to conduct share buybacks, at least until 1 October 2020. This decision has no impact on payment of interests made on AT1 CoCos, Tier 2 bonds as well as preference shares but will impact the income on the 6.5% Rabobank perpetual held in the fund as this security has been issued under Basel II as an CET1 instrument (and not an AT1 instrument).

GAM Star Credit Opportunities (USD)

Prices of subordinated debt continued to correct during the week ending 27 March. The USD fund recovered over the week, gaining back more than 4.0%. We remain confident the right actions have been taken and that we are moving in the right direction. From a credit standpoint, our views on the structure, positioning and outlook for the USD fund remain unchanged. Valuations of our securities remain attractive in our view with some of our USD AT1 CoCos yielding almost 13% to next call in a year and credit fundamentals remains rock solid.

On 27 March, the European Central Bank (ECB) issued a recommendation to European banks to refrain from paying dividends to shareholders as well as to conduct share buybacks, at least until 1 October 2020. This decision has no impact on payment of interests made on AT1 CoCos, Tier 2 bonds as well as preference shares but will impact the income on the 6.5% Rabobank perpetual held in the fund as this security has been issued under Basel II as an CET1 instrument (and not an AT1 instrument).

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