4/7/2021 Cover

ESG Report Fund Name GAM Star Credit Opportunities (USD)

31 March 2021 

This document is confidential and intended solely for the use of the person to w hom it is given or sent and may not be reproduced, copied or given, in w hole or in part, to any other person. 1/1 4/7/2021 Summary

EFunSd NGam eSummary  GAM Star Credit Opportunities (USD)

MSCI ESG Rating MSCI Coverage by Weight ESG Score No 8% Environment Social Governance A 7.2 7.4 4.6 5.6

ESG Rating Distribution ESG Rating Momentum (YoY) Yes 92% 47% 40% 40% (Cash & FX excluded) 27%

17%

5% 4% 2% 2%

AAA AA A BBB BB Strong Upward Upward Stable Downward Strong Downward

Top 10 Issuers by Weight Top 10 Issuers by Rating Issuer Name % Sector ESG Rating Issuer Name % Sector ESG Rating    HSBC HOLDINGS PLC 6.9 % Banks BBB Banco Bilbao Vizcaya Argentaria, S.A. 3.3 % Banks AAA PLC 6.5 % Banks A Sw iss Re AG 1.3 % Multi-Line & Brokerage AAA Stichting AK 5.8 % Banks A SA 0.7 % Multi-Line Insurance & Brokerage AAA NATWEST GROUP PLC 5.5 % Banks AA SE 0.6 % Multi-Line Insurance & Brokerage AAA UBS Group AG 5.2 % & Brokerage AA OMV Aktiengesellschaft 0.3 % Integrated Oil & Gas AAA SOCIETE GENERALE SA 5.2 % Banks AA AXA BANQUE S.A. 0.1 % Multi-Line Insurance & Brokerage AAA BNP PARIBAS SA 4.7 % Banks AA US MEDIUM-TERM NOTE PROGRAM LLC 0.0 % Investment Banking & Brokerage AAA Group AG 4.4 % Investment Banking & Brokerage A NATWEST GROUP PLC 5.5 % Banks AA PLC 4.1 % Banks AA UBS Group AG 5.2 % Investment Banking & Brokerage AA , S.A. 3.8 % Banks BBB SOCIETE GENERALE SA 5.2 % Banks AA

31 March 2021  1/1 4/7/2021 Disclaimer

GFunldo Nassame ry and Disclaimer  GAM Star Credit Opportunities (USD)

Average Rating: Only securities in MSCI ESG universe are included to calculate portfolio ratings. Weights of the covered securities are re-balanced such that the “covered” portfolio w eight adds up to 100%. Therefore also cash, FX and derivative positions are excluded. The average rating is a simple w eigthed average w ithout further adjustments. Rating Mom entum : The momentum of the ESG rating compares the value to the previous year's rating. Top 10 tables: the re-balanced w eights are excluding cash, FX and derivative positions but include non rated instruments. Mapping betw een ESG quality scores and fund ESG rating:

Source: GAM unless otherw ise stated. (Unless otherw ise noted, w here show n, performance is show n gross of fees, on a NAV to NAV basis).

Certain information ©2020 MSCI ESG Research LLC. Reproduced by permission

Although GAM information providers, including w ithout limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information (the “Information”) from sources they consider reliable, none of the ESG Parties w arrants or guarantees the originality, accuracy and/or completeness, of any data herein and expressly disclaim all express or implied w arranties, including those of merchantability and fitness for a particular purpose. The Information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for, or a component of, any financial instruments or products or indices. Further, none of the Information can in and of itself be used to determine w hich securities to buy or sell or w hen to buy or sell them. None of the ESG Parties shall have any liability for any errors or omissions in connection w ith any data herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.”

This material is confidential and is intended solely for the use of the person or persons to w hom it is given or sent and may not be reproduced, copied or given, in w hole 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 w ay of information only.

Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities but is included for illustration purposes only. The view s expressed herein are those of the manager at the time and are subject to change. Past perform ance is not indicative of future performance and the v alue of inv estments can go down as well as up and an inv estor may not get back the amount inv ested. Investments in a currency other than an investor’s ow n currency w ill be subject to movements in foreign exchange rates. Unless otherw ise stated, all data is sourced from the Manager’s ow n research. In preparing this report, w e may have relied upon and assumed, w ithout independent verification, the accuracy and completeness of all information available from public sources or w hich w as provided to us by related parties. No w arranty or representation is given to this effect and no responsibility can be accepted by the Manager, to any intermediaries or end users for any action taken on the basis of the information.

In the United Kingdom, 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.

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