Inversiones Alternativas

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Inversiones

Alternativas

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3

Acerca de GAM



Establecido en 1983 con el objetivo de generar

rendimientos atractivos a largo plazo a través de

estrategias de inversión activas



Distintiva cultura de inversión basada en la

independencia en la toma de decisiones de

inversión y un manejo del riesgo disciplinado



USD 60.2 billones en activos bajo manejo



Mas de 750 empleados en ocho oficinas alrededor

del mundo



Foco en clientes institucionales y de banca

privada

GAM AuM by Strategy

11%

29%

23%

14%

Equity

Fixed income

Abs. return single manager

Multi-manager

Managed portfolios

& composites

Source: GAM. Assets under management breakdowns are as at 30 Jun 2011.

GAM reports its assets under management breakdowns on a half yearly basis in line with Swiss accounting rules which apply to our parent company, GAM Holding AG. Holdings and allocations are subject to change. The reported total AuM of GAM of USD 60.2bn include cross-holding assets of approximately USD6.6bn in accordance with Group accounting policy, which follows the principles of the Swiss Financial Market Supervisory Authority (FINMA). GAM’s assets under management without cross-holdings as at 30 Jun 2011 are approximately USD 53.6bn.

Los Angeles New York Dublin London Zurich Hong Kong Tokyo Bermuda

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4

GAM Multi-Manager



Uno de los inversores en Hedge Funds mas experimentado y conocedor del mundo

— Administrador de fondos de Hedge Funds desde 1989

— 87 empleados dedicados a GAM Multi-Manager alrededor del mundo



USD 8.2bn

†

en activos bajo manejo incluyendo:



Extensivo conocimiento en Hedge Funds

— Análisis cualitativo sobre el 95% del universo disponible basado en cantidad de

fondos



Procesos disciplinados y estructurados en el manejo de las inversiones y riesgo

— Objetivos claros de riesgo y rendimiento monitoreados en casa paso

Trading

65.0%

Equity Hedge

16.5%

Event Driven

10.5%

Relative Value

7.8%

La solidez de la experiencia

Source: GAM

* Data as at 31 Jan 2012 (the staff number includes IT, quantitative analytics and dealing support) † Source GAM as at 30 Jun 2011. GAM now discloses its assets under management on a half-yearly basis. Holdings and allocations are subject to change. Percentages may not sum to 100 due to the impact of cash held within the MM portfolios.

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5

Estrategias de

Trading

Estabilidad en mercados

volatiles

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6

GAM Trading II – USD Open

Performance from 29 Apr 1997 (inception) to 31 Jan 2012

Source: GAM, MSCI, Financial Times, Thomson Reuters

Past performance is not indicative of future performance. Performance is provided net of fees. Funds do not have the security of capital which is characteristic of a bank deposit.

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GAM Trading II – USD Open

Risk characteristics from 29 Apr 1997 (inception) to 31 Jan 2012

Source: GAM, MSCI, Thomson Reuters

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8

GAM Trading USD

Performance from 27 Apr 1990 (inception) to 31 Jan 2012

Source: GAM, MSCI, Financial Times, Thomson Reuters

Past performance is not indicative of future performance. Performance is provided net of fees. Funds do not have the security of capital which is characteristic of a bank deposit.

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9

Crisis de deuda rusa

GAM Trading USD – Performance from 29 Jun 1998 to 31 Aug 1998

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10

Burbuja tecnológica

GAM Trading USD – Performance from 27 Mar 2000 to 30 Sep 2002

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Crisis de Crédito

GAM Trading – Performance from 27 Aug 2007 to 9 Mar 2009

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Agregando Estrategias de Trading a un portfolio

Performance from 31 Dec 1998 to 31 Dec 2011

Equities = MSCI World Index, Bonds = FTSE Gilts Total Return Index, Trading strategies = HFRI Macro Index. Returns in USD. Rebalanced quarterly. We have made simplifying assumptions about currency hedging.

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GAM Trading II Investments

Investment strategy as at 31 Jan 2012

Source: GAM

Allocations and holdings are subject to change. Other includes liquidity, fees and currency effect/currency hedging (where applicable).

Tactical Allocation

guidelines (%)

GAM Trading II

-Macro-Discretionary

40 – 80

Macro-Systematic

20 – 40

Managed Futures-Trend

5 – 20

Managed

Futures-Short-Term

15 - 35

Macro - Discretionary 66.8%

Managed Futures - Trend 14.4%

Managed Futures - Short-Term 14.2%

Macro - Systematic 4.0%

Other* 0.7%

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GAM Trading II

Breakdown of risk as at 31 Jan 2012

Source: GAM

Allocations and holdings are subject to change. 1_{Data has been normalized and does not include allocation to liquidity, fees and currency effect / currency hedging.} Totals may not sum due to rounding of data at source.

Developed

Americas 26%

Developed Europe

35%

Developed

Asia 21%

Emerging

Americas 4%

Emerging Europe

4%

MEA and Developing

Asia 10%

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Distribution of risk exposure* within GAM Trading II

North America, 7.4% Emerging Markets, 5.9%

Fixed Income 27.6

Currency 27.3%

Commodities 24.0%

Credit 5.1%

North America, 9.5% Western Europe, 2.0% Emerging Markets, 0.4% Western Europe, 2.4% North America, 0.8% Emerging Markets, 1.6% Asia Pacific, 0.41% Western Europe, 7.8% Asia Pacific, 6.4% North America, 3.5% Western Europe, 10.8% Asia Pacific, 6.9% Emerging Markets, 6.1% Energy, 7.7% Metals, 7.5% Grains, 3.3% Softs, 5.6% Asia Pacific, 4.2%

Equities 16.0%

Fund VaR at underlying (look-through) level is well diversified by both country and asset class

Source: GAM as at 31 Dec 2011

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16

GAM Fund of Funds Awards 2005 – 2011

2011 PIPA Awards_{Best Hedge Fund of Fund: GAM Trading II} 2010

Hedge Funds Review Awards

Fund of Hedge Fund of the Decade: GAM Trading II

InvestHedge Awards

10 year Performance Award for funds with more than $1bn in assets: GAM Trading II

Hedgeweek Awards

Best Diversified Fund of Hedge Funds: GAM Diversity

2009

Best Performing Diversified FoHF over 1 year: GAM Multi-Diversified LV

Global Pensions Awards

Hedge Fund of Funds Provider of the Year

2008 Financial News Awards for Excellence in Hedge Fund OperationsBest Client Reporting

Best Due Diligence Process Best Manager Selection Process

2007

Best Performing Specialist Fund over 10 years: GAM Trading Strategy

Financial News Awards for Excellence in Institutional Asset Management

Fund of Hedge Funds Group of the Year

Financial News Awards for Excellence in Hedge Fund Operations

Best Client Reporting

Best Product Development Best Due Diligence ProcessBest Manager Selection Process

2006

InvestHedge Awards

Best Fund of Year Award: GAM Multi-Europe II

European ‘Best Group’ Award: Funds of Hedge Funds

Most Innovative Fund of Hedge Fund Product: GAM Portable Diversity / S&P 500

2005

European ‘Best Group’ Award: Funds of Hedge Funds

Standard & Poor’s – Europe Equity Sector Awards

Best over five years: GAM Strategic Multi-Europe A Source: GAM as 31 Jan 2012