Ad hoc announcement

GAM Holding AG provides an update on the Group’s expected first half 2023 results

17 July 2023

PRESS RELEASE

Ad hoc announcement pursuant to Art. 53 Listing Rules:

GAM Holding AG provides an update on the Group’s expected first half 2023 results

• Expected underlying pre-tax loss of approximately CHF 23 million for the six months ended 30 June 2023
• Assets under management (AuM) remain relatively stable with Investment Management AuM at CHF 21.9 billion and Fund Management Services at CHF 46.1 billion

The Group expects to report an underlying loss before tax of approximately CHF 23 million for the first half of 2023 compared to a CHF 15.4 million loss for the first half of 2022.

Total assets under management were CHF 68 billion as at 30 June 2023, with Investment Management at CHF 21.9 billion and Fund Management Services at CHF 46.1 billion, compared to a total of CHF 75.0 billion as at 31 December 2022.

The IFRS net loss after tax for the first half of 2023 is expected to be approximately CHF 71 million, driven by the underlying losses and an intangible impairment in excess of CHF 40 million. This compares to the IFRS net loss after tax of CHF 275.2 million for the first half of 2022.

GAM continues to receive strong support from its clients as shareholders tender their shares into the offer from Liontrust Management plc (“Liontrust”) to purchase the share capital of GAM Holding Ltd. The financing facilities made available by Liontrust on 4 May 2023, which would not be available if the Liontrust offer was not successful, are being utilised to fund the ongoing operations of the Group.

David Jacob, Chairman of GAM Holding AG said: “During the first half of 2023 we have been focused on delivering the strategic solution to provide stability and confidence for all our stakeholders. Our largest shareholder, Silchester, has confirmed that they will tender their shares and our senior portfolio managers strongly support the Liontrust offer. The Liontrust offer is the only one available to our shareholders and we look forward to progressing this so that our clients, shareholders and other stakeholders can benefit from being part of the enlarged firm. The Board continues to strongly recommend the Liontrust offer to all shareholders. Today I have written to shareholders explaining the importance of them accepting the Liontrust offer and tendering their shares.”