Annualized Results

Investment Results on an Annualized Basis

For Periods ended 03/31/2013

Years or Period	GAM Stockholder Return (Market Price)*	GAM Net Asset Value Return*	Standard & Poor's 500 Stock Index Return*
3 Months**	12.3%	10.5%	10.6%
1 Year	15.7%	13.4%	14.0%
3 Years	12.0%	11.1%	12.7%
5 Years	2.7%	2.7%	5.8%
10 Years	8.3%	8.2%	8.5%
20 Years	9.8%	10.3%	8.5%

* With dividends and distributions reinvested/with income.
**Not annualized.

The GAM Stockholder Return is the return a common stockholder of GAM would have achieved assuming reinvestment of all dividends and distributions at the actual reinvestment price and reinvestment of all cash dividends and distributions at the average (mean between high and low) market price on the ex-dividend date.

The GAM Net Asset Value (NAV) Return is the return on shares of the Company’s common stock based on the NAV per share, including the reinvestment of all dividends and distributions at the reinvestment prices indicated above.

The S&P 500 Return is the time-weighted total rate of return on this widely-recognized, unmanaged index which is a measure of general stock market performance, including dividend income.

The results illustrated are a record of past performance and may not be indicative of future results.