#  Disclaimer	 Important legal information
Source: GAM, unless otherwise stated. (Where applicable and, unless otherwise noted, performance is shown net of fees, on a NAV to NAV basis).GAM has not independently verified the information from other sources and GAM gives no assurance, expressed or implied, as to whether such information is accurate, true or complete.
This document is not intended for distribution to or use by persons or entities with nationality of or with their residence, domicile or registered office in a State or Country in which such distribution, publication, making available or use is contrary to laws or other regulations. The responsibility for the further use of fund descriptions contained in this document lies solely with the intermediary.
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. This document qualifies as marketing material.
The views expressed herein are those of the manager at the time and are subject to change. The price of shares may go down as well as up and the price will depend on fluctuations in financial markets outside GAM's control. As a result an investor may not get back the amount invested. Past performance is not indicative of future performanceand reference to a security is not a recommendation to buy or sell that security.
This is not an invitation to invest in any GAM product or strategy. Investments should only be made after a thorough reading of the current prospectus, offering memorandum, the Key Investor Information Document “KIID”, the articles of association and the current annual and semi-annual reports (the “legal documents”), as well as after consulting an independent finance and tax specialist. The legal documents can be obtained in hard copy and free of charge from the addresses indicated below.
Some of the sub-funds may not be registered for sale in all jurisdictions. Therefore, no active marketing must be carried out for them. Subscriptions will only be received and shares or units issued on the basis of the current fund prospectus.
Shares of the fund have not been registered under the US Securities Act of 1933, as amended (the “Securities Act”) and the fund is not registered under the US Investment Company Act of 1940, as amended (the “Company Act”). Accordingly, such shares may not be offered, sold or distributed in the United States or to US persons unless an exemption from registration under the Securities Act and the Company Act is available. In addition, certain GAM products are closed to all US investors.
This material/presentation mentions one or several GAM Funds domiciled in Luxembourg, registered office at 25, Grand-Rue, L-1661 Luxembourg, each an umbrella investment company with variable capital and segregated liability between the sub-funds, incorporated under the laws of Luxembourg and authorised by the CSSF as a UCITS Fund in accordance with the Directive 2009/65/EC. Management Company is GAM (Luxembourg) S.A., 25, Grand-Rue, L-1661 Luxembourg.
AUSTRIA: The legal documents in English and the KIID in German can be obtained free of charge, from the Paying Agent in Austria, Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna or on the internet at www.funds.gam.com.
BELGIUM: Within the scope of this document the term “funds” shall be defined as SICAV, as sub-funds of a SICAV or FCPs. Stock-exchange taxes and commissions are borne by the investor. Investors are recommended to obtain information from qualified advisors on their individual tax situation regarding investments in the funds. The effective fees must at all times comply with the provisions of the prospectus. A tax of 30% (“precompte mobilier”, as may be amended) is applicable to dividends distributed by GAM Multibond, GAM Multistock, GAM Multicash, Multicooperation SICAV, Multipartner SICAV, Multirange SICAV, Multilabel SICAV or Multiflex SICAV. The English version of the prospectus, the annual report and the most recent half-yearly report and the French version of the Key Investor Information Document are available, free of charge, to the public at the following locations: the company's registered office in Luxembourg; at the head office of ABN AMRO Bank N.V., Belgium branch, Roderveldlaan 5 bus 4, 2600 Berchem Belgium, which provides financial services in Belgium. The net asset value is published on www.fundinfo.com. For information on filing a complaint, investors may contact GAM (Luxembourg) S.A.- 25, Grand-Rue - L-1661 Luxembourg (Lux_Legal_Compliance@gam.com).
BULGARIA: The English version of the prospectus and the Bulgarian version of the KIID can be obtained, free of charge, on the internet at www.funds.gam.com.
CYPRUS: The English version of the prospectus and the KIID can be obtained, free of charge, on the internet at www.funds.gam.com or from the representative in Cyprus: Cyprus Development Bank Public Company Ltd, 50 Arch. Makarios III Ave., 1508 Nicosia, Cyprus.
DENMARK: The English version of the prospectus, the articles of association and the most recent published annual- and semi-annual report, as well as the Danish version of the KIID, can be obtained free of charge on the internet at www.funds.gam.com or from the representative in Denmark SKANDINAVISKA ENSKILDA BANKEN, DENMARK, BRANCH OF SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), Sweden, at Bernstorffsgade 50, 1577 Copenhagen V,
Denmark.
ESTONIA: The English version of the prospectus and the Estonian version of the KIID can be obtained free of charge from the distributor: Swedbank, AS, Liivalaia 8, EE-15040 Tallinn or at www.funds.gam.com.
FINLAND: The English version of the prospectus and the Finnish version of the KIID can be obtained, free of charge, on the internet at www.funds.gam.com.
FRANCE: The prospectus, the annual report and the most recent half-yearly report in English and the KIID in French can be obtained free of charge from the centralising agent in France, CACEIS Bank, 1-3, place Valhubert - 75013 Paris or on the internet at www.funds.gam.com.
GERMANY: The legal documents in English and the KIID in German can be obtained free of charge, from the information agent GAM (Deutschland) GmbH, Bockenheimer Landstr. 51-53 60325 Frankfurt am Main or on the internet at www.funds.gam.com. Paying Agent is DekaBank Deutsche Girozentrale, Hahnstrasse 55, D-60528 Frankfurt am Main.
ICELAND: The English version of the prospectus and the Icelandic version of the KIID can be obtained, free of charge, on the internet at www.funds.gam.com.
IRELAND: The legal documents can be obtained in English, free of charge, from GAM Fund Management Limited, George’s Court, 54-62 Townsend Street, Dublin 2,on the internet at www.funds.gam.com.
ITALY: This document is destined exclusively for internal use by intermediaries appointed by GAM and/or institutional or qualified investors and shall not be passed on to third parties. Particularly, this document shall not be used as advertising material for public distribution or any other kind of public offering of the funds, their sub-funds or share categories. The Prospectus, the Key Investor Information Document - KIID, the annual, the semi-annual reports as well as the subscription form and the Italian distribution partners’ list of each subfund are not included in the above mentioned restriction. The English version of the prospectus and the Italian version of the KIID can be obtained, free of charge, on the internet at www.funds.gam.com
LATVIA: The English version of the prospectus and the Latvian version of the KIID can be obtained free of charge from the authorized representative: Swedbank AS, Balasta dambis 1a, LV-1048 Riga or at www.funds.gam.com
LIECHTENSTEIN: The legal documents in English and the KIID in German, can be obtained free of charge from the paying agent Liechtenstein LGT Bank AG, Herrengasse 12, FL-9490 Vaduz or on the internet at www.funds.gam.com.
LITHUANIA: The English version of the prospectus and the Lithuanian version of the KIID can be obtained free of charge from the authorized representative: Swedbank AB, Konstitucijos pr. 20A, LT - 03502 Vilnius or at www.funds.gam.com
LUXEMBOURG: The legal documents in English can be obtained free of charge, from GAM (Luxembourg) SA or on the internet at www.funds.gam.com. NETHERLANDS: The English version of the prospectus and the Dutch version of the KIID can be obtained free of charge on the internet at www.funds.gam.com.
NORWAY: The English version of the prospectus and the Norwegian version of the KIID can be obtained, free of charge, on the internet at www.funds.gam.com.
PORTUGAL: The English version of the prospectus and the Portuguese version of the KIID can be obtained, free of charge, on the internet at www.funds.gam.com.
SPAIN: The legal documents can be obtained in English, respectively for the KIID in Spanish, free of charge, from the Paying Agent in Spain, ATL 12 Capital Inversiones A.V., S.A., Montalbán 9, 28014 Madrid or on the internet at www.funds.gam.com
SWEDEN: The English version of the prospectus and the Swedish version of the KIID can be obtained free of charge from the Paying Agent, MFEX Mutual Funds Exchange AB, Linnégatan 9-11, SE-114 47 Stockholm or on the internet at www.funds.gam.com.
SWITZERLAND: The legal documents can be obtained in German, free of charge, from the Swiss Representative: GAM Investment Management (Switzerland) Ltd., Hardstrasse 201, Postfach, CH-8037 Zurich or on the internet at www.funds.gam.com. Paying Agent is State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH-8027 Zurich
UNITED KINGDOM: As far as UCITS described herein are recognised schemes under section 264 of the Financial Services and Markets Act 2000: Copies of the legal documents can be obtained in English, free of charge, from the Facilities Agent GAM Sterling Management Limited, 8 Finsbury Circus, London EC2M 7GB (authorised and regulated by the FCA) or on the internet at www.funds.gam.com. Investments in the funds are not protected by the Financial Services Compensation Scheme.
HONG KONG: In Hong Kong, this material is restricted to professional investors (as defined in the Securities and Futures Ordinance (Cap 571)) only. JAPAN: In Japan, the funds mentioned herein are not registered for public sale or private placement (except for some of the funds, if applicable) pursuant to the Law on Investment Trusts and Investment Companies and shall not be disclosed publicly pursuant to the Financial Instruments and Exchange Law (the "FIEL"). Therefore, none of the Shares of the funds mentioned herein may be solicited in Japan or to residents in Japan. This material is intended for circulation to professional, institutional and/or qualified investors only. Any person in receipt of this material is not allowed to distribute it to residents in Japan nor communicate to residents in Japan about the funds mentioned herein.
SINGAPORE: In Singapore, this material is limited to institutional investors (as defined in the Securities and Futures Act (Cap.289)) (‘SFA’) only and does not constitute to an offer to subscribe for shares in any of the funds mentioned herein.
ASIA PACIFIC: In other countries in Asia Pacific, this material should only be distributed in accordance with the applicable laws in the relevant jurisdiction. Within the UK, 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.

Translation (ENIT, 2022-01-31):
#  Disclaimer	 Importanti avvertenze legali
Fonte: GAM, se non diversamente indicato. (Ove applicabile, e se non diversamente indicato, la performance indicata è al netto delle commissioni e basata sui dati NAV-to-NAV).GAM non ha eseguito una verifica indipendente delle informazioni ricevute da altre fonti e non è possibile garantire, implicitamente o esplicitamente, che le informazioni siano accurate, veritiere o complete.
Questo documento non deve essere distribuito o utilizzato da persone o entità aventi nazionalità o residenza, domicilio o sede legale in uno stato o paese in cui tale distribuzione, pubblicazione, messa a disposizione o utilizzo è contrario alle leggi o ad altri regolamenti. Un ulteriore utilizzo delle descrizioni dei fondi contenute nel presente documento ricade sotto la responsabilità esclusiva dell'intermediario.
Nulla di quanto qui contenuto costituisce una consulenza finanziaria, legale, fiscale o di altro genere né si dovrà fare affidamento esclusivamente su tali informazioni per prendere decisioni d'investimento o di altro tipo. Il presente documento è qualificato come materiale di marketing.
I pareri riportati nel presente documento sono quelli del gestore nell’attuale situazione e sono soggetti a modifiche. Il prezzo delle azioni può variare sia al rialzo che al ribasso e dipende dalle fluttuazioni dei mercati finanziari che esulano dal controllo di GAM. Di conseguenza gli investitori potrebbero non recuperare l'importo investito. I rendimenti passati non sono indicativi di quelli futurie i riferimenti a un titolo non costituiscono una raccomandazione all'acquisto o alla vendita del titolo.
Il presente non costituisce un invito a investire in prodotti o strategie GAM. Qualsiasi decisione d'investimento deve essere presa solo dopo aver letto accuratamente il prospetto informativo vigente, i documenti di offerta, le informazioni chiave per gli investitori "KIID", lo statuto, l'attuale relazione annuale e semestrale (i "documenti legali") e dopo aver consultato un esperto fiscale e finanziario indipendente. È possibile scaricare copia gratuita dei documenti legali su Internet all’indirizzo www.funds.gam.com.
Alcuni dei comparti non possono essere registrati per la vendita in tutte le giurisdizioni. Per questi comparti non si dovranno svolgere attività di marketing attivo. Le sottoscrizioni saranno solo accettate e le azioni e le quote emesse sulla base del prospetto vigente.
Le azioni del fondo non sono state registrate ai sensi dello US Securities Act del 1933, e successive modifiche ("Securities Act") e il fondo non è registrato ai sensi dello US Investment Company Act del 1940, e successive modifiche ("Company Act"). Di conseguenza, , tali azioni non possono essere offerte, vendute o distribuite negli Stati Uniti o a soggetti fiscali statunitensi (cosiddette "US-Persons"), salvo quando esista un'esenzione dalla registrazione ai sensi del Securities Act e del Company Act. Inoltre, alcuni prodotti GAM non sono disponibili per tutti gli investitori USA.
Questo documento menziona fondi GAM domiciliati a Lussemburgo, con sede legale in 25, Grand-Rue, L-1661 Lussemburgo, ciascuna società d'investimento a capitale variabile con struttura multicomparto e responsabilità separata tra i comparti, costituita secondo il diritto lussemburghese e autorizzata dalla CSSF come fondo OICVM ai sensi della direttiva 2009/65/CE. La società di gestione è GAM (Luxembourg) S.A., 25, Grand-Rue, L-1661 Lussemburgo.
ITALIA: La versione aggiornata del Prospetto informativo e/o del Regolamento del fondo, la versione aggiornata dei “KIID”, lo Statuto e la relazione annuale e semestrale sono disponibili presso i collocatori e possono essere scaricati gratuitamente dal sito www.funds.gam.com.
SVIZZERA: I documenti legali per i fondi GAM domiciliati a Lussemburgosono disponibili gratuitamente in versione tedesca presso il rappresentante svizzero GAM Investment Management (Switzerland) SA, Hardstrasse 201, casella postale, CH-8037 Zurigo o in Internet sul sito www.funds.gam.com. L’agente di pagamento è State Street Bank International GmbH, Monaco, Succursale di Zurigo, Beethovenstrasse 19, CH-8027 Zurigo.