THIS ANNOUNCEMENT, INCLUDING THE APPENDICES AND THE INFORMATION CONTAINED IN THEM, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.

FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

LEI: 549300XVXU6S7PLCL855

For immediate release

21 July 2023

Stock Exchange Announcement

LIONTRUST ASSET MANAGEMENT PLC

Update on Proposed Acquisition of GAM Holding AG

Liontrust Asset Management Plc ("Liontrust", or the "Company"), the specialist independent fund management group, today issues an update in relation to its recommended public exchange offer for all publicly held registered shares of GAM Holding AG ("GAM") (the "Transaction") which was announced on 4 May 2023.

Liontrust confirms that, following engagement with the shareholders of GAM, Liontrust's proposed acquisition of GAM is a full and final offer and will not be increased.

Liontrust has conducted extensive and co-operative due diligence in relation to GAM, over many months, which validates Liontrust's view that this is a good and fair offer to GAM shareholders.

Liontrust's offer takes account of the current financial run rate losses of GAM (including its regulatory capital position, its lack of free cash and its need for external financing) and its future contractual liabilities, as well as the significant restructuring costs required to bring GAM to break even as quickly as possible. Liontrust's due diligence also confirms the two businesses are highly complementary and the significant opportunities offered by combining the two groups.  

It is imperative that the future of GAM is resolved as quickly as possible to provide immediate financial and corporate stability for GAM to preserve value for shareholders and give certainty to clients.

There is no other offer for the entire issued share capital of GAM and the proposed acquisition provides a corporate resolution without further uncertainty and instability.

For further information please contact:

Teneo (Tel: 020 7353 4200, Email: [email protected])

Tom Murray

Liontrust Asset Management Plc (Tel: 020 7412 1700, Website: liontrust.co.uk)

John Ions: Chief Executive

Vinay Abrol: Chief Financial Officer & Chief Operating Officer

Simon Hildrey: Chief Marketing Officer

David Boyle: Head of Corporate Development

Singer Capital Markets (Tel: 020 7496 3000)

Corporate Broking: Tom Salvesen

Corporate Finance: Justin McKeegan

Panmure Gordon (Tel: 020 7886 2500)

Corporate Broking: David Watkins

Corporate Advisory: Atholl Tweedie

ENDS