Managed by an experienced team of fixed income specialists. Diversified portfolio of holdings

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1 Alliance Trust monthly income bond fund

2 built to outmanoeuvre the competition The newly launched Alliance Trust Monthly Income Bond Fund has been designed to invest in a diversified portfolio of predominantly Sterling based, high quality corporate bonds. The initial estimated Distribution Yield of the Fund is 6.3%, with an initial estimated Underlying Yield of 6.0%. Interest distributions are payable on a monthly basis. We believe that this level of income is achievable as the Fund is not constrained by any legacy positions, allowing the Team to be much more nimble with its investment selections than other, larger bond funds. fund highlights Managed by an experienced team of fixed income specialists Diversified portfolio of holdings Estimated Initial Annual Distribution Yield 6.3%, payable monthly Estimated Initial Annual Underlying Yield 6.0% A liquid, more nimble corporate bond fund Interest rate risks actively managed Currency risks actively managed Focused on all market opportunities Average A- credit rating

3 Alliance Trust Asset Management A highly experienced fixed income team The Fixed Income team joined Alliance Trust Asset Management in early 2010 from Scottish Widows Investment Partnership. The highly accomplished team boasts over 80 years combined experience of fixed income investing. All four members have held key positions within the fixed income and credit sectors at major fund management groups including, among others, SWIP, Henderson, Legal & General and Aberdeen Asset Management. Fixed Income Team Industry Name Position Responsibilities Experience Macro Economic Research, Rod Davidson Managing Director Duration Strategy, Currency Strategy 23 years Gareth Quantrill Investment Director Credit Research, Cash Management 19 years Asset Allocation, Credit Research & Strategy, Portfolio Construction, Stuart McMaster Investment Director Cash Management 30 years Credit Research and Strategy, duration Strategy, Portfolio Stuart Steven Investment Director Management, Cash Management 16 years Rod Davidson Head of the Fixed Income Team Rod has been managing money, teams and businesses in the global fixed income arena for over 20 years. Prior to joining Alliance Trust Asset Management, Rod held similar posts at SWIP, Aberdeen Asset Management and Murray Johnstone. He specialises in managing global bond and currency portfolios. Gareth Quantrill Co-Manager of the Fund Gareth has 19 years experience in managing fixed income products, specialising in credit analysis and corporate bond management. Before joining Alliance Trust Asset Management, Gareth held the position of Head of Credit at Scottish Widows and Henderson Global Investors. Stuart McMaster Stuart has worked in the investment industry for more than 30 years and has a wide range of experience in fixed income markets. Stuart began his career at Standard Life before moving to Scottish Widows in During his time at Scottish Widows Stuart was Head of Credit, before becoming Head of Bond Fund Management where he was responsible for 8billion of assets. Stuart Steven Co-Manager of the Fund Stuart has been involved in managing multi-currency fixed income portfolios for over 15 years. During his career, Stuart has held a number of senior roles including Head of Corporate Bonds at Britannic Asset Management, Director, Corporate Bonds at Legal & General and Investment Director Credit & Absolute Return at Scottish Widows Investment Partnership.

4 Alliance Trust Monthly Income Bond Fund While the Fund is co-managed by Gareth Quantrill and Stuart Steven, they also work closely with the other members of the team. They firmly believe that a fully integrated team will add value, benefiting from a research-based process that is valuation driven. This approach ensures that the investment process remains balanced, taking account of both top-down and bottom-up influences. They aim to identify those factors which they believe will be the drivers of bond market movements in the months ahead, rather than relying on a particular style bias or operating under a purely black-box approach. The team formulates their strategy on asset allocation and aggregate credit rating exposure based upon macro views. This incorporates input from our in-house Economics Research Centre. Alongside this, valuations are crucial to determining strategy for each stage of the decision making process. philosophy We aim to identify those factors which we believe will be the key drivers of bond market movements. Gareth Quantrill, Co-Manager, Alliance Trust Monthly Income Bond Fund Once strategy is agreed, market forecasts provide the framework for producing model portfolios, with What If? scenario analysis used to ensure that model portfolios are consistent with investment views. Implementation is monitored formally on a daily basis by Rod Davidson as Head of the Team and is reviewed weekly by the Team. capturing the risk premium over the long term. Robust portfolio restrictions are set in relation to the benchmark, within an overall risk budget. corporate bonds process We follow a conservative approach to risk, with the portfolio benefiting from good diversification at both the stock and sector level. Stuart Steven, Co-Manager, Alliance Trust Monthly Income Bond Fund Whilst much of the portfolio performance is attributable to topdown strategies, i.e. credit rating band positioning and sector selection, stock selection also makes a significant contribution. Avoiding problem credits is seen as the most effective method of adding value at the stock level. Consequently, the subjective component of our credit analysis process focuses on attempting to identify possible threats and weaknesses in potential investments. The corporate bond investment process is predominately judgmental. Whilst biased towards a top-down approach, it also benefits from strong bottomup influences from the credit analysis carried out by the Team, as well as the company research produced by their equity colleagues in Alliance Trust Asset Management. Templates are used at each stage of the investment process, ensuring that a consistent and disciplined process is followed. This system also ensures that the judgmental decisionmaking process remains transparent. Each factor is assessed for market relevance, the aim being to identify the key market drivers. As such, this process provides output on expected market direction as well as strength of view. Valuation is crucial to the investment decision, with appropriate valuation measures utilised at each stage of the investment process. A conservative approach to risk is followed, with the portfolio benefiting from good diversification at both the stock and sector level. This is essential to Duration and yield curve risk are actively managed to benefit capital returns of the Fund and to control capital volatility.

5 Alliance Trust Monthly Income Bond Fund The portfolio construction process is the product of the investment analysis process. Consideration is given to: Asset allocation Credit rating bands Sectors Duration and yield curve Stocks Views on these five elements are expressed within a framework of investment guidelines on issuer, rating, sector and duration constraints. The portfolio is well diversified, whilst still providing scope for stock selection. Stocks are reviewed on a sectoral basis, with selection based on a combination of financial statements and business analysis, subject to an overriding portfolio construction In view of our performance objectives there is a bias in stock selection towards liquid issues. Gareth Quantrill, Co-Manager, Alliance Trust Monthly Income Bond Fund valuation screen based on spreads and covenants. The Team produces individual stock recommendations. In view of our performance objectives there is a bias in stock selection towards liquid issues. Fixed income research and analysis External Research & Analysis The UBS Delta system is the primary source of management information. It is considered to be one of the leading global fixed income systems. It provides What If? analysis, duration/ yield curve positions against the benchmark, attribution analysis, relative positioning, tracking error and Value at Risk analysis. Rating agencies, equity and corporate bond broker research are also used. Research & Analysis Proprietary Research & Analysis All team members produce proprietary research. The team communicate regularly with their equity colleagues, sharing research. The team works closely with the members of the internal Economics Research Centre. Meetings Regular meetings are held with the managements of the companies in which we are invested. The team meet regularly to discuss their investment strategies and daily with individual sector specialists from the equity teams.

6 Contact us For more information on Alliance Trust Asset Management and our investment capabilities, please call us or visit our website. Edward Troughton Managing Director Tom Pearson Director, Head of UK Retail Sales Past performance is not a guide to future performance. The value of investments and the income from them may go down as well as up and is not guaranteed. You may not get back the amount you invested. Whilst care has been taken in compiling the content of this document, no representation or warranty, express or implied, is made by Alliance Trust Asset Management Limited as to its accuracy or completeness. Alliance Trust Asset Management does not give financial or investment advice. If you wish to invest, you should read the Simplified Prospectus including the Terms and Conditions document carefully, particularly the section on Risk Factors. The Simplified Prospectus and Full Prospectus are available by calling or by writing to Alliance Trust Asset Management Limited, PO Box 23910, 12 Blenheim Place, Edinburgh EH7 9AJ. Alliance Trust Asset Management Limited is authorised and regulated by the Financial Services Authority. Alliance Trust Asset Management Ltd 8 West Marketgait, Dundee DD1 1QN (June 2010) Alliance Trust Asset Management Limited is a subsidiary of Alliance Trust PLC. Alliance Trust Asset Management Limited is registered in Scotland No. SC330862, registered office, 8 West Marketgait, Dundee DD1 1QN; is authorised and regulated by the Financial Services Authority whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS firm reference number ; gives no financial or investment advice. Investing for Generations At Alliance Trust Asset Management, we offer a focused range of investment solutions to meet clients needs. Managed by our experienced team of investment professionals using proprietary research, our unique long-term, high conviction approach to global investing has been tested and developed over generations through diverse market conditions. Furthermore, we benefit from the integrity, durability and strength of Alliance Trust PLC.

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