Welcome to the third issue of Investor. It was not just the weather that was uncertain with the winds of change blowing over Britain this summer. Global equity markets suffered a real jolt from sub-prime lending issues in the United States. This has left market experts debating whether the crisis is truly over and just how far-reaching the implications will be for financial markets.

We were concerned about market valuations leading up to the fall but are confident about the prospects for equity valuations going forward. In this issue, Shona Dobbie, our Chief Economist and Head of Alliance Trust Research Centre, gives a fascinating insight into what led to the credit crisis and examines the probable knock-on effects for the rest of the world economies.

In an interview with our Chief Executive Officer, Alan Harden, he gives us his thoughts and insights on the latest interim results and on new developments at Alliance Trust over the last six months. These are exciting times for the company and there is great potential for the future.

Finally, Claudia Philips talks about the internet as a research tool for investors and gives some useful tips about the best way for investors to use this, no matter how they choose to trade.

It is also worth noting that Alliance Trust Savings has gained some real ground in its shareholder enfranchisement programme. This enables customers to have a voice in the companies that they own through our financial services subsidiary. So far this year, more than a dozen companies have signed up and we are looking at ways of getting other companies interested. Your entitlement to vote is an important one and we would encourage you to use this power as individual shareholders.

I hope you enjoy reading this issue. We always appreciate your comments and suggestions, so please let us know what you think.

Kelly O’Donnell
Head of Investor Relations

Download Alliance Trust Investor Magazine, Autumn 2007

PDF format, 2.6MB, 12Pages.

Behind the credit crisis
Head of Research Centre Shona Dobbie explains what triggered the crisis
INTERVIEW WITH ALAN HARDEN
Opportunities emerge amid market volatility
MARKET VIEW
The prospects for oil

About Alliance Trust:

Alliance Trust is an international investment and financial services group, specialising in fund management, pensions and investment services. Alliance Trust PLC is currently the UK’s largest generalist investment trust company investing on a global basis across all major markets and sectors. We manage over £2.8 billion of assets (as at 31/01/07). Established in 1888, our historic headquarters is in Dundee with other offices in Edinburgh, London and Hong Kong.

Our objective at Alliance Trust PLC is to be a core investment for investors seeking a long term store of increasing value. We allocate our capital across a broad range of asset classes to enhance and preserve total returns and to provide shareholders with real growth over the medium to long term. We can use investment techniques such as gearing and hedging to enhance returns and reduce risks within our portfolio. We do not benchmark against any equity index as we retain the freedom to move not only between equity markets as opportunities arise but also to invest in other asset classes.

In 2006, we launched a new Asia-Pacific Asset Management subsidiary in Hong Kong. This offers investors the potential for participation in the exciting growth prospects of the Asia-Pacific region. Our experience and knowledge of the region developed within Alliance Trust PLC is enhanced by our local presence there.

Our other financial services subsidiary company, Alliance Trust Savings Limited, offers a range of competitive investment dealing products including share dealing Investment Plans, ISAs and SIPPs. Our customers can choose from over 3000 UK securities and our Full SIPP allows any investment permitted by the regulations including commercial property and unquoted equities. We have recently enhanced our service with the launch of an Online Dealing Service which provides flexibility, freedom and more choice for our customers.

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