IMPORTANT INFORMATION FOR ALL EXISTING AND POTENTIAL INVESTORS IN PREMIER ALLIANCE TRUST INVESTMENT FUNDS ICVC (THE "FUND")

NOTICE OF PROPOSED CHANGE OF INVESTMENT MANAGER

Following a review of all aspects of Alliance Trust's activities, Alliance Trust has announced that it is to close its Hong Kong office, where the investment managers of the Premier Alliance Trust Japan Equity Fund and the Premier Alliance Trust Asia-Pacific Equity Fund, AT Asset Management (Asia Pacific), are currently based, to create a centralised team of investment managers based in Alliance Trust's offices in Scotland.

Premier Portfolio Managers Limited, the Authorised Corporate Director (ACD) of the Fund, has agreed that the existing investment management agreement in respect of the Fund be transferred to Alliance Trust Asset Management. The appointment of Alliance Trust Asset Management as Investment Manager of Premier Alliance Trust Japan Equity Fund and Premier Alliance Trust Asia-Pacific Equity Fund is expected to take effect during the first quarter of 2009. The appointment will be on exactly the same terms as those that currently apply to the appointment of AT Asset Management (Asia Pacific).

The ACD of the Fund believes that Alliance Trust Asset Management will be a suitable replacement as Investment Manager and that it will continue to offer investors the ability to participate in the growth opportunities available in the dynamic Asia-Pacific region. Alliance Trust Asset Management will be able to draw on the competitive track record of Alliance Trust's experienced investment management team in delivering long-term value to investors.

An updated statement will be released in the first quarter of 2009 as soon as the change of Investment Manager becomes effective.