ALLIANCE GLOBAL SERIES FUND - GATEWAY TO INVESTMENT IN ASIAN-FOCUSED EQUITIES AND GLOBAL BONDS

Kuala Lumpur, 22 May 2006 - The Alliance Banking Group, today launched its umbrella Alliance Global Series Fund, thus opening up opportunities for Malaysians to invest in Asian-focused equities and global bond funds.

In a unique collaboration with Fullerton Fund Management Co. Ltd, a Singapore-based fund management company with total commingled Asset Under Management (AUM) of S$2.6 billion, the Alliance Global Series Fund will feed into the Fullerton Global Equities Fund and Fullerton Global Bond Fund which are currently not distributed to retail investors in Singapore.

This is the latest in a series of initiatives launched by Alliance Bank in a strategic re-positioning of its wealth management business to be a Distributor of Premier Funds and bring top performing funds to its customers for better choices to suit each stage of life and also enhanced returns on investments.

A total of 300 million units of Alliance Global Series Fund will be available exclusively only from Alliance Bank at its 77 branches, Alliance Unit Trust and Alliance Unit Trust Tied-Agents. The units are priced at 50 sen per unit during the initial offer period of 21 days commencing 19 May 2006 through to 8 June 2006.

Special rebates of up to two per cent for investments above RM100,000 will be available for investors during the initial offer period

The Alliance Global Series Fund provides the choice of separate and distinct portfolios in the two global funds of Alliance Global Equities Fund and Alliance Global Bond Fund which will be feeder funds for the Fullerton Global Equities Fund and Fullerton Global Bond Fund that are heavily weighted in investments in Asia.

Subscription to the Alliance Global Series Fund and its umbrella and feeder fund concept will provide Malaysian retail investors the opportunity to take charge and determine their asset allocation in terms of exposure to equities and bonds. In addition, Malaysian investors will also have access to the wealth of experience of Asian-based fund management house, Fullerton Fund Management Co Ltd, driving their investment worth.

Alliance Banking Group Chief Executive Officer Bridget Lai said Alliance Global Series Fund stands out as an umbrella and feeder fund in Malaysia that is Asian-focused to tap on the growth potential of Asian markets for enhanced returns on investment.

"Optimism is high of Asia as an area with the greatest growth potential which will propel an upside in equities. The current financial environment in Asia also favours the development of bond markets, thus heralding the age of Asian bonds.

The Alliance Global Series Funds therefore presents an opportunity for Malaysian investors not just to venture into global fund investment but to buy into the potential growth of Asian assets at generally lower valuations than other global assets in developed markets," she said.

With the aim to achieve long-term returns, the Alliance Global Equities Fund will feed into the Fullerton Global Equities Fund, which today invests about two-thirds of its assets in Asia and the other third in the developed economies of France, Germany, Japan, the United Kingdom and the United States.

Similarly, the Alliance Global Bond Fund will be channeled into Fullerton Global Bond Fund, which will invest in a portfolio of investment grade fixed income securities that include government bonds, asset-backed securities and Asian corporate bonds.

Lai said global investment has shown to pay off over the medium to long term. Reflective of this are the returns of 9.43 per cent and 7.75 per cent per annum tracked for global equities and global bonds over the last 20 years [source: Barclays Global Investors for Raw Data on MSCI World and Global Bonds as at 31 October 2005].

With this collaboration with Fullerton Fund Management Co Ltd, investors would be able to leverage on the latter's experience gained from its long history of engaging the markets from a global and regional perspective.

Fullerton Fund Management Co Ltd, an investor-turned-fund manager, has been discerning in its strategy to drive investment worth. Since its inception on 31 March 2005, the Fullerton Global Equities Fund has performed well with a growth of over 20.6 per cent against the benchmark of a composite of Morgan Stanley Composite Index (MSCI) indices of 15 countries (19.8 per cent) and the MSCI World (12.24 per cent). [Source: Fullerton Fund Management Co Ltd].

The Alliance Global Series Fund is therefore an excellent platform for Malaysian investors to participate in global investing, Lai added.

The Alliance Banking Group embarked on a re-positioning of its wealth management business with the appointment of an independent research house, Perkasa Normandy Advisers, to continuously assess and rank unit trust funds on the Bank's panels to ensure that the Bank represents only the best in the market and at the same time provide independent research analysis and view on the market, unit trust industry development and performance of funds.

Following that, seven unit trust management companies were appointed to the Alliance Bank UTMC panel, bringing the total number to 11. This also tripled the number of unit trust funds distributed by Alliance Bank to 75 from the previous 24.

Together with Perkasa Normandy, Alliance Bank has also developed an e-portal Alliance WealthGuide to provide sales staff access to up-to-date vital information, thus increasing their knowledge, honing their skills, and raising their competency in marketing financial planning services. This web-based e-portal will soon be made available exclusively to unit trust customers so that they can have a finger on the pulse of what pulsates the financial market as well as update their investment portfolio any time, any day, any where at their convenience.

About Fullerton Fund Management Co Ltd

Fullerton Fund Management Co Ltd is a Singapore-based fund management house established in December 2003.

Fullerton offers a range of asset management expertise, including money market, global equities, global fixed income, global currencies as well as absolute returns investment strategies, with particular emphasis on strategic asset allocation and specialized Asian products.

About Alliance Bank

Alliance Bank Malaysia Berhad has had five decades of proud history in contributing to the financial community with its innovative and entrepreneurial business spirit. Since its inception the Bank has been an integral part of Malaysia's history. Over the past 50 years the Bank has grown from strength to strength by observing the basic tenets of prudent financial management, an honourable approach to doing business and an unwavering innovative and entrepreneurial spirit.

Alliance Bank is wholly-owned subsidiary of Malaysian Plantations Berhad. Today Alliance Bank employs over 3,000 people and has 77 branches in Peninsular Malaysia, Sabah and Sarawak.

About Alliance Unit Trust Management Berhad (AUT)

A member of the Alliance Banking Group, AUT currently manages seven funds, namely the Alliance First Fund (AFF), Alliance Vision Fund (AVF), Alliance Moneyplus Fund (AMF), Alliance Dana Adib (ADA), Alliance Tactical Growth Fund (ATGF), Alliance Optimal Income Fund (AOIF) and Alliance Islamic Money Market Fund (AIMMF)

For more information on AUT funds call 1-800-88-3065 or log on to www.allianceut.com.my.