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1 Alpha Financial Products Limited Level 28 RBS Tower 88 Phillip Street Sydney NSW 2000 Australia 5 December 2011 To: Company Announcements Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000 ALPHA Managed Income Notes Portfolio Listings ASX Code: AFPHA We attach listings of the companies in the Capital Portfolio and Income Portfolio, as at 31 October 2011, including the following information: 1 The Standard & Poor s credit rating and credit rating outlook for each company. 2 The credit default swap spread (CDS) for each company. The CDS for a company is one measure of the market s assessment of the credit risk associated with that company i.e. a higher CDS indicates that the market is currently demanding a higher return for assuming the risk that a Credit Event will occur in respect of that company. The CDS listed should be viewed as indicative only. Credit default swaps are not traded on organised securities exchanges and can in some cases be volatile and illiquid. The CDS is expressed in basis points (bps), where 100bps equals 1%. 3 The weighting of each company as a percentage of the relevant portfolio. This information has been assembled by RBS Group (Australia) Pty Limited (the manager of Alpha Financial Products Limited), and is intended to supplement the monthly report provided by the Portfolio Manager, Lion Global Investors Limited. Yours sincerely Stuart Palmer Company Secretary

2 AFPHA Portfolio Listings Alpha Managed Income Notes (AFPHA) Portfolio listings as at 31 October 2011 Capital Portfolio ABB International Finance Limited A Stable 0.77% Accor BBB- Negative 0.77% ACE LIMITED A Stable 0.77% American Axle & Manufacturing Inc BB- Stable 0.77% ArcelorMittal BBB- Negative 0.77% Assured Guaranty Corp. AA+ Watch Negative 0.77% 1, AT&T Inc. A- Stable 0.77% Atlantia S.p.A. A- Negative 0.77% Avnet Inc. BBB- Stable 0.77% AXA A Stable 0.77% Banca Popolare di Milano BBB+ Negative 0.77% Bertelsmann AG BBB+ Stable 0.77% Boston Scientific Corporation BBB- Stable 0.77% Boyd Gaming Corporation B Stable 0.77% Brisa Finance BV NR % BRITISH AIRWAYS plc BB- Stable 0.77% British American Tobacco Plc BBB+ Stable 0.77% British Telecommunications Plc BBB Stable 0.77% Capital One Bank BBB+ Negative 0.77% CARNIVAL CORPORATION BBB+ Stable 0.77% CenterPoint Energy Inc. BBB Positive 0.77% Centex Corporation NR % CHARTERED SEMICONDUCTOR BB Stable 0.77% MANUFACTURING LTD. Citizens Communications Company BB Stable 0.77% Clear Channel Communications Inc. CCC+ Positive 0.77% Comcast Cable Communications LLC BBB+ Stable 0.77% Constellation Energy Group Inc. BBB- Watch Positive 0.77% Continental Airlines Inc B Stable 0.38% Countrywide Home Loans Inc. A Negative 0.77% DaimlerChrysler AG BBB+ Positive 0.77% Contact: RBS Tower 88 Phillip Street Sydney NSW 2000 GPO Box 4675 Sydney NSW 001 Telephone Facsimile RBS Group (Australia) Pty Ltd AFS Licence No ABN

3 DEUTSCHE BANK A+ Stable 0.77% AKTIENGESELLSCHAFT Deutsche Lufthansa Aktiengesellschaft BBB- Stable 0.77% Deutsche Telekom AG BBB+ Positive 0.77% Diamond Offshore Drilling Inc. A- Stable 0.77% DOMTAR INC. BBB- Stable 0.77% DRESDNER BANK Aktiengesellschaft NR % Duke Capital LLC BBB+ Stable 0.77% E.ON AG A Negative 0.77% ERP Operating LP BBB+ Stable 0.77% Exelon Generation Company LLC BBB Stable 0.77% Financial Security Assurance Inc AA+ Watch Negative 0.77% Ford Motor Company BB+ Stable 0.77% FLEXTRONICS INTERNATIONAL LTD. BB+ Stable 0.77% FRANCE TELECOM A- Stable 0.77% Gas Natural SDG SA BBB Stable 0.77% GATX Corporation BBB Stable 0.77% General Electric Capital Corporation AA+ Stable 0.77% Genworth Financial Inc. BBB Negative 0.77% GKN HOLDINGS PLC BB+ Positive 0.77% Glencore International AG BBB Stable 0.77% GMAC LLC B+ Stable 0.77% Hannover Rueckversicherungs AG AA- Stable 0.77% Harrah s Operating Company Inc. B- Stable 0.77% 1, HSBC Finance Corporation A Negative 0.77% Hutchison Whampoa Ltd A- Stable 0.77% Iberdrola SA A- Stable 0.77% International Lease Finance Corporation BBB- Stable 0.77% International Paper Company BBB Stable 0.77% istar Financial Inc. B+ Stable 0.77% 1, Jones Apparel Group Inc. BB- Positive 0.77% JPMorgan Chase & Co. A+ Negative 0.77% Klepierre BBB+ Stable 0.77% Liberty Mutual Insurance Company A- Stable 0.77% Liz Claiborne Inc. B- Negative 0.77% Loews Corporation A Positive 0.77% Masco Corporation BBB Negative 0.77% MBIA Insurance Corporation B Negative 0.77% 2, Merrill Lynch & Co. Inc. A Negative 0.77% MetLife Inc. A- Negative 0.77% MGIC Investment Corporation CCC+ Watch Negative 0.77% Morgan Stanley A Negative 0.77% Muenchener Rueckversicherungs- AA- Stable 0.77% Gesellschaft AG National Grid Plc A- Stable 0.77% National Rural Utilities Cooperative A Stable 0.77% Finance Corporation NOBLE GROUP LIMITED BBB- Stable 0.77% Norbord Inc. BB- Negative 0.77% NORSKE SKOGINDUSTRIER ASA B- Watch Negative 0.77% 5, Old Mutual Plc NR % Page 2/6

4 Oneok Inc BBB Stable 0.77% Peoples Republic Of China AA- Stable 0.77% PHH Corporation BB+ Negative 0.77% Pulte Homes Inc. BB- Negative 0.77% QANTAS AIRWAYS LIMITED BBB Negative 0.77% R.J.Reynolds Tobacco Holdings Inc BBB- Stable 0.77% Radian Group Inc. CCC+ Watch Negative 0.77% Republic of Korea A Stable 0.77% Residential Capital LLC B+ Stable 0.38% REXAM PLC BBB- Stable 0.77% Rio Tinto Ltd. A- Negative 0.77% ROYAL CARIBBEAN CRUISES LTD. BB Watch Negative 0.77% Russian Federation BBB Negative 0.77% Sabre Holdings Corporation B Watch Negative 0.77% Schering-Plough Corporation AA Stable 0.77% SCOR SE A Positive 0.77% Sempra Energy BBB+ Negative 0.77% Shimao Property Holdings Ltd BB Negative 0.77% Siemens AG A+ Negative 0.77% Simon Property Group L.P. A- Stable 0.77% Sprint Nextel Corporation B+ Stable 0.77% Starwood Hotels & Resorts BB+ Negative 0.77% Swedish Match AB BBB Stable 0.77% Telecom Italia SpA BBB Stable 0.77% Telefonica SA BBB+ Stable 0.77% Telekom Austria AG BBB Negative 0.77% Tesoro Corporation BB+ Stable 0.77% The Bear Stearns Companies Inc. A+ Negative 0.77% The Goldman Sachs Group Inc. A Negative 0.77% The Korea Development Bank A Negative 0.77% The McClatchy Company B- Negative 0.77% The PMI Group Inc. CC Watch Negative 0.77% Time Warner Inc. BBB Watch Negative 0.77% Transocean Inc. BBB- Stable 0.77% Tyson Foods Inc. BBB- Negative 0.77% UniCredit Societa Per Azioni A Negative 0.77% VALEO NR % Vedanta Resources Plc BB Stable 0.77% VINCI BBB+ Stable 0.77% Vodafone Group Plc A- Stable 0.77% Volkswagen AG A- Stable 0.77% Vornado Realty L.P. BBB+ Stable 0.77% Weatherford International Inc. BBB Negative 0.77% WPP 2005 Limited BBB Stable 0.77% XL Capital LTD BBB+ Stable 0.77% Zurich Insurance Company AA- Stable 0.77% Page 3/6

5 Income Portfolio ABB International Finance Limited A Stable 0.87% ACCOR BBB- Negative 0.87% Alliance Boots Holdings Limited NR % American Axle & Manufacturing Inc BB- Stable 0.87% American International Group Inc. A- Stable 0.87% Arrow Electronics Inc. BBB- Stable 0.87% ArvinMeritor Inc. B Stable 0.87% Ashland Inc. BB Stable 0.87% AUTOSTRADE S.P.A. A- Negative 0.87% Avnet Inc. BBB- Stable 0.87% Beazer Homes USA Inc. B- Negative 0.87% Bombardier Inc BB+ Stable 0.87% Boston Scientific Corporation BBB- Stable 0.87% BRITISH AIRWAYS plc BB- Stable 0.87% British Telecommunications Plc BBB Stable 0.87% CASINO GUICHARD-PERRACHON BBB- Stable 0.87% CenterPoint Energy Inc. BBB Positive 0.87% Centex Corporation NR % Chesapeake Energy Corporation BB+ Stable 0.87% Citizens Communications Company BB Stable 0.87% Clear Channel Communications Inc. CCC+ Positive 0.87% CNA Financial Corporation BBB- Stable 0.87% Comcast Cable Communications LLC BBB+ Stable 0.87% Countrywide Home Loans Inc. A Negative 0.87% Cox Communications Inc. BBB Stable 0.87% D.R. Horton Inc. BB- Stable 0.87% DaimlerChrysler AG BBB+ Positive 0.87% Deutsche Lufthansa AG BBB- Stable 0.87% Dillards Inc. BB- Stable 0.87% DOMTAR INC. BBB- Stable 0.87% EMI Group Limited NR % Exelon Generation Company LLC BBB Stable 0.87% First Data Corporation B Stable 0.87% FirstEnergy Corp. BBB- Stable 0.87% FKI plc NR % FLEXTRONICS INTERNATIONAL LTD. BB+ Stable 0.87% Ford Motor Company BB+ Stable 0.87% FORD MOTOR CREDIT COMPANY BB+ Stable 0.87% FRANCE TELECOM A- Stable 0.87% GATX Corporation BBB Stable 0.87% GAZPROM BBB Stable 0.87% GKN HOLDINGS PLC BB+ Positive 0.87% GMAC LLC B+ Stable 0.87% Hannover Rueckversicherungs AG AA- Stable 0.87% Harrah s Operating Company Inc. B- Stable 0.87% 1, HCA Inc. NR % Hellenic Telecommunications Organization B Negative 0.87% 1, SA Hutchison Whampoa Ltd A- Stable 0.87% Iberdrola SA A- Stable 0.87% INTERNATIONAL POWER PLC BBB- Stable 0.87% Jones Apparel Group Inc. BB- Positive 0.87% JPMorgan Chase & Co. A+ Stable 0.87% K. Hovnanian Enterprises Inc. NR % Kabel Deutschland GmbH NR % Page 4/6

6 Rating Rating Outlook Weighting KINGFISHER PLC BBB- Positive 0.87% KLEPIERRE BBB+ Stable 0.87% Knight Inc. BB Stable 0.87% Liberty Media LLC A+ Stable 0.87% MARKS AND SPENCER p.l.c. BBB- Stable 0.87% Masco Corporation BBB Negative 0.87% MetLife Inc. A- Negative 0.87% METRO AG BBB Stable 0.87% MGM MIRAGE CCC+ Watch Positive 0.87% Motorola, Inc. BBB Stable 0.87% Muenchener Rueckversicherungs- AA- Stable 0.87% Gesellschaft Aktiengesellschaft in Muenchen NATIONAL GRID PLC A- Stable 0.87% Noble Group Ltd BBB- Stable 0.87% NORSKE SKOGINDUSTRIER ASA B- Watch Negative 0.87% 5, PPR BBB- Positive 0.87% ProLogis BBB- Stable 0.87% Pulte Homes, Inc. BB- Negative 0.87% QANTAS AIRWAYS LIMITED BBB Negative 0.87% R.J. Reynolds Tobacco Holdings, Inc. BBB- Stable 0.87% Radian Group Inc. CCC+ Negative 0.87% RadioShack Corporation BB Stable 0.87% Rock-Tenn Company BBB- Stable 0.87% ROYAL CARIBBEAN CRUISES LTD. BB Stable 0.87% Sabre Holdings Corporation B Stable 0.87% Safeway Inc. BBB Stable 0.87% SEARS ROEBUCK ACCEPTANCE CORP B+ Negative 0.87% SEAT PAGINE GIALLE S.P.A. CCC+ Negative 0.87% SERVICE CORPORATION BB Stable 0.87% INTERNATIONAL Shimao Property Holdings Limited BB Negative 0.87% Simon Property Group, L.P. A- Stable 0.87% SLM Corporation BBB- Stable 0.87% Spectra Energy Capital, LLC BBB+ Stable 0.87% Starwood Hotels & Resorts Worldwide, BB+ Stable 0.87% Inc. SUPERVALU INC. B+ Negative 0.87% TELECOM ITALIA SPA BBB Negative 0.87% Telekom Austria Aktiengesellschaft BBB Stable 0.87% Tesoro Corporation BB+ Stable 0.87% The Goldman Sachs Group, Inc. A Negative 0.87% The Hartford Financial Services Group, BBB Stable 0.87% Inc. The Home Depot, Inc. BBB+ Stable 0.87% The Nielsen Company B.V. BB- Positive 0.87% ThyssenKrupp AG BB+ Stable 0.87% Time Warner Inc. BBB Stable 0.87% Toll Brothers, Inc. BB+ Stable 0.87% TUI AG B- Stable 0.87% TXU Corp. CCC Negative 0.87% Tyson Foods, Inc. BBB- Stable 0.87% VALEO NR % VEDANTA RESOURCES PLC BB Negative 0.87% VOLKSWAGEN AKTIENGESELLSCHAFT A- Stable 0.87% Vornado Realty L.P. BBB+ Stable 0.87% Waste Management, Inc. BBB Stable 0.87% Whirlpool Corporation BBB- Stable 0.87% Page 5/6

7 Woori Bank A- Stable 0.87% XL CAPITAL LTD BBB+ Stable 0.87% Zurich Insurance Company AA- Stable 0.87% Disclaimer This document has been prepared by RBS Group (Australia) Pty Limited (ABN AFS Licence No ) ( RBS ). While the information contained in this document is believed to be reliable, no guarantee either expressly or implied, is given that it is accurate or complete. The document does not constitute an offer to buy or sell securities at any given price and opinions expressed are indicative only, and may be subject to change without notice. RBS is under no obligation to update or keep the information contained in the document current. In preparing this material, RBS has not taken into account an individual client s investment objectives, financial situation or particular needs. Before a client makes an investment decision they should, with or without RBS s assistance, consider whether any advice contained in this material is appropriate in light of their particular investment needs, objectives and financial circumstances. The information provided in the material is a guide only. Clients should not rely on any of the material without first having spoken to their adviser. RBS, its officers, directors, employees and agents accept no liability for any loss or damage arising out of the use of all or any part of the information contained within. Certain financial instruments referred to in this document may be issued by RBS and are offered pursuant to a Product Disclosure Statement ( PDS ). Any decision to invest should be based upon the information contained within the PDS Page 6/6