Clough Global Allocation Fund Announces an Annual Increase in Cash Distribution Per Common Share and Changes Distribution Payments to Monthly

DENVER--(BUSINESS WIRE)--

The Board of Trustees for the Clough Global Allocation Fund (NYSE MKT: GLV) has approved a change from quarterly to monthly cash distributions and has declared a monthly distribution of $0.105 per common share, payable on the dates noted below. This represents an increase in the annualized distribution rate of $0.06 per share, 5.00%. Based on the Fund's current share price of $14.90 and net asset value per share of $17.66 (as of close on December 11, 2013), the new distributions represent an annualized distribution rate of 8.46% and 7.13%, respectively. The Fund has approximately $335 million in total assets.

The following dates apply to the distributions declared:

Ex-Date: January 15, 2014

Record Date: January 17, 2014

Payable Date: January 31, 2014

Ex-Date: February 12, 2014

Record Date: February 14, 2014

Payable Date: February 28, 2014

Ex-Date: March 14, 2014

Record Date: March 18, 2014

Payable Date: March 31, 2014

Charles I. Clough, Jr., CFA, Chairman & CEO, Clough Capital Partners, LP commented, “The primary driver of this action is to be responsive to our shareholders who have expressed a preference for monthly rather than quarterly distribution payments. We are pleased that the performance of the Fund enables us to increase the amount of distributions and will benefit our current and potential new investors.” Going forward, the Board of Trustees intends to announce three monthly distributions at a time so investors have greater transparency into the distribution amounts and payment schedules.

A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short-term capital gain, long-term capital gain and return of capital. The final determination of the source of all distributions in 2014, including the percentage of qualified dividend income, will be made after year-end.

The Clough Global Allocation Fund

The Fund is a closed-end fund searching globally for the most opportunistic investments in the capital markets, with an investment objective of providing a high level of total return. With Analysts in Boston and Hong Kong, the Clough Global Allocation Fund seeks to pursue this objective by applying a fundamental research-driven investment process and will invest in equity and equity-related securities as well as fixed income securities, including both corporate and sovereign debt, in both U.S. and non-U.S. markets. More information on the Clough Global Allocation Fund, including the Fund's dividend reinvestment plan, can be found at www.cloughglobal.com or call 877-256-8445.

Clough Capital Partners L.P.

Clough is a Boston-based investment advisory firm which manages approximately $4.5 billion in assets: $2.0 billion in hedge fund and institutional accounts; $96 million in open-end mutual funds; and $2.4 billion in three closed-end funds (as of November 30, 2013) – Clough Global Allocation (GLV), Clough Global Equity (GLQ), and the Clough Global Opportunities Fund (GLO). The firm uses a global and theme-based approach and invests in securities on a global basis. Clough was founded in 2000 by Chuck Clough and partners James Canty and Eric Brock. These three are the portfolio managers for the Clough Global Allocation Fund, as well as Robert Zdunczyk.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, annual report or semi-annual report which contains this and other information visit www.cloughglobal.com or call 877-256-8445. Read them carefully before investing.

The Clough Global Allocation Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value.

Forward-looking statements are based on information that is available on the date hereof, and neither the fund manager nor any other person affiliated with the fund manager has any duty to update any forward-looking statements. Important factors that could affect actual results to differ from these statements include, among other factors, material, negative changes to the asset class and the actual composition of the portfolio.