Alliance Trust PLC127th Annual General Meeting

Katherine Garrett-CoxChief Executive

29 April 2015

Our vision

To be the UK’s most trusted investment and savings business by:

• Delivering consistently good investment performance and a growing dividend

• Regenerating our investor base to increase shareholder demand

• Ensuring that the subsidiary businesses add long-term value to the Trust

Creation of wealth and the preservation of capital

Company highlights

Outcomes in 2014 Year end

• Performance • Total shareholder return: 9.0% 478.9p

• NAV total return: 8.1% 546.8p

• Ongoing Charges Ratio: 0.60%

• Dividend • Ordinary dividend: 9.834p (3%)

• Special dividend: 2.546p

• Total dividend: 12.38p (14.3%)

• 48th consecutive year of dividend increase

Delivering consistent returns and top quartile dividend growth

Source: Alliance Trust

Subsidiary highlights

Outcomes in 2014 – Alliance Trust Savings

• Profit from continuing operations £200k

• Assets under administration as at 31 December 2014 £6.4bn (+19%)

• Fair value £31.6m (+18%)

Outcomes in 2014 – Alliance Trust Investments

• 3rd party assets under management £1.9bn (+6%)

• 4th consecutive year of net inflows

• Funds ranked in top or 2nd quartile over 3 years 80%

• Fair value £24.3m (+90%)

Source: Alliance Trust

Contribution analysis for 2014

Contribution Analysis (%)Average

WeightRate of Return

Contribution toTotal Return

Equities 97.7 6.9 6.9

Fixed Income 6.6 5.1 0.4

Private Equity 4.3 10.5 0.5

Mineral Rights 0.5 126.6 0.6

Alliance Trust Savings 0.9 4.9 0.0

Alliance Trust Investments 0.4 62.4 0.3

Other Investments, cash & accruals 2.8 n/a 0.2

Gearing -13.2 1.9 -0.3

Expenses -0.7

Share Buybacks 0.2

NAV Total Return 8.1

Source: Alliance Trust and FactSet

Progressive dividend growth

• Effective yield of 2.6% – one of the highest in the sector

• Compound annual growth rate of 8.7% over 5 years (RPI = 3.5%)

• Top quartile dividend growth over 1,3,5 years and ahead of inflation

The growth in the ordinary dividend and RPI is rebased to 100 at 31 January 1968. Source: Alliance Trust & FactSet* To 31 January 1968-2011 † To 31 December 2011-2014

Alliance Trust – a distinctive investment approach

• Experienced investment team with a clear, differentiated strategy and a sustained track record of outperformance

• Investing in well-managed businesses, for the long term

• Businesses that are more sustainable are better placed to grow faster than the market

• Our expertise and understanding of social and environmental issues gives investors the opportunity to maximise returns

There is sense in sustainability, delivering quality, growth & income

Investment process

• Identify high quality companies from around the world, with strong long-term prospects

• Select those which are significantly undervalued

• Construct a high conviction, diversified portfolio

To generate growth of capital and income

Source: Alliance Trust

Key investment themes

Climate Change

Quality of Life

Sustainable Consumption

Resilience

Sectors: Transport, Energy, IT, Automotive, Construction

Sectors: Healthcare, Food Producers, Education

Sectors: Industrials, Utilities, Automotive, Transport, Chemicals

Sectors: IT, Retail, Automotive, Finance, Testing Companies

Source: Alliance Trust

Alliance Trust Savings – the strategy & opportunity

Objective: Grow assets under administration from £6.4bn to £45bn by 2020

•Individuals have more financial responsibility – ATS well positioned

•Excellent customer service, broad investment choice for a fixed cost

•Delivered through a combination of organic and inorganic growth

•Alliance Trust Savings will represent a more significant part of the Net Asset Value

Objective: Grow assets under management from £2bn to £10bn by 2020

•Attract retail and institutional clients

•Deliver through a combination of organic and inorganic growth

•Promote sustainability as a point of competitive advantage

•Deliver investment strategies with consistent performance

•Reducing the Ongoing Charges Ratio of the Trust

Alliance Trust Investments – the strategy and opportunity

Source: Alliance Trust Investments

Generating long-term consistent returns

Total Shareholder Return

Peer group quartile ranking 31 March 2015

Total Shareholder

Return

NAVTotal

Return

6 months Q2 Q1

1 year Q2 Q1

3 years Q3 Q2

5 years Q2 Q3

Note: Peer group made up of Morningstar Global Sector constituentsSource: Alliance Trust, FactSet & Morningstar. Prices & Index rebased to 100 at 30 August 2008. Data as at 31 March 2015

Risk-adjusted returns

Source: Morningstar. Time period 01/04/2010 to 31/03/2015

• Generating superior reward per unit of risk

• Top quartile ranking in 4 out of the last 6 quarters

• Top half returns vs peer group in all but one quarter over the last 5 years

Market outlook

What Alliance Trust stands for

The Company has demonstrated:

• Resilience: through our long-term approach to investing, providing financial security

• Relevance: by constantly adapting to the ever changing world around us

• Responsible behaviour: both in terms of how we invest and how we do business

Investing for generations