Alliance Trust PLC126th Annual General Meeting

Katherine Garrett-CoxChief Executive

1 May 2014

Company objectives

• Deliver strong and sustainable performance

• Provide a consistently growing dividend

• Increase 3rd party assets under management in Alliance Trust Investments

• Generate a profit in Alliance Trust Savings

Company highlights

Outcomes in 2013 Year end

• Performance • Total shareholder return: 22.7% 450.1p

• NAV total return: 18.4% 516.5p

• Equity portfolio return: 21.6%

• Dividend • Ordinary dividend: 9.5748p (3%)

• Special dividend: 1.282p

• Total dividend: 10.83p (12.5%)

47th consecutive year of dividend increase paid out of current earnings

Subsidiary highlights

Outcomes in 2013 – Alliance Trust Savings

• Profit from continuing operations £400k

• Completed sale of Full SIPP business, realising a profit £5.4m

• Assets under administration as at 31 December 2013 £5.4bn (33%)

Outcomes in 2013 – Alliance Trust Investments

• 3rd party assets under management £1.8bn (29%)

• Funds ranked in top or 2nd quartile 80%

Contribution analysis for 2013

Contribution Analysis (%)Average

WeightRate of Return

Contribution toTotal Return

Equities 93.8 21.6 19.4

Fixed Income 7.9 3.6 0.3

Other Assets 7.3 -1.2 -0.1

Cash and Accruals 2.5 0 -0.2

Gearing (cost of borrowing) -11.5 1.8 -0.2

Total 100.0 19.2 19.2

Expenses -0.8

Share Buybacks 0.0

NAV Total Return 18.4

Source: Alliance Trust and FactSet

Dividend growth

Past performance is not a guide to future performance.Source: Alliance Trust & FactSet. Performance to 31 December 2013

Discount & buy backs

Source: Alliance Trust & Morningstar as at 31 March 2014

Equity investment process

Fixed income total return

Source: Alliance Trust Investments & FactSet as at 31 March 2014

Alliance Trust Investments

Third party assets under management Third party net revenue

Source: Alliance Trust

* Including assets under advice

Alliance Trust Savings

Assets under administration Number of trades

Source: Alliance Trust

Data from continuing operations

Compound AverageGrowth Rate 27.9% 13.0%Compound Average

Growth Rate

Three year total shareholder return

Source: Alliance Trust & FactSet as at 31 March 2014

Market outlook

Company outlook

• Concentrated portfolio delivering a combination of long-term capital & income growth

• A strong commitment to steady growth of our dividend

• Continue to benefit from Retail Distribution Review and on track to deliver second year of profit in 2014 for Alliance Trust Savings

• Alliance Trust Investments gaining momentum by winning segregated and institutional clients

Investing for generations

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Important information

• Whilst considerable care has been taken in compiling the content of this presentation, no representation or warranty, expressed or implied, is made by Alliance Trust PLC as to its accuracy or completeness.

• The value of investments and the income from them may go down as well as up and are not guaranteed. The original amount invested may not be returned.

• Any examples are for illustration purposes only, the figures are not guaranteed and should not be relied on.

• Past performance is not a guide to future performance.

• Further information is available on our website www.alliancetrust.co.uk

• All figures and graphs are sourced at Alliance Trust PLC unless otherwise stated.

• Nothing said or covered by the presentation today should be construed as being an inducement or invitation in investment activity. No advice is given by Alliance Trust PLC.