Investment Managers’

Presentations27th April 2017

This financial promotion has been approved by Towers Watson

Limited (Willis Towers Watson), authorised and regulated by the Financial Conduct Authority.

This presentation includes certain information and materials prepared for Alliance Trust plc by Willis Towers Watson. This

presentation has been prepared for general information

purposes only and must not be relied upon in connection with

any investment decision. Potential investors should seek

independent financial advice from a financial advisor who is

authorised under the Financial Services and Markets Act 2000 before making any investment decision. The important

information on pages 31 and 32 should be read in conjunction with this document.

Agenda

2

1. Update on new portfolio from Willis

Towers Watson

Craig Baker, Global CIO

David Shapiro, Portfolio Manager

2. Presentation from River and

Mercantile Asset Management

Hugh Sergeant, CIO Equities

3. Presentation from Sustainable

Growth Advisers

George Fraise, Founding Principal

and Portfolio Manager

4. Q&A

willistowerswatson.com

Alliance Trust

Willis Towers Watson

27th April 2017

Craig Baker and David Shapiro

willistowerswatson.com

Multi-manager approach: Best of the best

4

Best in class1 managers selecting best ideas

Equity

Managers

Willis Towers

Watson

The Board &

ExecutiveGoals of the new approach

• Consistent outperformance

• At a competitive cost

• Continuing the progressive

dividend policy

High conviction portfolio

willistowerswatson.com

A multi-manager portfolio

5

More consistent outperformance

More robust and sustainable structure

Less reliance on any one manager/style

Increased skills through specialism

willistowerswatson.com

Focusing on high conviction portfolios

6

-0.3 -0.3

-0.5

-0.1 -0.1

0.2

0.0

0.7

0.8

1.0

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1 (Lowest) 2 3 4 5 6 7 8 9 10 (Highest)

Ave

rag

e A

nn

uali

se

d A

lph

a (

%p

a)

Deciles of Active Risk

Alpha by Level of Active Risk (Manager's Chosen Benchmark)

Own less

of this

Own more

of this

Source: Sebastian & Attaluri (Conviction in Equity Investing, 2014)

Higher conviction portfolios

Bett

er

perf

orm

an

ce

willistowerswatson.com

BlackRock’s mandate as Transition Manager

7

Blackrock’s Role:

Manage Risk

Minimise Cost

Control Market Impact

1 Portfolio

transitioned to

8 Managers

(9 portfolios)

Commenced after completion of Elliott

Share Repurchase on 13 March 2017

Completed12 April 2017

Direct costs only 0.18%

Compared to an estimate of 0.30%

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Performance over the transition period

8

Legacy vs. Actual Transition Account portfolio performance during the transition period

Source: BlackRock

Performance data are unaudited estimates only, calculated based only on assets under BlackRock management, as transition manager, and reflects the theoretical

performance of the securities held by BlackRock at the start of transition versus the performance of the actual assets under BlackRock control during the transition.

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

Legacy Portfolio Transition Portfolio

willistowerswatson.com

The Willis Towers Watson Investment Team

9

Portfolio Management

Team of 15

Research

Team of 128

Craig

Baker

David

Shapiro

Mark DavisStuart Gray

Support

Team of 126

CIO

Data as at 31 December 2016

willistowerswatson.com

Your Alliance Trust equity portfolio today

10

51%

19%

10%

3%7%

0%

10%

57%

15%

6%8% 8%

0%

6%

0%

10%

20%

30%

40%

50%

60%

NorthAmerica

Europe exUK

UK Japan AsiaPacific ex

Japan

MiddleEast &Africa

EmergingMarkets

Breakdown by region

ATI MSCI ACWI

9%

17%18%

9%

22%

4%

14%

1%

5%

0%

10%

12%

18%

11%

17%

5%

11%

3%

7%

3% 3%

0%

5%

10%

15%

20%

25%Breakdown by sectors

ATI MSCI ACWINotes:

• Benchmark data as at 31 March 2016

• Alliance Trust portfolio data as at 11 April 2017

• Portfolio data excludes non-core assets and cash

Source: WTW, BNYM, MSCI, Factset, FTSE

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Top 10 stock holdings

11

Company %*

1 Charter Communications Inc 2.0

2 United Health Group 1.9

3 Microsoft Corp 1.5

4 Oracle Corp 1.5

5 Nielsen Holdings PLC 1.5

6 Western Union Co 1.4

7 Amazon Inc 1.4

8 CVS Health Corp 1.4

9 Johnson Controls International PLC 1.3

10 Nestle 1.2

* Percentage exposure excludes non-core assets and cash, as at 11 April 2017

willistowerswatson.com

Your equity managers

12

Source: Willis Towers Watson and individual managers as of December 2016.

Bill Kanko, founder and President. Bill

was the lead manager for the Trimark

Fund and Trimark Select Growth Fund,

with combined assets of more than $13

billion.

Rajiv Jain founded GQG Partners in

June 2016, having previously worked at

Vontobel Asset Management for 22

years.

Ben Whitmore has over 20 years of

experience and joined Jupiter in 2006.

Pierre Py and Greg Herr are

co-portfolio managers with an

average of 20 years investing

experience.

Sustainable Growth Advisers (SGA)

was founded in 2003 by George

Fraise, Gordon Marchand and Rob

Rohn, they average over 30 years of

investment experience.

Lyrical Asset Management’s

investment management team is led

by Co-Founder and Chief Investment

Officer, Andrew Wellington.

Hugh Sergeant is the CIO of Equities

having previously been in a similar role

at Societe Generale Asset

Management ('SGAM') and prior to that

at UBS/Phillips & Drew and Gartmore.

Andy Headley is Head of Global

strategies at Veritas Asset

Management. Andy has over 20 years

investment experience.

Alliance Trust

Hugh Sergeant27th April 2017

14

What is the aim of our investment approach? Creating wealth for our clients through compound returns

Compound Returns

=

Wealth Creation

What type of investments do we look for?

Recovery

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Stock Picks

16

Good business

Self help

Valuation depressed

Profits below normal level

Profits start to recover

Recovery investing for Alliance Trust: Our definition of a recovery share

We look for 100% upside

Potential

Timing

Valuation

How do we find PVT stocks? We have a systematic and therefore repeatable process

17

Fundamental Research

Conviction Alliance TrustPortfolio

MoneyPenny

Screening

Fundamental

ResearchConviction

Alliance Trust

Portfolio

We generate strong absolute and relative returns: Performance for our recovery strategies to March 2017

UK Long Term Recovery Fund

%FTSE All Share

%Relative

%Decile ranking

Since Inception: Cumulative 232.3 104.3 128.01st

Since Inception: Annualised 14.8 8.6 6.2

Source: River and Mercantile Asset Management LLP, as at 31 March 2017 & Financial Express Analytics The R&M World Recovery Fund and the R&M UK Equity Long Term Recovery Fund sit in the IA Global Sector and IA UK All Companies sector respectively. Past performance is not a guide to future performance. UKLT inception: 17/07/2008 and UKWR inception : 04/03/2013, Z Class Shares

18

World Recovery Fund

%MSCI ACWI

%Relative

%Decile ranking

Since Inception: Cumulative 110.2 66.4 43.81st

Since Inception: Annualised 20.0 13.3 6.7

Value investing for Alliance Trust: We are believers in value investing

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• Value outperforms

• It makes sense (buying things cheaply!)

• It has made sense to lots of famous investors

• Hugh Sergeant has practiced it for 25 years

• And now it is at cyclical low point

Source: The Ken French data library

Asset Backed Long Term Performance in the US (low PB vs High PB relative cumulative return)

Value outperformance: It’s only just begun!

20Source: Sanford C. Bernstein & Co.; Pzena Analysis. Data as at Dec 31, 2016

Cyclical Low

Sector

Anglo American Mining

Applus Testing

Citigroup US Bank

ENI Oil

Gafisa Brazilian housing

Hugo Boss Almost Luxury

IBM Technology

Johnson Controls Heating and Aircon

Johnson Matthey Catalysts

Lloyds Bank

The portfolio for Alliance Trust: 20 High conviction Recovery stocks, diversified by sector, region and size

21Source: River and Mercantile Asset Management LLP

Sector

Malaysia Airports Airport

Naspers Online Investor

Nintendo Super Mario

Prada Luxury

Sands China Macau

Solocal Local online advertising

South32 Mining

Sumitomo Mitsui Financial Japanese Bank

TP ICAP Broker

Wells Fargo US Bank

Working with WTW and Alliance Trust

22

Source: River and Mercantile Asset Management LLP. performance is taken from the Eternity segregated account (gross of Fees) of the Global Concentrated Portfolio to the 28 February 2017. Past performance is not a guide to future performance

WTW and Concentrated Portfolios

• Long term relationship with WTW

• We have had many years experience managing concentrated portfolios in conjunction with WTW clients

• These require high levels of conviction by the manager

• These represent our very best ideas

• It will deliver better returns over the long term

• Important that this part of a broader portfolio of managers similar to the Alliance Trust mandate

• With a sophisticated and experienced adviser (WTW) creating and managing the overall portfolio

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17

Global Con Cumulative return MSCI ACWI Cumulative return

Our Track record in managing Concentratedportfolios for WTW

Alliance Trust

27th April 2017

George Fraise

Investment Team

24

Kishore Rao, Principal

TuckerBrown,

Principal

Hrishikesh (HK) Gupta,

Principal

David Oh, Principal

Peter Madej, CMT,

Research Analyst

Steve Skatrud, CFA,

Client Portfolio Manager

PatrickHolway, CFA,

CAIA, CIC,Client

Portfolio Manager

AlexandraLee, MD, Principal

GeorgeFraise,

Founding Principal

Gordon Marchand, CPA, CFA,

CIC, Founding Principal

Rob Rohn, Founding Principal

Luying Wang,

Research Analyst

Stability We have never lost an investment professional

Teamwork We have two analysts on every company

Culture Our culture is focused on understanding and controlling risk

Distinguishing Characteristics

25

Alliance Trust Portfolio

Alliance Trust

ValuationCash-Flow Based

QualityPricing Power

Recurring RevenuesFinancial Strength

GrowthOver 2x Earnings and Revenue

Growth vs. ACWI

26

Investment Approach

Three Pillars

Diligence

In Team-Based Research

Reduce Human Risk

Discipline

In Valuation

Reduce Price Risk

Selectivity

In Company Identification

Reduce Business Risk

27

Alliance Trust Portfolio Examples

28

Over 200 million active users and over 60

million Prime members

345,000 customers in more than 180

countries. 87% of Forbes Global 2000

are SAP customers

900 million consumers in 140 countriesMore than 2,000 global and local brands

and 330,000 employees selling products in

196 countries

2.5 billion Visa cards in use worldwide with

100+ billion total transactions per year

Fifth largest bank in India by assets with

87,000+ employees

Global leader in diabetes market with products

marketed in 180 countries

Leading provider of accounting software in

Australia and New Zealand. Approximately 1.2

million businesses use MYOB’s software

Serving over 29 million individual policies and

over 16 million members of group insurance

plans

Representative list of holdings as of 3/31/17. Portfolio holdings are subject to change daily. Under no circumstances does the information contained within represent a recommendation to buy or sell securities. Itshould not be assumed that investments in the securities were or will be profitable. The list provided may not represent all of the securities recommended for advisory clients. A complete list of all securitiesrecommended for the strategy in the preceding year can be obtained free of charge by contacting SGA at (203) 348-4742. It should not be assumed that future results will be reflective of past performance.

SGA Performance – Global Growth

SGA Global Growth11.3%

MSCI ACWI7.1%

Returns (gross of fees through 3/31/2017) are those of the SGA Global Growth Composite. SGA Global Growth Composite inception is 2/1/2011. MSCI ACWI Returns are Net Total Return (MSCI Net Total Return indexes reinvest dividends after the deduction of withholding taxes). Since Inceptionreturns are gross annualized and as of 3/31/17. The performance figures shown do not reflect the deduction of investment advisory fees. The prospective return will be reduced by advisory fees and any other expenses incurred in the management of the account. SGA’s fees are available uponrequest and also may be found in Part 2A of its Form ADV. Returns reflect the reinvestment of dividends, interest and other earnings. For interest and capital gains, SGA does not withhold taxes, for dividends SGA will withhold taxes as reported by the client’s custodian. Actual fees charged toclients may vary depending on, among other things, the applicable fees schedule and portfolio size. SGA’s fees are available upon request and also may be found in Part 2A of its Form ADV. Past performance does not guarantee future results. This information is supplemental and complementsfull disclosure presentation on composite performance found on the last pages of this document.

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80

100

120

140

160

180

200

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

Cu

mu

lati

ve V

alu

e (

USD

)Since Inception

Performance

Questions

31

Important Information

• This financial promotion has been approved by Towers Watson Limited ("Willis Towers Watson"), authorised and regulated by

the Financial Conduct Authority. This presentation includes certain information and materials prepared for Alliance Trust PLC

(the “Company”) by Willis Towers Watson. Unless stated specifically otherwise, this presentation is not a recommendation, offer

or solicitation to buy or sell and any prices or quotations contained herein are for information purposes only.

• This presentation has been prepared for general information purposes only and must not be relied upon in connection with any

investment decision. Under no circumstances should this presentation nor any of the information contained within it be

considered a substitute for specific professional advice. Potential investors should seek independent financial advice from a

financial advisor who is authorised under the Financial Services and Markets Act 2000 before making any investment decision.

• All financial investments carry risk. The value of an investment, and the income derived from it, if any, may go down as well as

up and an investor may not get back the amount invested. Past performance is not a guide to future performance. This document

contains certain forward‐looking statements with respect to the financial condition, results of operations and businesses and

plans of the Company and its subsidiaries (the “Group”). These statements and forecasts involve risk and uncertainty because

they relate to events and depend upon circumstances that have not yet occurred. There are a number of factors that could cause

actual results or developments to differ materially from those expressed or implied by these forward‐looking statements and

forecasts. As a result, the Group’s actual future financial condition, results of operations and business and plans may differ

materially from the plans, goals and expectations expressed or implied by these forward‐looking statements. The Company

undertakes no obligation publicly to update or revise forward‐ looking statements, except as may be required by applicable law

and regulation (including the Listing Rules of the Financial Conduct Authority). Nothing in this presentation should be construed

as a profit forecast or be relied upon as a guide to future performance.

32

Important Information

• The presentation is based on information available to Willis Towers Watson at the date of this material and takes no account of

subsequent developments after that date. In preparing this material Willis Towers Watson has relied upon data supplied to it by

third parties. Whilst reasonable care has been taken to gauge the reliability of this data, Willis Towers Watson provides no

guarantee as to the accuracy or completeness of this data and Willis Towers Watson and its affiliates and their respective

directors, officers and employees accept no responsibility and will not be liable for any errors or misrepresentations in the data

made by any third party.

• In the absence of its express written agreement to the contrary neither the Company nor Willis Towers Watson and its affiliates

and their respective directors, officers and employees accept no responsibility and will not be liable for any consequences

howsoever arising from any use of or reliance on this presentation.

• NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES,

CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA OR ANY JURISDICTION FOR WHICH THE SAME COULD BE

UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE

IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA