Alliance Trust PLC 125th Annual General Meeting Alan Trotter Finance Director 3 May 2013

Alliance Trust – then and now

2012 highlights ObjectiveOutcome NAV Total Return12.1% Total Shareholder Return12.4% Dividend policy confirmedTotal dividend payment +7% Alliance Trust Savings monthly profitabilityAchieved by Q4 Alliance Trust Investments third party AUMFrom £129m to £1.4bn

Financial performance Company 12 months to 31 December months to 31 December 2011 Revenue£80.0m£85.1m Operating expenses£18.7m£16.0m Revenue profit before tax£59.8m£67.3m Earnings per share9.74p9.87p Dividend per share (including special)9.63p9.00p Ongoing charges ratio0.67%0.56% Group 12 months to 31 December months to 31 December 2011 Group operating expenses£42.9m£39.4m

Regulatory Forward Radar AIFMD – Alternative Investment Fund Managers Directive 3MLD Review – 3rd Money Laundering Directive Review CRD IV – Capital Requirements Directive IV FATCA – Foreign Account Tax Compliance Act COREP – Common Reporting PRIPs – Packaged Retail Investment Products MAD – Market Abuse Directive MIFID II – Markets in Financial Instruments Directive II RDR – Retail Distribution Review CASS – Client Assets EMIR – European Markets Infrastructure Regulations UCITS – Undertakings for Collective Investment in Transferable Securities

Alliance Trust Investments Total assets under management and advice increased by 248% to £1.9bn £1.2bn new business from Aviva Investors (August 2012) 2012 (£m)2011 (£m) Net revenue Expenses Operating loss(6.6)(4.8) Net assets8.61.8

Alliance Trust Savings Operating loss reduced to £0.4m Non core disposals – Full SIPP (Jan 2013) and Small Self Administered Scheme (June 2012) businesses Assets under administration £4.1bn with 74,231 customer accounts Continuing operations2012 (£m)2011 (£m) Revenue Expenses(10.0)(9.2) Operating loss(0.4)(2.3) Net assets