Alliance Trust PLC 127th Annual General Meeting Katherine Garrett-Cox Chief 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 2014Year 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 years80% Fair value£24.3m (+90%) Source: Alliance Trust

Contribution analysis for 2014 Contribution Analysis (%) Average Weight Rate of Return Contribution to Total Return Equities Fixed Income Private Equity Mineral Rights Alliance Trust Savings Alliance Trust Investments Other Investments, cash & accruals2.8n/a0.2 Gearing Expenses-0.7 Share Buybacks0.2 NAV Total Return8.1 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 Source: Alliance Trust & FactSet * To 31 January † To 31 December

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 NAV Total Return 6 monthsQ2Q1 1 yearQ2Q1 3 yearsQ3Q2 5 yearsQ2Q3 Note: Peer group made up of Morningstar Global Sector constituents Source: Alliance Trust, FactSet & Morningstar. Prices & Index rebased to 100 at 30 August 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