Alliance Trust PLC125th Annual General Meeting

Alan TrotterFinance Director

3 May 2013

Alliance Trust – then and now

2012 highlights

Objective Outcome

NAV Total Return 12.1%

Total Shareholder Return 12.4%

Dividend policy confirmed Total dividend payment +7%

Alliance Trust Savings monthly profitability Achieved by Q4

Alliance Trust Investments third party AUM From £129m to £1.4bn

Financial performance

Company12 months to

31 December 201211 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 share 9.74p 9.87p

Dividend per share (including special) 9.63p 9.00p

Ongoing charges ratio 0.67% 0.56%

Group12 months to

31 December 201211 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 3.8 1.8

Expenses 10.4 6.6

Operating loss (6.6) (4.8)

Net assets 8.6 1.8

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 operations 2012 (£m) 2011 (£m)

Revenue 9.6 6.9

Expenses (10.0) (9.2)

Operating loss (0.4) (2.3)

Net assets 18.8 17.1