Alliance Trust PLC126th Annual General Meeting

Susan NobleMember of the Remuneration Committee

1 May 2014

Changes in regulation

• New Directors Reporting Regulations now in place

• Creating greater clarity around Exec pay

• Remuneration Report in 2 parts:

• Policy Report

• Implementation Report

Possible reward outcomes

Changes to our approach to pay…

• Alliance Trust comply in full with new regulations and no mandatory changes were required

• We have, however, made some minor changes which strengthen our policies and practices as follows:

• Introduced a new clawback clause

• Increased shareholder ownership for Executives

Elements of executive pay

• Base salaries – increasing for the 1st time in 3 years

• Long Term Incentive vesting in 2014

• Annual Bonuses – measured by corporate and business results in 2014

LTIP vesting 2014

LTIP awards (from 2011 onwards)

Chief Executive Officer

Chief Executive Officer50% business targets

Achievementin 2013

Business Strategy 17.3%

Risk and Governance 9.3%

Leadership & People 17.4%

45.0%

Chief Executive Officer50% corporate targets

Achievementin 2013

NAV Total Return Below target

Total Shareholder Return Below target

Dividend growth Achieved

Company costs Achieved

12.5%

Total 57.5 of max 100%

Chief Financial Officer

Chief Financial Officer50% business targets

Achievementin 2013

Business Strategy 17.0%

Risk and Governance 13%

Leadership & People 11%

41.0% ofmax 50%

Chief Financial Officer50% corporate targets

Achievementin 2013

NAV Total Return Below target

Total Shareholder Return Below target

Dividend growth Achieved

Company costs Achieved

12.5%

Total 53.5 of max 100%

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.

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