1. Alliance Trust PLC 126th Annual General Meeting Susan Noble Member of the Remuneration Committee 1 May 2014

2. 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

3. Possible reward outcomes

4. 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

5. 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

6. LTIP vesting 2014 LTIP awards (from 2011 onwards)

7. Chief Executive Officer Chief Executive Officer 50% business targets Achievement in 2013 Business Strategy17.3% Risk and Governance9.3% Leadership & People17.4% 45.0% Chief Executive Officer 50% corporate targets Achievement in 2013 NAV Total ReturnBelow target Total Shareholder ReturnBelow target Dividend growthAchieved Company costsAchieved 12.5% Total57.5 of max 100%

8. Chief Financial Officer Chief Financial Officer 50% business targets Achievement in 2013 Business Strategy17.0% Risk and Governance13% Leadership & People11% 41.0% of max 50% Chief Financial Officer 50% corporate targets Achievement in 2013 NAV Total ReturnBelow target Total Shareholder ReturnBelow target Dividend growthAchieved Company costsAchieved 12.5% Total53.5 of max 100%

9. 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. 9