A N A L L I A N C E O F B E S T I D E A S

S U M M A R Y: S T E A D Y P R O G R E S S Solid investment performance Total shareholder return 1.1%, NAV total return 2.9%, compared with MSCI ACWI 2.3% Equity portfolio return since April 2017 12.9% gross of fees vs. 10.1% for MSCI ACWI over same period Stable discount 30 June 2018: (5.7%) vs. 31 December 2017 (5.4%) Average discount of 5.8% over the period vs 5.1% in the first half of 2017 Continued disposal of non-core assets Improving service and operational performance of ATS Profit of 23,000 against a loss of 1.5m for the same period last year Board considering a number of expressions of interest in the business Increasing dividend Interim dividend of 3.389p per ordinary share, up 3% on 2017 Achieved 51st year of growth in 2017 Stepping up shareholder communication Received two shareholder communications awards from AIC for best website (individual trust) and best factsheet Morningstar upgrade to Bronze from Neutral Professional roadshows to educate investors about new proposition 2

A C O M P E L L I N G P R O P O S I T I O N D I V E R S I F I E D, H I G H C O N V I C T I O N C O N V I C T I O N R I S K C O N T R O L E X C L U S I V E A C C E S S D I V I D E N D G R O W T H L O W C O S T Focus on high conviction stocks; no passengers! Blend of best-in-class* managers with complementary styles High-quality managers carefully selected by Willis Towers Watson from around the globe Trust has progressive dividend policy Ongoing charges ratio of less than 0.65% pa, proving highly active management doesn t have to be expensive High active share of around 80% drives outperformance Manager diversification eliminates key man risk and produces a smoother return profile Most managers and all portfolios only available to UK retail investors through Alliance Trust Alliance Trust is one of only three investment trusts to increase dividend every year for more than 50 years Leading to higher returns Past performance is not a reliable indicator of future returns. * As rated by WTW. Source: Willis Towers Watson 3

Performance (%) P O S I T I V E S H A R E H O L D E R R E T U R N S Cumulative performance to 30 June 2018 of the overall portfolio Performance of the equity portfolio Cumulative Performance to 30 June 2018 (%) 6 months 1 year 3 year 5 year 14 12 10 12.9 10.1 Total shareholder return 1.1 8.8 64.6 96.2 8 6 NAV Total Return 2.9 8.7 54.1 77.6 4 2 2.9 2.3 MSCI ACWI total return 2.3 9.5 53.3 85.0 0 1 April 2017 to 30 June 2018 6 months to 30 June 2018 Past performance is not a reliable indicator of future returns. Equity portfolio gross return MSCI ACWI total return Notes: All data is provided as at 30 June 2018. All figures may be subject to rounding differences. The benchmark shown is the MSCI All Country World Index (gross dividends reinvested). Total NAV returns are based on NAV including income with debt at fair value, and are after all manager fees (including Willis Towers Watson s fees) and allow for any tax reclaims when they are achieved. Equity portfolio return is the return achieved by the eight equity managers and so includes the effect of any of their cash holdings (gross of their fees). Returns are quoted net of withholding taxes (some of which are potentially recovered at a later date) and therefore potentially underestimate the managers relative performance. In order to report the long-term record of the equity portfolio, the returns of the portfolio prior to its restructure early in April 2017 have been combined with the returns to date of the current portfolio. Sources: Investment Performance data is provided by BNY Mellon Performance & Risk Analytics Europe Limited, Morningstar and MSCI Inc. 4

D I V E R S I F I E D H I G H C O N V I C T I O N D E L I V E R S S M O O T H E R R I D E Cumulative outperformance from Willis Towers Watson s appointment to 30 June 2018 Individual managers Jun 8 Conservatives lose majority in British election Nov 2 Bank of England raise rates for first time in decade Mar 8 Trump announces trade tariffs Alliance Trust equity portfolio (combined) May 7 Emmanuel Macron wins French election Sep 24 Chancellor Merkel wins fourth term Jan 26 Feb 8 Global market correction Past performance is not a reliable indicator of future returns. Source: Investment Performance data is provided by BNY Mellon Performance & Risk Analytics Europe Limited, Morningstar and MSCI Inc. All returns (including Alliance Trust) are shown against MSCI All Country World Index NDR (Net Dividends Reinvested). Actual Alliance Trust benchmark: MSCI All Country World Index GDR (Gross Dividends Reinvested). 5

B E N E F I T S O F T H E N E W A P P R O A C H B E T T E R T H A N A T R A D I T I O N A L S I N G L E M A N A G E R A P P R O A C H B Y V I R T U E O F... No key man/individual firm risk Focus on stock selection as the key return driver Not wedded to a single style, hence less volatile relative performance B E T T E R T H A N A T R A D I T I O N A L M U L T I - M A N A G E R A P P R O A C H B Y V I R T U E O F High-conviction approach boosts return potential Truly global customised portfolio, not off the peg Direct communication with underlying managers Lower cost 6

Outperformance since 1 April 2017 (%) S T O C K S E L E C T I O N I S B I G G E S T D R I V E R O F R E T U R N S Performance of equity portfolio since WTW inception (1 April 2017 30 June 2018) PERFORMANCE ATTRIBUTION 3.0 2.5 2.0 1.5 1.0 2.8 3.3 0.5 0.0-0.5-1.0-0.5 Total Outperformance Allocation Stock Selection Notes: The data shown is from 1 April 2017 to 30 June 2018. All figures may be subject to rounding differences. Total portfolio outperformance is shown relative to MSCI ACWI GD benchmark. Willis Towers Watson assumed responsibility for management of the portfolio on 1 April 2017. Equity portfolio return is the return achieved by the eight equity managers and so includes the effect of any of their cash holdings (gross of their fees). Performance attribution is based on country attribution. Returns are quoted net of withholding taxes (some of which are potentially recovered at a later date) and therefore potentially underestimate the managers relative performance. Past performance is not a reliable indicator of future results. Sources: Investment performance data and attribution is provided by BNY Mellon Performance & Risk Analytics Europe Limited, Morningstar and MSCI Inc. 7

Size Return on invested capital Return on equity Sales growth Earnings per share growth Long-term EPS growth Dividend / Price Book / Price Earnings / Price Cash flow / Price Sales / Price Momentum 1 Year Momentum 3 Month A L L I A N C E T R U S T E Q U I T Y P O R T F O L I O X - R AY On the surface, the portfolio looks just like the benchmark But this conceals highly active stock-specific positions Style tilt analysis (z-score) Portfolio statistics as at 30 June 2018 0.8 0.3 Large cap High quality 0 High growth 0.1 0.1 Cheap 0 0 Positive momentum 0.1 Portfolio volatility 12.8% -0.2-0.7-0.3-0.1-0.1-0.2-0.1-0.2-0.1 Benchmark volatility 13.0% -1.2 Beta 0.96 Active risk 2.3% Active share 80% Size Quality Growth Value Momentum Source: WTW 8

N O N C O R E A S S E T S Simplification of portfolio continues Agreed sale of one private equity investment since end of period; progressing sales of others We are continuing to consider the sale of our mineral rights Profitable sale of initial consideration of Liontrust Asset Management PLC shares for disposal of Alliance Trust Investments Redeemed Liontrust fund holdings Received further 1,015,198 Liontrust shares in April, which are subject to 12-month lock up 9

I N V E S T M E N T I N S U B S I D I A R Y Alliance Trust Savings (ATS) profit of 23,000 against a loss of 1.5m for the same period last year ATS concentrating on improving customer service; has been shortlisted for two awards for 2018 ATS has seen continued growth with total assets under administration now over 16bn, an increase of 2.5% since 31 December 2017 Customer accounts at 110,402 (113,317 at 31 Dec 2017) Fair value remains at 38m as stated in Annual Report Alliance Trust has received a number of expressions of interest in ATS and is currently considering whether a change of ownership would be in the interests of Alliance Trust shareholders and ATS customers and staff Discussions with interested parties, each of whom envisage maintaining or growing ATS presence in Dundee, at an early stage; no certainty that the Board of Alliance Trust will decide to sell ATS 10

O U T L O O K Ongoing, challenging macro environment Diversified blend of best ideas from eight highly active managers reduces risk at the portfolio level Focus on stock selection as a driver of returns On track to deliver consistent outperformance with low volatility, from new diversified, high conviction investment strategy 11

A P P E N D I X

Sustainability of......competitive advantage Q U A L I TAT I V E D U E D I L I G E N C E Things we look for Investment professionals Approach/insight generation Portfolio management Things that can change Departure of key individual(s) Lack of succession planning Poor team dynamics A process which does not evolve Decisions becoming consensus-driven Senior people becoming less involved in research An investment made which conflicts with stated philosophy Performance inconsistent with approach/style Lack of understanding of risks being run Firm and team stability Opportunity set Alignment Significant turnover or change in the investment team Viability of asset management business is unclear Distraction due to corporate activity Evidence of growth in assets impinging on ability to generate alpha Increasing level of competition in the market Reduction in the size of the investible universe Asset management becomes a small part of revenues Lock-ins about to mature Change in fee or incentive structure reducing alignment of interests 13

V I S I T O U R AWA R D - W I N N I N G W E B S I T E Share price and performance Upcoming events Portfolio commentary Views from our equity managers Our website has recently been awarded Best Website 2018 by the Association of Investment Companies. Visit www.alliancetrust.co.uk for more on portfolio performance and regular updates from our Investment Committee and eight equity managers. 14

I M P O R T A N T I N F O R M A T I O N This financial promotion has been approved by Towers Watson Investment Management Limited ("Willis Towers Watson"), authorised and regulated by the Financial Conduct Authority. This presentation includes certain information and materials prepared for Alliance Trust PLC (the Company ) by Willis Towers Watson. Unless stated specifically otherwise, this presentation is not a recommendation, offer or solicitation to buy or sell and any prices or quotations contained herein are for information purposes only. This presentation has been prepared for general information purposes only and must not be relied upon in connection with any investment decision. Under no circumstances should this presentation or any of the information contained within it be considered a substitute for specific professional advice. Potential investors should seek independent financial advice from a financial adviser who is authorised under the Financial Services and Markets Act 2000 before making any investment decision. All financial investments carry risk. The value of an investment, and the income derived from it, if any, may go down as well as up and an investor may not get back the amount invested. Past performance is not a guide to future performance. This document contains certain forward looking statements with respect to the financial condition, results of operations and businesses and plans of the Company and its subsidiaries (the Group ). These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that have not yet occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts. As a result, the Group s actual future financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward looking statements. The Company undertakes no obligation publicly to update or revise forward looking statements, except as may be required by applicable law and regulation (including the Listing Rules of the Financial Conduct Authority). Nothing in this presentation should be construed as a profit forecast or be relied upon as a guide to future performance. The presentation is based on information available to Willis Towers Watson at the date of this material and takes no account of subsequent developments after that date. In preparing this material Willis Towers Watson has relied upon data supplied to it by third parties. Whilst reasonable care has been taken to gauge the reliability of this data, Willis Towers Watson provides no guarantee as to the accuracy or completeness of this data and Willis Towers Watson and its affiliates and their respective directors, officers and employees accept no responsibility and will not be liable for any errors or misrepresentations in the data made by any third party. The entities within the Willis Towers Watson group responsible for the management of the Alliance Trust investment portfolio are Towers Watson Investment Management (Ireland) Limited (TWIMI), Willis Towers Watson House, Elm Park, Merrion Road, Dublin, DO4 P231, register number 528835, authorised and regulated by the Central Bank of Ireland as the AIFM, and Towers Watson Investment Management Limited (TWIM), authorised and regulated by the Financial Conduct Authority (reference number 446740) as the investment manager and a delegate of the AIFM. 15

I M P O R T A N T I N F O R M A T I O N In the absence of its express written agreement to the contrary neither the Company nor Willis Towers Watson and its affiliates and their respective directors, officers and employees accept any responsibility and will not be liable for any consequences howsoever arising from any use of or reliance on this presentation. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA OR ANY JURISDICTION FOR WHICH THE SAME COULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA The value of investments and the income from them may go down as well as up and are not guaranteed. Investors may not get back the amount invested. Past performance is not a guide to future performance. Future returns are not guaranteed. The Trust has underlying holdings which are denominated in currencies other than Sterling and therefore may be affected by movements in exchange rates. Consequently, the value of these investments may rise or fall in line with exchange rates. Whilst care has been taken in compiling the content of this presentation, no representation or warranty, express or implied, is made by Alliance Trust as to its accuracy or completeness. Some slides may been compiled from external sources. Whilst these sources are believed to be reliable, the information has not been independently verified and therefore no representation is made as to its accuracy or completeness. The opinions expressed are those held by Alliance Trust at date of issue and are subject to change. Examples used are to demonstrate our investment philosophy and should not be interpreted as recommendations to buy or sell. Alliance Trust may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that a relatively small movement, down or up, in the value of the Trust s assets will result in a magnified movement, in the same direction, of that NAV. This may mean that you could get back nothing at all. Alliance Trust PLC is listed on the London Stock Exchange and is registered in Scotland No SC1731. Registered office, 8 West Marketgait, Dundee DD1 1QN. Alliance Trust PLC gives no financial or investment advice. The MSCI information is the exclusive property of MSCI Inc. ( MSCI ) and may not be reproduced or re-disseminated in any form or used to create any financial products or indices without MSCI s express prior written permission. This information is provided as is without any express or implied warranties. In no event shall MSCI or any of its affiliates or information providers have any liability of any kind to any person or entity arising from or related to this information. For the avoidance of doubt, please also note that Willis Towers Watson and its affiliates and their respective directors, officers and employees accepts no responsibility and will not be liable for any errors or misrepresentations in any MSCI information made available hereunder.

A N A L L I A N C E O F B E S T I D E A S www.alliancetrust.co.uk