Alliance Trust North American Equity Fund

Matthew Strachan Head of North American Equities

Justin Atkinson, CFA Investment Manager

Tom Pearson Director, Head of UK Retail Sales

For investment professionals only

2

Investment Themes

Energy

Independence

Industrial

Renaissance

3 screens

and the cloud Canada

• Technological Innovation

• Huge activity

• Cheaper Energy

• Overseas potential

• Solid manufacturing base

• Infrastructural demand

• Growing competitiveness

• Repatriation

• Technological evolution

• Social Networks

• World leaders

• Future growth

• Sensible

• Reliable

• Dynamic

• Open for business

3

Energy independence?

4

What has happened to oil production?

US crude oil production (barrels per day ‘000)

Source: US Dept of Energy

5

National Oilwell Varco

6

Union Pacific Railroad

7

North American Process

7

Fishing in a big pool

8

Stock Selection

9

Source: Financial Express

As at 28.09.2012

Top 10 holdings vs benchmark

Alliance Trust North American Equity Fund

0

1

2

3

4

5

6

7

Bank of

Nova Scotia

Philip

Morris

Ross Stores New York

Community

Bancorp

Yamana

Gold

InterOil PfizerLions

Gate

American

Tower

Apple

MSCI North America Index Total Return (£)

Weightings (%)

10

Benchmark top 10 constituents vs Fund

Source: Financial Express

As at 28.09.2012

0

1

2

3

4

5

6

7

Johnson &

Johnson

Procter &

Gamble

GoogleAT&T MicrosoftInternational

Business

Machines

ChevronGeneral

Electric

Exxon

Mobil

Apple

Weightings (%)

Alliance Trust North American Equity Fund MSCI North America Index Total Return (£)

11

Strong and consistent investment performance

Performance (%) to 28 September 2012

YTD 12months 2 Years 3 Years

North American Equity Fund* 11.99 23.95 10.63 11.08

Sector Average 8.58 19.12 9.88 9.74

Benchmark** 11.37 24.35 12.31 12.54

Peer Group Ranking 12/107 13/103 47/100 33/93

Quartile 1 1 2 2

Source: Financial Express

* After annual asset management fee of 1.2% and any applicable performance fee

** FTSE All-Cap North America £ until 31st December 2011 and MSCI North America £ thereafter

Past performance is not a guide to future performance. Income can fall as well as rise as a result of market and currency fluctuations and you

clients may get back less than they invested. Capital growth may be constrained or eroded with annual charges and any performance fee

chargeable being deducted from capital.

12

Importance of managing volatility

Source: Financial Express

Alliance Trust North American Equity Portfolio Risk Return Profile

13

Stock selection, carefully blended

28th September 2012

Source: MSCI BARRA, Factset, Alliance Trust

14

Building performance from a solid foundation

Cumulative from April 2009 to September 2012

15

Outlook

• Fiscal Cliff

• Debt Ceiling

• US drought

• Re-shoring of manufacturing

• Wireless data growth

• Canada and Mexico >30% of exports

• US housing

Concerns Opportunities

16

Important Information

• This presentation is intended for investment professionals only. It must not be distributed to, or relied upon by, retail investors.

• Past performance is not a guide to future performance. The value of investments and the income from them may go down as well as up and is

not guaranteed. You may not get back the amount invested.

• Some of the funds have 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.

• Where a fund invests in a concentrated number of securities, there is an increased risk of volatility which may result in frequent rises and falls

in the fund’s share price.

• Investments in emerging markets may involve a higher element of risk due to less well regulated markets and political and economic

instability.

• Where a fund invests in derivatives, this may lead to greater volatility in the price of a fund as the value of these instruments can fluctuate

significantly.

• Where annual management charges or performance fees are taken from capital, this may have the effect of constraining capital growth and

may lead to capital erosion. Investors may be subject to tax on distributions.

• Whilst care has been taken in compiling the content of this presentation, no representation or warranty, express or implied, is made by Alliance

Trust Investments 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.

• Nothing said or covered by this presentation should be construed as being an invitation or inducement to engage in investment activity. No

advice is given by Alliance Trust Investments.

• Alliance Trust Investments is the trading name of Alliance Trust Asset Management Limited, which is registered in Scotland (no. 330862) with

its registered office at 8 West Marketgait, Dundee and is authorised and regulated by the Financial Services Authority reference number

479764 (www.fsa.gov.uk).

Alliance Trust Investments

8 West Marketgait, Dundee DD1 1QN

T 01382 321000

www.alliancetrustinvestments.com

17

North American Equity Team

• Experienced

• Focused

• Disciplined

Internationally experienced team

Position Sector Coverage

Company

Experience

Industry

Experience

Matt Strachan

Head of North

American Equities Resources, Healthcare and Industrials 26 26

Tim Gibbens,

AIMR Investment Manager Financials, Consumer Staples & Disc. 18 18

Justin Atkinson,

CFA Investment Manager Technology, Telecoms and Utilities 2 10

18

North American Portfolio

Fundamental, focussed and different.

Holdings 30 - 45

Investment horizon 2 – 5 Years

Outperformance target Benchmark + 2-4%

Tracking error 4 – 8%

Turnover 25 – 35%

Benchmark MSCI North America

Max Overweight/Underweight +/- 5%

Concentration Top 10 stocks, 40 – 50%

19

Top 20 stocks

Stock Weight (%) Stock Weight (%)

1. Apple 5.91 11. Visa 3.18

2. American Tower 5.14 12. Clean Harbors 3.16

3. Lions Gate Entertainment 5.02 13. Microsoft Corp 2.82

4. Pfizer 4.94 14. Enterprise Product Partners 2.80

5. InterOil 4.71 15. Caterpillar Inc 2.72

6. Yamana Gold 3.95 16. Express Scripts Holding Co 2.68

7. New York Community Bancorp 3.64 17. Suncor Energy 2.64

8. Ross Stores 3.55 18. DaVita Inc. 2.38

9. Philip Morris International 3.41 19. Plum Creek Timber Co 2.18

10. Bank of Nova Scotia 3.34 20. Apache 2.14

As at 28.09.2012

20

Alliance Trust North American Equity Portfolio

Performance vs IMA North America Sector

Calendar Rolling

% 2005 2006 2007 2008 2009 2010 2011 2012 2 Years 3 Years 4 Years 5 Years

North American Equity

Portfolio* 17.85 -0.59 11.85 -6.81 21.73 12.69 -2.1 10.53 20.5 54.42 41.99 42.47

Sector Average 18.69 -1.02 4.78 -18.36 18.98 17.4 -1.55 4.24 20.81 49.97 32.38 16.56

Peer Group Ranking 36/59 34/63 12/68 2/73 30/82 78/90 53/95 4/106 31/98 38/93 17/83 2/72

Quartile Ranking 3 3 1 1 2 4 3 1 2 2 1 1

Source: Financial Express, total return, bid to bid to 30.06.2012

* The simulated figures above are based on the performance of the proprietary North American assets of Alliance Trust PLC with the estimated Total Expense Ratio (TER) of

1.48% of the Alliance Trust North American Equity Fund deducted. The estimated TER is based on the information used for the Alliance Trust North American Equity Fund, an

open-ended sub-fund of Alliance Trust Investment Funds ICVC.

5 Years to 30.06.2012 North American

Equity Portfolio

Relative to Benchmark (p.a.)** 3.9%

Tracking Error 5.61%

Information Ratio 0.70

2011 Turnover 25%

Source: Alliance Trust PLC total return to 30.06.2012. These performance figures relate to the proprietary

North American assets of Alliance Trust PLC.

** Benchmark was FTSE North America Large Cap(£) until 31 July 2005, FTSE North America All-Cap (£)

to 31 December 2011 and MSCI North America(£) thereafter.

Past performance is not a guide to future

performance. The value of investments and

the income from them may go down as well

as up and is not guaranteed and you clients

may get back less than they invested.