Alliance Trust PLC : Portfolio update

5 July 2012

Alliance Trust restructures investment team

Alliance Trust PLC (Alliance Trust) today announces a significant new approach to the management of its equity portfolio. This is the latest part of the strategy outlined by Chief Executive, Katherine Garrett-Cox, in December 2008 to revert Alliance Trust to its core focus on global equities and fixed income. It will transform the way in which the Trust manages its money and will see its four regional equity portfolios reorganised into the existing global portfolio.

As a result of this, the investment team structure will change to better align the investment process with the Trust's key focus on delivering a consistently strong investment performance. Under the new structure, Ilario Di Bon will take on the new role of Head of Equities, supported by a global equity team and reporting directly to Katherine Garrett-Cox as Chief Executive and Chief Investment Officer.

At the same time, Alliance Trust Investments (ATI), the wholly owned subsidiary of Alliance Trust PLC, has carried out a comprehensive review of its current fund range in order to focus on those capabilities where it has truly differentiated skill sets. Accordingly, and subject to FSA approval, steps will be taken to close three of the seven existing funds: The UK Equity Income Fund, The Asia-Pacific Equity Fund and The Japan Equity Fund.

The new investment team structure will create a more focused and efficient investment process which will, in turn, help to maximise risk-adjusted returns. Under the modernised structure, the team will reduce the number of stocks held in the portfolio by adopting a higher conviction investment approach. Alliance Trust will remain true to its bottom up, long-term investment philosophy, focusing on companies with excellent management, a strong franchise and good income prospects.

As a consequence of these changes, a number of the investment team will leave with immediate effect and a small number of other investment roles have been made transitional, with individuals able to apply for roles in the new structure.

Katherine Garrett-Cox said:
"Today's announcement will move Alliance Trust towards a more focused and efficient investment structure. We believe this will be better aligned with our investment objectives and will allow us to focus on our area of expertise: investing on a truly unconstrained basis with high conviction. I am delighted that in Ilario di Bon we have an individual with the right skills and expertise to lead our investment in global equities. This new structure will allow us to maintain our commitment to our shareholders to deliver capital growth and a rising dividend from a diversified portfolio of global equities and fixed income investments."

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For further information, please contact:

Media: James Leviton / Clare Dundas

RLM Finsbury

Tel: [phone]

Email:[e-mail]

Web: www.rlmfinsbury.com

Sally Walton Redleaf Polhill Tel: [phone] Email:[e-mail] Web: www.redleafpolhill.com

Investors: Evan Bruce-Gardyne

Alliance Trust PLC

Tel: [phone]

Email:[e-mail]

Web: www.alliancetrust.co.uk

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Source: Alliance Trust PLC via Thomson Reuters ONE

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